New Whitepaper for Download: Intelligence Driven Category Sourcing
Time is the most precious commodity in modern business. Companies that take the time to lay plans in anticipation of their own future needs are positioned to operate efficiently amid changing circumstances and meet the expectations of customers and shareholders.
From a procurement perspective, taking a proactive stance requires detailed, preemptive knowledge of the supply base – including incumbent as well as prospective new suppliers. Having this information at the ready increases the speed and agility of business decision-making, especially when the company is expanding into new markets or verticals. Historically, however, supplier discovery has been conducted in response to the identification of a need, leaving the business waiting in a time of intended growth because the sourcing process can not move forward until supplier discovery and pre-qualification are complete. This makes the identification of qualified supply partners a roadblock to progress when it should be an accelerator.
Procurement’s desire to be proactive is often thwarted by the fact that project-level specifications and requirements are not available in advance. This assumes that supplier discovery must be done at a detailed level, when moving forward on a broader category level should be the actual goal. By identifying a group of suppliers for each category in advance, procurement can help the business choose between them once the detailed requirements are available for each sourcing project.
In this whitepaper, sponsored by Vortal, we will advocate for managing supplier discovery and pre-qualification out ahead of the start of sourcing efforts.