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EVERYTHING YOU NEED TO KNOW ABOUT SOURCING AND PROCUREMENT

Technology
By admin Last updated Mar 28, 2024

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Procurement is a comprehensive term that includes all the steps of buying
products and services that are required for a company to operate. Its core
functions include strategic planning, budgeting, market research, vendor
selection, negotiation, purchase, inventory management and contract
administration. The procurement plays a significant role in the sourcing,
monitoring, and optimising of the end-to-end process, which helps the business
in meeting its objectives.

 * Who is involved in procurement?



Procurement typically involves stakeholders from across the business, such as
procurement/sourcing managers who develop and execute sourcing strategies,
category managers who manage specific spend categories like IT, marketing, or
facilities, operations who provide input on business needs and requirements,
finance who oversee budgets and help analyse proposals, legal who review
contracts and agreements, requesters who initiate purchases of required goods
and services, approvers who sign off on purchases above certain thresholds, and
suppliers who provide goods and services to the organisation.

 * Key procurement activities

Some of the main activities managed by procurement teams include developing
sourcing strategies for spend categories, researching suppliers and conducting
competitive bidding, negotiating contracts with optimal pricing and terms,
managing and developing supplier relationships, monitoring supplier performance
and mitigating risks, generating savings through spend consolidation and
optimization, ensuring purchasing compliance and contract adherence, managing
procurement technology and systems, and analysing spend data and identifying
opportunities.

 * Key sourcing activities

Main sourcing activities include developing a sourcing strategy for a specific
product or service, researching suppliers, markets, and pricing, creating
requests for information (RFI), quotes (RFQ), and proposals (RFP), contacting
and qualifying potential new suppliers, obtaining and comparing quotes or bids
from vendors, negotiating based on pricing, quality, capabilities, terms, and
conditions, and selecting and awarding business to a preferred supplier(s).

 * Sourcing process steps

The typical strategic sourcing process consists of analysing spend data to
identify the need, researching the supplier market landscape, developing the
sourcing strategy (single vs. multi-source, local vs. global), creating and
issuing the RFI/RFP/RFQ, evaluating supplier responses, conducting negotiations
and selecting suppliers, implementing and managing supplier contracts, and
monitoring performance and improving over time.

 * Sourcing models

Sourcing teams employ various models, including competitive bids, which obtain
multiple bids to leverage suppliers against each other; preferred suppliers,
which consolidate spend with fewer strategic partners; direct source, which is
single sourcing for lower complexity and low-risk items; insourcing, which uses
internal capacity to fulfil needs versus external suppliers; and regional vs.
global, which balances cost, quality, and geographic proximity.

 * Sourcing and procurement alignment

While sourcing and procurement have distinct scopes, close cross-functional
alignment is crucial. Sourcing goes hand-in-hand with broader procurement
activities like category management, budgeting, supplier management, and system
integrations. Effective collaboration ultimately reduces risk, lowers costs,
improves agility, and provides savings back to the bottom line.

Sourcing and Procurement Best Practices and Strategies:

 * Supplier selection criteria

When evaluating and selecting suppliers, common criteria include pricing/total
cost, quality, delivery reliability, financial strength, technical capabilities,
geographic proximity, cultural fit, and compliance/risk profile. Weighing both
quantitative metrics and qualitative factors results in well-rounded decisions.
The key is aligning criteria to the specific purchase objectives, requirements,
and constraints.

 * Negotiation strategies



Common negotiation strategies employed by sourcing professionals are
benchmarking fair market value, bundling spend for volume discounts, extending
payment terms, securing small concessions that add up, being flexible on
low-priority terms to gain leverage on must-haves, highlighting competitors’
capabilities, and walking away from unviable deals. The key point is to look for
mutual wins.

 * Supplier relationship management

Procurement is concerned with the further management of relationships with
suppliers after the initial sales process has been completed. This also means
setting performance indicators, monitoring SLA, rectifying disputes, giving
feedback and coaching, incentivizing further improvement, conducting business
reviews, managing contracts, and deciding when to renegotiate or leave
relationships that are unproductive.

 * Stakeholder engagement

Engaging with the internal stakeholders in the early stage and throughout the
process is a must for the procurement. This provides for the alignment of
priorities, requirements, constraints, risks, and sourcing methods before the
RFPs are issued.  Stakeholder input also strengthens RFP quality and achieves
buy-in. Regular communication prevents late-stage surprises that derail deals.

 

 * Spend visibility and analytics

Classifying spend into categories and gaining visibility through spend analysis
tools allows procurement to identify savings opportunities, rationalise
suppliers, negotiate better contracts, and make data-driven decisions. Clean,
comprehensive, current spend data is imperative for strategic sourcing and cost
optimization.

 * Supplier diversity and inclusion

The number of the businesses that are now trying to purchase their goods and
services from formerly neglected business enterprises, such as minority, women,
veteran, LGBTQ+, and disabled-owned businesses is increasing. It helps to create
more economic opportunities and inclusion hence bringing a new culture into the
community. Procurement is a vital driving force in the creation of diverse
supply pipelines, partnering with potential suppliers, and tracking utilisation.

 * Sustainability and social influence

In addition to cost, quality and delivery, procurement is now also being
responsible for evaluating the environmental and social effects of supplier’s
practices. The criteria shall be the level of carbon emissions, use of renewable
energy, waste reduction, ethical labour conditions and social development of the
community. This is achieved through the adoption of purchasing policies that are
in line with the organisational values.

 * Procurement and finance partnership

Close collaboration between procurement and finance is essential for aligning
sourcing strategies with budgetary constraints and directing savings to priority
areas with the greatest ROI. Finance provides guidance on cost management and
validates the business case for procure-to-pay investments. This partnership is
mutually beneficial.

 * Change management for new systems

When implementing procurement technology tools, change management is critical to
drive user adoption and achieve ROI. Tactics include stakeholder analysis,
training, communications, business process reengineering, performance support
and reinforcement of benefits. Without user buy-in, systems fail to reach
potential.

Conclusion

In summary, SaaS procurement software involves every process from the beginning
to the end which is needed for buying the required goods and services. The
procurement function gives special attention to researching markets, identifying
suppliers, obtaining competitive bids, negotiating terms, and awarding business.
While unique in scope, sourcing and procurement work together to enable
data-driven spend decisions that benefit the organisation. With a shared
understanding of their different but complementary roles, cross-functional teams
can optimise the entire source-to-pay lifecycle.


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