Sourcing Strategy and Cost Optimization
Our sourcing and procurement expertise helps clients see tangible returns.
Organizations that effectively implement strategic sourcing practices can achieve cost savings of up to 15-20% on average.
Strategic sourcing is the superhero cape of cost optimization in the dynamic realm of procurement. Armed with market insights and supplier savvy, it's not just about cutting costs; it's a dance of negotiation finesse, supplier collaboration, and risk management acrobatics. Picture this: organizations embracing strategic sourcing report an impressive 15% average cost reduction. It's not just about buying cheaper; it's a carefully choreographed symphony that harmonizes quality, innovation, and long-term savings. In the ever-evolving procurement landscape, strategic sourcing isn't just a strategy; it's the magic wand that transforms cost challenges into opportunities for growth and resilience. Gravitas can help you uncover blind spots in your sourcing and procurement function.
$5.7mn
5x
100+
impact
return on consulting fees
checklist
through sourcing optimization
through procurement, sourcing strategy, and cost-optimization engagements
of criteria to assess the procurement function tailored for our clients needs
WHAT ARE YOU LOOKING TO ACHIEVE?
OUR APPROACH
1. Evaluate the sourcing needs
Our first step is to understand the client's current sourcing processes and cost structures. We identify pain points, inefficiencies, and areas where cost optimization can have a significant impact.
2. Strategic planning and market analysis
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Develop a comprehensive sourcing strategy aligned with the organization's overall business goals.
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Prioritize key categories for sourcing and cost optimization based on impact and feasibility.
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Conduct a detailed analysis of the market and industry trends to identify potential suppliers and assess market conditions.
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Evaluate supplier capabilities, reliability, and potential for collaboration.
3. Supplier evaluation and contracting
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Supplier Evaluation and Selection:
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Evaluate current and potential suppliers for their capabilities, reliability, and cost-effectiveness.
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Implement supplier segmentation to tailor strategies based on the criticality and value of the goods or services provided.
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Negotiation and Contracting:
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Engage in strategic negotiations with suppliers to secure favorable terms, pricing, and contractual agreements.
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Consider long-term partnerships and collaboration to ensure sustained cost benefits.
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4. Risk management and continuous monitoring
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Risk Management:
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Develop a robust risk management strategy to address potential disruptions in the supply chain.
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Diversify suppliers and establish contingency plans to mitigate risks.
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Continuous Monitoring and Measurement:
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Establish key performance indicators (KPIs) to measure the success of sourcing and cost optimization initiatives.
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Implement regular monitoring and reporting mechanisms to track progress and identify areas for further improvement
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FEATURED INSIGHTS
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