EC Sourcing Group

FEBRUARY 8, 2023

If you’re still performing sourcing manually or are curious about how to streamline your sourcing methods , read on to learn about these five ways traditional sourcing methods hold you back, and why tech-enabled sourcing strategies in procurement are a far better choice.

Optimal Sourcing

EC Sourcing Group

AUGUST 30, 2022

For years, negotiations were performed by email or phone with a RFP (request for proposal) or an RFQ (request for quotation), which was a time-consuming and stressful process. The endless back-and-forth could take days, sometimes weeks or months to source the needed service or materials. Your supplier should be financially stable.

Buyer Training

EC Sourcing Group

OCTOBER 25, 2022

Instead of buyers bidding on a product or service, suppliers gather to bid for a contract. This procurement process is becoming more popular in today’s competitive business environment because of its advantages for buyers and sellers. Once the auction ends, the seller who offers the lowest price wins. Dutch auction.

Price Reduction

EC Sourcing Group

OCTOBER 4, 2022

Strategic Sourcing Solutions to Enhance Your Bottom Line. Strategic sourcing is vital to procurement and the supply chain overall, as it allows companies to gain the lowest cost of a good or service while minimizing supply chain risk. What Is Strategic Sourcing? Strategic Sourcing Solutions : Your Sourcing Tactics.

Negotiating Skills

EC Sourcing Group

DECEMBER 17, 2018

The goal for my friend was to find a new supplier that could meet their quality standards – fast. Once they received the final bids, they scored the event and then commenced a negotiation with one bidder. My friend asked the manufacturer if they would include the bottle molds in their unit price.

Manufacturing Procurement

EC Sourcing Group

AUGUST 16, 2022

Unethical Sourcing Practices in Procurement and How to Avoid Them. In procurement, unethical practices can be hard to spot. Say you took a gift or a low price from a vendor, neither of which seemed unethical at the time. Unethical Procurement Practices : Examples of Unethical Behavior. Extortion and coercion.

Sourcing

EC Sourcing Group

DECEMBER 1, 2021

Demystifying Transportation Sourcing. 9/2/2021 – Guest Blog Post from Kumar Kannan of Procural. If you are like me, transportation sourcing is a mind boggling and complex field. This article is about creating value in transportation sourcing. Looking for alternative suppliers is a core principle of sourcing.

Optimal Sourcing

EC Sourcing Group

SEPTEMBER 2, 2021

Demystifying Transportation Sourcing. 9/2/2021 – Guest Blog Post from Kumar Kannan of Procural. If you are like me, transportation sourcing is a mind boggling and complex field. This article is about creating value in transportation sourcing. Looking for alternative suppliers is a core principle of sourcing.

Optimal Sourcing

EC Sourcing Group

SEPTEMBER 24, 2019

Most professionals in procurement want to develop a strategy to win consistently in negotiations. I am not referring to a method to get price concessions every time. If you are using Excel for your complex awards and sensitivity analysis, you are giving up a strategic advantage to your suppliers and competitors.

Negotiating Skills

EC Sourcing Group

MAY 31, 2023

Managing spending is a top priority for executive teams across industries, and purchase price variance (PPV) holds immense significance in controlling costs. PPV measures the variation between the actual purchased price and the standard baseline price of goods and services.

Negotiating Skills

EC Sourcing Group

JUNE 24, 2021

Review of Procurement and Sourcing Technology Tools from EC Sourcing Group. FROM GUEST BLOGGER, KUMAR KANNEN at Procural www.procuralservices.com. I am going to dig into the fast-evolving world of sourcing technology from a practitioner’s perspective as part of an on-going series.

Optimal Sourcing

EC Sourcing Group

JUNE 1, 2021

Your Strategic Sourcing Process: What Does Strategic Sourcing Mean? Strategic sourcing is a procurement process that goes beyond typical sourcing or eSourcing. You would evaluate several suppliers thoroughly and select the supplier that is the best fit for your organization. .

Negotiating Skills

EC Sourcing Group

JULY 20, 2021

A reverse auction is very much like what it sounds like—instead of you bidding on goods and services, suppliers instead compete with each other to work with you by lowering their prices for their goods or service. Award the business to the supplier that you wish to. The best strategic sourcing software.

Optimal Sourcing

EC Sourcing Group

JANUARY 24, 2019

Last week I suggested that a procurement cockpit is an essential tool to manage your business in 2019. Today I will focus on KPIs that can provide deep insight into the efficiency and effectiveness of your operations, strategic sourcing efforts and how procurement systems are viewed internally. If it was always this easy.

Manufacturing Procurement

EC Sourcing Group

MARCH 22, 2023

Procurement compliance plays a crucial role in ensuring that organizations adhere to strict guidelines and regulations while acquiring goods and services. But to achieve actual compliance in sourcing and procurement, it is important to take certain steps that go beyond just having a policy in place.

Optimal Sourcing

EC Sourcing Group

NOVEMBER 7, 2019

Rogue spend is often driven by stakeholders improvising because they need to get their job done and procurement doesn’t seem to be helping. Procurement professionals often focus on high profile, strategic and high volume spend. Cumbersome procurement processes that require the same amount of effort for simple buys as strategic ones.

Negotiating Skills

EC Sourcing Group

MARCH 17, 2020

RFPs that fail to deliver expected cost savings and/or efficiency gains frustrate procurement professionals and stakeholders. I like to ask this question: “What would happen if we could only get 50% of this or if it cost 200% more than the current price?” Both sides need to negotiate in good faith. . Transparency is also vital.

Negotiating Skills

EC Sourcing Group

MARCH 25, 2019

For many mid-size companies, indirect spend is killing their bottom line and derailing their efforts to implement strategic sourcing. Knowing that there are issues and opportunities but lacking the staff and time to drive change tops the list of frustrations for procurement professionals I speak with weekly.

Negotiating Skills

EC Sourcing Group

JANUARY 21, 2020

What if key decision makers from procurement, finance and operations could meet in a room or in a Zoom meeting and run 15, 20 or 25 scenarios in an hour? Last week I was speaking to a prospective client who was working on an MRO award with 5000+ line items, 22 locations and dozens of suppliers. . Seeing is believing.

Optimal Sourcing

EC Sourcing Group

OCTOBER 11, 2022

How reverse auctions have advanced in the past few years in terms of price transparency, usability and automation is astounding. One of the main benefits of r everse auctions for suppliers is that they level the playing field, allowing for equal competition for contracts alongside their enterprise-level counterparts.

Modeling Software

EC Sourcing Group

SEPTEMBER 13, 2022

Also known as an eReverse auction , the technology has had a transformative effect over the last 25 years, leveling the playing field for vendors bidding on contracts, removing human biases from the procurement equation, and identifying and negotiating with suppliers far more efficiently. Supplier management tools.

Sourcing Strategies