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?

Negotiating Skills

EC Sourcing Group

DECEMBER 1, 2021

Demystifying Transportation Sourcing. If you are like me, transportation sourcing is a mind boggling and complex field. This article is about creating value in transportation sourcing. This article is about creating value in transportation sourcing. Applying sound sourcing principles will enable you to unlock value.

Optimal Sourcing

EC Sourcing Group

SEPTEMBER 2, 2021

Demystifying Transportation Sourcing. If you are like me, transportation sourcing is a mind boggling and complex field. This article is about creating value in transportation sourcing. This article is about creating value in transportation sourcing. Applying sound sourcing principles will enable you to unlock value.

Optimal Sourcing

EC Sourcing Group

MAY 17, 2023

Accurate classification of products, services, and suppliers forms the foundation for improved decision-making, cost optimization, and enhanced supply chain management. Effective Supplier Management: Accurate spend classification is pivotal in managing suppliers efficiently.

Optimal Sourcing

EC Sourcing Group

OCTOBER 25, 2022

Instead of buyers bidding on a product or service, suppliers gather to bid for a contract. It encourages competition and innovation while streamlining the process for suppliers and buyers alike. In this type of auction, the supplier submits a bid that is transparent from the start, and they can see other bids as the auction progresses.

Price Reduction

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

AUGUST 16, 2022

Unethical Sourcing Practices in Procurement and How to Avoid Them. Say you took a gift or a low price from a vendor, neither of which seemed unethical at the time. Every company wants to save money, but the right sourcing software can help you manage spend and save money the right way. Illegal sourcing. Favoritism.

Sourcing

EC Sourcing Group

DECEMBER 17, 2018

Today I will share a fantastic success story from a strategic sourcing consultant who is friend of mine. 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.

Manufacturing Procurement

EC Sourcing Group

JUNE 1, 2021

How to Master Your Strategic Sourcing Process. Suppose you’re new to strategic sourcing, or you’re just taking a look at your strategic sourcing methodology to ensure that you’re following best practices. Read on to learn more about strategic sourcing, its meaning, benefits, and ways to enhance your sourcing processes. .

Negotiating Skills

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

JULY 20, 2021

Running a reverse auction is a critical part of the strategic sourcing process once you get a feel for how one works. Without having online reverse auction solutions and optimizations and running an eAuction or reverse auction without some direction, you may not be getting the results you want in your overall strategic sourcing experience.

Optimal Sourcing

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

SEPTEMBER 13, 2022

How eAuction Software Simplifies Sourcing. 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.

Sourcing Strategies

EC Sourcing Group

JUNE 24, 2021

Review of Procurement and Sourcing Technology Tools from EC Sourcing Group. 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. Sourcing suites include the likes of Coupa and GEP, which cater to end to end sourcing activities.

Optimal Sourcing

EC Sourcing Group

JANUARY 24, 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. Early in my career, I was able to forecast the profitability of one division based on the price trends of four key raw materials.

Manufacturing Procurement

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. This isn’t simply an exercise to pressure suppliers to reduce their costs. A consumer products manufacturer and distributor reduced labeling costs by $800,000 (52%) by replacing a long-standing supplier.

Negotiating Skills

EC Sourcing Group

MARCH 22, 2023

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. Load new pricing immediately into your P2P system. With a well-maintained catalog, pricing will have expiration dates. Ensure the negotiated pricing matches supplier invoices.

Optimal Sourcing

EC Sourcing Group

NOVEMBER 7, 2019

Stakeholders frequently believe they know the best suppliers based on experience. The process they use minimizes issues to resolve from suppliers or vendors. This is a true double benefit because purchases are from suppliers that the company has excellent negotiated contract pricing in place.

Negotiating Skills

EC Sourcing Group

MARCH 17, 2020

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?” Impractical deadlines – If you are a supplier this is one of the results of insufficient planning by buyers. Limiting How Many Suppliers You Invite – When I first heard this, I was very surprised.

Negotiating Skills

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

JANUARY 21, 2020

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. . The impact of each change will provide strategic information for your negotiations. If this technology was available and straightforward to learn, wouldn’t you be just a bit curious to see it?

Optimal Sourcing