Strategic sourcing is the formalization of information gathering in the procurement process to find the best value. It leads to the alignment of the sourcing strategy and an organization’s business goals.
Procurement spending can account for as much as 50% of an organization’s total annual direct and indirect spending. Savings attained through an effective sourcing strategy solution and procurement processes enable companies to reinvest in growth, personnel, services, facilities, and equipment to drive improved performance.
However, with the numerous external challenges that can affect your organization every day, solutions such as consulting a strategic sourcing solution company to enable optimal work can help minimize or prevent disruption in your strategic sourcing and procurement team’s operations.
A strategic sourcing company has procurement professional that helps organizations take a strategic approach to their procurement activities. At Paragon, we consider every aspect of the procurement cycle, from the initial idea through to delivery.
- As a global strategic sourcing solution company, Paragon has the experience and expertise to help you leverage strategic sourcing to gain measurable improvements in your procurement operation’s efficiency and effectiveness.
- Our process develops those services that mainly focus on delivering insight-based consulting for business betterment and improved bottom-line savings. We leverage our expertise across spend categories – indirect, direct procurement, raw material and services for sustainable improvements for tangible benefits to our clients.
- We strive to achieve the value-to-price relationship, i.e. we ensure that the quality is maintained while strategically cutting the cost.
- Further, our goal is to ensure suppliers are treated fairly and relationships are preserved or even enhanced by our process.
- We use a proven phased approach to address key components of sourcing services and the procurement transformation, starting with an experience-based assessment and followed by parallel delivery of savings and sustaining capabilities.
- We then work with you to develop and implement a roadmap to successfully streamline strategic sourcing solutions and improve the business process.
There are many benefits of working with us, including:
- You can save money
- There are fewer risks
- Analyze your spending behavior
- Identify key performance gaps
- Research the supplier market – cost modelling and market intelligence gathering
- Develop a procurement strategy
- Selection of and negotiation with suppliers
- Performance tracking and continuous optimization
- Process transformation and change management
Get in touch for a consultation and find out how we can help your business grow.