1. Get Visibility Into Your Spend (Spend Analysis)
If you don't know how much you're spending on each category, sub-category, product, and service, who you're spending it on, in what amount, by unit, you need to get this visibility. Get a good spend analysis solution and dive in!
2. Take Your Strategic Sourcing up a Notch (with e-Sourcing)
Start with the most attractive savings opportunities that were outlined in step 1. This is your best bet to negotiate big savings in this downturn.
3. Focus on Contract Compliance (adopt Contract Management)
You need to enforce hard-won savings by insuring that internal staff and suppliers are compliant with contractual agreements.
4. Implement e-Procurement
Done right, this will make it easy for your buyers to buy on contract.
5. Get a Grip on Global Trade (adopt Trade Visibility solutions)
Chances are your global sourcing endeavors are needlessly costing you more than you think! As per my recent Illumination on "why you need trade visibility", you're probably paying more than you need to on duty, using costly inefficient processes, paying unnecessary document preparation costs, and making costly errors that are costing you million of dollars a year.
To view this article, visit Sourcing Innovation at BLOG.SOURCINGINNOVATION.COM/2009/03/24/optimizing-your-procurement-technology-investments.aspx
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