Using Total Best Value Sourcing to Measure Procurement Results

Featured guest whitepaper from Procuri:

It is undeniable that strategic sourcing solutions enable companies to achieve significant time and cost savings. In fact, automating sourcing processes and identifying new savings opportunities has become almost a standard in most Global 1000 enterprises. A key to sourcing success is to make sourcing decisions not only based on price, but to also evaluate the quality and performance of suppliers. This is otherwise known as Total Best Value Sourcing.

To realize the full potential of the savings achieved with sourcing solutions and to achieve Total Best Value Sourcing, enterprises should track and provide recognition on both the price and non-price savings. Also, the various types of savings and how each one is calculated should be clarified and understood. An organization can truly experience the full value of strategic sourcing once it understands its price and non-price savings.

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