STRATEGIC PROCUREMENT

Global Sourcing

As international demand grows for more and better products and services, competition becomes more intense. Businesses must keep up with rapidly changing technology while also lowering their costs, increasing quality, and improving customer service at all stages of the value chain. This is the reality of international trade.

Businesses that have implemented global sourcing have leapt ahead of the pack reducing the cost of goods, accelerating the speed to market and improving the quality on a consistent basis. Establishing a robust network of international suppliers is crucial for achieving success in a global sourcing strategy. Explore more….

Contract Lifecycle Management

Contract lifecycle management refers to the process that ensures both the business and supplier fulfill their obligations in delivering the desired outcomes outlined in the contract. This includes timely delivery, adherence to quality and specifications, and staying within the allocated budget. It involves actively monitoring and tracking delivery and costs, managing risks, and effectively managing relationships between the business, supplier, and other key stakeholders.

This process continues throughout the duration of the contract and involves proactive management to anticipate future needs, as well as reactive management to address any unforeseen situations that may arise.

Managing contracts is a complex process that involves negotiating and agreeing upon terms and conditions between both parties. A poorly drafted contract can lead to disputes in cases of non-performance, potentially resulting in legal proceedings. Explore more….

Supplier Audit, Selection and Qualification

Selecting and qualifying suppliers using appropriate analytical tools and methods is of paramount importance. Audits should be thorough, precise, consistent, fair, and transparent.

Suppliers must be treated fairly, impartially, and equitably throughout the procurement process. This necessitates the demonstration of ethical standards by all individuals involved in procurement at every stage. Explore more….

Supplier Relationship Management

Having a strong network of supportive suppliers is a valuable asset for any business, and it is crucial to professionally manage and nurture these supplier relationships to develop them into strategic partners.

The success of the commercial relationship often hinges on the strength of the bond between the business and its suppliers. When this relationship is cultivated effectively, both parties can reap numerous benefits. There are three key factors that contribute to successful supplier relationships:

• Openness and excellent communication: Maintaining transparent and effective communication channels is vital for fostering a healthy supplier relationship.
• Developing mutual trust and understanding: Building trust and understanding between the business and its suppliers is essential for long-term collaboration and success.
• A joint approach to managing delivery and problem resolution: Taking a collaborative approach to managing delivery and addressing any issues that arise is crucial for maintaining a strong and productive supplier relationship. Explore more….

Category Management

In today’s business landscape, managing commodities by category has become a common practice for many companies. IPS Connect specializes in precisely this area of expertise – effectively managing commodities by category. Our focus lies in collaborating with your business to optimize key spending areas and secure additional value. This powerful approach has the potential to generate substantial competitive advantages, achieve significant cost reductions, and drive the value and innovation necessary for business success. Explore more….

Supply Market Intelligence

Supply market intelligence (SMI) is a vital component of the sourcing process, providing valuable insights. Leading businesses recognize the importance of integrating supply market intelligence into their sourcing process to mitigate risks and maximize savings. Given the dynamic nature of market activities, IPS Connect remains vigilant in monitoring the latest trends, market shifts, supply and demand fluctuations, and new product launches. Explore more….

Spend Analysis

Spend analysis plays a proactive role in identifying opportunities for savings, managing risks, and optimizing a business’s purchasing power to drive superior performance. By analyzing procurement spend, valuable insights can be gained to improve visibility into corporate spending, enhance performance, ensure contract compliance, and most importantly, achieve cost savings.

Procurement spend analysis provides a baseline for measuring improvements and offers reliable data for making strategic decisions to realize both short and long-term savings. As procurement evolves into a more strategic function within the business, spend analysis becomes a fundamental strategic technique. It establishes a parallel process that guides senior leaders and budget holders in maximizing value for the business’s dollar.

IPS Connect specializes in providing comprehensive spend analysis services for businesses, helping them explore opportunities for vendor rationalization, consolidation of goods, implementation of blanket orders, and frame agreements. Explore more….

Whole Life Asset Management

When procuring assets for businesses, there are multiple factors to consider. In addition to the purchase-to-payment (P2P) costs, one must also consider operating expenses, maintenance costs, tools, utilities, consumables, training, storage, and other financial considerations. It is also important to consider the proper disposal of assets at the end of their life cycle.

By implementing an effective asset life cycle management strategy, businesses can assess when an asset will reach its peak performance and determine its remaining useful life. This analysis allows for informed decisions regarding maintenance or replacement planning. Explore more….