Our strategic sourcing model starts with an organized approach which allows us to work on spend areas that will result in cost saving benefits.
At Revobid, we follow the 6 essential steps as part of our strategic sourcing model:
1. Defining the Project and identifying the targeted Spend area
2. Establishing the Baseline and gathering Market Information
3. Developing RFP
4. Evaluating and Finalizing the RFP
5. Conducting Negotiations
6. Finalizing Agreement and Establishing Supplier Implementation Plans
Below are some of the key benefits of our strategic sourcing approach:
- Helping our clients in making their right strategic decision based on supplier's spend for their critical / high spend categories.
- Improving the overall performance with key suppliers on Quality, Cost, Delivery and Technological Innovative Solutions.
- Establishing a stronger business relationship with strategic suppliers and drive continuous improvements in all aspects within Strategic Sourcing.
- Managing and monitoring Supplier Risk Management as part of the ongoing business relationship.
- Targeting a range of 5-18% in hard dollar savings.
- Conducting a thorough analysis of 'Total Cost of Ownership', by taking into consideration the Total System Cost, and developing 'Performance Metrics', all of which is part of our RFP development and evaluation process.
Depending on the criticality of the commodity or service, a typical project sourcing effort from beginning to supplier award will take anywhere from 4-6 months.