Sourcing has been the cornerstone of efficient business processes since time immemorial and with changing times, the landscape of the process is drastically undergoing a change. Considered to be secondary processes at one point, today the entire gamut of sourcing solutions is considered vital for business growth. Especially in a country as vast as India, sourcing solutions have become a value addition for businesses. Strategic sourcing solutions include procurement solutions, strategic vendor management and an intelligent system for smooth functional flow.
Sourcing solutions in India
The country is witnessing a transformation across industries and business practices. Ease of doing business is highly promoted and has become the end goal for businesses in the country. In this respect, though sourcing solutions is a comparatively new practice, but is picking up rapidly. Sourcing solutions experts are effectively providing intelligent solutions with far reaching impact to organisations and gradually more organization are jumping the band-wagon.
In a country like India where 60% of labour is recognized skill labour and the price of goods and services changes at every corner – market intelligence is gold. If your organization is completely dependent on vendors for goods and services, it is vital to hire a sourcing solutions agency to help you understand the many nuances of this dynamic industry.
Tail spend management
Mismanaged tail spends can cost an organization almost 20% of what could have been incremental savings. In the past decade, tail spend management has cost multi-nationals a huge amount of precious money owing to staggered processes, excessive paperwork and the lack of structure.
A sourcing solutions agency can drastically change the way an organsiation manages their tail spend and bring in a much needed functional change. Operational efficiency is the impact of an effective sourcing strategy and is marked by integrating neat processes in the over-all functioning of an organization.
Save money and time
The essence of money and time has been stressed upon consistently and the efficient utilization of both while concentrating on core business processes is a difficult task.
Smart procurement strategy, event management, simple source to pay solutions are key areas where sourcing solutions can effectively make a change and can benefit organizations holistically. The first rule before hiring a sourcing solutions expert is to first understand the needs of your business and how experts can help your organsiation. In conclusion, the framework of efficient processes is marked by an efficient sourcing solutions strategy.
To understand more about sourcing solutions, please visit www.vpurchase4u.com