Unlocking Value Through Strategic Sourcing & TCO

Strategic Sourcing is the process of identifying, evaluating, negotiating and implementing the optimal mix of goods and services that best support the objectives of the business. Strategic Sourcing should aim to standardise the sourcing process within in an organization, place more spend under the prudent eye of procurement and ensure that savings opportunities are properly realised, implemented and reported on.

Total Cost of Ownership (TCO) is an estimate of the total costs of goods, services or construction works over the whole of their life. It is the combination of the purchase price plus all other costs incurred, less any income received. Part of good procurement is achieving the right price. Best value for money is the lowest life cycle cost. This involves identifying the initial purchase price and estimating all future costs and returns and determining the optimum procurement process to follow.

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Endorsed and Supported By:

 

APMSA           CIPS           SCLG           SOEPF