Strategic Sourcing and Procurement can achieve even greater savings by expanding on existing component opportunities to include the engineering team's insights into critical and non-critical selection. Including SS&P during the ideation phase can offer an abbreviated development timeframe that meets cost targets to ensure the design of a quality product in a competitive market is a repeatable reality. Procurement has the ability to enable manufacturers to understand the market for material and functional design considerations, evaluate their current contract engineering relationships, and then determine the most efficient approach to balance costs with technical considerations. Beyond that, procurement can leverage supplier input during the Production phase that can assist engineering teams to guarantee cost-competitive and sustainable initial design.
In a recent conversation, Strategic Sourcing Throughout the Product Lifecycle Q&A, with Source One Consultant Martin Przeworski, he reveals the benefits of including procurement during the earliest phases of the product lifecycle. Przeworski applies his background in engineering as a direct and indirect material sourcing expert to improve communication between engineers and procurement professionals that achieves savings and allows both parties to stay competitive in their markets. This question and answer session follows the release of a new white paper titled Strategic Sourcing Throughout the Product Lifecycle, which explores the value of engaging Strategic Sourcing and Procurement groups at each stage of the product lifecycle. Przeworski was a main contributor to the white paper, and collaborated with other members of the Source One team to offer their perspective on utilizing procurement earlier in the product lifecycle than it is traditionally and how it can provide additional value start to finish.