You don't spend 25 years as a leader in procurement and strategic sourcing without learning an awful lot. Last week, we shared five best practices to keep in mind for establishing an office environment that invites success for your procurement and strategic sourcing initatives. Here are a few more tips to help you embark on sourcing initiatives with confidence.
6. Read Up
Market intelligence is a crucial aspect of establishing credibility and making informed decisions. Industry publications and blogs can provide valuable insights into what makes for success (or failure) in strategic sourcing. What's more, clients are always impressed to learn that you're on top of recent trends and developments.
7. Maintain Attention to Detail
Whether you're assessing the market to prepare an RFP, establishing contact with a potential supplier, or corresponding with a client, accuracy is everything. A single mistake on a baseline report or a lone typo in an email could prove ruinous. Check, double-check, and then check again. You'll be glad you did.
The worst thing about the unexpected is that you never expect it. Constant vigilance and a proactive approach to assessing all potential risk factors can help you steer clear of obstacles and avoid lost revenue in the future. Remember, use your imagination. Even statistically unlikely risk factors are risk factors.
9. Establish Communication Early
Don't send potential suppliers unsolicited bids. Few, if any, suppliers will take a bid seriously if it arrives unannounced and reads as impersonal. Reaching out personally before delivering paperwork encourages rapport and fosters a collaborative spirit between buyer and supplier.
10. Pick up the Phone
While establishing contact is essential, it's equally essential that you reach out the right way. You never introduce yourself to a potential supplier over email. Introducing yourself over the phone eliminates the risk misidentified as a spammer and serves to personalize the relationship from the very start.
Check back in with us next week to read five more tips for navigating the RFx stage and establishing positive relationships with suppliers.