article thumbnail

CKS Benelux and Ivalua partner with Punch Powertrain to digitalise strategic sourcing

ivalua

Ultimately, the buyer can efficiently compare offers and select the optimal supplier(s) according to a best value/best price logic or lower total cost of ownership. This greatly increases the company’s agility, allowing highly efficient purchasing operations.

article thumbnail

What is Strategic Sourcing and Why is it Important?

Oxford College of Procurement and Supply

The main difference relates to cost. In contrast, strategic sourcing focuses on the total cost of ownership and seeks to create the best possible value. Strategic sourcing assesses all the costs of a company’s operations and considers what value suppliers can bring.

article thumbnail

What You Need to Know When Migrating to the Cloud

GovLoop

Agencies often anticipate running into challenges with some issues, such as security and access management, that prove to be fairly straightforward, while other issues, such as data protection and total cost of ownership, turn out to be more complex than expected.

article thumbnail

Evolution of the Status Quo

The Procurement School

Decision-making using Choosing by Advantages (CBA) and that incorporates Total Cost of Ownership (TCO) principals provides customer-centric solutions that pay dividends far beyond initial construction.

article thumbnail

CKS Benelux and Ivalua partner with Punch Powertrain to digitalise strategic sourcing

ivalua

Ultimately, the buyer can efficiently compare offers and select the optimal supplier(s) according to a best value/best price logic or lower total cost of ownership. This greatly increases the company’s agility, allowing highly efficient purchasing operations.

article thumbnail

Strategic sourcing enters a new age. Are you keeping up? (Part 1)

ivalua

Strategic sourcing requires an intense focus on the total cost of ownership, while incorporating customer needs, organizational goals, and market conditions. Since its inception in the late 1980s, strategic sourcing has always been about getting the best value for the goods and services purchased from third party suppliers.

article thumbnail

Navigating the 5 Steps of the Procurement Journey Part 1

The Procurement School

The Commercial section details all pricing-related information and where bidders submit their pricing and should it include all applicable costs to calculate The Total Cost of Ownership (TCO). Once the draft procurement document is prepared it may be subject to specific legal review and final approval before posting.