Here’s everything you should know about Sourcing Consultants
Do you have questions about Sourcing Consultants? At Hudson Procure, we aim to support and educate people about procurement and its benefits. Afterall, there are a lot!
If you’re starting out in the world of procurement, it may seem daunting. You may feel overwhelmed by all the information. We know the feeling. This is why we are passionate about helping others learn.
So, let’s get into everything you need to know about Sourcing Consultants.
What are Sourcing Consultants?
If you are unfamiliar with Sourcing Consultants, or Purchasing Consultants, you are likely wondering what they do. Simply, they help businesses achieve their goals by supporting them to find suitable suppliers. They then work with them to drive maximum value when buying goods and services. This is particularly powerful for business that are looking to grow. Effective sourcing can lead to lower costs and increased performance.
It is important for a Sourcing Consultant to help their client develop a clear procurement strategy for each sourcing requirement. This ensures that the client’s goals are central to the process, and that all activity works towards these goals. Without a clear strategy, often the power of effective sourcing can be lost. The client can become overwhelmed during the process.
There are different markets in which Sourcing Consultants work. The public sector and third sector are comprised of many types of organisations including:
- Social housing providers
- Schools
- Colleges
- Community services
- Charities.
Often times, public and third sector organisations and SMEs have limited procurement resources so don’t always reach their procurement potential. By engaging Sourcing Consultants, businesses of any size can drive greater value, increase efficiency and improve performance.
Why does procurement matter?
You may wonder why procurement is so important. Well, up to 70% of any business revenue needs to be procured in one way or another. Poor procurement can lead to poor results; therefore, even small improvements can have a significant impact on performance and profits. Effective procurement management ensures that all works, goods, and services are properly acquired. Therefore, projects and processes can proceed efficiently and effectively.
How do Sourcing Consultants help you and your business?
Essentially, Sourcing Consultants are there to help a company make the most of the money they spend. They also ensure that their supplier base works as effectively as possible. They can also ensure procurement is delivered compliantly.
To begin with, Sourcing Consultants will discuss your company’s aims. They’ll work with you to understand your business goal and how best to achieve them. As well as how the procurement process can proactively support the delivery of these goals.
They will then work collaboratively to build a suite of tender documents. These will be specifically designed to test the key deliverables of the requirements. They’ll also set out the process for making an appointment. Tender documents can be incredibly detailed and precise, which is why having Sourcing Consultants on hand can be helpful. They will be able to help you find the perfect provider to complete the job.
When your tender is open for submissions, you will likely receive a lot of proposals. Sourcing Consultants can help you navigate the evaluation process and ensure only the best submissions are considered. Your Consultant will recognise which suppliers are paying attention to your requirements and which ones can definitely carry them out. They’ll also design the tender process to identify the most economically advantageous tender (MEAT). This is the tender that is the most cost-effective, in line with the agreed price/quality ratio.
They can also give you advice on exactly where you should be spending your money. Plus, they’ll cover the most effective way to procure your requirements. So, they are an essential for those businesses looking to grow but aren’t sure how to go about it.
What can effective procurement do for you?
So, we have covered what Sourcing Consultants are and how they can help you. Let’s now look at how effective procurement can benefit your business.
By handling your procurement process correctly, whether through Sourcing Consultants or an in-house team, you’ll:
- Be legally compliant
- Conduct effective risk management
- See increased efficiency
- See an enhancement in quality
- Save money
- See a higher quality in performance
- Have increased output.
Summary
Let’s recap what we have covered to ensure nothing is forgotten.
What are Sourcing Consultants?
They are experts within the procurement field and there to support businesses and their growth goals.
Why does procurement matter?
Procurement is important as it is such a big part of how businesses function. Most businesses could not do a lot of their work without effectively procured suppliers.
How do Sourcing Consultants help you and your business?
Primarily, Sourcing Consultants can guide you through the entire procurement process. They’ll be there from the initial meeting, scoping your requirements, to sourcing providers, and creating effective platforms for contract management.
What can effective procurement do for you?
- Be legally compliant
- Conduct effective risk management
- See increased efficiency
- See an enhancement in quality
- Save money
- See a higher quality in performance
- Have increased output.
Still have questions about Sourcing Consultants? Feel free to contact us as we are more than happy to help!
How can Hudson Procure help with the procurement process in the public sector?
At Hudson Procure, our procurement experts have nearly two decades of experience. No matter what kind of support you’re looking for, we can help.
Procure Consult
With Procure Consult, we’re offering support with tender management and ad-hoc procurement consultancy. Our expert team will manage the end-to-end procurement process or offer assistance at any stage, as and when required.
Procure Health Check
With Procure Health Check, we’ll conduct a full review of the strategic and operational procurement processes within your organisation. We’ll identify the areas that need improvement and help you drive greater value from the procurement process.
Procure Analyse
The purpose of Procure Analyse is to conduct a high-level analysis of your spending activity. We’ll help you understand your current purchasing behaviour and highlight areas that can deliver greater value. Offered as part of Procure Health Check or as a standalone service.
Procure Outsourcing
With Procure Outsourcing, we deliver a range of procurement solutions on an outsourced basis, completely bespoke to you. This can range from delivering multiple tender projects as a package to delivering the full procurement function of your organisation.
Procure Post
With Procure Post, you can share your tender on one or more of our 11 sector-specific portals. This way, you’ll increase your chances of finding the perfect supplier.
Get in touch for a consultation and find out how we can help your business grow.
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