Savings Identification & Strategic Sourcing
Strategic sourcing teams of all shapes and sizes rely on spend analytics to provide detailed spend visibility that inspires procurement insight and action. Conducting a formal spend analysis is the foundation of driving any long-term cost savings initiative. Research shows that an organization’s procurement function frequently lacks the type of high-quality, sourcing-ready data necessary to have strategic influence that identifies and realizes cost savings.
Velocity Procurement provides a full service model that combines procurement-focused spend analysis services with formal strategic sourcing methodology that will enable you to gain clear insight into your spend portfolios and drive savings.
Any good procurement transformation depends heavily on having a comprehensive, reliable spend analysis and sourcing plan.
In as few as four weeks, Velocity will deliver your team a comprehensive spend report with clearly defined sourcing opportunities and estimated savings.
Since 2007, Velocity has produced over $765 Million of measurable savings, with both direct and indirect materials and services, for clients through strategic sourcing. Our strategic sourcing services not only create a more efficient environment but also enable a self-funding approach your procurement transformation.
Improving the bottom-line by leveraging a formal strategic sourcing methodology
Our Sourcing Services
We provide consultative sourcing services as an extension to your existing category management and sourcing teams, including the development of relationships with the business stakeholders and users to understand the business requirements and priorities in order to ensure buy-in to the sourcing strategy. This model provides you with the most experienced sourcing experts to fully execute and deliver sourcing savings.
If you already have a sourcing team in place but have needs to increase throughput or achieve rapid cost-savings, we provide sourcing execution on-demand. Our team will work in an advisor role providing your existing sourcing function with on-the-job training, category expertise, and knowledge transfer. This model provides you with the added experience and expertise to achieve additional savings and meet spikes in sourcing project demand.
We offer onsite and offsite sourcing project and supplier management that includes managing the sourcing events for you – including reverse auctions. The offsite model is designed to be scaled and flexible to meet your individual needs – ranging from eRFx event and auctions support to full category management and sourcing strategy assistance. The onsite model will give your sourcing team access to the expertise they need to deliver savings quicker.