This document discusses strategies for strategic sourcing and procurement. It outlines gaining visibility into spend analysis, analyzing opportunities for savings, analyzing markets and suppliers, standardizing products, maintaining flexibility, optimizing suppliers, managing contracts and supply inspections, and collaborating with stakeholders. The overall goal is to make the procurement process simpler through an e-procurement platform.

1. Procure Smart
Strategic
Sourcing
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2. 1
1
Gaining Visibility
through
Spend Analysis
Gaining deep insight into spend across various business
segments, departments and suppliers.
Categorizing mapping and prioritizing each spend element in
order to identify gaps wherein savings can be obtained
through optimum utility.
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3. 2
1
Analyzing
Opportunities
A complete 360 ˚ view of expenditure enables you to recognize
opportunities where savings can be achieved. A balanced
approach towards spend can bring about huge savings on
sustainable basis
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4. 3
1
Analyzing Markets &
Suppliers
Ranking vendors on various parameters and analyzing market
trends and patterns helps you gain insight into the market
drivers.
Vendor assessment and real-time reverse auction helps
secure optimum products at market driven competitive prices.
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5. 4
1
Standardization
Defining product specifications minutely and setting up well-
defined vendor eligibility criteria's helps achieving
standardized and ethical sourcing.
Working closely with the users of the products and other
stakeholders will help you define not only the product
specifications but also the exact usage based on which the
suppliers can be comfortable in competing and providing
optimal products.
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6. 5
1
Flexibility
Flexibility while seeking information from suppliers and being
open towards innovative products can help you to innovate in
the product and service you deliver to your clients.
Flexibility in sourcing leads you to innovative products, new
suppliers and future products which in turn can bring you
savings and a competitive edge in the long run.
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7. 6
1
Optimize Suppliers
Post Bid Evaluation is a necessary part of the procurement
process.
Price though a driving criteria for sourcing should not remain
the only criteria. The suppliers should also be evaluated on
other constraints like quality, supply cycle, reliability, past
performance etc.
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8. 7
1
Contract Management &
Supply Inspection
Ensuring that all the terms and conditions of the contract are
complied with by the supplier helps you evaluate the supplier
for future supplies.
Supply Inspection ensures you get the product you have paid
for and encourages healthy competition among suppliers who
are cautious not to supply sub standard products.
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9. 8
1
Collaboration
Working closely with suppliers and other stakeholders,
capturing knowledge and redistributing it effectively helps the
buyers to stay ahead of times.
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10. We at L-1 Corporate Services work towards making business a
little simpler for you by tapping on the most important division of
your business i.e. the Procurement Division of your organisation.
Procurement is that pivotal process of a business house through
which you acquire goods and services. This process is manifold and
can be very complicated. Our expert professionals with the help of
Procure cutting edge technology, skilled understanding and dedication
towards the goal to make procurement effortless, clear and
Smart understandable have devised an e-procurement platform ;
‘L-1.co.in’
L-1 Corporate Services
5-2-196, No. 7, Distillery Road, Ranigunj, Secunderabad - 500 003.
Phones: +91- 40- 66388414 Mobile: +91- 9985836000
E-mail: info@L-1.co.in Website: www.L-1.co.in