What exactly is Strategic Sourcing?
Strategic Sourcing is an organized, collaborative, data-driven approach to making informed purchasing decisions that result in achieving cost savings, improved services, and process efficiencies. It is a structured process of analyzing and leveraging overall spend to reduce the total cost of purchased goods and services, negotiate competitive contracts, and implement the most optimal solutions. The focus is on the total cost of ownership (TCO), which is not necessarily the lowest purchase price. Strategic Sourcing is a continuous process of information gathering, monitoring, and planning, as well as collaboration and relationship-management.
Role of Strategic Sourcing
Through spend analysis, we can identify opportunities to leverage the University’s buying power by consolidating and driving spend to a smaller number of suppliers with whom we negotiate competitive contracts and promote to campus as preferred suppliers.
Your Partner for Savings
The Strategic Sourcing team is here to assist Brown departments and schools in making informed decisions related to their sourcing needs that achieve the best overall value for Brown, while aligning with University goals.
How can we help?
● Partner with you to understand your needs and challenges, identify opportunities, and develop a sourcing strategy
● Review spend analytics reports with you to help you make informed purchasing decisions
● Facilitate RFP and contract negotiation / development / execution process
● Assist with identification of suppliers and access to competitively bid contracts through group buying cooperatives
● Provide information on preferred suppliers, policies/processes, and existing University-wide contracts
● Assist with business reviews and supplier relationship management