It’s simple to assume that sourcing procurement services are interchangeable terms for acquiring materials for a business based on their apparent meanings. They aren’t. Although they are related and both have important responsibilities in your organization’s supply chain, the two are extremely distinct and must be used in various ways to guarantee your company’s success. We’ll clarify specifically what sourcing procurement services are in this case study, why they’re important, and how to execute both of them better.
Did you know? Public procurement accounts for between 13% and 20% of GDP. The estimated total cost of global sourcing procurement services is close to US$9.5 trillion.
Focus Point:
1. The creation and management of supply chains are addressed by sourcing procurement services.
2. It is mostly focused on managing supply networks that have previously been established.
3. It also oversees supply chains and develops resilience-enhancing alternatives.
Provided A Men’s Clothing Retailer Sourcing Procurement Services
Storyline:
Company Name: Fox Men’s Wear
Industry Type: Garments
Provided Service: Sourcing Procurement Services
We worked with a major men’s apparel company for four years, providing sourcing procurement services that resulted in multi-million pounds savings and business growth. In order to set up and move to an internal function, we collaborated with the brand to create templates, tools, and procurement processes as well as to train the new workforce.
Client Overview:
Working with a significant men’s clothing retailer was Fox Men’s Wear. The customer didn’t have a procurement department at first because it had developed quickly from nothing to a significant global retailer in less than 10 years. This long-term project entailed creating procurement processes, tools, templates, and training the new team in order to establish a procurement department and then assist the client in converting to an in-house function.
Our Approach:
For four years, Fox Men’s Wear served as a procurement resource. We deployed a full-time sourcing service on the job site, who worked fast to grasp the business, cultivate connections with stakeholders, and give indirectly a focus. We worked with Fox Men’s Wear to establish a team and give guidance when our client made the decision to launch an internal procurement operation. When there were expertise gaps in more complicated areas of procurement, our collaboration then took a strategic turn.
Value Delivered:
- Fox Men’s Wear completed 60 separate initiatives and generated a 6/1 ROI, resulting in multi-million-dollar savings.
- Closely working with the new team, we developed a customized sourcing procurement services and training that we implemented across the organization in order to build methods of working and acquire stakeholder engagement.
- We made sure the procedure was straightforward and related to the corporate culture.
According to even more than 120 case studies of our sourcing procurement services, 55% of clients are satisfied with them. Additionally, 24% of them are happier than before with our services. As contrast to this, 16% of respondents said our services were average and that we needed to address a number of issues. Since we were having technical and communication problems, sadly, 5% of our customers weren’t happy with our services at the time.
Final Words
We continue to offer sourcing and procurement services to clients throughout the globe. These are one of many successful case studies we have. If you’re searching for sourcing or procurement services, we should be your top pick. If you have any queries, don’t be afraid to get in touch with us.
