Smart-Purchasing.com: Best Practices: Checklist

Best Practices: Planning
Conduct a Market Assessment for Key Commodities

Traditional	Best Practice
Requirements review, and supply market assessment are executed inconsistently. Focus on short-term and on tactics, rather than strategy, behind sourcing.	A required, formalized, and standardized “Game plan” for each Commodity Team prior to RFQ distribution, detailing product requirements and sourcing strategy based on market forecasts.

Rationale
Creates consistent, formalized, and rigorous process. Focuses energies on the strategy behind sourcing: a “What is possible?” rather than “What have we done in the past?” attitude. Helps justify investments in long-term, high-expenditure supplier relationships Helps make timely and accurate decisions based on market forecasts.
Details
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Best Practice | Case Study | Commentary