When it comes to buying a new product or service, supply chain pros utilize a variety of methods to gather information, analyze results, and make decisions.
These solutions range from no-tech methods like working the phone, to high-tech methods like conducting an e-procurement process using industry tools. While the methods on the lower end of the scale are more labor intensive and can be subjective, and the methods at the higher end of the scale tend to be more objective, formal and efficient, each has its place in the world of procurement. However, there’s a fundamental question that all decision makers need to be able to answer; what are we actually buying?
The following four considerations are helpful before embarking on any procurement initiative:
