- September 3, 2019
Strategic Sourcing Solutions for the Retail Industry
Because they are highly visible and consumer-focused, the retail industry runs the risk of garnering a high supply chain. Today’s marketplace is extremely competitive, so if you want your retail business to succeed, you need to invest in modern retail sourcing solutions that go beyond lowering costs. Sourcing solutions provide tools and processes that will give your retail business better visibility. Here are some sourcing solutions that can help your business thrive.
Retail sourcing software lets you develop a comprehensive sourcing program that fits the needs of your company. The program can address the price of drivers used in specific spend areas and considers the specific market, vendor, and product requirements of your company without jeopardizing product quality or customer experience.
The software lets you optimize your sourcing operating model, which will increase savings in product spend areas. You can choose how to source your products using internal resources or agents, and evaluate product requirements by category or brand. This might involve reexamining your relationship with each vendor, offering volume commitments to them, or negotiating financial terms beyond product costs. This will create a more stable business relationship with vendors and reveal savings opportunities across each tier of your vendor base.
In external non-product spend areas, top retail sourcing software lets you aggressively negotiate more favorable terms for the entire company. Internally, you can reexamine product selection and specifications, which drive overall costs. Additionally, you can review the choice of vendors who meet product and service needs across multiple brands and companies.
A detailed sourcing roadmap is an important tool that helps retailers like you understand the potential savings your company can accumulate. Top retail sourcing software providers help your retail business create a roadmap that specifies where you can reduce costs and better prioritizes activities. Plus, you will be able to identify and arrange opportunities to improve supply and demand, process and organize support for sourcing strategies, manage approaches and processes that provide products to vendors at the right cost, gain insight on the total cost of product/service and apply knowledge of cost drivers in negotiations with vendors, and access tools you need for organizing sourcing solutions and save on costs.
Finding high-quality products fast is one of the main goals for retail businesses. Traditional methods of finding products are often outdated, slow, and results are hit and miss at best. Using the best retail sourcing software provides you with the tools to keep you ahead of competitors. These tools will help you be the first the find the best products and onboard them to your system. With strategic sourcing solutions software, you get quick access to products without having to go to trade shows, search online, or wait to hear back from vendors.
Commerce sourcing lets you negotiate quickly via an SPS network with access to data on every potential supplier’s capabilities. Integrated sourcing solutions offer rapid onboarding, where you can add new vendors to your system in just a few hours, and fulfillment can be realized in a few days instead of weeks or months.
CBX Software can help you learn more about how the retail industry uses sourcing solutions. Email us at firstname.lastname@example.org.