Remove Cost of Ownership Remove Price Remove Total Cost of Ownership
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CKS Benelux and Ivalua partner with Punch Powertrain to digitalise strategic sourcing

ivalua

Ultimately, the buyer can efficiently compare offers and select the optimal supplier(s) according to a best value/best price logic or lower total cost of ownership. This greatly increases the company’s agility, allowing highly efficient purchasing operations.

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Everyone, including top leaders, need to be on-board when agencies install new technology

American City & Country

According to Witt, governments must also consider the total cost of ownership of the new system. This is more than just the flat price of the new technology. It also includes the supplemental cost of implementation, training, ongoing support and system maintenance.”

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Governments need to plan for the entire product lifecycle when they purchase technology today

American City & Country

Consider the total cost of ownership, not just upfront costs. Through that leverage, Cunningham believes that governments can often secure better pricing and terms than they would individually. . • Conduct rigorous vendor vetting, with an emphasis on reliability and long-term support.

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Benchmarking in Procurement: The Key to Maximising Business Value

Oxford College of Procurement and Supply

In procurement, benchmarking involves assessing supplier performance, costs, and processes against industry standards or competitors to ensure you are receiving the best value. More Than Just Price While price is often the most common focus in benchmarking, it is only one piece of the puzzle.

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What is Strategic Sourcing and Why is it Important?

Oxford College of Procurement and Supply

The main difference relates to cost. Traditional sourcing was all about sourcing goods at the lowest possible price. In contrast, strategic sourcing focuses on the total cost of ownership and seeks to create the best possible value.

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CKS Benelux and Ivalua partner with Punch Powertrain to digitalise strategic sourcing

ivalua

Ultimately, the buyer can efficiently compare offers and select the optimal supplier(s) according to a best value/best price logic or lower total cost of ownership. This greatly increases the company’s agility, allowing highly efficient purchasing operations.

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Deepen Your Understanding to Improve Supplier Engagement

ivalua

Driven by a desire by manufacturers to insulate themselves from spiraling labor costs, manufacturers shifted production of parts and components into the supply chain. It shouldn’t be about beating up a supplier on price or strong arming suppliers. Your suppliers can be a competitive advantage or a burden that keeps you from growing.