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Consider the totalcost of ownership, not just upfront costs. Cooperative contracts simplify and expedite the procurement process by including pre-negotiated terms and conditions that comply with government regulations, thereby reducing administrative overhead and the risk of non-compliance.”
Enhances competitiveness Ensures organisations stay ahead in supplier negotiations. More Than Just Price While price is often the most common focus in benchmarking, it is only one piece of the puzzle. Encourages best practices Helps companies learn from industry leaders. Ready to deepen your procurement expertise?
The main difference relates to cost. In contrast, strategic sourcing focuses on the totalcost of ownership and seeks to create the best possible value. Strategic sourcing assesses all the costs of a company’s operations and considers what value suppliers can bring.
Moreover, as EV tech improves and becomes more widely adopted, the costs associated with electric vehicles are expected to decrease—reducing totalcost of ownership (TCO) compared to a gas-powered fleet. This could help to proactively nip more costly environmental crisis mitigation needs in the bud.
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