The Process

SpendConsultant was developed by strategic sourcing professionals for strategic sourcing professionals. The website and its underlying technology are developed and maintained by the strategic sourcing consultants and category management experts from the leading procurement service provider, Corcentric. SpendConsultant leverages the lessons learned and best practices documented from thousands of strategic sourcing initiatives.

Strategic Sourcing opportunity assessments with SpendConsultant are a great way for your company to determine its short-term and long-term strategic sourcing and cost reduction strategies. Better yet, they won’t require a major time commitment from your internal team.

The cost reduction opportunity assessment process picks up where our spend classification process ends. Our spend analysis and spend classification process are more robustly defined here.

But, in summary our spend analysis process look like this:

1. We collect your data
2. We normalize your data
3. We classify your data
4. Our Sourcing Experts review the data
   1. We review your data with you and interview your stakeholders
   2. We compile a strategic sourcing opportunity assessment
5. You get a login to SpendConsultant to view your spend analysis

Essentially, the opportunity assessment process is the same for your team up until we’ve completed the spend analysis. At this point, our rapid opportunity assessment process begins.

Here’s how it works:

• Our classification engine reviews several variables that we’ve fed it during the process. This includes the type of industry you are in, where your suppliers reside, your total spend cube profile, and any information we’ve captured by interviewing your stakeholders and members of your procurement team.
• Then, we link your data to relevant internal master data that represents thousands of similar sourcing events that Source One has conducted for its clients.
• Our strategic sourcing category managers individually review the assumptions, savings targets, and sourcing strategies and make adjustments to the data based on our understanding of your business. This includes modifying the individual strategy or category plans, tweaking the high/low savings targets or impactability of a category, and overriding targets based on known strategies or contract expiration dates.

The SpendConsultant login is provided to your team so that you can view your spend analysis and opportunity assessment.