Gather market data
Gathering market data is a critical step for best-in-class procurement. By looking outside of your own business goals to understand the broader market developments, you are able to understand your performance in context.
Run sourcing events
Once preparation and suppliers have been identified, the bid goes out to market for a response.
In order to secure the best rates possible, target rates are typically stated, and the bidding goes over several rounds, concluding with final negotiations.
