The Procurement Journey system is designed to help company managers and officers within supply chains develop a unified vision for optimizing company procurement practices. It can also be used as a reference tool by other supply chain managers or executives. The Procurement Journey consists of five stages: the planning phase, the vendor selection and proposal review, negotiations with vendors, contract award, and contract management.
The Procurement Journey provides detailed guidance and documentation on how to conduct and manage your procurement activities. The Procurement Journey consists of the same logical structure as the Journey system, with each zone and station providing detailed information on each step of the process.
In addition to giving direction to the process, the procuring journey provides a valuable reference database for risk managers, program managers, and project managers. In some cases, this data can even help the programmer and project manager to reduce their own risk by providing in-depth information about suppliers, for example, that cannot always be captured within an organization’s internal systems. External risk management solutions such as risk management hubs and provider networks also provide additional value by helping suppliers and program managers identify and seize opportunities when opportunities arise.
Procurement is an essential part of the supply chain, and it plays a critical role in developing market competition and maintaining a competitive advantage. Therefore, the success of any procurement activity depends on selecting the right vendors for the right contract. The selection of vendors depends on many factors, including the budget, product type to be procured, the industry, and the competition. For procurement purposes at both the initial stage and throughout the procurement process, procurement professionals use many tools and techniques to gain an insight into the client’s requirements and identify suitable vendors. During this process, the vendor must show the client how his or her proposed solution would fit the client’s business model, what is included in the cost of implementation, and demonstrate how a solution could support and enhance the business.
In order to facilitate the sourcing of capable suppliers, several providers offer a variety of tailored solutions. These services can help to identify the best vendors for a given project and also offer sound guidance and advice when sourcing. Some of these vendors have their in-house supply chains and tendering departments, where they handle large contracts for their clients. Others work in partnership with smaller suppliers and, in some cases, even work in conjunction with larger ones to identify, qualify and place tenders with suitable vendors.
