NewswireTODAY - /newswire/ - Amherst, NH, United States, 2011/07/07 - ‘Fire and Forget’ approaches can lead to missed opportunities according to applied data research - AppliedData.org.

The importance of creating and implementing an effective strategy for sourcing and acquiring goods and services is a well-accepted requirement for businesses of all sizes. Because of the significant role of recurring operational costs in reaching or exceeding profit targets, sourcing plans and procedures play a key role in the financial health and ultimate success of companies across a broad spectrum of industries. But while the majority of businesses recognize the importance of creating and putting in place a framework and process for sourcing and procurement, a significant number fail to realize the critical role of proactively managing the process to insure that it reflects ongoing and then-current supply-side conditions and operational business needs.

By sticking religiously to a sourcing strategy that is based on supply assumptions that may no longer be valid or that fails to take into account the changing supplier landscape, businesses that do not actively manage their sourcing plan risk experiencing growing cost and operating inefficiencies as the plan becomes dated. Companies that incorporate a sourcing strategy and tactics review cycle – either as a stand-alone module or as part of a continuous operations improvement plan – create opportunities for identifying and responding to evolving part, product and service initiatives that can improve procurement performance at the cost, quality, logistical and/or work flow level.

When properly designed, implemented and executed, a continuous sourcing review process becomes a key element of the business cost control effort producing renewable and ongoing benefits that inure to the bottom line.

About Applied Data

Applied Data Research (applieddata.org) is a Boston-area business operations services firm. Our techniques, methods and programs are designed and implemented to provide companies with financial and operational flexibility, with the aim of giving company management the tools necessary to refine and execute their operating plans and achieve their financial targets.

Agency / Source: Applied Data Research

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