What is strategic sourcing, and why is it significant?


A key part of strategic sourcing is understanding the true cost of purchases. This involves conducting price analysis, cost analysis, and collaborative cost optimization to gain valuable insights that can drive cost optimization and improve supplier negotiations.

  • Price Analysis: Compare supplier prices with industry benchmarks to assess competitiveness and identify potential savings.

  • Cost Analysis: Break down material, labor, and overhead costs to understand the true cost structure and uncover cost-saving opportunities.

  • Collaborative Cost Optimization: Work closely with suppliers and internal stakeholders to identify cost-saving innovations, align incentives, and drive long-term cost efficiency.

AIMDRIVE-AI simplifies this process by automating price and cost analysis, enabling businesses to benchmark prices, analyze cost structures, and collaborate with suppliers to drive cost optimization and improve procurement efficiency.

Learn more: https://aimdrive.com

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