For a sourcing event to work, it needs to have clearly defined goals, which are transparent and followed diligently and punctually by every person who is part of the process. We find organisations are only too aware of the savings running more sourcing can bring to certain categories, but never have the opportunity to realise these savings due to flawed manually-intensive processes, with Procurement struggling to allocate the administrative manpower to cover requisite categories.
As a result, organisations will run events which are not effective, predictable or in compliance with regulatory standards. As a consequence organisations will limit the number, scope and duration of their Sourcing projects, costing themselves huge savings due to lack of resources. Worse still, the lack of a concrete process can make it impossible to verify the value of savings made from running an event, if any at all.
We often see what is a complicated process be further complicated by an unnecessary reliance on manual process – the process needs simplification not complication. In our experience the best way to harness the experience of your procurement team is to channel that knowledge into a personalised, easy-to-assemble series of questionnaires and templates to create and manage regular sourcing events.
Switching to an automated solution has helped a variety of organisations from local charities to multi-national financial institutions reduce the manual effort required in the sourcing process. We estimate a reduction of between 80%-90% in manual effort, which leads to a saving of 40-60% across a sourcing events timeline. This gives experienced buyers the opportunity to run more events and, ultimately, deliver more savings. A robust Sourcing solution enables short, sharp and consistent sourcing events. The solution is functionally rich, comprising of automated alerts and scoring, as well as workflow which promotes collaborative project reviews. The inherent eAuctions functionality is highly flexible, supporting many formats including Reverse, Japanese and Dutch enabling organisations to achieve huge price reductions across a multitude of categories.
After last year’s fantastic event at the Barbican Centre, we’re excited to invite you to another inspiring day full of valuable sessions, networking opportunities, and insights from the very best in the procurement industry. This year, we’re bringing TSM Customer Day to the heart of our community – the Novotel London Tower Bridge.
As businesses navigate an increasingly complex landscape, the need for agile, adaptable technology platforms has never been more critical. Organisations require solutions that not only meet their current needs but can also evolve alongside their business. This is where Ivalua, a leading provider of Source-to-Pay (S2P) solutions, comes into play. At TSM, we are proud […]
London, 1, July, 2024— TSM (Touchstone Spend Management) is thrilled to announce that we have been shortlisted for the prestigious 2024 CIPS Awards. This recognition highlights our transformative project with ISG, which aimed to revolutionise supplier management through a robust Source-to-Pay (S2P) solution. The project, in partnership with ISG, focused on automating onboarding processes, integrating […]
Step into the heart of London’s procurement and supply chain scene with our exclusive networking events, proudly sponsored by TSM. We’re shaking up the usual business gathering vibe to bring you something fresh – think less formal, more friendly chat over a morning brew. TSM is putting the spotlight on industry camaraderie by offering a […]
We are excited to announce a new collaboration between Forestreet and TSM, a consultancy specialising in the implementation of procurement systems. Research shows that 40% of sourcing professionals spend an average of three months completing a single supplier search, yet they can only review a few dozen suppliers from thousands. TSM recognises this industry-wide challenge, […]
London, 10 March 2024 – TSM (Touchstone Spend Management) proudly announces its double shortlisting for the esteemed World Procurement Awards 2024, hosted by Procurement Leaders. The awards recognise exemplary initiatives, leaders, and businesses shaping the future of procurement. Out of a pool of 145 distinguished organisations and individuals spanning 14 categories, TSM has been acknowledged […]
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