A company's purchasing strategy can make or break its bottom line. Many will tell you it's all about supplier optimization and obtaining the best quality and terms for your buck. True, that's a great jumping off point but to be one of the elites, procurement teams need to dig even deeper when refining their processes. Yes, there are a seemingly endless array of directions you can take your team and no single mix is the magic elixir for every business. But Six Core Purchasing Strategies typically appear in some form or another in most schemes.
After your vendors are established, are you implementing Total Quality Methods and increasing your standards as the relationship matures? If not, you may not be taking advantage of the lengths your suppliers will go to retain your business. If you're accepting a steady stream of errors even after your vendor has become proficient on how you run, then you're ultimately accepting inferiority in your product as well. Companies should work closely with their vendors to continually develop them over time so that they can do their job better and in turn, help you improve yours.
If you're sourcing internationally, are the price benefits outweighing quality control and the measures you have to take to manage risk? Is your lead time suffering? Keep reviewing your processes and asking questions and you'll stay squarely on the path to optimal procurement.