For utility procurement teams facing a sellers’ market, a portfolio of change initiatives can prevent purchased goods and services from becoming the highest-growth cost center. Five strategies can be used to cope with turbulent supply markets: (1) Build Out and Integrate Your Supply Market Intelligence Function, (2) Diversify the Supply Base to Foster Competition and Improve Security of Supply, (3) Identify and Realize Specification Changes to Offset Escalation, (4) Establish Strategic Supplier Alliances, and (5) Consider the Power of Outsourcing.
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