Going the traditional procurement route
With the traditional procurement route, a standard tender process is used in sourcing and selecting suppliers of goods and services. Key stages of the process are outlined below.
Sticking to the norm
With the traditional procurement sourcing route, a standard tender process is used in sourcing and selecting suppliers of goods and services. Key stages of the process are outlined below.
Identify business requirements
In soliciting bids from suppliers as part of the first stage of the procurement sourcing process, businesses need to clearly communicate their requirements so that potential suppliers can easily understand what is needed from them. Furthermore, buyers must ensure that an agreement of the requirements is reached at all relevant levels within the organisation.
Our Keystone Procurement team can assist you in documenting the technical specifications you need to form the basis of your tender documents when sourcing and procuring suppliers.
Conduct market sounding
Sometimes, as buyers, you might not have a clear picture of the market capabilities with regard to desired goods and services. In such cases, you can conduct a market sounding exercise at an early stage of the tendering process in order to get precious feedback from potential suppliers, gauge their level of interest, and foster competition prior to the bid submission stage.
At Keystone Procurement, we can conduct an efficient and successful market sounding exercise in line with any relevant procurement rules as a precursor to sourcing suppliers.
Prepare tender documents
In soliciting bids from suppliers, you’ll need to develop instructions for tenderers with all your relevant procurement sourcing rules. These procurement rules must include the criteria your organisation will use to select the winning tender and award the contract. Furthermore, buyers should outline all the relevant contractual obligations that will need to be adhered to by the buyer and suppliers throughout the life of the contract.
Our Keystone Procurement team can assist you in managing the process to develop and advertise the tender documents needed to a high-quality standard, whether they be Request for Information documents or Invitation to Tender / Request for Proposal documents.
On receipt of tenders, buyers must assess each bid and, where relevant, the products on offer, to select the preferred bidders to be awarded the contract or to interact with for contract negotiations. At Keystone Procurement, we can assist your staff in using a clear, justifiable and systematic approach in completing this stage of the procurement sourcing process. We can also help you to notify bidders of the outcome of the tender evaluations and to handle any objections received from bidders thereafter.
Where negotiations are permitted when sourcing suppliers, our Keystone Procurement consultants can assist you in ensuring that these negotiations are carried out in line with any applicable procurement sourcing rules. In such cases, our emphasis would be to obtain additional value from suppliers beyond that offered in the submitted bids.
DEVELOP CREATIVE BUSINESS SOLUTIONS TO COMPLEX PROBLEMS
PROCUREMENT SOURCING WITH INNOVATION PARTNERSHIPS
Contact us for more information on how we can support your procurement sourcing needs.
On the other hand, if you’re a supplier with an opportunity to bid for new work, read more on our Bid Management page to find out how we can help you to prepare a competitive tender response.
Procurement Sourcing Testimonials
What our customers say about our Procurement Sourcing services.
We worked with Keystone Procurement to appoint a Design Team for a major extension to the campus at Hook Lighthouse in Co. Wexford. From start to end, Keystone Procurement offered clear, practical and informed advice that allowed us to pick a supplier from a range of competitive, well qualified options. We are delighted with the outcome from this tender process.
General Manager, Hook Heritage Ltd
Keystone Procurement are highly proficient in market sourcing, particularly as it relates to unusual, non-standard or innovative requirements and concepts. I have engaged with Keystone Procurement on a few separate concepts / requirements and have found them to be reliable, expert and capable of demonstrating how ideas can move from a page to reality.
Managing Director, Hobbs Financial Practice Limited