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How to Pick Your Category

How to Pick Your Category

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Published by Market Dojo
This guide is written to help you right from the beginning when all you may have in front of you is 12 months worth of data and the objective to find the market prices on the various spend categories. How do you take it from here? Well, please read the guide to get our explanation behind sorting and categorising the data into market-facing supply pools. Prioritise the categories by asking some pertinent yet straight-forward questions. Finally we address how you can approach a strategy for each category to make sure you maximise the potential benefits to your company.

For more information, please visit http://www.marketdojo.com
This guide is written to help you right from the beginning when all you may have in front of you is 12 months worth of data and the objective to find the market prices on the various spend categories. How do you take it from here? Well, please read the guide to get our explanation behind sorting and categorising the data into market-facing supply pools. Prioritise the categories by asking some pertinent yet straight-forward questions. Finally we address how you can approach a strategy for each category to make sure you maximise the potential benefits to your company.

For more information, please visit http://www.marketdojo.com

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Published by: Market Dojo on Sep 14, 2010
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How To Pick Your Category
 
1
How To Pick Your Category
This guide is written to help you right from the beginning when all you may have in front of you is 12 months worth of data and the objective to find the market prices on the variousspend categories. How do you take it from here? Well, please read the guide to get ourexplanation behind sorting and categorising the data into market-facing supply pools.Prioritise the categories by asking some pertinent yet straight-forward questions. Finally weaddress how you can approach a strategy for each category to make sure you maximise thepotential benefits to your company.
 
How To Pick Your Category
 
2
1. Introduction2. Spend Profiling3. Category Evaluation4. Category Prioritisation5. Category Strategy
 
How To Pick Your Category
 
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1. Introduction
This document is intended to be a collation of many years of procurement and e-RFX consultancy from theMarket Dojo team in how to pick your spend category to take to the Online Negotiation arena. This documentis written in the tone of negotiating a contract for a product or service you wish to purchase, however theguidelinesin this document also apply if youare looking to sell your product or service as well.Compared to the actual running of the Event, picking a suitable category can be one of the most challengingtasks, which is why there is such an abundance of consultancies and spend analysis 'experts' in the market.However, the Market Dojo team have run hundreds, if not thousands, of Events using nothing more thanMicrosoftOffice and Online Negotiation software.The teams's experience in online negotiations has averaged savings of around 27%, which is above theindustry standard, and not just on typical indirect spend like stationery and temporary staff, but on complexdirectspend such as zinc-alloy investment castings for the landing gear on a Boeing 747!However, our intention as a business is not to become another consultancy in an already swamped market.Our intention is to offer Online Negotiation software-as-a-service (SaaS); a service that you can switch on andoff when you like, a service with transparent pricing, and a service that is clear to understand and use. Weprovide the software, you manage - 'Host' - the Event, whilst your bidders - 'Participants'- bid in the Event.To achieve this, we felt the need to share our experience so you can appreciate that you have all the requiredskills that some consultancies might try to sell you. This is not saying consultancies have no place in thismarket, as many have instrumented fantastic achievements for their clients and will continue to do so. It ismore the case that given the right tools, methodologies and processes, you can achieve the same results withyourown skillset. At MarketDojo, we give youwhat you need in order to be successful at Online Negotiations.So, if you are in the position where you feel that an Online Negotiation is the right tool for your business, or foryou personally, but you are not sure where to begin, we hope that this document will guide you through theprocessof selectingand preparing a spend category to bring about a successful Event.

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