Unexpected downtime in asset-intensive industries is hugely expensive. Beyond the obvious impact of halted production or heavy machinery sitting idle, there is the hidden impact on business support costs, staff, reputational damage, and the cost of fixing the underlying cause of the downtime incident. Supply chain issues are often significant contributors to excessive downtime – many of which can be avoided.

Source to Contract (S2C) procurement processes, as part of an integrated and coordinated effort to achieve value from an organisation's asset, can contribute to assuring asset reliability and avoiding the consequences of unexpected downtime.

S2C refers to the end-to-end processes performed within an organisation to buy goods. Done well, it helps streamline operations, improve response times, reduce material costs, and identify better sources of supply.

Optimising asset performance is dependent on effective and strategic S2C processes. This applies not only to the acquisition and disposal of reliable assets, but also to securing and making available the quality services and spares required to maintain asset reliability at the best possible cost.

Process Audits: Provide a comprehensive review of a company's end-to-end S2C business process, including systems and procedures, and identifies improvement opportunities.

Procurement Strategy Development: Develop procurement strategies that align with an organisation's business goals.

Sourcing: Identify and assess processes to manage potential suppliers, issue requests for proposal, and evaluate supplier bids.

Vendor Management: Assess ongoing Vendor Management processes, including supplier performance management and risk assessments.

Contract Management: Manage the entire contract lifecycle, from negotiation to closeout.

Contract Compliance: Monitor contract compliance, conduct compliance audits, and implement compliance controls.

Procurement Risk Management: Identify and mitigate risks associated with procurement processes.

S2C processes contribute to assuring asset reliability and avoiding the consequences of unexpected downtime by enhancing supplier relationships, improving supply chain response times, enhancing delivery accuracy, improving parts and services availability, and identifying and addressing supply chain problems early.

Efficiency: Identify and implement processes to improve procurement efficiencies and reduce costs.

Profitability: Improve Source to Contract practices, which can lead to increased profitability.

Risk Reduction: Mitigate risks associated with supplier relationships by ensuring contracts are fair and equitable.

Customer Service: Ensure that sourcing and contracting processes are clearly defined and managed appropriately to improve customer service.

Compliance: Maintain compliance with regulations by tracking and managing sourcing events, vendors, and contracts accurately.