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Colectric's Strategic Sourcing Program is a collaborative program through which participating public power utilities combine their expenditures, knowledge and expertise to reduce the total cost of acquiring the products and services needed for their operations. The key elements of the Initiative include:
- Sharing Best Practices: Colectric draws upon the collective experience of its staff and Participants to provide a forum for sharing and implementing best practices. The best practices can come from all aspects of supply chain management and include such items as inventory management, purchasing practices, supplier relations, strategic sourcing and outsourcing.
- Conducting Joint Procurements: Because of the nature of their businesses, Colectric Members purchase many of the same items, often from the same suppliers. In order to take advantage of the combined leverage of its Members, Colectric combines its Members' requirements for like items and goes to market as one utility. Members issue purchase orders against the Master Purchase Agreement which is administered by Colectric with the goal of reducing total cost and improving the supplier relationship over time.
- Conducting Collaborative Strategic Sourcing Projects: Potentially some of the greatest opportunities afforded by Colectric's Supply Chain Management Program are the savings resulting directly from its Collaborative Strategic Sourcing (CSS) projects. The CSS program follows a formal six-step process facilitated and led by Colectric. The outcome of this process is the lowest total ownership cost of acquiring a particular product or service that the Participants require for their operations.
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Colectric Partners, Inc.,
301 W. Bay Street, Suite 2600
Jacksonville, Florida 32202
904.527.5927
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