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Walmay Metal, a company known for selling stainless steel to our friends asked us one day to help save them money in purchasing it. We embraced the task in stride, and created clever ideas on how we could save them money but still make sure they had everything that was required. It took a lot of effort and creative thinking but we found 20% savings for them on their stainless steel spend.
Strategic Sourcing Methods:
First, we considered where to source the best Stainless steel strip deals at this step. We found the suppliers that could give us the best prices without compromising on quality by researching different suppliers, and comparing costs. It achieved what we had aimed for in making it very competitive to supply Walmay Metal with stainless steel.
Securing good terms:
Well now that we knew where to buy the Stainless steel square bar from we had a word with the suppliers regarding the terms and conditions. We had to work really hard in order for them to give us such better pricing and terms that the savings of Walmay Metal can be even higher. Through being smart and having a knack for persuasion we convinced them to offer us deals that would give special discounts and lowered the price.
Simplification of the procurement process:
Time is money so we thought to minimize/shorten except the time while purchasing Stainless steel square rod. We examined every part of the process, from start to finish and found ways to streamline it. We saved Walmay Metal time by eliminating the stepping stones and paperwork.
Using Strong Supplier Relations:
Once we were able to prove that having strong relationships with suppliers could lead to healthy negotiations. Because of us being nice respectful to our suppliers, we were able to gain the trust so that they would provide us more discount on special items. This enabled us to further save on costs for Walmay Metal and make sure they were getting the best prices.
Realizing Cost Savings via Efficiency Measures:
Lastly, we would work to achieve cost savings through finding efficiencies on our various projects. The case of Walmay Metal showed us that stainless steel could be used more effectively. That saved them money and reduced waste which added up to be big savings at the end of the day.
Our effort resulted in 20% savings on stainless steel procurement for Walmay Metal. It felt so great that Walmay Metal were able to save money and put the money towards things more important. It proves that anything is possible with a little creativity and hard work.