by Lee Ann Moore, EquaTerra Chief Marketing Officer

The term ‘Speed Sourcing’,  an expedited approach to selecting a service provider for outsourcing services,  received recent attention from the media and outsourcing service provider community.  Interestingly, this approach worked for a specific client who quickly became comfortable with two specific outsourcing providers – much due to EquaTerra’s knowledge and knowledge transfer of the service provider’s capabilities.  Additionally, EquaTerra was able to quickly understand their specific needs and facilitate the process.  While we were able to avoid a formal RFP, we used an ‘offering document’ and our standard methodology with a modified approach.  The process remained very structured and outcome-based.  It involved robust solution design and assessment of critical solution criteria, assessment of risk, evaluation of key business terms, development and analysis of proposed service levels and statements of work and ultimately support to negotiate a contract.  Because of the familiarity with the provider capabilities, EquaTerra was able to help this specific client focus more effort on solution development rather than trying to qualify a large number of providers – making unnecessary work for all involved.  The process remained competitive until the client selected a provider and contract negotiations commenced with the winning bidder avoiding further costs by only negotiating with the preferred provider.

Speed sourcing is not about cutting corners, it is about helping become informed so they can make expedited business decisions.This approach does not work for all companies.  In fact, while EquaTerra relies on its core methodology and tools across the globe, we realize each client situation is different and may require a slightly modified approach.  We work with clients to find the right solution and approach to accomplish their objectives within their time line.

Filed under: Market Trends and News, Outsourcing by EquaTerra