Combining TWS's expertise in designing game theory based negotiation processes with their experiences in creating incentive schemes to motivate suppliers to share their know-how, TWS's consulting team developed a new sourcing approach: Target Costing.
In a nutshell, Target Costing uses competition between suppliers to optimise the technical concept under a fixed target price. In a Target Costing approach, technical specifications and requirements are limited to necessary minimum requirements to give suppliers a high degree of freedom in developing their own concept within the pre-defined budget.
Ultimately, TWS's client gave all suppliers the commitment that the supplier to offer the best concept while meeting the target price would be awarded the business.
When trying to convince an organisation to invest in a contract lifecycle management (CLM) solution, compiling a business case can make the difference between success and failure.
This guide provides the different elements to consider, the thought process to pursue, and the details to include in each section.
Geopolitical volatility. Rising risk. AI acceleration. ESG accountability. Procurement and supply professionals are navigating a landscape of shifting pressures and expanding expectations. The CIPS Global State of Procurement and Supply 2026, supported by GEP, reveals a profession at a defining moment and leaders stepping closer than ever to the heart of organisational strategy.
Procurement is no longer just about cutting costs, it’s about creating value, driving efficiency, and building resilience in an unpredictable world. In the third of Market Dojo's playbooks, learn how to elevate procurement through strategic influence and innovation.
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