Strategic Sourcing and Cost Optimization by IFFCO for organizing ICA Global Cooperative Conference 2024
IFFCO, the world’s largest cooperative based on the ratio of turnover over GDP per capita income, successfully organized the ICA Global Cooperative Conference 2024 in New Delhi, marking a historical first for the event in India. Guided by the theme "Cooperatives Build Prosperity for All," IFFCO embraced strategic sourcing and cost optimization methods to enhance event management efficiency. A pivotal decision was made to outsource complex tasks to specialized event management agency while retaining influence over key operational aspects through in- house teams. Utilizing frameworks such as the Kraljic Matrix, Pareto Principle and Make/ Buy Analysis, IFFCO strategically allocated resources, ensuring that major part of budget focused on high-impact tasks while minimizing costs elsewhere. The robust procurement process included strict pre-qualification criteria and a thorough evaluation of potential partners, emphasizing experience and capability. The conference resulted in considerable savings and showcased IFFCO's commitment to sustainability, featuring a carbon-neutral event with tree saplings planted to offset the carbon footprint. The attendees included both Indian and international dignitaries, further strengthened IFFCO's status in the cooperative sector. Ultimately, IFFCO's strategic approach facilitated a successful conference, fulfilling its mission to promote sustainable agricultural practices and cooperative values globally.