Nordea believes that having good and clear tools in place is the best way to receive the best quality from our suppliers. We have established a 4-step sourcing process to achieve this goal:
When renegotiations are conducted, part of the above four steps are used. For further information on the sourcing process please see the Supplier Handbook.
During the sourcing process Nordea uses an e-sourcing tool provided by Ariba. It automates the tender collection process and also guarantees its compliance and transparency. Therefore, all tenders are submitted through Ariba. Nordea also uses e-auctions on a case-by-case basis to optimise total costs. It is more transparent for suppliers than standard negotiations and also ensures fair competition.