Our mission is to execute effective sourcing of external products and services based on these Guiding Principles:
Integrity
We maintain a level playing field in selection of external vendors and service providers.
We seek transparency of costs to understand the true impact and opportunity of supply and service chain options.
We seek open and frank communication and maintain credibility in our negotiations. We are uncompromising in our principles and set this same expectation for our vendors.
Respect and Value the Individual
We embrace diversity, seeking new ideas and listening and learning from each other.
We appreciate the unique capabilities and contributions of each person.
We foster personal growth. We are at our best when fully engaged with our families, friends, and communities.
Team Work
We achieve far more as a team than as individuals.
We enter each sourcing engagement as an integrated team, providing continuity, broad perspective, and a collaborative approach to refining our strategies.
We work with our business partners to identify and act upon opportunities to improve our products and services while reducing costs.
We partner with Wachovia's relationship managers to ensure that we are considerate of our customers.
Service
We are in the business of providing business solutions.
We seek alternatives which will add value to our business partners within the company, increasing efficiency and convenience.
Personal Excellence and Accountability
We will examine all reasonable alternatives in order to select and structure relationships that ensure that services and goods consistently meet or exceed Wachovia's standards.
We will seek to understand key business drivers and drive competition throughout our supply and service chain. We will act with courage and conviction in a manner that is innovative, agile, and knowledge-based.
Winning
We will relentlessly seek to achieve and preserve a sustainable competitive advantage for Wachovia through reducing the total cost and improving the total effectiveness of our supply and service chains, so that they are strategically aligned with Wachovia's immediate needs and future direction; and enable accelerated development of new revenue sources.
We will aggressively target ways to reduce risks. We will seek to create processes and methodologies that will enable Wachovia to create and enter better vendor relationships, faster than our competitors.