While procurement often thinks about purchase price as equal to cost, some purchases come with a longer term cost to own and maintain. Being able to understand the concept of total cost of ownership (TCO) and factor that into sourcing and award decisions will ultimately determine whether procurement’s negotiated savings reach the bottom line or evaporate into costs for waste, downtime, and maintenance. In this episode of The Sourcing Hero podcast, Host Kelly Barner welcomes Louis Bastone. Louis is the Senior Indirect Procurement Category Manager - Real Estate and Facilities at ASML. After holding sourcing specialist and manager roles in the pharmaceutical industry, Louis made the jump to manufacturing where he works to drive cost savings and improve strategic processes within construction, site services, and utilities categories. Louis shares his experience with TCO management: The role that specifications play in reducing total cost How to win stakeholders over to the variability associated with individual supplier innovations Which categories best lend themselves to a first-time TCO-driven sourcing project Links: Louis Bastone on LinkedIn