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For sourcing teams, that means pivoting their mindset around selecting suppliers from a tactical, lowest-cost-above-all approach to a strategic one. Where tactical sourcing is a short-term strategy, strategicsourcing is for long-term business goals.
How strategicsourcing, cost management, and cost avoidance strategies can be applied to indirect spend. This is the formula to calculate your average inventory for the period: (Opening Inventory + Closing Inventory) / 2 = Average Inventory You can also calculate DIO quarterly if you prefer.
How strategicsourcing, cost management, and cost avoidance strategies can be applied to indirect spend. For example, if you’re calculating DSO for the first quarter of 2023, you would obtain your January 1 AR balance and your March 31 AR balance from your balance sheet.
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