IBM Services

FEBRUARY 13, 2024

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, strategic sourcing is for long-term business goals.

Strategic Sourcing 84

Strategic Sourcing Sourcing Supply Chain Management Inventory Management 84

IBM Services

FEBRUARY 28, 2024

Sourcing is getting smarter. To start, many organizations have already pivoted from a tactical to a strategic sourcing mindset—which can make all the difference when it comes to gaining and retaining a competitive advantage. But now, the benefits of strategic sourcing are becoming even more attainable thanks to innovation.

Sourcing 102

Sourcing Supply Chain Management Strategic Sourcing Automation 102

Everest Group

AUGUST 13, 2024

The increasing complexity of global supply chains and the need for greater transparency and compliance have now made it essential for organizations to adopt advanced supplier risk management tools to mitigate threats. What are the current trends and challenges in supplier risk management? Who should attend?

Risk Management 52

Risk Management Risk Management Strategic Sourcing Sourcing 52

Sourcing Advisors Group

OCTOBER 27, 2020

The growing approved supplier base and decreasing supplier visibility will further deteriorate what is already a bleak performance of most Strategic Sourcing teams. In fact, most firms generate no Strategic Sourcing bottom-line results, as Vendor Spending is increasing as fast, or faster, than Revenue growth.

Risk Management 52

Risk Management Risk Management Efficiency Strategic Sourcing 52

IBM Services

DECEMBER 13, 2023

Additional goals might be risk management and mitigation, supplier relationship management and sustainability considerations. Procure-to-pay (P2P) software links procurement practices to accounts payable and can streamline steps such as supply management, purchase orders and invoicing.

Administrative 70

Administrative Sourcing Collaborations Strategic Sourcing 70

SIG Speaks

AUGUST 31, 2023

In order to ensure that the business model is sound, Procurement should include: Risk management strategies for ensuring contract resiliency. This occurs by automating processes, whitelisting suppliers, improving data analytics for pricing verification, etc. Contingency plans for supply chain disruption.

Collaborations 40

Collaborations Strategic Sourcing Sourcing Efficiency 40

Obobo

MARCH 23, 2023

Finally, long-term strategies may include the development of partnerships with suppliers and even the implementation of strategic sourcing. Overall, these 11 cost reduction strategies in procurement demonstrate that companies can significantly reduce costs and maintain profitability with the right procurement management practices.

Reduced Costs 52

Reduced Costs Inventory Management Automation Sourcing 52