article thumbnail

4 strategic sourcing use cases to strengthen your supply chain

IBM Services

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.

article thumbnail

Days Inventory Outstanding: What Is It and How to Calculate It

Planergy Software

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Better Overall Inventory Management Knowing your DIO can help you manage your inventory flow more efficiently. How to report and analyze indirect spend to identify savings opportunities.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

CFO Challenges and Priorities in 2021 And Beyond

Planergy Software

Cash flow management is closely tied to inventory management , supplier management, and supplier relationship management. For inventory in particular, the situation is very similar to cash. and data-based business continuity planning into workflows at all levels.

Finance 97
article thumbnail

Catalog Management in Procurement: What Is It, Types of Catalogs, Challenges and Best Practices To Manage Them

Planergy Software

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. For example, does it connect to your ERP, e-commerce platform, and inventory management system? Connecting your inventory management system allows it to update quantity information based on sales.

article thumbnail

Days Sales Outstanding: What Is It and How To Calculate It

Planergy Software

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. How to report and analyze indirect spend to identify savings opportunities.

Sales 52
article thumbnail

How To Create Savings With Better Spend Management In Procurement

Planergy Software

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. How To Create Savings With Better Spend Management In Procurement. All organizations, regardless of their size and type, should develop a spend management process. Download Free Copy.

article thumbnail

11 Cost Reduction Strategies in Procurement

Obobo

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.