SIG Speaks

SEPTEMBER 14, 2023

Reviewing the total cost of doing this in-house versus engaging a supplier to manage these tasks may prove that the total price is lower to outsource. I also see opportunity in instances where an IT hardware purchase, such as a laptop, must pass through several departments, such as asset tagging, inventory, etc.

Supply Chain Management 40

Supply Chain Management Sourcing Strategic Sourcing Risk Management 40

SIG Speaks

OCTOBER 19, 2023

Executive presentations are a valuable platform to highlight the outcomes of strategic sourcing initiatives and cost-saving measures. As an example, during Covid, it was critical to relay the ongoing issues and risks with the supply chain.

Strategic Sourcing 40

Strategic Sourcing Sourcing Manufacturing Risk Management 40

Obobo

DECEMBER 17, 2021

In light of the ongoing effects of the pandemic, it is essential that businesses keep track of all cost reduction initiatives and strategic sourcing in order to survive harsh economic declines. As the influential thinker on management, Peter Drucker, famously said ‘if you can’t measure, it you can’t improve it’.

Strategic Sourcing 52

Strategic Sourcing Finance Software Out-Tasking 52

SIG Speaks

MAY 10, 2022

Our supplier risk management team also sits outside of the corporate procurement department. This could be anyone from information technology support, legal, supplier risk management, and even the supplier outside the company running the engagement. Within Raymond James, our legal team sits outside the department.

Sourcing 40

Sourcing Risk Management Risk Management Strategic Sourcing 40

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. Suppliers can go bankrupt, see supply chain disruptions, quality issues, and data breaches. Contingency plans for supply chain disruption. Mitigation plans for potential data breaches.

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

Planergy Software

SEPTEMBER 12, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. While these investments can lead to long-term benefits, they can also strain a company’s financial resources and require careful planning and risk management.

Manufacturing 52

Manufacturing E-Commerce Human Resources Marketing 52