Procurement Tactics

MARCH 16, 2023

Strategic procurement is a term used to encompass different procurement processes that support the long-term development of an organization. It aims to ensure that the goods and services that the business needs are delivered on time and purchased within the budget.

Procurement 238

Procurement Procurement strategies supply chain budgeting Contract management 238

Planergy

DECEMBER 12, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Even using last year’s data to support the current year for your current budget may lead you astray without close monitoring, as factors change over time. Following best practices and facing challenges head-on can help.

Budget 52

Budget Strategic planning Real-time Visibility Purchasing 52

TYA Suite

NOVEMBER 25, 2024

What is strategic sourcing and how does it work? Strategic sourcing is a method used by businesses to buy goods and services in a way that focuses on long-term value, not just short-term savings. Strategic is about building strong, lasting relationships with suppliers that deliver the best overall value.

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Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 40

Skill Dynamics

FEBRUARY 4, 2025

Strategic Sourcing and Supplier Relationship Management Strategic sourcing skills are crucial for procurement professionals to effectively identify and then leverage opportunities within the supply base to create value. Strategic sourcing can also help reduce the overall risk in a given supply chain.

Procurement 59

Procurement Supply Chain Efficiency Supply Chain Optimization supply chain budgeting 59

ivalua

FEBRUARY 25, 2021

A purpose-built solution can enforce proper governance and standards, automate master data optimization activities, identify product standardization opportunities, and automate category management for strategic sourcing in supply chain. In fact, 74% of ERP implementations go Over Budget and they take longer to roll out.

supply chain budgeting 221

supply chain budgeting Supply Chain Optimization supply chain software solutions Supply Chain Efficiency 221

Skill Dynamics

JANUARY 14, 2025

They can improve performance, lead to stronger strategic alignment, and enhance the career development opportunities for your procurement staff. A typical procurement competency framework covers several key areas, including but not limited to strategic sourcing, supplier management, risk management, and contract negotiation.

Procurement 59

Procurement supply chain budgeting Procurement team Supply Chain Efficiency 59

Planergy

OCTOBER 25, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. 7 Tips For Managing Project Budgets Successfully. Budget Management Procurement Project Management. Start with a Realistic Project Budget. Review Your Budget Regularly. What is a Project Budget?

Budget 52

Budget Management Project management Import 52

Planergy

SEPTEMBER 6, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. For the greatest chance of success, senior leadership should be involved in setting goals and determining success metrics that are aligned to budgets. What is Strategic Budgeting? What is Strategic Budgeting?

Budget 52

Budget Real-time Visibility Innovation Data 52

Procurement Insights

JANUARY 3, 2025

Here’s a breakdown of the shifts over this period: 2011: Procurement as a Tactical Function Primary Focus on Cost Savings : In 2011, CFOs largely viewed procurement as a cost-control function , tasked with negotiating contracts, reducing spend, and maintaining compliance with budgets.

Agile and Lean Supply Chain 52

Agile and Lean Supply Chain supply chain budgeting Supply Chain Efficiency Procurement 52

Procurement Insights

MARCH 16, 2025

Contextualized Spend Analysis & Cost Optimization AI models use MCP to remember previous spend categories, budget constraints, and organizational purchasing behavior. Improved Cost Savings AI-driven spend analysis and supplier recommendations optimize procurement budgets.

Supply Chain Optimization 52

Supply Chain Optimization supply chain budgeting Supply Chain Efficiency Bidding 52

Jaggaer

FEBRUARY 20, 2025

Strategic sourcing becomes part of the process and ensures that the best vendors are selected, and that favorable deals are negotiated with them. This sequence of tasks is sometimes referred to as source to contract, and they form the upstream elements in S2P. Strategic sourcing: The word strategic is added for good reason.

Sourcing 52

Sourcing e2e Supply Chain Efficiency Strategic sourcing 52

Procurement Software

MARCH 16, 2025

You know that you shouldnt be paying Category Managers and Strategic Sourcing Managers their salaries to spend a third of their day on non-value-added tasks , but we all know it happens! Consequently, they can more accurately forecast cash flows as a result of more consistent data from one single source of truth.

Procurement 52

Procurement Real-time Visibility Supply Chain Efficiency Purchase orders 52

World of Procurement blog

MAY 8, 2024

It also identifies required resources, budgets and milestones for a successful strategic transformation. Cost Savings - The total cost reduction achieved through strategic sourcing, price negotiations, product rationalization etc. needed to deliver on the KPIs. High compliance reduces maverick buying.

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Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

Procurement Tactics

JUNE 28, 2023

Budget and Cost Control Procurement expenditures, monitoring variations in the cost and identifying opportunities for savings, and avoiding unnecessary costs shall be monitored in accordance with the approved budget. It also has a great budgeting toolkit that simplifies the planning and management of expenses.

Supply Chain Efficiency 178

Supply Chain Efficiency Procurement supply chain software solutions supply chain budgeting 178

Procurement Tactics

AUGUST 25, 2022

Trillion budget. . Kearney where he spent 10 years in the consulting firm’s strategic IT and operations practice which drives client business transformation and optimization initiatives. He is a member of the advisory board for the world’s premiere global association for sourcing and procurement professionals.

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Procurement Supply Chain Optimization supply chain budgeting Agile and Lean Supply Chain 231

Spend Matters

DECEMBER 22, 2023

You don’t want to be prompted to input a budget or confirm a customer sub-category. All the end user sees are the relevant guided questions about the repair before receiving full visibility into and the ability to interact with into the sourcing process for that request. For example, imagine you’re looking for a fence repair.

Procurement solutions 110

Procurement solutions supply chain budgeting Procurement Budget 110

Procurement Tactics

JUNE 7, 2023

Bonus PDF: 51 ChatGPT Prompts to 10X Your Productivity in Procurement Download 51 Prompts →  Or receive our famous weekly newsletter Purchase Price Variance — Everything You Should Know Purchase price variance is an important factor for budget preparation, but why?

Price 130

Price Purchasing Raw materials Negotiation 130

ivalua

JANUARY 31, 2022

As operating budgets tighten, restrictive spending will pressure businesses to focus on savings and creative alternatives. . Last year, 62% of enterprises that made an investment in supply management technology over the past two years took the suite-based approach (strategic sourcing suite or full Source-to Settle suites.

Procurement 130

Procurement supply chain budgeting Agile and Lean Supply Chain supply chain software solutions 130

Procurement Insights

APRIL 1, 2025

AdaptOne for supplier onboarding, GEP for strategic sourcing) rather than purchasing a comprehensive S2P suite with unused features (e.g., 50K for AdaptOne vs. $500K for Ivalua) ensures budgets align with active functions, not dormant ones. ESG tracking, dynamic discounting). Subscription models scale with usage, not scope.

e2e 52

e2e Real-time Visibility Sourcing Strategic sourcing 52

Procurement Templates

JUNE 18, 2023

Strategic sourcing: Adopting strategic sourcing practices enables procurement to analyze the entire supply chain and identify cost drivers. Companies may face higher prices from suppliers, making it difficult to maintain profitability and budget adherence.

Procurement 130

Procurement Supply Chain Efficiency supply chain budgeting Raw materials 130

Planergy

MARCH 10, 2025

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Budget planning also becomes more efficient with accurate data at hand. This includes faculty performance evaluations, staff training records, payroll information, budget allocation, and facilities management.

Data 52

Data Management Budget Real-time Visibility 52

Supply Chain Game Changer

OCTOBER 28, 2021

Leadership acceptance, technology budget, and enhanced procurement resources are the first steps towards addressing this not-so-secret secret. Poor Data Quality, Scattered Tech Landscapes, Lacking Leadership Approval/Budgets. All along, we wonder why it’s difficult to receive a technology budget. Budget is Foundational.

supply chain budgeting 89

supply chain budgeting Procurement Supply Chain Efficiency e2e 89

Strategic Sourceror

JANUARY 20, 2023

It allows you to handle a larger volume of inventory without creating bottlenecks or inaccuracies while keeping costs within budget. Facilitating scalability during high-demand seasons: Streamlining your operations with a leaner workforce gives you the capacity to scale up or down depending on your needs.

supply chain budgeting 104

supply chain budgeting supply chain software solutions Supply Chain Efficiency Supply Chain Optimization 104

Strategic Sourceror

NOVEMBER 16, 2022

Wage growth can help with recruitment and retention, but with rising food costs taking up even more of their budgets — nearly 90% say they're paying more for ingredients the National Restaurant Association poll found — doing so can compromise their profitability. Brought to you by the StrategicSourceror.

supply chain budgeting 102

supply chain budgeting Supply chain Supply Strategic sourcing 102

Spend Matters

JANUARY 15, 2024

Focusing on the core procurement functions will enable them to prioritize strategic sourcing by leveraging procurement analytics that empower data-driven decisions. The goal is to align the incoming administration with its strategic partners within the Purchasing department.

Procurement solutions 105

Procurement solutions Procurement Contract administration Contract 105

Strategic Sourceror

AUGUST 3, 2022

Inflation eating into household budgets The uptick in inventory is largely due to the surge in prices charged by businesses in just about every industry. It's just painful on the path from here to there." Retailers aim to reduce their inventory that is piling up due to slower sales. Brought to you by the StrategicSourceror.

Inventory 104

Inventory supply chain budgeting Supply Chain Optimization Consumer demands 104

Procurement Tactics

MARCH 23, 2023

In this sourcing phase, you will need to gather all the information regarding the budget, lead times, and order quantities. In strategic sourcing , you will have to dedicate time and effort to researching suppliers who can deliver quality products, at the right time and quantity.

Contract 156

Contract Sourcing Purchase orders Bidding 156

Procurement Express

DECEMBER 31, 2024

Understanding these categories is the first step toward better visibility, smarter procurement processes, and tighter budget control. Know your numbers and set clear budgets. Look at your data and pick out those areas with the largest impact on the budget. IT services : Software subscriptions, cloud storage, and tech support.

Spend management 40

Spend management Strategy Management Real-time Visibility 40

IBM Supply Chain Blog

JANUARY 31, 2024

They can also expect to achieve costs savings by sharing labor and skills; technology and innovation; marketing and advertising budgets; and other well-established functions and processes, like manufacturing or logistics. Strategic sourcing methods : ethical, responsible and sustainable sourcing There are many types of sourcing strategies.

Sourcing 91

Sourcing supply chain budgeting Supply Chain Efficiency Agile and Lean Supply Chain 91

Una

NOVEMBER 9, 2022

At this stage, it’s important to understand your budget constraints, the overall objectives of your business, and the priorities of individual departments. Why Local Sourcing Makes Sense After COVID-19. Benefits of Strategic Sourcing. Get in touch with one of Una's expert Sourcing Advisors. Subscribe to Unaversity.

Procurement 98

Procurement supply chain budgeting Purchase orders Market analysis 98

Empowering CPO

DECEMBER 9, 2020

Baseline preparation is one of the most important phase during any Strategic Sourcing process. Preparation of Baseline is important because it allows to understand the savings achieved from the Strategic Sourcing process. Budgeted Price. What is Baseline? Why is it important? Not New / Repeat Categories.

Data 52

Data Cost of ownership Strategic sourcing Strategic sourcing 52

Planergy

MARCH 24, 2025

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Maybe you plan renovation projects over several years and pair them with targeted fundraising or grant applications to keep operations going without disrupting budgets.

Sustainability 52

Sustainability Real-time Visibility Spend management Innovation 52

Una

DECEMBER 20, 2022

Your procurement team’s sourcing strategy might favor a strategic, project-based, long-term contract, or one-off spot-purchase approach. A strategic sourcing strategy is key to ensuring vendors with the potential to deliver the most value.

Management 98

Management Buyers Procurement team Contract 98

ivalua

NOVEMBER 18, 2020

Among the most digitalised tasks are transactional processes like invoicing (55%), purchasing (42%) and budget management (33%). But even these numbers show significant improvement is needed, as these manual, repetitive tasks are a constant drain on employee productivity and prevent spending time on more strategic objectives. .

supply chain budgeting 130

supply chain budgeting Collaboration Innovation Suppliers 130

SCMDOJO

DECEMBER 14, 2023

READ MORE ON: “STRATEGIC SOURCING VS. PURCHASING – 7 KEY DIFFERENCES” at our website SCMDOJO! The Inner Workings of a Sourcing Agency: 1. Client Consultation: Understanding Needs The journey begins with a detailed consultation between the sourcing agency and the client.

Sourcing 104

Sourcing Supply Chain Efficiency Supply Chain Optimization Agile and Lean Supply Chain 104

Procurement Software

MAY 16, 2023

It may feel like P2P suites are the sole preserve of large enterprises with huge budgets. It offers the full range of functions you need from an end-to-end platform: Strategic Sourcing Contract Management Procurement Accounts Payable automation Payments and Supplie Management Actionable Data Insights.

Procurement 96

Procurement Purchase orders Real-time Visibility Purchasing 96

Strategic Sourceror

NOVEMBER 23, 2022

Supply chains abhor unpredictability, and throughout much of the past year, inflation has made unpredictability a regular occurrence, a reality that has affected how product-based businesses respond to demand from their customers as their budgets get stretched to the limit. Some families with the financial means are simply paying more.

supply chain budgeting 62

supply chain budgeting Supply chain Supply Budget 62