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In the end-to-end source-to-pay (S2P) process , strategic sourcing is the link between spend analytics, category management and contractsmanagement, and is supported by supplier intelligence. Spend Analytics – Strategic sourcing starts with an analysis of product categories and spending patterns within the company.
Analysis of Current Situation : Understanding the current state of affairs within the organization is crucial. StakeholderEngagement : It’s important to involve relevant stakeholders in the assessment process to ensure that their needs and preferences are considered.
Supplier management systems: Tools that help track, evaluate, and manage supplier relationships and performance. Spend analysis software: Applications that analyze procurement data to identify trends, risks, and opportunities for cost reduction. This alignment can be achieved by: 1. This alignment can be achieved by: 1.
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