Una

NOVEMBER 1, 2022

Benefits of Strategic Sourcing and Best Practices. Let’s look at what strategic sourcing is, its best practices, and five key benefits: What is the difference between strategic sourcing and procurement? Strategic sourcing best practices. Here are four best practices for strategic sourcing: 1.

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Strategic sourcing Strategic sourcing Sourcing Cost of ownership 98

Procurement Templates

MARCH 3, 2024

I asked my assistant to help me mock up a strategic sourcing framework and she did a fairly good job but made a few mistakes. Stakeholder Engagement : It’s important to involve relevant stakeholders in the assessment process to ensure that their needs and preferences are considered. Can you spot the mistakes!

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Procurement Templates

NOVEMBER 21, 2024

Here’s a detailed guide to enhance procurement capabilities across various domains: Strategic Sourcing and Supplier Management Actionable Steps: Analyze Spend Data: Use spend analysis tools to identify areas where costs can be reduced or efficiencies improved. Resources: Online courses on strategic sourcing (e.g.,

Agile and Lean Supply Chain 130

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

Spend Matters

NOVEMBER 5, 2024

Ongoing training is important for procurement teams to keep up with the constantly evolving and advancing procurement tech and services landscape, specifically in niche areas such as category management, supplier management, negotiation and strategic sourcing and in the broader areas of change management and leadership.

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Procurement Competitive analysis Strategic sourcing Strategic sourcing 110

ProcurePort

MAY 17, 2022

• Strategic sourcing is a combination of activities aimed at aligning a company’s procurement spend with its overall objectives. The sourcing strategy balances numerous variables in supply chains as well as the various interests of internal […]. The post What is Sourcing Strategy and Why is it Important?

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ivalua

JUNE 26, 2023

Vishal Patel and Peter Hunt delivered their session ‘Creating Value with Strategic Sourcing’ to discuss how Procurement professionals are recognizing that the fast-paced digital landscape of today demands new approaches to category management and strategic sourcing. The answer is simple – automation.

Supply Chain Efficiency 244

Supply Chain Efficiency Strategic sourcing Strategic sourcing Procurement 244

IBM Supply Chain Blog

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. And from that group, 71% would pay a premium for it.

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Procurement Heads

DECEMBER 7, 2022

We have three key areas: strategic sourcing, category management and vendor management, which is the onboarding and management of our suppliers and so on. We have 11 people in the function across strategic sourcing and vendor management, mainly based across two locations: London and Sofia in Bulgaria.

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Procurement Tactics

MARCH 16, 2023

In this article, we will discuss what strategic procurement is. We will tell you about the activities that comprise strategic procurement. Additionally, we will talk about the importance and how you can implement strategic procurement. Frequently asked questions + What is strategic procurement? Why is it important?

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Procurement Procurement strategies supply chain budgeting Contract management 238

Una

AUGUST 31, 2023

Overcoming Challenges with Strategic Sourcing for SMEs Explore how strategic sourcing for SMEs can help procurement professionals overcome the unique challenges of operating a small business. Supplier diversity Maintaining a diverse supplier base is important in terms of risk mitigation and ESG.

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Jaggaer

JULY 4, 2024

Christian Heinrich, Co-Founder and Managing Director, c arbmee The 80% Challenge I was recently delighted to participate in a JAGGAER live webinar focused on the introduction, in recent years, of carbon emissions measurement as a factor in strategic sourcing. The objective of net zero carbon footprint is now familiar.

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Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 59

Empowering CPO

FEBRUARY 11, 2024

Introduction In the ever-evolving landscape of procurement, organizations are turning to strategic sourcing services to navigate the complexities and achieve sustainable success. Building Robust Supplier Relationships Successful strategic sourcing extends beyond transactional interactions with suppliers.

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Strategic sourcing Strategic sourcing Sustainability Sourcing 52

Una

OCTOBER 9, 2023

How to Implement a Strategic Sourcing Process A play-by-play manual showing how to implement a strategic sourcing process that aligns with your organization’s goals, optimizes spend, and creates long-term value. At its core, strategic sourcing formalizes the process of finding, assessing, and choosing suppliers.

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Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

Procurement Templates

DECEMBER 11, 2024

Strategic Objectives Cost Savings: Achieve cost reduction targets through effective supplier negotiations and strategic sourcing. Your team may be the most important asset for your own personal development. Here are some typical procurement objectives that every procurement professional should consider.

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Procurement Supply Chain Efficiency supply chain budgeting Cost of ownership 130

ivalua

MAY 30, 2023

It is an important part of the decision-making process and requires careful consideration of a wide range of factors, such as cost, quality, reliability, and delivery times. Developing and executing category strategies is critical to effective strategic sourcing.

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Eprocurement Procurement Supply Chain Efficiency Supply chain resilience 49

Una

JULY 12, 2022

The Importance of Cross-Functional Collaboration. The importance of cross-function collaboration. The last few years have also stressed the importance of organizations creating environments where teamwork and cross-functional collaboration is not only encouraged but incentivized. By Mackenzie Oakley | July 12, 2022.

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Collaboration Import Supply Chain Efficiency Sourcing 98

Procurement Tactics

SEPTEMBER 8, 2022

Additionally, it should not be confused with strategic sourcing which is more focused on the long-term approach. Strategic sourcing promotes the timely supply of goods or services that are needed to meet the objectives of an organization. . What is its most important role in every business? How can I optimize it?

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Procurement Purchase orders Purchasing Strategic sourcing 226

Skill Dynamics

FEBRUARY 4, 2025

Were going to examine what skills are necessary for procurement leaders, why theyre important, and how you can effectively train to lead your team in a highly complex and still-growing field. Strategic sourcing can also help reduce the overall risk in a given supply chain.

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Procurement Supply Chain Efficiency Supply Chain Optimization supply chain budgeting 59

SCMDOJO

DECEMBER 29, 2024

Key takeaways Importance of Procurement Procurement vs. Purchasing Key Functions Departmental Structure Role Descriptions The blog emphasizes the significance of a well-structured procurement department with qualified personnel to achieve organizational objectives. Read In Detail About Procurement Department Here 2. and sustainability.

Supply Chain Efficiency 95

Supply Chain Efficiency supply chain budgeting Supply Chain Optimization Supply chain 95

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

Empowering CPO

JUNE 22, 2023

Introduction Welcome to our complete guide on the role of spend analysis in strategic sourcing. In the ever-evolving world of business, strategic sourcing has become a linchpin in corporate success. But how do we fuel the engine of strategic sourcing? Spend analysis is the catalyst for strategic sourcing.

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Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

ivalua

FEBRUARY 8, 2023

Why is visibility so important? Supply chain disruptions are becoming more and more common, so it’s important for businesses to be proactive in mitigating risk. Without a clear understanding of who is responsible for what, approvals can become bogged down, delaying important projects. Set expectations with suppliers.

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Supply chain resilience Supply Chain Efficiency supply chain budgeting Agile and Lean Supply Chain 242

Procurement Heads

FEBRUARY 9, 2023

Importance of strategic sourcing As businesses become more focused on sustainability and ethical sourcing, the importance of strategic sourcing will only continue to grow. As the world becomes more complex, the need for procurement professionals who can manage these risks will continue to grow.

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Procurement Strategic sourcing Strategic sourcing supply chain budgeting 130

Supply Chain Game Changer

APRIL 16, 2020

A few weeks ago, we wrote about the impact of the Coronavirus epidemic on Supply Chains – specifically, how the emerging crisis in China had placed new pressures on companies importing finished goods and raw materials from overseas. The post With Covid-19 Supply Chain Professionals Are More Important Than Ever!

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Agile and Lean Supply Chain Supply chain Import Supply chain management 92

World of Procurement blog

MAY 8, 2024

Procurement is strategically important because it: Drives significant cost savings through economies of scale, supplier negotiations, and process efficiencies. In summary, procurement is a strategic function focused on maximizing value, reducing costs, and building competitive advantage. Organizations aim to maximize this.

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Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 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.

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Sourcing e2e Supply Chain Efficiency Strategic sourcing 52

Arkestro

DECEMBER 26, 2024

By automating routine work, procurement professionals can focus on high-impact tasks like strategic sourcing and relationship building with key suppliers. Sustainability Will Be a Top Priority for Procurement Teams in 2025 Sustainable procurement initiatives will continue to grow in importance in 2025.

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Supply Chain Efficiency Procurement Supply Chain Optimization supply chain budgeting 52

ivalua

MAY 9, 2023

Prior to his time at Ivalua, Jarrod held various roles in category and supplier management—including strategic sourcing and procurement team management where he led teams to implement shared service procurement models and Source-to-Pay systems.

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ivalua

JUNE 29, 2020

Quite often there can be a general lack of spend and vendor management and strategic sourcing activities. To paint a somewhat simple picture: The basics may involve simply building up internal sourcing expertise and addressing basic indirect spend. Establishing processes to identify and capture savings by category.

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Agile and Lean Supply Chain Supply Chain Optimization Supply Chain Efficiency Supply chain 219

SCMDOJO

MARCH 24, 2025

Why is Purchase Price Variance (PPV) Important? Strategic Sourcing: Strategic sourcing involves managing suppliers, while their selection is done through Request for Quotation (RFQs) forms from multiple suppliers to compare and evaluate them based on pricing, quality, and delivery speed.

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Price Purchasing supply chain budgeting Raw materials 69

Jaggaer

FEBRUARY 28, 2025

However, simply cutting costs isnt a sustainable strategy CPOs must move beyond tactical price reductions and embrace strategic cost management. Solutions: Strategic Sourcing: Move beyond transactional purchasing and embrace strategic sourcing.

Agile and Lean Supply Chain 52

Agile and Lean Supply Chain Procurement Supply Chain Optimization Real-time Visibility 52

Skill Dynamics

JANUARY 14, 2025

Considering its importance, it makes sense that modern procurement teams have a structured approach to developing essential skills and capabilities. They can improve performance, lead to stronger strategic alignment, and enhance the career development opportunities for your procurement staff.

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Procurement supply chain budgeting Procurement team Supply Chain Efficiency 59

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? Why is it Important? Why is it important?

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Strategic Sourceror

FEBRUARY 1, 2023

A Blog for Procurement, Supply Chain and Purchasing Professionals, sponsored by Corcentric , a leading Procurement Service Provider, specializing in Strategic Sourcing, Procurement Resources and Procurement Advisory. Brought to you by the StrategicSourceror.

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Procurement Insights

JANUARY 3, 2025

20152020: Procurement Gains Strategic Recognition Emergence of Strategic Sourcing : CFOs began to recognize procurement’s role in driving long-term value through strategic sourcing, supplier relationships, and risk management. Analytics and insights from procurement data were minimal.

Agile and Lean Supply Chain 52

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

Strategic Sourceror

NOVEMBER 9, 2022

1, the sustained import dwell fee will cost shippers $45 per day on all loaded imports for every additional day containers are allowed to remain at the terminal. It will also not run concurrently with the sustained import fee. Import volumes continue to climb for port authorities throughout the U.S.,

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Import Strategic sourcing Strategic sourcing Sustainability 57

The Good Spending

JANUARY 4, 2023

Its two dimensions suggest the flat Earth approach with insufficient room to cater to the complexities of modern category management and strategic sourcing situations. The Strategic Sourcing Matrix Let’s start with the classical view, which is the adapted Strategic Sourcing matrix.

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Strategic sourcing Strategic sourcing Agile and Lean Supply Chain Category management 97