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Mastering Strategic Sourcing: Efficiency and Cost Savings in Procurement

Jaggaer

Spend Analytics – Strategic sourcing starts with an analysis of product categories and spending patterns within the company. Market Analysis – The sourcing team conducts a review of the supplier market for the spend category in question. Draw up a portfolio of suppliers incumbents and alternatives.

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Spot the mistakes Strategic Sourcing Framework

Procurement Templates

Analysis of Current Situation : Understanding the current state of affairs within the organization is crucial. Stakeholder Engagement : It’s important to involve relevant stakeholders in the assessment process to ensure that their needs and preferences are considered.

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Category management will fail if procurement and business stakeholders do not collaborate to agree a pipeline of projects

Future Purchasing

Learnings : Review learnings from previous years’ category management activities with stakeholders and use them to drive improvement. Supply Market Analysis : Segment the supply market and understand how current and potential suppliers serve current categories and emerging requirements.

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Category Management in Procurement: A Comprehensive Overview & Best Practices

SCMDOJO

Market analysis, competitive forces, and external factors. Market forces determine supply risks. Category management will have to be planned carefully considering all potential market forces and threats within the environment. Prudent and proper stakeholder engagement and management.

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Top 10 Procurement Best Practices for Modern Businesses

Empowering CPO

Involve all stakeholders: Engage procurement professionals, suppliers, and other relevant stakeholders in the process, ensuring their buy-in and support. Market analysis: Conduct a thorough assessment of the market landscape, including industry trends, supplier capabilities, and potential risks or opportunities.

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How to build a successful talent acquisition strategy

IBM Supply Chain Blog

Continuous process improvement: Solicit feedback from recruiters, hiring managers, and other stakeholders involved in the talent acquisition process to identify bottlenecks, streamline workflows and implement best practices.