Una

NOVEMBER 1, 2022

Benefits of Strategic Sourcing and Best Practices. For decades, procurement professionals saw as much daylight as the basement-dwelling character Milton Waddams in Office Space. 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 98

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. Procurement can leverage market intelligence to make informed decisions, mitigate risks, and drive strategic value within the organization. Can you spot the mistakes!

Strategic sourcing 130

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 130

ProcurePort

AUGUST 6, 2020

As with any sort of team that is composed of various people with varying obligations, procurement teams are normally staffed with a spectrum of professionals and specialists. The post The Role of a Sourcing Specialist on a Procurement Team appeared first on ProcurePort Blog.

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Procurement team Sourcing Procurement Strategic sourcing 130

Spend Matters

FEBRUARY 13, 2025

As many procurement professionals have discovered, transforming your processes to meet todays challenges in an effective manner is not as simple as writing a new mission statement. The success of the Procurement team at Utz Brands, Inc. , The change is more of a mental process than learning to press certain buttons, he says.

Influencing 102

Influencing Procurement supply chain budgeting Strategic sourcing 102

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.

Supply Chain Efficiency 244

Supply Chain Efficiency Strategic sourcing Strategic sourcing Procurement 244

Procurement Leaders

JUNE 20, 2023

As such, we tend to see the maturity of categories evolve as the business gradually realises the value of strategic sourcing. Evolving category maturity in procurement First, directs and commodified markets are subject to greater oversight and control. This often occurs in a (relatively) consistent order.

Procurement team 147

Procurement team Procurement Influencing Buyers 147

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.

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Strategic sourcing Strategic sourcing Supply Chain Efficiency Supply Chain Optimization 78

Arkestro

DECEMBER 26, 2024

Procurement teams are already using AI-powered tools to analyze vast amounts of data to identify patterns, predict trends, and recommend actions. By automating routine work, procurement professionals can focus on high-impact tasks like strategic sourcing and relationship building with key suppliers. trillion , a 9.3%

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Supply Chain Optimization supply chain budgeting 52

CPO Rising

SEPTEMBER 9, 2024

We are happy to announce the official launch of Ardent Partners’ 2024 Strategic Sourcing Technology Advisor report.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Chief Procurement Officer Sourcing 52

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. Should smaller organizations stay in their lane and concentrate on day-to-day tactical sourcing?

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supplier relationship management 52

ProcurePort

MAY 27, 2020

Determining how much total money spent in the last year, identifying vendors and managing their relationships, and listing out the various categories of products and services purchased are daunting tasks to any procurement team. The post Your 5-Step Procurement Spend Analysis Template appeared first on ProcurePort Blog.

Procurement 254

Procurement Procurement team Purchasing Management 254

Future Purchasing

OCTOBER 4, 2022

Value is usually secured via three implementation routes – internal business change, supplier management and sourcing. In contrast, strategic sourcing is the process used by Procurement teams to source products and services for the business. Business requirements. Further reading.

Category management 59

Category management Strategic sourcing Strategic sourcing Sourcing 59

Procurement Software

MARCH 16, 2025

Digital procurement tools centralise procurement data in one app – or maybe several apps that all talk to one another – ensuring accuracy and real-time updates. As a result of better data, procurement teams gain a whole range of benefits. Sales have had reliable data ever since they had a CRM.

Procurement 52

Procurement Real-time Visibility Supply Chain Efficiency Purchase orders 52

Skill Dynamics

JANUARY 14, 2025

Procurement is often an overlooked area within organizations, working behind the scenes to ensure businesses have the goods and services they need to operate at their best. Considering its importance, it makes sense that modern procurement teams have a structured approach to developing essential skills and capabilities.

Procurement 59

Procurement supply chain budgeting Procurement team Supply Chain Efficiency 59

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.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

ivalua

FEBRUARY 8, 2023

Procurement teams are now expected to manage a lot of moving parts — from supplier relations to spend, risk, compliance, contractual obligations, contingency plans and more — and a lack of visibility inhibits their ability to do any of that effectively. Work to achieve 100% supply chain visibility. Why is visibility so important?

Supply chain resilience 242

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

Procurement Heads

DECEMBER 7, 2022

Three years ago I was presented with the opportunity to bring my consulting skillset to procurement more officially at Paysafe and I am really pleased I made that move. How does procurement fit into Paysafe and the business model? The two key functional areas are strategic sourcing and category management.

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Strategic sourcing Strategic sourcing Vendor management Category management 246

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

Procurement Templates

DECEMBER 11, 2024

Here are some typical procurement objectives that every procurement professional should consider. Strategic Objectives Cost Savings: Achieve cost reduction targets through effective supplier negotiations and strategic sourcing. Savings can be cashable or non cashable i.e. cost avoidance.

Procurement 130

Procurement Supply Chain Efficiency supply chain budgeting Cost of ownership 130

World of Procurement blog

MAY 10, 2024

The Promise of AI for Procurement Teams Artificial intelligence (AI) has the potential to transform and revolutionize procurement processes. This supports strategic sourcing efforts. AI-driven spend analytics provide the foundation for data-based decision making in procurement.

Procurement team 52

Procurement team Procurement Real-time Visibility Supply Chain Efficiency 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.

Procurement 246

Procurement Strategy Strategic sourcing Strategic sourcing 246

Jaggaer

NOVEMBER 14, 2024

Strategic Sourcing with Superior Supplier Intelligence Superior supplier intelligence is a major value driver especially at the sourcing stage. It empowers procurement teams to make data-driven decisions that go beyond standard commercial metrics.

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Chief Procurement Officer Supply Chain Optimization 52

Arkestro

NOVEMBER 12, 2024

In response to these shifting needs, enterprise resource planning (ERP) systems and Source-to-Pay (S2P) platforms have played a pivotal role in enabling procurement teams to manage non-strategic or low-priority spend more efficiently. Arkestro introduces a templatized, embedded approach to sourcing events.

Procurement 52

Procurement Bidding Procurement team Supply Chain Efficiency 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

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.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

World of Procurement blog

MAY 8, 2024

The aim is to select the supplier that represents the best value and fit for the specific procurement need. Contract Negotiation After selecting the best supplier, the procurement team negotiates final contract terms like pricing, service levels, delivery timelines, warranties, and other legal and commercial conditions.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

Spend Matters

MARCH 8, 2023

Categories: Procurement Strategy & Planning , Procurement Systems & Architecture , Strategic Sourcing Tags: PRO In this Spend Matters PRO Vendor Analysis, we give an overview of akirolabs, a category strategy management solution built to support the transformation of procurement from a tactical function to the role of value orchestrator.

Strategy 98

Strategy Strategic sourcing Strategic sourcing Management 98

Procurement Insights

MARCH 17, 2025

Core Offering : Tracks commodity prices, production costs, and market trends to arm procurement teams with data for better supplier negotiations. Founded : Established in 2000, with a long-standing presence in procurement. nnamu : Targets mature procurement teams ready for AI-driven automation (e.g.,

Negotiation 52

Negotiation Procurement team Real-time Visibility Cost of ownership 52

Sourcing Solved

MARCH 15, 2022

Such outcomes also suggest that our approach to hiring procurement talent needs to change. In this article, I will provide my insights into why there is a lack of confidence with procurement teams and why there is such a considerable turnover. The post Should Organisations Use A Strategic Sourcing Approach To Recruit Talent?

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Procurement 52

Empowering CPO

JANUARY 28, 2024

At EmpoweringCPO, we excel in Strategic Sourcing Outsourcing , a methodical approach to procurement that emphasizes data-driven decision-making, market intelligence, and innovative procurement analytics tools. Building a skilled and knowledgeable workforce is essential for effective strategies.

Strategic sourcing 40

Strategic sourcing Strategic sourcing Sourcing Supply Chain Optimization 40

ivalua

AUGUST 17, 2021

Procurement can and should be a significant value generator for the larger organization. There are, in fact different phases of procurement value creation that tie into the Source-to-Pay process: . Click here to talk to Ivalua about your Procurement strategy. Both are essential to the success of every business.

Procurement 130

Procurement Procurement team Sourcing Supplier relationship management 130

ivalua

MARCH 24, 2021

Most of the benefits that can be realized by manufacturing procurement organizations are gained through external collaboration with suppliers and partners – which ERP systems, internal portals, and Excel spreadsheets are not designed to handle. . Digitization Benefit #2: Strategic Sourcing Alignment.

Supply Chain Efficiency 130

Supply Chain Efficiency Agile and Lean Supply Chain Supply Chain Optimization Supply chain 130

Procurement Insights

MARCH 16, 2025

MCP ensures that previous supplier evaluations, compliance issues, and sustainability scores are factored into ongoing sourcing decisions. Improved Outcome: Procurement teams get context-aware supplier suggestions , reducing risk and improving supplier relationships.

Supply Chain Optimization 52

Supply Chain Optimization supply chain budgeting Supply Chain Efficiency Bidding 52

ivalua

MARCH 16, 2021

Sajid Kunnummal, Vice President and CPO at Navistar, was interviewed in late 2020 by Philip Ideson from Art of Procurement. When the crisis hit, Procurement as a function was suddenly in the hot seat, and it became the driving force for business continuity. Strategic sourcing professionals may end up doing tactical work, as well.

Supply chain resilience 130

Supply chain resilience Supply Chain Efficiency Agile and Lean Supply Chain supply chain budgeting 130

ivalua

JUNE 1, 2022

When the crisis hit, Procurement as a function was suddenly in the hot seat, and it became the driving force for business continuity. In fact, the pandemic spurred enormous growth and expansion for Procurement, while helping uncover hidden weaknesses in procurement processes and procedures. Why is visibility so important?

Supply chain resilience 130

Supply chain resilience Supply Chain Efficiency Agile and Lean Supply Chain supply chain budgeting 130

SCMDOJO

APRIL 3, 2022

The following are five reasons why eAuctions help your procurement team save money as eAuctions have certain benefits and characteristics that come along with them, and they are: . Introduction to Strategic Sourcing. . Procurement KPI Dashboard – Customizable Excel Template. . Macfarlane, 2017).

Supply Chain Efficiency 141

Supply Chain Efficiency Bidding Procurement team supply chain software solutions 141

Procurement Tactics

JULY 14, 2022

A procurement service provider is a third-party firm or consultant which is hired to support the internal procurement departments. . These include strategic planning, supplier collaboration, implementing best practices , strategic sourcing , and negotiation. . What is a procurement service provider?

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Procurement Supply Chain Efficiency Negotiation Strategic planning 130