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

Una

AUGUST 21, 2023

The Human Factor in Strategic Sourcing How to allow for the human factor in strategic sourcing to drive the success of procurement process optimization and cost efficiency efforts. It’s a reminder that even the most carefully laid plans must allow for the human element, or risk derailment.

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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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ProcurePort

OCTOBER 20, 2023

• Opting for procurement services offers cost savings through improved negotiations, volume discounts, and strategic sourcing, along with significant time efficiency gains and streamlined processes.

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Spend Matters

JANUARY 23, 2025

This, given the productivity constraints of modern strategic sourcing teams, means that they often must choose between refining the assumptions and calculations in their model and doing other things, like studying the broader market, building supplier relationships or solving tactical challenges like shortages.

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Price Negotiation supply chain software solutions Supply Chain Optimization 104

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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Procurement Templates

DECEMBER 11, 2024

Strategic Objectives Cost Savings: Achieve cost reduction targets through effective supplier negotiations and strategic sourcing. Supplier Relationship Management: Build and maintain strong supplier partnerships to ensure long-term business value. Savings can be cashable or non cashable i.e. cost avoidance.

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Procurement Supply Chain Efficiency supply chain budgeting Cost of ownership 130

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. Strategic sourcing prioritizes developing long-term, value-driven relationships with suppliers rather than just chasing the lowest price.

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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.

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

SCMDOJO

DECEMBER 29, 2024

However, it covers key differences between purchasing and procurement, explores common contract types, and emphasizes the importance of strategic sourcing, supplier relationships, and risk management. Read In Detail About Procurement Department Here 2.

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

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.

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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

ivalua

FEBRUARY 8, 2023

As teams worked with suppliers through creative solutions, it became obvious that transparency and supplier risk management are essential components to maintain stability during crises like these. The pandemic saw incredible growth in this area and highlighted opportunities for improvement within procurement processes and procedures.

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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. Increased focus on risk management Procurement professionals are also responsible for managing risk in the supply chain.

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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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CPO Rising

SEPTEMBER 13, 2024

Each list will include a variety of procurement tips, trends, insights, research, lists, strategies, and/or recommendations designed to help… The post CPO Rising Listicle: 8 Reasons Why a CPO Needs a Strong Strategic Sourcing Operation appeared first on CPO RISING - THE SITE FOR CHIEF PROCUREMENT OFFICERS & LEADERS IN SUPPLY MANAGEMENT.

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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.

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Procurement Supply Chain Efficiency Supply Chain Optimization supply chain budgeting 59

World of Procurement blog

MAY 8, 2024

Procurement Best Practices To maximize the value of procurement, organizations should follow certain best practices around ethics, sustainability, risk management, and cost savings. Ethical and Sustainable Procurement Source from suppliers who follow ethical labor practices and treat workers fairly.

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Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

Bonfire

MARCH 17, 2023

Our panelists included: Hend Salem , Manager of Strategic Sourcing – Non Clinical at The Ottawa Hospital Carol Izzio , Director of Procurement at Sheridan College Christine McParland , Director of Residence and Ancillary Services at St. Find the summary of their advice in this article or watch the full conversation here.

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SCMDOJO

FEBRUARY 21, 2025

Heres how: Diversifying the Supplier Base to Reduce Dependency Risks Implementing Risk Assessment & Contingency Planning Balancing Cost Optimization with Resilience Strengthening Supplier Relationships & Collaboration Leveraging Technology & Data-Driven Procurement What Are the Benefits of Refining Your Procurement Strategy?

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Agile and Lean Supply Chain Supply Chain Optimization Supply Chain Efficiency Supply chain 59

Procurement Insights

DECEMBER 11, 2024

This integration will streamline strategic sourcing, reducing cycle times and enhancing efficiency. Real-time data will inform sourcing decisions, risk management, and supplier relationships, leading to more informed and agile procurement functions.

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Agile and Lean Supply Chain Procurement Supply Chain Efficiency Sustainability 59

Strategic Sourceror

JUNE 21, 2022

How to create a strong risk management strategy. Train your team in risk awareness and build organizational habits around it Risk management is built from the ground up. Building the aforementioned organizational habits of risk management is just the start. Brought to you by the StrategicSourceror.

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Jaggaer

FEBRUARY 20, 2025

But before this can happen someone has to identify suitable vendors to secure goods and services at the best value (not necessarily the lowest price) within a variety of constraints (risk management, ESG and regulatory factors etc.). Strategic sourcing: The word strategic is added for good reason.

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ProcurePort

JULY 7, 2021

Are you thinking of developing a new sourcing risk management plan? Wondering how to better mitigate supply chain risk when sourcing? Or just keen to explore some of the best risk management practices Chief Procurement Officers (CPOs) can adopt? You see, risk management […].

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Zycus Cognitive Procurement

AUGUST 29, 2022

Let’s talk about strategic sourcing and the impact of digital transformation on it. With government organizations using entire suites with AI incorporated, it is a process that is being digitized to achieve ease of operations as well as better compliance and risk management. Do all processes need to be digitized?

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Risk management Risk Suppliers Management 52

Spend Matters

APRIL 4, 2024

As detailed below, the analysts’ work in Q1 took a special interest in solution providers that tackle issues of supplier risk management. Halo Ai addresses third-party risk management problems by consolidating supplier data into one platform with the goal of becoming a one-stop-shop for TPRM.

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Procurement Raw materials Risk management supply chain software solutions 110

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.

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Skill Dynamics

FEBRUARY 13, 2025

Upskilling in more strategic skills , such as risk management or sustainable sourcing, will lead to improved efficiency and innovation within your supply chain, while also providing your staff with career advancement opportunities increasing the likelihood of employee retention.

Supply Chain Optimization 52

Supply Chain Optimization Supply Chain Efficiency Agile and Lean Supply Chain Supply chain 52

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

ivalua

FEBRUARY 25, 2021

Are ERP systems better than best-in-class supply chain solutions for managing healthcare supply chains? What are the pros and cons, and what supply chain strategy will pave the way to higher margins, improved supply chain risk management in healthcare and improved patient care? Demand planning capabilities.

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

Empowering CPO

JULY 2, 2023

One of the key areas we focus on is enhancing supplier risk management through our managed procurement services. Supplier risk management is an integral aspect of procurement, tasked with identifying, assessing, and mitigating risks associated with a company’s supply chain.

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Spend Matters

JUNE 20, 2023

This content does not express the views or opinions of Spend Matters In our previous installment on Spend Matters, we discussed the rapid evolution of Supply Chain Risk Management happening within procurement organizations. And so it should.

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Risk supply chain software solutions Risk management Real-time Visibility 98

IBM Supply Chain Blog

FEBRUARY 28, 2024

Sourcing is getting smarter. To start, many organizations have already pivoted from a tactical to a strategic sourcing mindset—which can make all the difference when it comes to gaining and retaining a competitive advantage. But now, the benefits of strategic sourcing are becoming even more attainable thanks to innovation.

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ivalua

AUGUST 16, 2021

A checklist guide to getting the most out of your supplier risk management program. This reliance can increase supplier risk or uncover a large source of value and supplier innovation for organizations. . Employ more structured processes around supplier risk management. Drive competition and achieve savings.

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Spend Matters

MAY 29, 2024

Next, Clinton Hazziez, System VP, Supply Chain Operations and Strategic Sourcing of Baylor Scott & White Health, the largest non-profit healthcare organization in Texas, spoke about his organization’s digital transformation journey. In the future, they may also consider more advanced/growing areas such as risk management.

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supply chain software solutions Procurement Supply Chain Optimization Contract 117

Procurement Templates

JUNE 18, 2023

Strategic sourcing: Adopting strategic sourcing practices enables procurement to analyze the entire supply chain and identify cost drivers. Supplier collaboration: Engage in collaborative discussions with suppliers to explore ways to manage and mitigate inflationary pressures together.

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Procurement Supply Chain Efficiency supply chain budgeting Raw materials 130

Arkestro

NOVEMBER 12, 2024

Today’s procurement challenges go far beyond cost negotiations and sourcing. Businesses must now navigate sustainability, risk management, and total cost of ownership (TCO)—which now are shifting more spend into the “defer” or “ignore” buckets. Matt lives in Nashville, TN with his wife Amy.

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