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What is Sourcing Process in Procurement – A Complete Guide to Sourcing Processes [2022]

ProcurePort

Sourcing is the process of finding the most suitable suppliers of goods and services to a company. When sourcing, a business has to consider the following constraints: cost, profit margins, and competitiveness. •

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Importance of Strategic Sourcing Skills

ProcurePort

• Strategic sourcing in any organization means the development of a methodology of gathering and using the information in a manner that leverages the purchasing power of an organization to maximize value in procurement. What this means is that strategic sourcing needs to be well thought out. It needs to be in sync with […].

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Hidden Benefits in the Source to Pay Process

ProcurePort

This means mining through data, staying updated on the latest technology being used within the organization for strategic sourcing, and staying on top of current market trends as well. The post Hidden Benefits in the Source to Pay Process appeared first on ProcurePort Blog.

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The 7 Steps in the Strategic Sourcing Process

All Things Supply Chain

With the advent of COVID-19 pandemic, supply chains and demand have been massively disrupted and are causing inventory issues, unclear delivery reliability, and a significant risk in single-source supplier circumstances.…

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Rethinking Direct Materials Sourcing: The Tools You Need To Manage Costs, Risks and Sustainability

Direct materials sourcing is evolving, with procurement now tasked not only with cost efficiency but managing sustainability and risk management. The environment is marked by heightened demand and expectations, compounded by challenges such as rising input prices, supply chain disruptions and geopolitical tensions.

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CKS Benelux and Ivalua partner with Punch Powertrain to digitalise strategic sourcing

ivalua

Solution deployed in 10 days to improve direct material sourcing, increasing profitability. The platform was configured in 10 business days to deliver rapid value in the sourcing of direct materials. The platform was configured in 10 business days to deliver rapid value in the sourcing of direct materials.

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Is the industrialized world overly dependent on sourcing from Chinese?

All Things Supply Chain

As Sophie Kersgens wrote for ATSC earlier this month, “As the world’s leading exporter and one of the fastest growing economies, China is a decisive business factor for companies all…

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How a Global CPG Leader Optimized $500M of Direct Materials Spend and Exceeded Savings Goal

GEP’s sourcing expertise and market intelligence enabled the company to centralize sourcing and order management processes, strengthen key supplier relationships, and enhance supply chain resilience and agility. The result was a year-over-year savings of more than 3%.

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LinkedIn + ZoomInfo Recruiter: Better Data for Better Candidates

That's where ZoomInfo Recruiter comes in, helping bridge the gap when job sourcing and communication efforts stall on LinkedIn. LinkedIn Recruiter is an effective way to start the recruitment process for an open position. But that doesn't mean there aren't some frustrating roadblocks on the network.

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The What, Why and How of Total Procurement Orchestration

By 2027, Gartner predicts that 40% of sourcing will be handled outside of the procurement function. How can procurement pros ensure that the process is efficient and unified for all users? For a synchronized and democratized approach to procurement, leaders are embracing total procurement orchestration solutions.

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Next-Gen Procurement: Transforming Processes with the Power of Generative AI

Did you know that implementing generative AI reduces sourcing cycle times and allows for faster decision-making across procurement operations? Generative AI goes beyond just automating tasks and providing real-time answers.

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How to Avoid the Pitfalls of Contract Management in Telecom & High-Tech

What’s Inside: Exploring the importance of having a dedicated buy-side contracting team Leveraging tools to enhance efficiency and empower the legal and sourcing teams Establishing processes to gather and analyze contract data to spot trends

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Autonomous AI Agents Are the Future of Procurement and Supply Chain Operations

To learn how exactly autonomous AI agents will transform source-to-contract and procure-to-pay, read this whitepaper now. They integrate reasoning with LLM inputs so that employees can provide directions in natural language and the agents will pull data and interact directly through internal systems and external stakeholders.

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How One Manufacturer Used GEP SOFTWARE To Save $45M in Direct Material Sourcing

In response to these challenges, a leading heavy equipment manufacturer selected GEP to redesign its source-to-contract processes and implement a convergent data model to help manage procurement data across its multiple locations.

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The Ultimate Guide to Executive Recruiting

It's no secret that hiring for a senior management position is a tough task for recruiters, and remaining open to changes and seeking better ways to source candidates is critical. How to Source Talent. In this eBook, learn: The Discovery Processes. Ways to Reach Best-fit Candidates. Get ready to hire executives by downloading today!