article thumbnail

Strategic Sourcing + Smart Solutions: The Unbeatable Duo for Procurement Success

SCMDOJO

Strategic sourcing and innovative solutions are often viewed as two distinct procurement tools, but they should not be seen in isolation. Strategic Sourcing: The Foundation of Effective Procurement Strategic sourcing is far more than simply choosing suppliers.

article thumbnail

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. •

Sourcing 246
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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.…

article thumbnail

Friends not Foes, Supplier Relationships Made to Last

ivalua

A company’s supply chain is a key source of competitive advantage and Supply Chain Management (SCM) is designed to allow a company to monitor its suppliers and utilize the available resources to improve performance. But most sourcing and procurement teams need to pivot and modify the way they handle SCM decisions.

Suppliers 246
article thumbnail

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

Multiple legacy systems prevent procurement from standardizing processes and tracking what they’re spending with each supplier.

article thumbnail

Inflation + Source-to-Pay Strategies: The Cure for the Common Price Hike

ivalua

One way of doing this is by leveraging Source-to-Pay (S2P) solutions, which can provide procurement with the tools needed to manage their supplier relationships and identify opportunities for cost savings. Let’s explore further.

Price 264
article thumbnail

Supplier Diversity Part III: Keeping Pace as an Organization

ivalua

In Part I and Part II of this series, we have investigated the way in which supplier diversity programs have developed over time and which nations are leading the way in the space. The growth of supplier diversity initiatives in these regions (and others) provides unique opportunities and challenges for multinational corporations.

Suppliers 246
article thumbnail

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%.

article thumbnail

Staying Ahead of UFLPA Enforcement: Best Practices for Retail Supply Chains

Speaker: Ethan Woolley, Director at Kharon

You will learn: Best practices for identifying and mitigating forced labor risks before they become compliance issues 🔍 How analytics and human subject matter experts can help companies anticipate enforcement actions, identify high-risk suppliers, and adjust sourcing strategies before issues arise 📊 How companies have successfully navigated (..)