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Mastering Strategic Sourcing: Efficiency and Cost Savings in Procurement

Jaggaer

What Is Strategic Sourcing? A Complete Guide Strategic sourcing is a data-driven approach to securing the best value for your organization from its strategic suppliers. Which Suppliers Are Truly Strategic? Strategic sourcing makes sense for suppliers that are of strategic importance to your organization.

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Spot the mistakes Strategic Sourcing Framework

Procurement Templates

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. Stakeholder Engagement : It’s important to involve relevant stakeholders in the assessment process to ensure that their needs and preferences are considered. Can you spot the mistakes!

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Expanding the influence and impact of Procurement

Spend Matters

Utzs Procurement team had never focused on influencing budget owners in the corporate services area to strategically source their categories. The team launched many new sourcing opportunities and engaged with stakeholders in different ways resulting in other positive impacts for the company.

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What About Procurement Objectives?

Procurement Templates

Strategic Objectives Cost Savings: Achieve cost reduction targets through effective supplier negotiations and strategic sourcing. Improve Transparency: Use dashboards and reports to provide real-time procurement updates to all stakeholders. Savings can be cashable or non cashable i.e. cost avoidance.

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The Human Factor in Strategic Sourcing

Una

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. Strategic sourcing in procurement would be so easy if people weren’t involved!

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Procurement 101: Your Essential Guide to Strategic Sourcing

World of Procurement blog

Cost Savings - The total cost reduction achieved through strategic sourcing, price negotiations, product rationalization etc. Talent and Skills : As procurement becomes more strategic, change management and stakeholder engagement skills are imperative. High compliance reduces maverick buying.

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11 Things You Can Do While a GPO Works Behind the Scenes

Una

Strategic sourcing Invest in strategic sourcing by thoroughly analyzing your organization’s procurement needs and identifying opportunities for cost savings, quality improvements, and risk mitigation. Collaborate with these stakeholders to understand their needs, priorities, and expectations.