IBM Services

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. And from that group, 71% would pay a premium for it.

Strategic Sourcing 84

Strategic Sourcing Sourcing Supply Chain Management Inventory Management 84

IBM Services

DECEMBER 13, 2023

Examples of goals that are common to many procurement strategies include eliminating maverick spending, increasing delivery efficiency, minimizing errors and complying with applicable regulations. Additional goals might be risk management and mitigation, supplier relationship management and sustainability considerations.

Administrative 70

Administrative Sourcing Collaborations Strategic Sourcing 70

Planergy Software

JANUARY 26, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. What to Do About It Establish an emergency fund to account for changes in exchange rates and cost overruns. Supplier risk is always there, but using various risk management strategies can help you minimize the impact.

Supply Chain Management 52

Supply Chain Management Risk Management Risk Management Government 52

Planergy Software

JANUARY 19, 2024

Modern Spend Management and Accounts Payable software. How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Vendor analysis is crucial for risk management. What's Planergy? How to report and analyze indirect spend to identify savings opportunities.

Risk Management 52

Risk Management Risk Management Supply Chain Management Sourcing 52

Planergy Software

OCTOBER 18, 2023

Modern Spend Management and Accounts Payable software. How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Compliance and Accountability A corporate travel program enforces adherence to company policies and regulatory requirements. What's Planergy?

Finance 52

Finance Reduced Costs Management Risk Management 52

Obobo

MARCH 23, 2023

Finally, long-term strategies may include the development of partnerships with suppliers and even the implementation of strategic sourcing. Overall, these 11 cost reduction strategies in procurement demonstrate that companies can significantly reduce costs and maintain profitability with the right procurement management practices.

Reduced Costs 52

Reduced Costs Inventory Management Automation Sourcing 52

Planergy Software

MARCH 29, 2022

Here’s another point worth noting — organizations often overlook the accounts payable department while trying to make better use of data. AP manages critical financial data that can provide valuable insights for discovering potential savings.

Analytics 52

Analytics Accounting Finance Strategic Sourcing 52