Automation, Marketing, Reduced Costs and Strategic Sourcing

4 strategic sourcing use cases to strengthen your supply chain

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.

Strategic Sourcing

Strategic Sourcing Sourcing Supply Chain Management Inventory Management

11 Cost Reduction Strategies in Procurement

Obobo

MARCH 23, 2023

For companies looking to reduce costs, procurement is often one of the first places they look. Cost reduction during procurement processes can be accomplished through various strategies that range from the short-term to medium and long-term goals. Short-term Cost Reduction Strategies Short-term Cost Reduction Strategies: 1.

Reduced Costs

Reduced Costs Inventory Management Automation Sourcing

The Future of Procurement and Sourcing: The Effects of Artificial Intelligence in the Industry

SIG Speaks

OCTOBER 12, 2023

SIG University Certified Sourcing Professional (CSP) program graduate Lauren Redden shares an excellent essay on the power of AI to transform the smart sourcing industry, in balance with the potential risks that companies must evaluate in employing more intelligent automation into their processes.

Sourcing

Sourcing Strategic Sourcing Outsourcing Regulations

How Strategic Procurement Can Give You a Competitive Advantage

Planergy Software

MAY 5, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. How Strategic Procurement Can Give You a Competitive Advantage. Procurement Strategic Sourcing. How to report and analyze indirect spend to identify savings opportunities. Download Free Copy.

Strategic Sourcing

Strategic Sourcing Sourcing Reduced Costs Supply Chain Management

What is Procurement Cost Savings? – Definition

Obobo

JANUARY 15, 2023

Procurement cost savings is the process of reducing costs associated with acquiring goods or services, without sacrificing quality. In this article, we will explore the definition of procurement cost savings, as well as its advantages and disadvantages. The different types of procurement cost savings.

Reduced Costs

Reduced Costs Out-Tasking Strategic Sourcing Automation

How To Calculate Procurement Savings

Obobo

DECEMBER 17, 2021

In light of the ongoing effects of the pandemic, it is essential that businesses keep track of all cost reduction initiatives and strategic sourcing in order to survive harsh economic declines. To configure, manage, and track custom savings, procurement teams often use source-to-pay or finance software. Table of Contents.

Strategic Sourcing

Strategic Sourcing Finance Software Out-Tasking

Procurement Cost Savings – Measure, report and increase cost savings

Obobo

MARCH 30, 2023

If you’re responsible for a procurement team , reducing costs is probably one of the main goals you care about. In fact, cutting costs is the primary KPI for most purchasing organizations. But what’s the best way to measure and report those cost savings ? What are the Benefits of Procurement Cost Savings?

Analytics

Analytics Reduced Costs Strategic Sourcing Software

Budgeting Process: Steps and Best Practices for Planning a Budget

Planergy Software

SEPTEMBER 5, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Business budgeting software automates many of the manual processes, allowing you to quickly develop comprehensive financial plans without sacrificing accuracy or detail.

Finance

Finance Software Accounting Management

Pareto Analysis in Procurement: How To Use Spend Analysis To Cut Costs

Planergy Software

JANUARY 19, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Additionally, since it requires minimal effort and resources compared to other cost analysis methods, it has become a popular choice among many businesses looking for ways to optimize their budgeting process.

Supply Chain Management

Supply Chain Management Reduced Costs Robotics Process Automation Analytics

RFI, RFP, RFQ, ROI, RFT: What’s the Difference?

Planergy Software

OCTOBER 20, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. RFIs can also help buyers identify potential suppliers and compare them against each other, which is crucial for strategic sourcing. How to gain visibility and control of your indirect spend. Written by.

Supply Chain Management

Supply Chain Management Strategic Sourcing Sourcing Finance

Everything you need to know about Procurement savings

Obobo

MARCH 21, 2023

Procurement savings refer to the cost reductions that are achieved by a company when it purchases goods and services through a strategic sourcing process. key Takeaway: Procurement savings are the cost reductions achieved by a company when purchasing goods and services through strategic sourcing.

Finance

Finance Strategic Sourcing Software Reduced Costs

Best Practices for Supplier Management

Obobo

AUGUST 2, 2022

Consider risk factors, diverse requirements, and the dynamic nature of your market. Having an accurate and up-to-date supplier database is crucial to reducing costs, selecting new vendors, and promoting strong supplier relationships. A successful supplier management program goes beyond strategic sourcing.

Management

Management Right-Sizing Supply Chain Management Strategic Sourcing

Cost Avoidance in Procurement- The Ultimate Guide

Obobo

FEBRUARY 14, 2023

In order to avoid costs, procurement teams must be proactive and take actions such as negotiating better prices with suppliers, improving processes to reduce waste, and conducting market research to find cheaper alternatives. This is one of the most effective ways to reduce costs. Automate where possible.

Automation

Automation Sourcing Strategic Sourcing Analytics

Best Practices for Supplier Management

Obobo

AUGUST 16, 2022

Consider risk factors, diverse requirements, and the dynamic nature of your market. Having an accurate and up-to-date supplier database is crucial to reducing costs, selecting new vendors, and promoting strong supplier relationships. A successful supplier management program goes beyond strategic sourcing.

Management

Management Right-Sizing Supply Chain Management Strategic Sourcing

Supplier Management Best Practices

Planergy Software

MARCH 24, 2022

Consider risk factors, how diverse your requirements are, and how Dynamic your Market is. Create and Maintain a Supplier Database It’s crucial to own a detailed and current supplier database as this will help in planning, reducing costs, choosing new vendors, and promoting strong supplier relationships.

Management

Management Insurance Supply Chain Management Right-Sizing

Big Data Analytics: What It Is and Why It Is Important

Planergy Software

OCTOBER 4, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Another advantage of big data analytics is that it can help organizations reduce costs and improve efficiency. Market Insights. Big data can also help businesses improve their marketing efforts.

Analytics

Analytics Out-Tasking Right-Sizing Sourcing

What are the different types of sourcing?

IBM Services

JANUARY 31, 2024

Companies generally outsource non-core tasks and functions that are similar across organizations, such as back-office operations (accounting, IT and human resources) and front-office operations (sales, marketing and customer support). This has fundamentally changed the outsourcing market.

Sourcing

Sourcing Strategic Sourcing Supply Chain Management Outsourcing

Horizontal vs. Vertical Integration: A Comprehensive Guide

Planergy Software

SEPTEMBER 12, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. This approach allows businesses to grow their market power, diversify their product offerings, and achieve economies of scale. How to gain visibility and control of your indirect spend.

Manufacturing

Manufacturing E-Commerce Human Resources Marketing

Supplier Consolidation: What It Is, Benefits, and Risks

Planergy Software

NOVEMBER 29, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Best Practices & Tips Strategic Sourcing Supplier Relationship Management. Vendor consolidation provides several benefits, including: Reduced Costs through Economies of Scale.

Strategic Sourcing

Strategic Sourcing Reduced Costs Sourcing Supply Chain Management

CFO Challenges and Priorities in 2021 And Beyond

Planergy Software

SEPTEMBER 24, 2021

They focused the lion’s share of their time and skill set on dealing with regulatory issues, guiding their teams in cutting costs, managing cash flow, and enforcing budgeting initiatives, and then reporting the results. They don’t just lead the finance team or spearhead initiatives to reduce costs.

Finance

Finance Collaborations Flexibility Robotics Process Automation

Procurement Methods: How To Source and Evaluate The Best Suppliers To Work With

Planergy Software

AUGUST 8, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Open tendering is preferable as it allows companies to apply for multiple contracts at once, resulting in more efficient use of resources and reduced cost-over-runs from multiple procurement processes.

Sourcing

Sourcing Strategic Sourcing Finance Automation

Using Supplier Segmentation To Maximize Supplier Relationships

Planergy Software

FEBRUARY 8, 2022

Strategic Sourcing Supplier Performance Supplier Relationship Management. Why is developing collaborative relationships with your most strategic suppliers crucial to your success? It helps to make process improvements, reduce costs, and continues to encourage innovation in the products or services you offer.

Strategic Sourcing

Strategic Sourcing Supply Chain Management Collaborations Finance

Global Sourcing Brief

4 strategic sourcing use cases to strengthen your supply chain

11 Cost Reduction Strategies in Procurement

Trending Sources

The Future of Procurement and Sourcing: The Effects of Artificial Intelligence in the Industry

How Strategic Procurement Can Give You a Competitive Advantage

What is Procurement Cost Savings? – Definition

How To Calculate Procurement Savings

Procurement Cost Savings – Measure, report and increase cost savings

Budgeting Process: Steps and Best Practices for Planning a Budget

Pareto Analysis in Procurement: How To Use Spend Analysis To Cut Costs

RFI, RFP, RFQ, ROI, RFT: What’s the Difference?

Everything you need to know about Procurement savings

Best Practices for Supplier Management

Cost Avoidance in Procurement- The Ultimate Guide

Best Practices for Supplier Management

Supplier Management Best Practices

Big Data Analytics: What It Is and Why It Is Important

What are the different types of sourcing?

Horizontal vs. Vertical Integration: A Comprehensive Guide

Supplier Consolidation: What It Is, Benefits, and Risks

CFO Challenges and Priorities in 2021 And Beyond

Procurement Methods: How To Source and Evaluate The Best Suppliers To Work With

Using Supplier Segmentation To Maximize Supplier Relationships

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