Remove Efficiency Remove Right-Sizing Remove Sourcing Remove Strategic Sourcing
article thumbnail

What Is Strategic Sourcing? – Definition

Obobo

What Is Strategic Sourcing? In the context of digital transformation, procurement and supply chain processes are evolving as a result of strategic sourcing, and the trend is poised to continue. This is what differentiates strategic sourcing from conventional purchasing. . How Does Strategic Sourcing Work?

article thumbnail

What Is Strategic Sourcing? – Definition

Obobo

What Is Strategic Sourcing? In the context of digital transformation, procurement and supply chain processes are evolving as a result of strategic sourcing, and the trend is poised to continue. This is what differentiates strategic sourcing from conventional purchasing. . How Does Strategic Sourcing Work?

professionals

Sign Up for our Newsletter

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

article thumbnail

Clashing Priorities: Vendor Diversification vs Efficiency and Vendor Risk Management

Sourcing Advisors Group

The growing approved supplier base and decreasing supplier visibility will further deteriorate what is already a bleak performance of most Strategic Sourcing teams. In fact, most firms generate no Strategic Sourcing bottom-line results, as Vendor Spending is increasing as fast, or faster, than Revenue growth.

article thumbnail

Corporate Market Data Renewal

SIG Speaks

SIG University Certified Sourcing Professional (CSP) program graduate Jason Feldman provides an example of corporate market data renewal and how it applies to sourcing. The contract and deal renewal are finalized.

article thumbnail

How To Calculate Procurement Savings

Obobo

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. Savings tracking refers to a method of estimating how much a company will save by using strategic sourcing and other cost-effective tactics.

article thumbnail

The Top 8 Business Travel Management Tools

Planergy Software

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. The right travel management solution can help ensure compliance with company policies, provide valuable insights into travel spending, and streamline the entire travel process. But fear not, weary traveler!

article thumbnail

11 Cost Reduction Strategies in Procurement

Obobo

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.