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 87

Strategic Sourcing Sourcing Supply Chain Management Inventory Management 87

Planergy Software

JANUARY 26, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Environmental Risks This one is especially important for businesses focused on environmental, social, and governance (ESG) issues. How to report and analyze indirect spend to identify savings opportunities.

Supply Chain Management 52

Supply Chain Management Risk Management Risk Management Government 52

Planergy Software

JANUARY 19, 2024

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Vendor analysis is crucial for risk management. The evaluation should include feedback from multiple departments or sources to ensure that all relevant data is considered.

Risk Management 52

Risk Management Risk Management Supply Chain Management Sourcing 52

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. By adopting best practices such as spend analysis, supplier management, and e-procurement , companies can save money and increase efficiency. What is Procurement?

Finance 45

Finance Strategic Sourcing Software Reduced Costs 45

Planergy Software

OCTOBER 18, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. A corporate travel program is a comprehensive set of policies and procedures governing business-related travel for employees. How to gain visibility and control of your indirect spend.

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