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 86

Strategic Sourcing Sourcing Supply Chain Management Inventory Management 86

SIG Speaks

MAY 16, 2023

Crowdsourcing will play a much more significant role in business due to a lack of highly specialized labor (in the STEM fields specifically) and corporate desire to reduce costs in procurement. But the workforce has changed. The COVID pandemic made working from home the mainstream.

Sourcing 40

Sourcing Strategic Sourcing Engineering Regulations 40

SIG Speaks

OCTOBER 12, 2023

The rapid advancements in AI have notably impacted various business functions, including procurement and sourcing. Businesses and organizations continue to strive to enhance efficiency, reduce costs, and gain a competitive edge, and AI technologies have begun to revolutionize the procurement landscape.

Sourcing 40

Sourcing Strategic Sourcing Outsourcing Regulations 40

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 52

Reduced Costs Inventory Management Automation Sourcing 52

Planergy Software

OCTOBER 18, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Businesses can ensure that employees comply with internal and external regulations by centralizing the travel booking process and establishing clear procedures.

Finance 52

Finance Reduced Costs Management Risk Management 52

Planergy Software

JANUARY 12, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Supplier tiering also helps reduce costs by eliminating inefficient or unnecessary processes in the supply chain. How to gain visibility and control of your indirect spend. Download Free Copy.

Supply Chain Management 52

Supply Chain Management Regulations Manufacturing Finance 52

Obobo

FEBRUARY 14, 2023

This is one of the most effective ways to reduce costs. Automation can help you reduce errors and speed up processes , leading to cost savings. By definition, cost avoidance is the proactive identification and prevention of unnecessary or wasteful spending within the procurement process. Review your current spend.

Automation 52

Automation Strategic Sourcing Sourcing Analytics 52