Strategic sourcing: A disciplined approach to supply market analysis that continuously improves and re-evaluates the purchasing activities of an organization. Strategic sourcing provides the best possible values in the marketplace to produce sustainable savings and reduce cycle times. Sourcing optimization starts from a diverse strategic perspective and usually takes the form of strategic decisions. It is important to identify untapped opportunities to improve vendor access and increase the value of each dollar spent. Drive benefits...
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We recently held a webinar with Spend Matters about ways procurement organizations can put a stop to spend leakage. Before explaining how to stop it however, it is important to define what it is – and why traditional definitions may not be enough. Read on or watch the short clip below to learn about some common definitions of spend leakage from our Chief Strategy Officer, Steve Griffiths, and our VP of Automotive Practice, Amarish Kapadia! ...
There are many challenges for achieving supplier rationalization and standardization. A typical tactic deployed by procurement organizations is trying to reduce the variety of similar items that the organization purchases. The reasons for this rationalization go beyond cost savings and can include: Supplier diversity initiatives Supply mitigation and management Going green Ultimately, standardizing is not as easy as it may first appear. Take, for example, an organization with multiple manufacturing plants, each of which buys tens of...