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Procurement 101: Your Essential Guide to Strategic Sourcing

World of Procurement blog

Scope : Procurement spans the entire process from identifying requirements to contract closure. Value-add : Procurement aims to add value by optimizing processes, consolidating spend, and building supplier relationships. How can procurement help achieve those aims through better supplier relationships and spending optimization?

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How to Implement a Strategic Sourcing Process

Una

How to Implement a Strategic Sourcing Process A play-by-play manual showing how to implement a strategic sourcing process that aligns with your organization’s goals, optimizes spend, and creates long-term value. At its core, strategic sourcing formalizes the process of finding, assessing, and choosing suppliers.

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Top 10 TikTokers to Take Off your Supply Chain

SCMDOJO

Try this as a tongue twister: “Tripping through tantalizing TikTokers, tenfold to transform your tangled supply chain!” In our digital age, where viral trends dominate, TikTok’s influence now extends to supply chain management. Discover the Top 10 TikTokers reshaping how you view supply chains.

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Strategic Procurement — Everything You Should Know

Procurement Tactics

However, the entire department must work together for a strategic procurement process to happen. When strategic procurement is done correctly, it can help an organization to optimize its profit margin, reduce risks, and streamline the process of purchasing goods and services needed to achieve business goals. Why is it important?

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Supply Chain Powerhouse, Erica Patterson on Finding Her Voice, Mentoring, and Supplier Diversity

Let's Talk Supply Chain

With a decade hallmarked by disruption, consumers are more aware of supply chain and how industry shortages, talent gaps, and climate events impact their daily lives and local communities. One dialogue that is still catching fire is how closing the gender gap in supply chain can help the industry build its ranks and agility.

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A Gameplan for Procurement Transformation

NLPA (Next Level Purchasing Association)

Improved communication, regular performance assessments, and joint value creation efforts lead to better supplier performance, reduced risks, and potential cost savings through optimized partnerships. Procurement teams equipped with risk management tools can ensure business continuity and minimize potential negative impacts.

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Procurement Tracking – Everything You Should Know

Procurement Tactics

This allows for the identification and implementation of measures to mitigate any delays or obstacles in the supply chain by organizations. Contract Management Contract Management is tracking the contractual lifecycle, including contract creation, renewal, and termination dates.