Remove Bidding Remove Strategic sourcing Remove Supply chain resilience
article thumbnail

The Complete Guide to Source-to-Pay (S2P) and Strategic Sourcing

Jaggaer

Complete Source to Pay cycle and Strategic Sourcing Guide An optimized Source-to-Pay (S2P) process helps businesses enhance procurement efficiency, reduce costs, and improve supplier collaboration. What is Source-to-Pay?

article thumbnail

5 Procurement Industry Trends to Watch in 2025

Arkestro

By automating routine work, procurement professionals can focus on high-impact tasks like strategic sourcing and relationship building with key suppliers. Strategic sourcing prioritizes developing long-term, value-driven relationships with suppliers rather than just chasing the lowest price.

professionals

Sign Up for our Newsletter

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

Trending Sources

article thumbnail

Procurement 101: Your Essential Guide to Strategic Sourcing

World of Procurement blog

Sourcing : Procurement uses competitive bidding, e-sourcing, and supplier development. Leverage e-procurement tools and online auctions to obtain competitive bids and pricing. Cost Savings - The total cost reduction achieved through strategic sourcing, price negotiations, product rationalization etc.

article thumbnail

Innovative Procurement Models: Exploring Different Approaches

Empowering CPO

At its core, procurement is the process of finding, agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. But, it’s far more than just buying. It requires deep market knowledge, strong analytical skills, and cross-functional collaboration.