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4 smart technologies modernizing sourcing strategy

IBM Supply Chain Blog

Sourcing is getting smarter. To start, many organizations have already pivoted from a tactical to a strategic sourcing mindset—which can make all the difference when it comes to gaining and retaining a competitive advantage. But now, the benefits of strategic sourcing are becoming even more attainable thanks to innovation.

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4 strategic sourcing use cases to strengthen your supply chain

IBM Supply Chain Blog

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.

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New Year Insights for the procurement solutions and services marketplace 2024: GEP

Spend Matters

Today, for procurement organizations too, applying an AI-first approach has become imperative, especially in the source-to-pay process. Generative AI, in particular, offers transformative potential in optimizing source-to-pay processes. And the maximum value can be extracted from these new tools through strategic integration.

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The AI Advantage: Unlocking New Value for Procurement Teams

World of Procurement blog

This supports strategic sourcing efforts. Monitoring supplier relationships : AI can track supplier performance metrics, analyze contract terms for risks, and identify opportunities to improve supplier relationships. This maximizes value from sourcing partnerships.

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Intake & Procurement Process Orchestration (2024 Guide)

Procurement Software

Enhanced Efficiency and Visibility: By adopting process orchestration tools and platforms, businesses gain real-time insights and control over their procurement activities, facilitating quicker decision-making and improved risk management. What is process orchestration in a procurement context?

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Believe It Or Not, Procurement Impacts Every Single Person

ivalua

For the longest time, leading Procurement technology providers in my experience just ignored this space. The goal being to build in best practices that we’ve seen across our Public Sector customers, so that they are able to deploy and get up and running faster, thereby drastically reducing time-to-value.

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Everything You Need to Know About Procurement Solutions

Pipefy

Because of this, carrying out its operations manually is time-consuming and incredibly expensive for businesses. Savvy leaders are quickly adopting e-procurement solutions to lower the time, costs, silos, and strained supplier relationships that plague manual operations.