Empowering CPO

DECEMBER 14, 2020

To answer this question, it is much simpler first to list down the reasons as to when a specific category should be taken up for Strategic Sourcing. This helps a procurement organization to list down its plan for the New Year and identify categories that should be taken up for sourcing. Once every year is the right frequency.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 52

World of Procurement blog

APRIL 23, 2024

Leverage Technology and Automation Adopting procurement software and technologies can significantly streamline processes, from e-sourcing to electronic payment systems. Implement Strategic Sourcing Strategic sourcing involves a methodical approach to finding, selecting, and managing suppliers.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement Strategic sourcing 52

World of Procurement blog

APRIL 23, 2024

Leverage Technology and Automation Adopting procurement software and technologies can significantly streamline processes, from e-sourcing to electronic payment systems. Implement Strategic Sourcing Strategic sourcing involves a methodical approach to finding, selecting, and managing suppliers.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement Strategic sourcing 52

Empowering CPO

FEBRUARY 20, 2023

As is true the objective of every strategic sourcing project is to reduce the total cost of ownership. The question is not only about the pricing evaluation methodology, it has to begin at the start of the strategic sourcing process, the important part also is the actual preparation of the pricing worksheet.

Price 52

Price Cost of ownership Strategic sourcing Strategic sourcing 52

Empowering CPO

FEBRUARY 20, 2023

Negotiation is one of the key steps during any Strategic Sourcing process. Procurement organizations and sourcing companies adopt different methods to negotiate prices with vendors. This helps to achieve higher strategic sourcing project savings and support category management on an ongoing basis.

Strategy 52

Strategy Cost of ownership Strategic sourcing Strategic sourcing 52

SCMDOJO

JULY 3, 2023

Choose between a broad overview of procurement and a focused course that focuses on certain topics like strategic sourcing, contract management, or supplier relationship management. Gain valuable insights and knowledge to effectively manage total cost of ownership in today’s evolving business landscape.

Cost of ownership 78

Cost of ownership Procurement Category management supply chain software solutions 78

Empowering CPO

DECEMBER 9, 2020

Baseline preparation is one of the most important phase during any Strategic Sourcing process. Baseline can be defined as the total cost of ownership for the set of goods or services as defined in the RFP scope. Extrapolating Total Cost of Ownership because of change in projected quantity or Service Levels.

Data 52

Data Cost of ownership Strategic sourcing Strategic sourcing 52

NLPA (Next Level Purchasing Association)

FEBRUARY 29, 2024

By leveraging data analytics, procurement teams can identify areas for cost savings, such as negotiating better contracts with existing suppliers or consolidating purchases to leverage economies of scale. Strategic Sourcing: Develop a strategic sourcing strategy for each defined category.

Category management 52

Category management Management Procurement Supplier relationship management 52

Empowering CPO

NOVEMBER 12, 2020

This powerful insight can help in achieving reduction in Total Cost of Ownership (TCO) on an ongoing basis. Some of the reasons are: Insights gained can significantly help category managers in achieving reduction in total cost of ownership on an ongoing basis.

Category management 52

Category management Cost of ownership Procurement Strategic sourcing 52

NLPA (Next Level Purchasing Association)

SEPTEMBER 8, 2023

This results in better negotiation outcomes, improved quality, reduced costs, and enhanced overall value delivery.

Procurement 52

Procurement Strategic sourcing Strategic sourcing Supply Chain Efficiency 52

Una

OCTOBER 12, 2023

Supply Chain Resilience Evaluating supply chain risks, including geopolitical factors, natural disasters, and transportation challenges, is vital in determining the best sourcing approach. Labor Skills and Availability Assess the availability of skilled labor in different regions and its impact on production or service quality.

Supply Chain Optimization 52

Supply Chain Optimization Procurement Supply chain resilience supply chain budgeting 52

Supply Chain Game Changer

NOVEMBER 13, 2018

As companies seek to discover ways to increase overall excellence and competitiveness, a new source of value has emerged – Strategic Sourcing. What is Strategic Sourcing? The fundamental objective of any organisation is lowering the cost of goods manufactured. Deliver significant earnings to bottom line.

Strategic sourcing 73

Strategic sourcing Strategic sourcing Procurement supply chain budgeting 73

Una

FEBRUARY 8, 2023

Implement a strategic sourcing process A strategic sourcing process can help identify the best value for the company. Evaluating the total cost of ownership for a product or service, rather than just the upfront price.

Procurement 59

Procurement Negotiation Contract Strategic sourcing 59

Supply Chain Game Changer

SEPTEMBER 25, 2019

They’re leaving behind more transactional models and becoming more strategic, implementing total cost of ownership Strategic Sourcing models, either centre-led or decentralized. All over the business landscape, more companies in more diverse industries are transforming their Procurement functions.

Procurement strategies 51

Procurement strategies Strategy Procurement Cost of ownership 51

Empowering CPO

FEBRUARY 20, 2023

For Procurement Organizations to truly become a strategic arm of their companies, some of the following are expected from them: Continuous Cost Reduction: They should be more efficient than their competitors in terms of buying goods and services, and their rates should be more efficient than their competitors.

Procurement 52

Procurement Cost of ownership Category management Sourcing 52

Empowering CPO

JULY 16, 2023

Our services range from spend analysis and supplier relationship management to contract management, strategic sourcing, and e-procurement solutions. The Importance of Managed Procurement Services Managed procurement services bring much-needed expertise, strategic vision, and efficiency to the intricate process of procurement.

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Supply Chain Optimization supply chain budgeting 52

Sourcing and Supply Chain

JUNE 24, 2021

Unlike strategic sourcing, category management takes a proactive instead of a reactive approach to sourcing activity that provides detailed insight into factors affecting the price of a service or good. It works both in terms of strategic and operational points of view as shown in the above figure. Demand management.

Category management 52

Category management Management Procurement Market analysis 52

Empowering CPO

MAY 15, 2023

Achieving this balance is more of an art than a science, and it starts with shifting from tactical purchasing to strategic sourcing. Tactical purchasing is all about buying products or services at the lowest possible cost. Strategic sourcing, in contrast, takes a broader view.

Procurement 52

Procurement Innovation Quality Cost of ownership 52

Empowering CPO

JULY 16, 2023

Our services range from spend analysis and supplier relationship management to contract management, strategic sourcing, and e-procurement solutions. The Importance of Managed Procurement Services Managed procurement services bring much-needed expertise, strategic vision, and efficiency to the intricate process of procurement.

Supply Chain Efficiency 40

Supply Chain Efficiency Management Procurement Supply Chain Optimization 40

SCMDOJO

FEBRUARY 13, 2023

Strategic sourcing: Procurement performs a market analysis to identify potential sources of supply and support the organization’s needs. Preparing procurement cost-benefit analysis helps managers and directors make sourcing decisions on products.

Procurement 87

Procurement Chief Procurement Officer supply chain budgeting Supply Chain Efficiency 87

Una

JANUARY 8, 2024

The value here isn't just held in the initial cost but in the total cost of ownership, environmental impact, and overall efficiency. Office Furniture Cost-First Crusader You decide to pinch pennies on office furniture. When it's time to retire them, the core materials can be reused, closing the loop on their life-cycle.

supply chain budgeting 52

supply chain budgeting Supply Chain Efficiency Agile and Lean Supply Chain Purchasing 52

NLPA (Next Level Purchasing Association)

APRIL 5, 2023

It involves optimizing procurement processes and reducing costs while maintaining the quality of goods and services.

Procurement 52

Procurement Negotiation supply chain budgeting Supply Chain Optimization 52

Procurement Software

MARCH 11, 2022

In this post, we’re going to look at two areas where Procurement teams typically spend a lot of effort, but often struggle to get recognition: Cost avoidance (including price increase deferrals). Driving value through strategic sourcing and supplier collaboration.

Procurement 52

Procurement supply chain budgeting Price Negotiation 52

Procurement Software

MARCH 11, 2022

In this post, we’re going to look at two areas where Procurement teams typically spend a lot of effort, but often struggle to get recognition: Cost avoidance (including price increase deferrals). Driving value through strategic sourcing and supplier collaboration.

Procurement 52

Procurement supply chain budgeting Price Negotiation 52

Strategic Sourceror

JULY 11, 2022

What will be your total cost of ownership to partner with another supplier? Total cost of ownership refers to the estimation of overall expenses for developing a given product when factoring in all of the process aspects that go into its creation. This helps to more accurately determine your return on investment.

Cost of ownership 57

Cost of ownership Suppliers Supply Chain Efficiency Strategic sourcing 57

World of Procurement blog

APRIL 23, 2024

This involves not just the immediate cost reductions but also long-term savings through better contract terms, reduced waste, and enhanced efficiency. Tracking savings accurately requires setting baselines, employing a consistent methodology, and considering total cost of ownership (TCO).

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

World of Procurement blog

APRIL 23, 2024

This involves not just the immediate cost reductions but also long-term savings through better contract terms, reduced waste, and enhanced efficiency. Tracking savings accurately requires setting baselines, employing a consistent methodology, and considering total cost of ownership (TCO).

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

ivalua

FEBRUARY 25, 2021

A purpose-built solution can enforce proper governance and standards, automate master data optimization activities, identify product standardization opportunities, and automate category management for strategic sourcing in supply chain. Total Cost of Ownership, ERP appears to be cheaper, but is it?

supply chain budgeting 221

supply chain budgeting Supply Chain Optimization supply chain software solutions Supply Chain Efficiency 221

Procurement Templates

JUNE 18, 2023

Strategic sourcing: Adopting strategic sourcing practices enables procurement to analyze the entire supply chain and identify cost drivers. By understanding the components and processes that contribute to the final product’s cost, procurement can explore opportunities to optimize and reduce expenses.

Procurement 130

Procurement Supply Chain Efficiency supply chain budgeting Raw materials 130

Supply Chain Trend

DECEMBER 22, 2023

I see more strategic decisions (close a plant or DC, enter a new product category, change in strategic sources) more in this category as well (which is different than what I show in figure 4). What’s the total cost of ownership of the supporting systems?

Supply Chain Efficiency 78

Supply Chain Efficiency Supply Chain Optimization Quality supply chain budgeting 78

SCMDOJO

APRIL 3, 2022

Introduction to Strategic Sourcing. . What is Total Cost of Ownership? Data-driven telecommunication operations and services have become the business standard, and electronic procurement platforms are streamlining and automating the purchasing process. It’s time for the Auctioneer to take the stage! What is MRO? –

Supply Chain Efficiency 138

Supply Chain Efficiency Bidding Procurement team supply chain software solutions 138

Una

SEPTEMBER 22, 2022

As you begin to navigate this category, some of the same strategic sourcing best practices can be used as a guide to IT procurement as well. Thinking strategically involves planning for the long-term, making decisions based on data and the overall goals of the organization, building strong relationships, and more.

Procurement 98

Procurement Real-time Visibility Contract Purchasing 98

SCMDOJO

APRIL 26, 2023

A robust and strategic supply chain helps businesses create value through efficient supplier relationship management, the lowest total cost of ownership (TCO), and maximum probable return on investment (ROI). It also helps in strategic sourcing and supplier relationship management within the supply chain.

Category management 76

Category management Management Supplier relationship management supply chain software solutions 76