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Strategic Sourcing Simplified: Best Practices for Maximizing Value Strategic sourcing goes beyond cost savings its about making informed decisions that drive long-term value. A successful approach requires careful assessment of supplier bids, followed by structured onboarding, continuous monitoring, and performance measurement. Now well dive into best practices in these critical areas to ensure a more effective and resilient sourcing strategy.
Procurement has evolved from a back-office function to a strategic driver of innovation and value. While technology is at the heart of this shift, jumping on the digital bandwagon isnt always as simple as plugging in some shiny new software. Real transformation demands a mix of creativity, strategy and much patience. Change management isnt a sidekick in this story; its the star of the show.
Subscribe Running Supply Chain on the Edge, with Edge Computing! In this article, we’ll explore how AI with Edge computing is poised to transform warehouse operations by addressing critical challenges, the unique advantages this technology offers, and the specific use cases where it is making the biggest impact. Warehouse operations today face numerous challenges that drive up costs and reduce efficiency.
This week’s piece was inspired by a LinkedIn post from well respected industry commentator Jon W. Hansen. He’s predicting that 75% of AI (procurement tech) solution providers today will be gone by the end of 2025. That’s a pretty bold statement. Just for context, he made this back in September, so I appreciate I’m looking at this with a bit of hindsight.
Speaker: Jason Chester, Director, Product Management
In today’s manufacturing landscape, staying competitive means moving beyond reactive quality checks and toward real-time, data-driven process control. But what does true manufacturing process optimization look like—and why is it more urgent now than ever? Join Jason Chester in this new, thought-provoking session on how modern manufacturers are rethinking quality operations from the ground up.
The Power of Source-to-Pay Digital Transformation To put it briefly, source-to-pay refers to the entire process that starts with finding, negotiating with, and contracting the suppliers of materials, goods and services, and culminates in the final payment for those items. JAGGAER characterizes the steps in this process as Spend Management, Category Management, Sourcing , and Contracts.
The world of procurement is constantly evolving, demanding professionals with the right skills and knowledge. Whether you’re just starting your journey or a seasoned pro looking to level up, choosing the right training path is crucial. Moreover, two popular options often considered are the MCIPS qualification from the Chartered Institute of Procurement & Supply (CIPS) and the Procurement Track offered by SCMDOJO.
Modern procurement professionals need to be among some of the most highly skilled workers in any organization, and we want to help you identify exactly what essential procurement skills you need to lead your team as the industry continues to grow and evolve. Were going to examine what skills are necessary for procurement leaders, why theyre important, and how you can effectively train to lead your team in a highly complex and still-growing field.
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Purchasing & Procurement Zone brings together the best content for professionals in the purchasing and procurement field from the widest variety of thought leaders.
Modern procurement professionals need to be among some of the most highly skilled workers in any organization, and we want to help you identify exactly what essential procurement skills you need to lead your team as the industry continues to grow and evolve. Were going to examine what skills are necessary for procurement leaders, why theyre important, and how you can effectively train to lead your team in a highly complex and still-growing field.
Subscribe The Supply Chain Renaissance Has Begun! The supply chain industry faces a transformative era heading into 2025. Challenges like shifting consumer expectations and global uncertainties drive companies to rethink traditional practices. Technological advances, sustainability goals, and stronger resilience plans emerge as central themes shaping the future of logistics.
What Is Strategic Sourcing? A Complete Guide Strategic sourcing is a data-driven approach to securing the best value for your organization from its strategic suppliers. The process creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting.
This content does not express the views or opinions of Spend Matters. Ramp recently hosted a panel of seasoned procurement practitioners to discuss and debate next-gen procurement, how procurement should be positioned and approached for businesses implementing a formal process for the first time, and practical steps to stand up a function from scratch.
The Reality of Corporate Sustainability Today I’ve spent years watching organizations grapple with sustainability transformations, and I’ve come to a difficult realization: We’ve overcomplicated the path forward. In our eagerness to measure, analyze, and comply, we’ve created a labyrinth of complexity that’s paralyzing action rather than enabling it.
Product lead time is crucial in the life sciences industry and represents a key consideration for customers’ purchasing decisions. For this reason, BD Biosciences aimed to optimize its global supply and distribution network to reduce delivery lead time to customers and optimize its global inventory. How BD Biosciences was successful in reducing global distribution lead times between 30% and 60% in addition to: Increasing agility to prioritize urgent and ad-hoc customer requests Increasing global
Improve Goods Flow By Outsourcing Logistics! Outsourcing logistics can provide numerous advantages for businesses of all sizes. As supply chains become more complex and globalized, many companies find it beneficial to rely on third-party logistics (3PL) providers to handle some or all of their transportation, warehousing, distribution, and fulfillment needs.
Strategic Sourcing Success: Best Practices and Key Strategies Of course, there are many definition s of source-to-pay but put simply, strategic sourcing is a data-driven approach to securing the best value for your organization from its strategic suppliers. It is a process that creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting.
Are we missing the forest because of the trees, or are we missing the trees because of the forest? A Lack Of Balance? The phrase “Are we missing the forest because of the trees, or are we missing the trees because of the forest?” is a twist on the classic saying “missing the forest for the trees.” It suggests two possible cognitive biases or blind spots: Missing the forest because of the trees Focusing too much on small details and losing sight of the bigger picture.
The procure-to-pay (P2P) process goes beyond managing processes and spending. It serves as a strategic framework that positions procurement as a key driver of financial and business success. When optimized, it aligns procurement decisions with business goals, resulting in smoother operations and stronger financial control. Yet, common challenges such as manual errors, delays, lack of transparency, and compliance risks lead to missed opportunities.
“What should we do about the tariffs?” There’s no straightforward answer — every leader has a different expectation. CFOs want numbers. COOs want action. CEOs want strategy. And supply chain and procurement leaders need to be ready with the right response — fast. That’s why GEP has created a simple three-part framework that will help CPOs and CSCOs brief the board and C-suite with clarity and confidence.
Subscribe Trading Globally, Investing Abroad, Foreign Exchange Markets and Trade Agreements! This article will delve into the various topics related to supply chain, such as trading globally, investing abroad, foreign exchange markets, and trade agreements. These ideas and concepts are key in the overall understanding trading, investing and foreign exchange, and the process of the supply chain and it gives many key benefits that propel companies to more successful opportunities.
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. Strategic sourcing plays a critical role in this transformation, ensuring organizations secure the best value while mitigating risk. Explore the fundamentals of S2P, best practices in strategic sourcing, and the key steps for a successful digital transformation.
Referencing the direct material 2003 ERP story from Procurement Insights (see below), here are the core points to consider: The faster the gains on tech, the more rapid the decline in value – diminishing return. The practitioner agrees to pay licensing and maintenance fees to an ERP solution provider. With a new implementation, there are initial returns.
This Spend Matters Vendor Analysis gives an overview of Circulor, a blockchain-based traceability solution built to track materials that change physical and chemical states and cannot be tagged nor managed at batch level. Such materials include rare earth minerals, plastic, leather and palm oil. These capabilities are critical for improving the transparency and understanding of global and distributed supply chains and complying with regulations on certain raw materials (e.g. conflict minerals) a
Retailers know the clock is ticking–legacy SAP Commerce support ends in 2026. Legacy platforms are becoming a liability burdened by complexity, rigidity, and mounting operational costs. But modernization isn’t just about swapping out systems, it’s about preparing for a future shaped by real-time interactions, AI powered buying assistants, and flexible commerce architecture.
What is Blockchain? And How Does it Work? (Infographic) Blockchain is a very confined and super technology that does not allow anybody to manipulate or delete records. It has the credibility of providing the most secured transactions, and along with that, it also reduces the compliance value. Blockchain technology is capable of helping in contract management and can also do the audit of the product from the origin.
2024 was widely recognized as a landmark year for elections, with over sixty countries holding significant polls. Across continents, incumbent governments faced mounting dissatisfaction as citizens demanded improved public services. Many taxpayers feel their contributions fail to deliver value for money, citing delayed infrastructure projects, rising costs, and public services struggling to meet growing demand.
EDITOR’S NOTE: The following is my response to a new comment on an article I posted to LinkedIn five months ago. I still don’t understand how an old post can stimulate current comment activitymaybe it has something to do with the LinkedIn algorithms. However, that is a discussion for another day. Post Excerpt: 83% of AI initiatives fail – 75% of AI solution providers today will be gone by the end of 2025.
CPO Rising’s Technology Round-Up series continues this week with fresh supply management technology news and updates covering a few recent major announcements. If you are a sourcing, procurement, or spend… The post Technology Round-Up February 5, 2025 appeared first on CPO RISING - THE SITE FOR CHIEF PROCUREMENT OFFICERS & LEADERS IN SUPPLY MANAGEMENT.
Speaker: Andrew Skoog, Founder of MachinistX & President of Hexis Representatives
Manufacturing is evolving, and the right technology can empower—not replace—your workforce. Smart automation and AI-driven software are revolutionizing decision-making, optimizing processes, and improving efficiency. But how do you implement these tools with confidence and ensure they complement human expertise rather than override it? Join industry expert Andrew Skoog as he explores how manufacturers can leverage automation to enhance operations, streamline workflows, and make smarter, data-dri
Supply Chain Collaboration – The New Way to Drive Value! In the ever-evolving world of business, companies continuously strive to gain an edge. There’s a power tool that many overlook: strategic partnerships. Such collaborations offer an impressive vehicle for accelerating business growth. This article will delve into how strategic partnerships fuel business expansion and success.
Today Im joined by Buckeye Mountain, a transportation company that is on a mission of service full service! Buckeye Mountain provides highly specialized services, plus some unique products, that enable owners and operators of cargo terminals to keep pace with the never-ending demand for new technology in their facilities. Today Greg Dunnell, co-founder of Buckeye Mountain, joins me to talk all about his founder journey; Buckeye Mountain and what they do; how big industry challenges impact front
Shortly after launching the Procurement Insights blog in May 2007, I was contacted by Ariba, asking if I would like to interview them about their latest contract win in the Healthcare sector. There were very few blogs in those days, and therefore, the medium was considered a new and exciting venue through which providers could connect with the market.
[**Today, we’re running a “best of” Magnus Mondays post, reprising a popular topic of the series. Magnus returns next week with new content for February.] In a recent article, I… The post Magnus Mondays (Reprisal) Make vs. Buy: Procurement Tech Edition appeared first on CPO RISING - THE SITE FOR CHIEF PROCUREMENT OFFICERS & LEADERS IN SUPPLY MANAGEMENT.
Explore how a global manufacturing organization steadily advanced its supply chain maturity – starting with basic transportation management and evolving towards a fully integrated, optimization-driven planning approach. Get an inside look at a multi-year 4PL collaboration journey, culminating in the implementation of 4flow TORO to unlock the full potential of early optimization in material and transportation planning.
Subscribe 6 Techniques to Reduce Last Mile Delivery Costs! Managing shipping expenses is crucial for the success of any online business. With the rise of e-commerce, especially in Brazil, consumers expect fast, affordable shipping, which often puts pressure on businesses to absorb the costs or pass them on to customers. However, if shipping costs aren’t managed effectively, they can significantly eat into your profits.
AI-empowered tools, complementary to WMS, exist today that add orchestration, leading to increased efficiencies, reduced costs, optimized inventory and enhanced customer satisfaction.
Tariffs are no longer just policy noise. They’re driving real, bottom-line impact. One policy shift and your sourcing strategy is upside down. This bulletin cuts straight to the point. How Market-Leading Companies Are Navigating Tariff Chaos with GEP’s AI-Powered Procurement Platform breaks down how procurement teams are staying ahead of the chaos with real-time insights, smarter sourcing moves and AI-powered agility.
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