ProcurePort

JULY 27, 2022

• Strategic sourcing is a practice in procurement that seeks to utilize a single, integrated process for purchasing and supply chain management. Strategic sourcing tailors data collection, spend analysis, negotiation, market research, and contracting to achieve profitability and efficiency in purchasing and supply chain management.

Strategic sourcing 130

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 130

Jaggaer

FEBRUARY 5, 2025

Strategic Sourcing Simplified: Best Practices for Maximizing Value Strategic sourcing goes beyond cost savings its about making informed decisions that drive long-term value. Now well dive into best practices in these critical areas to ensure a more effective and resilient sourcing strategy.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Strategy 52

Procurement Templates

MARCH 3, 2024

I asked my assistant to help me mock up a strategic sourcing framework and she did a fairly good job but made a few mistakes. Identify opportunities for consolidating supplier relationships, negotiating better terms, or diversifying the supplier base to mitigate risks. Can you spot the mistakes!

Strategic sourcing 130

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 130

ivalua

NOVEMBER 27, 2019

So what does “good” strategic sourcing look like? The primary difference between Strategic Sourcing and “good” Strategic Sourcing is contextualized flexibility. If Procurement follows a Strategic Sourcing process flow like a checklist, then all Strategic Sourcing projects will start and end in the same way.

Strategic sourcing 113

Strategic sourcing Strategic sourcing Sourcing Suppliers 113

Una

NOVEMBER 1, 2022

Benefits of Strategic Sourcing and Best Practices. Let’s look at what strategic sourcing is, its best practices, and five key benefits: What is the difference between strategic sourcing and procurement? Strategic sourcing best practices. Here are four best practices for strategic sourcing: 1.

Strategic sourcing 98

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 98

Spend Matters

NOVEMBER 5, 2024

Ongoing training is important for procurement teams to keep up with the constantly evolving and advancing procurement tech and services landscape, specifically in niche areas such as category management, supplier management, negotiation and strategic sourcing and in the broader areas of change management and leadership.

Procurement 113

Procurement Competitive analysis Strategic sourcing Strategic sourcing 113

Spend Matters

JANUARY 23, 2025

This article will outline those limitations and propose that invoking competitive negotiations with machine learning solutions such as Arkestro is the optimal way to evaluate the market competitiveness of price quotes. Thus, should-cost models often misrepresent what constitutes a good price.

Price 107

Price Negotiation supply chain software solutions Supply Chain Optimization 107

Procurement Templates

DECEMBER 11, 2024

Strategic Objectives Cost Savings: Achieve cost reduction targets through effective supplier negotiations and strategic sourcing. Check out the 3 E’s Negotiate Beyond Cost Savings: Seek value-add services from suppliers, such as extended warranties and training.

Procurement 130

Procurement Supply Chain Efficiency supply chain budgeting Cost of ownership 130

Una

MARCH 8, 2023

Pain Points in Procurement Series When Supplier Negotiations Come to a Standstill What to do when supplier negotiations appear to be at an impasse, why negotiations break down, and how to up your chances for success. This week, we explore the challenges and solutions involved when supplier negotiations hit an impasse.

Supplier negotiation 97

Supplier negotiation Negotiation Suppliers Buyers 97

Procurement Heads

DECEMBER 7, 2022

We have three key areas: strategic sourcing, category management and vendor management, which is the onboarding and management of our suppliers and so on. We have 11 people in the function across strategic sourcing and vendor management, mainly based across two locations: London and Sofia in Bulgaria.

Strategic sourcing 246

Strategic sourcing Strategic sourcing Vendor management Category management 246

Procurement Tactics

MARCH 16, 2023

18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details →  Or receive our famous weekly newsletter Strategic Procurement — Everything You Should Know Strategic procurement allows businesses to meet the demand of the current procurement landscape by making sense of the data and automating the procurement process.

Procurement 238

Procurement Procurement strategies supply chain budgeting Contract management 238

Spend Matters

AUGUST 4, 2022

Instead, efforts should be focused on implementing a new, multi-step sourcing approach that: Ramps up the volume of available resources to complete projects in unprecedented time frames. Negotiates unit pricing contracts with partners to support 2022 goals.

Strategic sourcing 75

Strategic sourcing Strategic sourcing Sourcing Negotiation 75

Una

AUGUST 31, 2023

Overcoming Challenges with Strategic Sourcing for SMEs Explore how strategic sourcing for SMEs can help procurement professionals overcome the unique challenges of operating a small business. Data-driven decision making For many organizations, the number-one way to “get strategic” is through data-driven decision-making.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supplier relationship management 52

Procurement Tactics

JANUARY 13, 2023

However, being a procurement professional requires you to have great confidence and skill in negotiation and procurement. . Strategic sourcing manager. The strategic sourcing manager is responsible for high-value purchases. To be a strategic sourcing manager, you must have an analytical mind and tactical spending.

Procurement 171

Procurement Chief Procurement Officer Strategic sourcing Strategic sourcing 171

Una

AUGUST 21, 2023

The Human Factor in Strategic Sourcing How to allow for the human factor in strategic sourcing to drive the success of procurement process optimization and cost efficiency efforts. Strategic sourcing in procurement would be so easy if people weren’t involved!

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Ethics 52

Procurement Tactics

SEPTEMBER 8, 2022

Additionally, it should not be confused with strategic sourcing which is more focused on the long-term approach. Strategic sourcing promotes the timely supply of goods or services that are needed to meet the objectives of an organization. . Want to take your negotiation results to the next level? ENROLL NOW.

Procurement 226

Procurement Purchase orders Purchasing Strategic sourcing 226

Una

OCTOBER 9, 2023

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.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

ivalua

JULY 6, 2015

The strategic sourcing technology market is a crowded space. Walk the exhibit floor at the annual ISM conference and you’ll easily find more than 40 providers offering a wide variety of e-sourcing solutions. So how do you know if you have the right sourcing technology for your business?

Sourcing 138

Sourcing Strategic sourcing Strategic sourcing Suppliers 138

Future Purchasing

OCTOBER 4, 2022

Value is usually secured via three implementation routes – internal business change, supplier management and sourcing. In contrast, strategic sourcing is the process used by Procurement teams to source products and services for the business. Data gathering focuses on spend analysis and supply market research.

Category management 59

Category management Strategic sourcing Strategic sourcing Sourcing 59

SCMDOJO

DECEMBER 29, 2024

However, it covers key differences between purchasing and procurement, explores common contract types, and emphasizes the importance of strategic sourcing, supplier relationships, and risk management. 10 Must-Watch Negotiation Movies: Master the Art of Persuasion with These Gripping Films This is a fantastic blog post!

Supply Chain Efficiency 87

Supply Chain Efficiency supply chain budgeting Supply Chain Optimization Supply chain 87

ProcurePort

OCTOBER 20, 2023

• Opting for procurement services offers cost savings through improved negotiations, volume discounts, and strategic sourcing, along with significant time efficiency gains and streamlined processes.

Procurement 130

Procurement Strategic sourcing Strategic sourcing Risk management 130

Jaggaer

FEBRUARY 20, 2025

Yet in the case of source to pay, it is wholly justified. The term refers to the entire journeyfrom finding suppliers and negotiating contracts to finalizing agreements and making the final payment for goods. This sequence of tasks is sometimes referred to as source to contract, and they form the upstream elements in S2P.

Sourcing 52

Sourcing e2e Supply Chain Efficiency Strategic sourcing 52

Procurement Tactics

AUGUST 25, 2022

Omid Ghamami is one of the most globally recognized thought leaders in the field of purchasing and sales negotiations. Kearney where he spent 10 years in the consulting firm’s strategic IT and operations practice which drives client business transformation and optimization initiatives. Omid Ghamami. Editor's note: Hi there!

Procurement 231

Procurement Supply Chain Optimization supply chain budgeting Agile and Lean Supply Chain 231

Spend Matters

MAY 13, 2025

Key areas of transformation include the following: Bridging the strategy-execution gap Gen AI enables tighter, faster alignment between strategic sourcing objectives and tactical execution.

Real-time Visibility 68

Real-time Visibility Procurement Procurement team Strategic sourcing 68

Empowering CPO

FEBRUARY 11, 2024

Introduction In the ever-evolving landscape of procurement, organizations are turning to strategic sourcing services to navigate the complexities and achieve sustainable success. Building Robust Supplier Relationships Successful strategic sourcing extends beyond transactional interactions with suppliers.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sustainability Sourcing 52

SCMDOJO

MARCH 24, 2025

However, due to bulk purchasing negotiations, the company secures a discount and purchases the material at $4.50 This positive variance is achieved through effective negotiations, efficient internal management, and leveraging market opportunities. Negotiating favourable terms with suppliers helps in reducing costs.

Price 56

Price Purchasing supply chain budgeting Raw materials 56

TYA Suite

NOVEMBER 25, 2024

What is strategic sourcing and how does it work? Strategic sourcing is a method used by businesses to buy goods and services in a way that focuses on long-term value, not just short-term savings. Strategic is about building strong, lasting relationships with suppliers that deliver the best overall value.

Strategic sourcing 40

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 40

Skill Dynamics

FEBRUARY 4, 2025

Strategic Sourcing and Supplier Relationship Management Strategic sourcing skills are crucial for procurement professionals to effectively identify and then leverage opportunities within the supply base to create value. Strategic sourcing can also help reduce the overall risk in a given supply chain.

Procurement 59

Procurement Supply Chain Efficiency Supply Chain Optimization supply chain budgeting 59

Skill Dynamics

JANUARY 14, 2025

They can improve performance, lead to stronger strategic alignment, and enhance the career development opportunities for your procurement staff. A typical procurement competency framework covers several key areas, including but not limited to strategic sourcing, supplier management, risk management, and contract negotiation.

Procurement 59

Procurement supply chain budgeting Procurement team Supply Chain Efficiency 59

Jaggaer

FEBRUARY 28, 2025

However, simply cutting costs isnt a sustainable strategy CPOs must move beyond tactical price reductions and embrace strategic cost management. Solutions: Strategic Sourcing: Move beyond transactional purchasing and embrace strategic sourcing.

Agile and Lean Supply Chain 52

Agile and Lean Supply Chain Procurement Supply Chain Optimization Real-time Visibility 52

Procurement Insights

MARCH 17, 2025

I received an email a few moments ago with the headline – NEWS: Beroe Acquires nnamu to Turbocharge Procurement Negotiations with Game Theory and AI. However, I am very familiar with a ProcureTech solution provider named ProPurchaser, which also, as I see it, “turbocharges” negotiations.

Negotiation 52

Negotiation Procurement team Real-time Visibility Cost of ownership 52

Procurement Tactics

JUNE 7, 2023

Knowing the standard pricing for goods and services is crucial in initiating negotiations for new purchases. In such cases, it may not be possible to negotiate prices down to meet the last purchase price (LPP) due to external market issues. Negotiation Course for Procurement Learn from industry experts who negotiated billion $ deals 2.

Price 130

Price Purchasing Raw materials Negotiation 130

Empowering CPO

JUNE 22, 2023

Introduction Welcome to our complete guide on the role of spend analysis in strategic sourcing. In the ever-evolving world of business, strategic sourcing has become a linchpin in corporate success. But how do we fuel the engine of strategic sourcing? Spend analysis is the catalyst for strategic sourcing.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

Procurement Tactics

MAY 24, 2023

18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details →  Or receive our famous weekly newsletter Vendor Scorecards — Everything You Should Know Vendor scorecards simplify vendor management and are an important factor in monitoring supplier performance. However, what is it? What is the purpose of it?

Supply Chain Efficiency 186

Supply Chain Efficiency Vendor management Negotiation Quality 186

Positive Purchasing

DECEMBER 5, 2024

Transforming Negotiations with Procurement Technology In our latest webinar, we explored how procurement technology is revolutionizing negotiations. Traditionally reliant on face-to-face interactions and personal influence, the negotiation process is evolving in the digital age, driven by AI, data analytics, and online platforms.

Negotiation 52

Negotiation Supplier negotiation Procurement Strategic sourcing 52

Procurement Insights

APRIL 2, 2025

Zycus Overview: A pioneer in cognitive procurement with a GenAI-powered Source-to-Pay suite (Merlin AI), serving large enterprises. Unique Benefits: AI-Driven Cost Savings: Merlin AI analyzes spend patterns and negotiates contracts, targeting 10-15% savings ($1B-$2.25B on $10B-$15B spend) to counter oil price volatility.

Agile and Lean Supply Chain 52

Agile and Lean Supply Chain Procurement solutions Supply Chain Efficiency Procurement 52

Procurement Templates

JUNE 18, 2023

Enhance your analytical and strategic thinking skills by solving complex problems, practicing critical thinking, and learning to leverage data to drive procurement strategies. Build communication and negotiation skills: Effective communication and negotiation skills are vital for procurement leaders.

Leadership 147

Leadership Procurement Agile and Lean Supply Chain Supply Chain Efficiency 147