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.

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Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

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.

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Empowering CPO

JANUARY 28, 2024

At EmpoweringCPO, we excel in Strategic Sourcing Outsourcing , a methodical approach to procurement that emphasizes data-driven decision-making, market intelligence, and innovative procurement analytics tools. Essential Tips and Tricks: Data-Driven Decision-Making: The foundation of successful Strategic Sourcing lies in data.

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Strategic sourcing Strategic sourcing Sourcing Supply Chain Optimization 40

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.

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Category management Strategic sourcing Strategic sourcing Sourcing 59

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.

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Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

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.

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Supplier negotiation Negotiation Suppliers Buyers 97

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.

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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.

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Procurement Strategic sourcing Strategic sourcing Risk management 130

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.

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Strategic sourcing Strategic sourcing Sourcing Cost of ownership 52

Skill Dynamics

OCTOBER 19, 2023

A crucial part of successful procurement strategies is the art and science of negotiation. Procurement negotiation refers to a buyer (usually from a company) and a seller (usually from a supplier) working together and discussing the likes of pricing, terms, conditions, and other aspects of a procurement contract.

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Negotiation Procurement Procurement strategies Buyers 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.

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Procurement Chief Procurement Officer Strategic sourcing Strategic sourcing 171

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.

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Price Purchasing Raw materials Negotiation 130

World of Procurement blog

APRIL 24, 2024

Procurement, however, is the broad orchestra conductor, encapsulating the strategic process of sourcing, negotiating, and managing the acquisition of goods and services essential for an organization's operations. Skills Needed For Buying: Negotiation Savvy : Securing the best deals requires adept bargaining skills.

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Procurement Supplier relationship management Strategic sourcing Strategic sourcing 52

World of Procurement blog

APRIL 23, 2024

Below are the top 20 skills they need to master: Negotiation Skills : The ability to negotiate favorable terms, conditions, and prices is essential. Strategic Sourcing : Identifying and developing key suppliers and products to optimize spend.

Ethics 52

Ethics Procurement Supplier relationship management Market knowledge 52

World of Procurement blog

APRIL 23, 2024

Below are the top 20 skills they need to master: Negotiation Skills : The ability to negotiate favorable terms, conditions, and prices is essential. Strategic Sourcing : Identifying and developing key suppliers and products to optimize spend.

Ethics 52

Ethics Procurement Supplier relationship management Market knowledge 52

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.

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Procurement Procurement strategies supply chain budgeting Contract management 238

IBM Supply Chain Blog

FEBRUARY 28, 2024

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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Empowering CPO

FEBRUARY 20, 2023

Most of the cost components were along with the pass-through cost and hence our client was unable to differentiate and identify the parameters that can be negotiated. The Negotiation To prepare our negotiation strategy we adopted the following steps: We collected all the information that was available related to this contract.

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Negotiation Management Buyers Contract 52

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.

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Strategic sourcing Strategic sourcing Vendor management Category management 246

World of Procurement blog

APRIL 23, 2024

They ensure the company gets the best possible deals in terms of quality, cost, and delivery times by skilfully negotiating with suppliers and vendors. Contract Negotiation: Negotiating contracts to secure advantageous terms on behalf of their company. Supplier Management: Identifying, evaluating, and engaging suppliers.

supply chain budgeting 52

supply chain budgeting Management Procurement Chief Procurement Officer 52

World of Procurement blog

APRIL 23, 2024

They ensure the company gets the best possible deals in terms of quality, cost, and delivery times by skilfully negotiating with suppliers and vendors. Contract Negotiation: Negotiating contracts to secure advantageous terms on behalf of their company. Supplier Management: Identifying, evaluating, and engaging suppliers.

supply chain budgeting 52

supply chain budgeting Management Procurement Chief Procurement Officer 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

MARCH 21, 2024

Despite successful negotiations with multiple vendors and the careful selection of optimal purchase plans, translating these efforts into actual savings poses significant hurdles. ” Implementing a robust compliance tracking process is essential to realizing projected savings on the ground as envisioned during strategic sourcing. .”

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Strategic sourcing Strategic sourcing Supply Chain Optimization Sourcing 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.

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Procurement Purchase orders Purchasing Strategic sourcing 226

Empowering CPO

MARCH 17, 2024

Despite successful negotiations with multiple vendors and the careful selection of optimal purchase plans, translating these efforts into actual savings poses significant hurdles. ” Implementing a robust compliance tracking process is essential to realizing projected savings on the ground as envisioned during strategic sourcing. .”

Strategic sourcing 52

Strategic sourcing Strategic sourcing Supply Chain Optimization Sourcing 52

Empowering CPO

MARCH 17, 2024

Despite successful negotiations with multiple vendors and the careful selection of optimal purchase plans, translating these efforts into actual savings poses significant hurdles. ” Implementing a robust compliance tracking process is essential to realizing projected savings on the ground as envisioned during strategic sourcing. .”

Strategic sourcing 52

Strategic sourcing Strategic sourcing Supply Chain Optimization Sourcing 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

Empowering CPO

DECEMBER 4, 2020

This article talks about the probable increase that these vendors may ask and how and what to negotiate so as to negate the increase in annual cost for this category. Negotiating threshold value. Based on the volumes of packages sent by an organization, the threshold value can be negotiated in shipper agreements up to 4 cu.

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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!

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

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.

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Price Cost of ownership Strategic sourcing Strategic sourcing 52

Ms. Category Management

MAY 15, 2019

MsCategoryManagement blogs about IT Sourcing and Nightmare Negotiations.

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Una

MAY 3, 2023

Here is what it said: “A sourcing hero is like a Jedi master of strategic sourcing, skilled in the art of identifying cost-saving opportunities, negotiating contracts, and managing supplier relationships. They possess the ability to manage complex sourcing projects while aligning strategies with business goals.

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Strategic sourcing Strategic sourcing Ethics Negotiation 89

Procurement Tactics

MARCH 23, 2023

18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details →  Or receive our famous weekly newsletter Source-to-Contract — The Ultimate Guide Source-to-contract is an important process in procurement. If you want to know about source-to-contract, then this is for you!

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Contract Sourcing Purchase orders Bidding 156

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. Lotting Strategy is designed when negotiation is conducted using Reverse Auction tools. What is Lotting Strategy?

Strategy 52

Strategy Cost of ownership Strategic sourcing Strategic sourcing 52

Procurement Tactics

JUNE 28, 2023

Negotiation Course Learn from industry experts who negotiated billion $ deals 2. These data and inputs are used for the creation of reports and insights that aid in identifying trends, and areas that need improving or support strategic decision-making.  Menu Course Library 1.

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Supply Chain Efficiency Procurement supply chain software solutions supply chain budgeting 178

CPO Rising

MARCH 22, 2024

It’s Friday, which means we’re sharing another CPO Rising Listicle. Each list will include a variety of procurement tips, trends, insights, research, lists, strategies, and/or recommendations designed to help procurement teams improve operations. We’ll also include a summary graphic for you to share with your team.

Chief Procurement Officer 40

Chief Procurement Officer Negotiation Contract Suppliers 40

NLPA (Next Level Purchasing Association)

SEPTEMBER 8, 2023

These insights enable data-driven decision-making, negotiation strategies, and risk mitigation, leading to more informed procurement choices. This results in better negotiation outcomes, improved quality, reduced costs, and enhanced overall value delivery.

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Procurement Strategic sourcing Strategic sourcing Supply Chain Efficiency 52