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

Procurement Tactics

JUNE 7, 2023

Bonus PDF: 51 ChatGPT Prompts to 10X Your Productivity in Procurement Download 51 Prompts →  Or receive our famous weekly newsletter Purchase Price Variance — Everything You Should Know Purchase price variance is an important factor for budget preparation, but why? Price Purchase Variance: What is it? Why is it Important?

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Price Purchasing Raw materials Negotiation 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.

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Strategic sourcing Strategic sourcing Sourcing Suppliers 147

ivalua

MARCH 18, 2021

Massy, France 18 March , 2021 – Ivalua, a leading provider of global Spend Management Cloud solutions, and CKS BeNeLux today announced that Punch Powertrain has successfully deployed Ivalua’s platform to support the digital transformation of the strategic sourcing process. Tom Reynolds / Robert Fretwell. 0207 436 0420.

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Strategic sourcing Strategic sourcing Sourcing Buyers 130

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. Business requirements. Further reading.

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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

ivalua

JULY 22, 2015

In last week’s blog , I began discussing telltale signs that you have entered the new age of strategic sourcing. Leading manufacturers have proven that best-in-class strategic sourcing can create measurable and sustainable shareholder value by contributing to top line growth and bottom line profitability.

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Empowering CPO

FEBRUARY 20, 2023

As is true the objective of every strategic sourcing project is to reduce the total cost of ownership. In keeping the above points in perspective it is very essential that the vendor pricing evaluation methodology should be very robust.

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Price Cost of ownership Strategic sourcing Strategic sourcing 52

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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ivalua

NOVEMBER 19, 2015

If you happen to be a strategic sourcing professional within the manufacturing industry, you probably are experiencing many challenging days at the office. Market timing and pricing is a big part of that failure. And this is exactly where sourcing and supply chain professionals can make a name for themselves.

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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

Strategic Sourceror

SEPTEMBER 16, 2022

Home prices are influenced by numerous factors, including inventory, geography, demand and the materials that are used during the construction process. Chief among those materials is lumber, and for the better part of two years, lumber prices have see-sawed wildly, fueling frustration among developers as well as would-be homebuyers.

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ProcurePort

MAY 17, 2022

• Strategic sourcing is a combination of activities aimed at aligning a company’s procurement spend with its overall objectives. It’s about spending money in the wisest ways rather than just angling for the lowest prices of items.

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Strategic Sourceror

OCTOBER 4, 2022

Whether it's dining at traditional eat-in restaurants or buying groceries at the supermarket for home cooked meal preparation, food prices are taking a real bite out of Americans' wallets. And when taking into account solely the food that people purchased at grocery locations, prices were up more than 13% year over year.

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Price Strategic sourcing Strategic sourcing Purchasing 57

Strategic Sourceror

SEPTEMBER 28, 2022

According to global markets firm CME Group, sheet prices dropped in August compared to July , continuing a month-over-month downward trend in what it costs to purchase steel. CME Group noted that the drop off is nationwide and its bound to have an impact on steelmakers' production and the prices they charge.

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Price Demand Strategic sourcing Strategic sourcing 62

Strategic Sourceror

JULY 12, 2022

From beef and pork products to eggs and chicken breasts, food prices have skyrocketed across the board due to a variety of factors, the combination of which has created a perfect storm for buyers' budgets. But because of broad price premiums on wheat, farmers are using cheaper staple crops for feed instead.

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Strategic Sourceror

OCTOBER 27, 2022

But with the dairy industry encountering production challenges and the holiday baking season around the corner, prices for butter are up appreciably — and the trend is expected to continue. Not surprisingly, the average selling price for butter is climbing. For the week ending Sept. 27 and from $2.66 27 and from $2.66

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Price Strategic sourcing Strategic sourcing Supply chain 57

Spend Matters

APRIL 10, 2024

Matchory focuses solely on supplier discovery, has an affordable pricing structure and requires no implementation efforts. Matchory was founded in 2019 and targets medium to large manufacturers and procurement consultancies in Europe and North America. This content is for members only. Visit the site and log in/register to read.

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Suppliers Supply Chain Efficiency Supply Chain Optimization Strategic sourcing 83

Strategic Sourceror

OCTOBER 27, 2022

For example, in addition to 31% who admit to streamlining their menus, 39% acknowledged they're now keeping track of prices for ingredients they use frequently, or that are important to specific dishes. Indeed, according to the National Restaurant Association, wholesale food prices are up more than 16% over the past year as of August.

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Strategic Sourceror

OCTOBER 31, 2022

These and other challenges have forced them and grocers to sharply raise asking prices. With numerous farms in Florid decimated by Hurricane Ian, wholesale and retail prices for oranges, grapefruits, lemons and other citrus options are poised to surge with prime picking season just around the corner.

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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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Strategic Sourceror

MAY 10, 2022

The ban comes on the heels of a butterfly effect of global supply chain crises that have affected food prices globally, with every sort of cooking oil being hit by separate disasters. Shortages and price hikes on oil have led to protests and disturbances in the country and become a hot-button political issue. Why the ban?

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Export Price Strategic sourcing Strategic sourcing 52

Strategic Sourceror

SEPTEMBER 22, 2022

"Lower industry-wide turkey supplies are expected to keep prices higher near term," Smily said, as reported by Supply Chain Dive. This isn't the first time this year that bird flu has mired turkey supply chains — neither for the U.S. nor Hormel, for that matter. Brought to you by the StrategicSourceror.

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Price Strategic sourcing Strategic sourcing Supply chain 57

Procurement Tactics

MARCH 16, 2023

Strategic procurement is data-driven and uses a combination of tools and techniques that go far beyond unit price reduction. However, the entire department must work together for a strategic procurement process to happen. Category Management Category management sorts your spending into areas with the same supplier markets.

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Procurement Procurement strategies supply chain budgeting Contract management 238

ivalua

MAY 9, 2023

In light of existing rules, vendors can deter competition by driving prices down in competitive tenders. However, this strategy may lead to a lack of options and price volatility within the market.

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Procurement Strategy Strategic sourcing Strategic sourcing 246

Barkers Procurement

DECEMBER 10, 2023

As part of this award, there was a commitment from all partners to work as part of a sustainable supply chain group where suppliers would collaborate on areas such as strategic sourcing, innovation and knowledge share/ transfer. This was focused upon guidance and leadership, strategy setting and project prioritisation.

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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. . Additionally, it works more in real-time. Order Monitoring.

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Procurement Purchase orders Purchasing Strategic sourcing 226

Procurement Leaders

JUNE 20, 2023

As such, we tend to see the maturity of categories evolve as the business gradually realises the value of strategic sourcing. Even if a category is gifted by the most forward-thinking buyer at the tiller, if the business ignores their skill and avoids the process, then progress is unlikely to be made.

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Procurement Tactics

MAY 24, 2023

These KPIs might include factors such as on-time delivery, product quality, pricing, responsiveness to inquiries, and customer service. Strategic sourcing managers and procurement managers are typically responsible for managing supplier scorecards. Pricing Performance Pricing is an important point when choosing a supplier.

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Supply Chain Efficiency Vendor management Negotiation Quality 186

NLPA (Next Level Purchasing Association)

JANUARY 16, 2024

This broader view recognizes that procurement can contribute value in numerous ways, including: Boosting Sales Growth : Procurement plays a vital role in ensuring the availability of high-quality materials and services at competitive prices.

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Procurement Supply Chain Efficiency Procurement team Supply Chain Optimization 52

Strategic Sourceror

JULY 28, 2022

Increased levels of inflation might be a global concern, but a slowdown in consumer spending is forcing retailers to make significant price reductions on existing inventory. And while this is good news for the average consumer, there is little doubt that unplanned price reductions will adversely impact the bottom line.

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Inventory Price Consumer demands Strategic sourcing 100

Empowering CPO

FEBRUARY 23, 2024

Market Monitoring: AI continuously monitors market dynamics, pricing fluctuations, and geopolitical events. Procurement professionals gain real-time insights for strategic decision-making. AI algorithms categorize expenses, identify cost-saving opportunities, and recommend strategic sourcing initiatives.

Procurement 52

Procurement Ethics Agile and Lean Supply Chain Supply Chain Optimization 52

Una

JANUARY 17, 2024

Addressing the Possible Risks Associated with GPOs The Basics of Group Purchasing Buying Group vs Group Purchasing Organization The unmatched security of price protection Having a stable anchor is priceless in a sea of market fluctuations. GPOs offer just that with contracts providing an unmatched degree of price protection.

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Negotiation Purchasing Strategic sourcing Strategic sourcing 52

Empowering CPO

FEBRUARY 19, 2023

Evaluation of the vendor’s qualitative response is one of the most important phases for the successful execution of the Strategic sourcing process. The key here is to wear their shoes to run the strategic sourcing process. The goal is to find high-quality vendors with the lowest prices and hence higher savings.

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Strategic sourcing Strategic sourcing Quality Category management 52

Strategic Sourceror

FEBRUARY 6, 2023

EV sales top 200,000 in third quarter of 2022 While electric vehicles aren't nearly as popular as traditional gas-powered automobiles, sales have intensified substantially over the last year or so — and are expected to pick up the pace as competition increases and prices diminish. That's a 25% increase compared to 2020.

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Raw materials Strategic sourcing Strategic sourcing Demand 140

Strategic Sourceror

SEPTEMBER 23, 2022

With wages up and unemployment at historical lows, Americans are clearly in buying mode, despite paying higher prices because of inflation. Inflation When beef prices are higher or a gallon of milk is up 20% from a year ago, the knee-jerk reaction is how putting food on the table is affecting families.

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ProcurePort

MAY 18, 2022

• Sourcing is the process of finding the most suitable suppliers of goods and services to a company. When sourcing, a business has to consider the following constraints: cost, profit margins, and competitiveness. •

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