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Strategic sourcing enters a new age. Are you keeping up? (Part 2)

ivalua

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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Visibility is crucial for supply chains

Strategic Sourceror

Some of the key advantages that visibility solutions bring include: Less risk According to McKinsey, organizations that have implemented digital dashboards for their supply chain visibility needs were twice as likely to have avoided the supply chain issues that plagued the industry in the early months of 2022.

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Episode 137: Using Visibility to Combat Supply Chain Abstraction with Frank Kenney

Una

Frank is the Director of Market Strategy at Cleo, where he is focused on helping companies get ahead and stay ahead despite persistent supply chain complexity. Group purchasing can be used in conjunction with other procurement strategies , like strategic sourcing, for example.

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5 Advantages of Supplier Relationship Management Software

Procurement Software

Parallel to this, they offer the ability to streamline supplier governance and due diligence activities to cover increasing demands on compliance and supply chain visibility. Studied cases at Kodiak Hub show between 1–3 % loss of brand exposure resulting from a non-compliant supply chain. About Kodiak: .

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5 Advantages of Supplier Relationship Management Software

Procurement Software

Parallel to this, they offer the ability to streamline supplier governance and due diligence activities to cover increasing demands on compliance and supply chain visibility. Studied cases at Kodiak Hub show between 1–3 % loss of brand exposure resulting from a non-compliant supply chain. About Kodiak: .

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The 25 Hottest US Procurement Startups

Procurement Software

It helps clients conduct supply chain due diligence and meet emerging compliance obligations related to modern slavery, climate change, and sustainable sourcing. Their platform also offers thorough spend intelligence, allowing for in-depth strategic sourcing.

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Procure-to-Pay (P2P) vs. Source-to-Pay (S2P)

Procurement Software

However, procure-to-pay is definitely a subcomponent of the entire source-to-pay process. The key difference is that S2P includes the important stage of strategic sourcing, which is performed before you. Industry jargon refers to sourcing and the negotiation of terms and conditions as the “upstream” part of the process.