Optimize Sourcing in Dynamic Markets
How can sourcing professionals maximize the value they create by balancing cost, value, sustainability, and business continuity? Download this e-book to get guidance.
Sourcing plays a critical role in volatile economic times. This e-book covers the following topics:
- The current market challenges and opportunities
- The importance of efficiency and collaboration in sourcing
- How to make strategic sourcing more efficient and collaborative
- How strategic sourcing can drive value and how to best capture that value
With strategic sourcing, you can reduce your organizations’ go-to-market time, lower costs even while improving business performance, and reach your organization's other top priority objectives.
Download this e-book to learn how to:
- Make the best of market opportunities
- Discover ideal scenarios with suppliers
- Improve decisions and execute on them better by aligning sourcing processes
- And more.
2. Logistics: Every mode of transportation is affected. Ports and other key transportation nodes have experienced backups or expect to experience them in the near future.
3. Production: Although much of the world is adjusting to life post-COVID-19, pandemic-related disruptions are still causing ripple effects, including supply shortages, factory shutdowns, and more.
4. Geopolitical risk: These risks could have enormous economic consequences and potentially restrict access to vital goods and raw materials.
5. Inventory fluctuations: The last few years have seen massive inventory imbalances. Sourcing, procurement, and supply chain are under increased pressure to work together to right-size their inventory, but it’s not an easy or quick fix.
6. Technological limitations: Whether you love or hate spreadsheets, running and tracking sourcing events using static tools and technology, creates slow, inefficient processes, especially as sourcing becomes more
Another example is a large building materials manufacturer that used strategic sourcing to address bottlenecks in running complex tenders that initially resulted in missed savings opportunities and put the company at risk for missed customer deliveries. The company elevated its sourcing processes to improve risk and savings controls while facilitating supplier management and rebates. This resulted in 22% savings on both direct and indirect tenders worth millions of Euros. Part of these savings also resulted in sustainability wins: the company replaced old lighting in production plants with LEDs, and started buying power from power purchasing agreements with renewable sources.