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In last week’s blog , I began discussing telltale signs that you have entered the new age of strategicsourcing. Leading manufacturers have proven that best-in-class strategicsourcing can create measurable and sustainable shareholder value by contributing to top line growth and bottom line profitability.
Strategic procurement is more than just buying goods and services—it’s about creating value, optimizing resources, and aligning purchasing decisions with organizational goals. In this blog, we’ll explore key best practices and show how leveraging group/cooperative purchasing can help you master the art of strategicsourcing.
However, few manufacturers ever sit back and ask, “How can our procurement or strategicsourcing initiatives contribute to the overall customer experience?” I would argue that, if you’re in manufacturing, strategicsourcing is the first place to start shaping the customer journey. Suppliers are experts in their domain.
Blog » Procurement on the Thames: Ivalua’s London Summer Symposium June 26, 2023 | | Thought Leadership by Eloise Barnum As businesses navigate through supply chain disruptions, high inflation, and sustainability initiatives, procurement, and supplier management has taken center stage in driving change.
If you happen to be a strategicsourcing professional within the manufacturing industry, you probably are experiencing many challenging days at the office. For example, bad supplier choices can hurt your company’s reputation, lead to production line shutdowns, and contribute to loss of profits. Leverage their knowledge.
Product manufacturers have become increasingly dependent on their strategicsuppliers to create a competitive advantage in the market. These collaborative supplier partnerships present manufacturers with a number of opportunities to achieve greater product success. Effective Supplier Engagement Requires a Structured Approach.
Ivalua Blog [ivory-search] Weathering Future Disruptions: 8 Steps to Building Supply Chain Resilience February 8, 2023 | | Manufacturing by Doug Keeley In the face of an unprecedented global crisis, Procurement stepped up to become a crucial driving force for business continuity. Create speed and transparency.
attempt to make a point about the relative value of strategicsourcing, I failed to realize that thought leadership is apparently the exclusive domain of pundits. I’m going with Supplier Value Management. It means turning your supplier relationships into a competitive advantage that enables you to win in the market.
Norway Public Sector Solution Details Jarrod McAdoo Director of Product Marketing Jarrod McAdoo brings over 26 years of procurement experience to Ivalua as a product expert for the Analytics & Insights, Supplier Management, Spend Analysis, and Environmental Impact Center Solutions.
In this blog post, we will explore how sustainable procurement practices can help organizations reduce greenhouse gas emissions and achieve their sustainability goals. However, implementing category strategies for successful sourcing and supplier management can be challenging without the right tools.
The term “supplier collaboration” can mean many things to many people depending on your functional perspective. If you work in product design or engineering, supplier collaboration is focused on integrating strategicsuppliers into your product innovation efforts. Innovating.
But one critical area remains in need of significant attention … the need for better supplier collaboration AND internal teamwork. Early collaboration among engineering, sourcing, and suppliers brings better ideas to the table in terms of product design, features, and costs. Suppliers are always looking to hide sources of cost.
Limited supplier reach: ERP systems don’t go far enough when it comes to reaching and managing suppliers. There’s often little visibility into supplier performance and risk, limited supplier collaboration and communication, and little or no ability to manage supplier contracts and agreements.
Be it stronger support or stricter policies around supplier management for sustainability and diversity or more efforts to improve the communities involved in and around a business. Overall, Procurement organisations can influence entire ecosystems of suppliers to develop with this balance in mind. Building Resilience.
At Ivalua, we understand the importance of having a single source of truth for your data. Having supplier information scattered across multiple systems can lead to data quality issues and even duplicate records for the same supplier. Taxpayers and legislators demand transparency, and suppliers appreciate it.
For our discrete manufacturing market, that means reducing product costs, driving margin expansion and extracting greater value from supplier relationships via superior strategicsourcing and supplier management. In good times or bad, you should never stop investing in improving your business performance.
He said he had seen it all in supply base management and had experienced the feeling of victory leaving plenty of blood on the floor in negotiating with suppliers in his day. He cautioned us that this was a slippery slope and “You will all need suppliers to save your butt one day, never forget that”. It is smart business.
Recently I attended a conference for StrategicSourcing in the medical device manufacturing sector. getting involved early on in the New Product Introduction ( NPI) cycle to ensure suppliers risk is being properly evaluated in production capacity and quality.
As I write this blog, the COVID-19 pandemic continues to ravage populations and economies around the world. And to maximize the impact of these and other objectives, Procurement needs to be managing all spend and all suppliers. It requires different skills and knowledge among the staff, supplier relationships, processes and technology.
But now with strategicsourcing and category management, the process has become much easier to track, monitor and control. Add sourcing workflow to the mix, and introduce machine learning that can link directly to the supplier and track savings, then you can start to see where the science comes in.
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