Have you heard about this new term, “Modern Sourcing”? In an increasingly competitive marketplace, purchasing pros need the right sourcing solutions to identify savings, ensure compliance and mitigate risk. We can help you make your M.A.R.K. with these four tips to make sure you’re on the right path to Modern Sourcing excellence.
Migrate towards a center-led procurement structure.
Why is this approach so important? Center-led procurement models incorporate supply chain strategies and strategic commodities, best practices, and knowledge sharing while leaving individual buys and tactical execution to the individual business units. This allows for the creation of flexible supply chain processes and commodity strategies that can be tailored at the local level when necessary. With the right processes and solutions in place, you can increase compliance and spend under management by utilizing this structure.
Adapt to a more holistic view of your supply chain base and spend.
Trends such as diversity, corporate social responsibility, and global sourcing have pushed companies of all sizes to move towards this view. As companies come under more scrutiny, sourcing is being pushed to go beyond looking at cost savings and incorporate new ways of looking at total revenue, such as the Triple Bottom Line – a concept that measures the financial, social and environmental performance of the corporation over a period of time. Using sourcing analytics is a critical piece of the achieving this goal.
Recognize value generation opportunities.
How? Spend Analysis. By implementing this tool, you will gain visibility into cost reduction, performance improvement and contract compliance opportunities. By bringing light to previously hidden data, you’ll be able to build out a sourcing pipeline, manage compliance, risk and more.
Kick-start your journey to modern sourcing excellence.
How do you identify the right technology for managing your modern strategic sourcing process? A great place to start is checking out the Gartner Magic Quadrant. It’s the go-to report that helps procurement organizations determine the right strategic sourcing vendor to fit their organization’s needs. If you’re curious as to why Iasta was positioned as a Leader in this report, check it out here.
So, are you ready to make your M.A.R.K. in Modern Sourcing? We are ready to help you every step of the way! To learn more, you can contact our Success Team, schedule a demo or check out our new eGuide about Modern Sourcing!