Welcome back! Just joining us? Click here to read Part 1 in this series which recaps the importance of innovation and what successful innovation looks like today.
The successful implementation of innovative ideas demonstrates that despite the potential access to more resources, bigger is not always better. For the strategic sourcing application market, this simply boils down to the corporate genetic make-up of a small versus big company. For instance, as many business gurus may attest, small businesses (that includes best-of-breeds like Iasta) continually search for workable business approaches that identify the right match between customers’ needs and what can be offered and delivered from a solution perspective. In contrast, big companies often acquire or piece solutions into a wider solution landscape, but do this as result of focusing on shareholder value, rather than customer satisfaction.
What should modern sourcing organizations focus on today?
The modern sourcing enterprise using a strategic sourcing or spend analysis solution effectively must be purpose driven and focused on:
- The ability to easily demonstrate the value and purpose of a sourcing tool
- Increased adoption rates of an eSourcing platform through its increased use
- Proven value and ROI by realizing savings to the bottom-line
- The advancement and improvement of a platform rather than through the acquisition
As organizations look to focus on an increasingly complex dynamic of optimizing award decisions, advancing supplier intelligence for managing supplier performance and ensuring contract compliance, best-of-breed innovation from market leaders in strategic sourcing will drive the connection between creative solutions for managing the modern sourcing enterprise and effectively implementing the creative solutions that solve business problems.