Optimize Your Strategic Sourcing: Our New Report Shows You How

Key Takeaways:

• Data is the new currency when it comes to sourcing
• Our new sourcing and supply chain management report gives a detailed perspective on its ever-changing landscape, providing actionable strategies to mitigate risk, improve cost savings, and enhance supplier relationships

The Full Article:

A McKinsey procurement report reveals that of the 35 chief procurement officers (CPOs) surveyed, “procurement as the owner of the single-source-of-truth platform for external cost” was the highest priority for high-value analytics. Additionally, most revealed they did not have technology platforms that were capable of performing comprehensive, integrated, real-time data processing. They noted that less than 20% of their organizations’ available procurement data was currently used.

Today’s sourcing and procurement professionals need every advantage to mitigate supply chain challenges, get closer to the actual cost of raw materials, avoid costly quoting processes and delays, and foster supplier relationships.

It requires a deep dive into the major sourcing bottlenecks that impede material cost forecasting, contract negotiations, supplier performance and contract management, and informed decision-making.

An Ever-Changing Supply Chain Landscape Requires Agility

Our report, “A New Way of Sourcing & Supply Chain Management: Data is the New Currency,” outlines the full scope of sourcing and supply chain management. Organizations will learn how to leverage data to:

• Mitigate supply chain risks effectively
• Streamline supply chain management
• Implement more strategic sourcing initiatives
• Maximize sourcing opportunities, and, most importantly,
• Lower costs and improve profitability

And it’s not just sourcing teams that benefit from an agile supply chain. All stakeholders across the product development lifecycle have a vested interest, to some extent.

In the first two sections of this report, we cover the nuances and correlations between sourcing, procurement, and supply chain management.

The Benefits of Strategic Sourcing

Artificial intelligence (AI) is an increasingly prominent tool used in sourcing and supply chain management.

It is critical to today’s sourcing efforts, including why data is the new currency, especially when it comes to supplier relationship management and gaining a competitive advantage. Discover how these AI-powered sourcing insights facilitate:

• A more data-driven approach to determine raw material properties, regional labor rates, and production volumes
• Quoting automation, and more cost-effective sourcing via multi-scenario analysis
• Trade-off decisions based on material selection, process optimization, and more
• More effective strategic sourcing process methods to better vet potential suppliers
• A spend analysis to help extract more accurate material costs
• How data-driven insights are the new currency, empowering more successful, fact-based supplier negotiations
• More aligned business goals that streamline sourcing and procurement, dramatically increasing win rates
• Ability to assess supplier selection quickly, reducing quoting times from days to less than 24 hours, and getting to market faster

The result is more precise data, a streamlined quoting process, better decision-making, and faster time to market. AI, if implemented properly (read more on that in our report), can be highly advantageous for the procurement process.

A Peak Into Our New Way of Sourcing & Supply Chain Management Report

Our report is chockful of useful sourcing strategy tips, empowering solutions, and a fresh take on the most effective ways manufacturers can source and navigate today’s supply chain. Here is what you can expect in this report:

• The factors that have upended the traditional supply chain in the past decade
• How to fine-tune your supply chain management through four stages
• Tips for creating more agile supply chain management
• Why supplier relationship management is a critical bridge to your supply chain
• Why achieving Zero RFQ is possible with aPriori
• Nine videos and case studies illustrating the transformative capabilities of AI-powered sourcing insights
• Fun facts about the supply chain

Today’s sourcing and procurement teams are under tremendous pressure to navigate unpredictable supply chain waters while ensuring profitability and time to market. Our interactive report gives you the essential knowledge and tools to ensure the continuous improvement of processes and meet your business needs.