As per TechTarget, strategic sourcing is an approach to supply chain management that formalizes the way information is gathered and used so that an organization can leverage its consolidated purchasing power to find the best possible values in the marketplace.
The question that comes to mind here is, in this definition of strategic sourcing what qualifies as “value”? And undoubtedly, the first thought that comes to mind when we talk about “value” derived from Strategic Sourcing is the cost savings. And the answer is justified; according to a 2017 Hackett Benchmark Report world-class procurement organizations accrue 35% additional cost savings by leveraging digital technology.
However, in today’s blistering pace of business, what Procurement and Sourcing leaders like you need to ask is can we, in today’s digital age limit our views and restrict the scope of Strategic Sourcing functions to merely achieving cost savings goals or can we make more impact?
The answer is we can make a wider impact, here’s how! We expand our perception of strategic sourcing from a one- dimensional myopic cost savings aid to a multi-faceted function that make a positive difference to the organization’s working capital and revenue. Digital tools facilitate organizations in achieving this value driven sourcing model. But how do we get organizations to adopt these tools? What are the actionable strategies that will help achieving more value from your sourcing function?
Join our panel of Sourcing and Procurement Industry experts to gain answers to these questions and more:
Jon Hansen (Editor and Lead Writer Procurement Insights)
Kate Vitasek (Author, Educator and Architect of the Vested Business Model)
Dawn Tiuara (President and CEO of Sourcing Industry Group)
Phil Dungey (Head of Advisory Services at IACCM)
Christian L. Rossetti (Assistant Professor of Logistics and Supply Chain Management at Georgia Southern University)
Date & Time: 26th July, 2018; 2:00 PM Eastern Time