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Would you Consider Strategic Sourcing Better than this?

Would you Consider Strategic Sourcing Better than this
Zycus Recognized as a Visionary in the 2024 Gartner® Magic Quadrant™
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Imagine if you have to write letters and travel to places to select suppliers. Would you still prefer manual over strategic sourcing?  Modern procurement technologies are here to save your time and take you the strategic sourcing path. With more time, you can not only save time for your business but family too. Keeping pace with newer trends is always rewarding, and once you are on it, there is no stepping back.

It is quite surprising that we still have a small cadre of people who can’t entirely rely on strategic sourcing. Could it be because of habit or mere disinterest in embracing the new? Could it also be because of the budget? Whatever be the reason, it is time we look up at the brighter side of investing in technology. Here are three simple reasons why you should consider strategic sourcing over the manual.

PERKS OF STRATEGIC SOURCING

Save Cost & Time

Do you enjoy comparing vendors manually, which takes weeks to months to find the best pricing options for your business? I am sure you do not and hence why not let a strategic sourcing platform bring both procurement and finance teams together to collaborate in your sourcing process. From selecting the best supplier to identifying savings opportunities, you will have complete visibility through a streamlined supplier selection process.

Cross-Functional Decision Making

The coming together of finance and procurement helps the departments work in unison. Together they can evaluate the business as a whole and drive decisions to the benefit of the entire organization. This technology that you have been ignoring or haven’t implemented to its fullest potential is a venue for cross-functional collaboration impacting business sourcing strategy and manifold ROI.

Save Time for Strategic Move

How many times as of today have you been able to run back to back e-sourcing events? Organizations that have successfully adopted/implemented strategic sourcing platform run three times more, thereby freeing up redundant staff-hours for the company, which again means making room for a more productive time and more savings. I am sure you do not enjoy being drowned by administrative tasks than focusing on strategic initiatives.

Here we can reasonably conclude that to drive the bottom-line success for your organization; we have to take sides with strategic sourcing practices. In a nutshell, strategic sourcing is a disruption that-

  • breaks silos and brings personnel and processes together
  • removes resource-intensive and manual interventions prone to errors
  • provides transparency of sourcing projects and performance &
  • enforces an enterprise-wide sourcing methodology

Conclusion

A little change in perspective, and you can achieve so much as a sourcing professional. By the aid of modern sourcing technology and automation, you can be the actual messiah saving yourself and your company from a great deal of hassle and operational redundancies. Honestly, it is not only the money matters; we have progressed way ahead from thinking of the cost but value that we should consider as the motivation behind investing in e-sourcing tools. An Ardent report states that best in class procurement teams generate incremental savings of 3% as compared to other organizations. Imagine saving up to $3million for every $100 million of spend. Undeniably, it is a substantial return on investment (ROI) and a lot of value that you can offer to the table.

Related reads:

  1. The Stages of Strategic eSourcing: A Comprehensive Guide
  2. 15 Stages of grief in strategic sourcing: Getting to Acceptance
  3. Four Pillars of Strategic Sourcing
  4. Large-scale Sourcing Cheat Sheet: Essential Guide to Sourcing Optimization
  5. White Paper- Making Strategic Sourcing a Reality
  6. White Paper – 8 Reasons to go for Integrated Source-to-Pay Suite
  7. White Paper – Flexi-Price Builder: Bringing e-Sourcing-Desktop Integration
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Zycus is a leader in Cognititive Procurement. A leading SaaS platform used by many large enterprises across the globe for enabling efficiency and effectiveness of the procurement function.

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