The need to source essential supplies faster and more effectively than ever before, while continuing to increase productivity and reduce costs and risk. Procurement is at the center stage and has taken a critical position as part of digital transformation initiatives. Supplier collaboration, transparency and 360-degree visibility.A few of the strategic priorities on the minds of procurement executives are: These demands have increased the need for procurement agility and integrated platforms more than ever before. Customers are demanding more from the organizations they buy from and work with – more speed, better quality, the best experience and full transparency. Strategic sourcing is important because its processes and capabilities help organizations increase compliant spend, achieve significant cost savings, and drive strategic value across the enterprise.With economic volatility at an all-time high, organizations are dealing with extreme pressure to control costs, manage risks, sense opportunities and increase efficiency and productivity and to do it all without slowing down progress. Operationalize negotiated agreements, helping ensure a consistent realization of their value.Execute negotiation activities and tasks, from tendering to contract negotiation, enabling compliance and collaboration among multiple company stakeholders, delivering sustainable savings, and reducing supply chain risk.Identify, onboard, and perform continuous management, evaluation, and qualification of suppliers to help support diversity, sustainability, cost reduction, and reliability objectives in today’s volatile marketplace.
Discover the right savings opportunities.Strategic sourcing solutions are available in application suites as integrated solutions that help procurement professionals and organizations: Strategic sourcing is a series of collaborative procurement processes that includes spend data collection and analysis, supplier management and category management, sourcing, and contract management.
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