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In the ever-evolving landscape of strategic sourcing, concocting a recipe for success is essential for organizations aiming to optimize their processes, cut costs, and enhance supplier relationships.
A recent Keelvar webinar, featuring expert speakers Andrew Bartolini, Founder & Chief Research Officer at Ardent Partners; Magnus Bergfors, Director of Product Marketing at Keelvar; and Rich Wilson, Non-Executive Director at Keelvar, shed light on the "secret sauce" that can help businesses succeed in the world of sourcing technology. The panel focused on four key ingredients that, when combined effectively, can transform your sourcing strategies and give your sourcing process a competitive edge. Watch the webinar on demand here
1. Understanding Technology
It's no secret that sourcing technology has come a long way, offering a wide array of capabilities. To harness its power, it's crucial to grasp what these technologies can do and how to apply them effectively.
Sourcing encompasses a variety of tools, from basic e-sourcing to sourcing optimization and Autonomous Sourcing. Each tool has its strengths and applications, making it essential to know when and where to use them. This understanding allows sourcing professionals to make informed decisions about which technology best fits the task at hand.
"One of the things we see in sourcing is the users of the technology are actually underutilizing it. A classic example are people who use very sophisticated e-sourcing tools to simply collect data and then perform manual analysis that could have been accelerated through the power of the tool"
2. Having In-House Experts
The second ingredient is having in-house experts, and sourcing teams should include individuals who are well-versed in the sourcing technology they have to hand. These experts serve as guides and champions, ensuring that the technology is adopted and leveraged to its fullest potential, and offer insights on the best practices for utilizing the technology effectively.
3. Avoiding One-Size-Fits-All
The third ingredient involves avoiding a one-size-fits-all approach. The panel explained that not every spend category is the same, and attempting to force a single sourcing method for all categories can lead to inefficiencies and missed opportunities.
Instead, consider the specific needs of each category. Some categories may benefit from sourcing optimization, while others may require Autonomous Sourcing. Tailoring your approach to the unique characteristics of each category is key to maximizing value. Learn more about this approach in our latest eBook.
4. Incorporating Sourcing into Category Plans
"Sourcing should be a proactive part of your category plans, aligning with your overall procurement strategy and adapting to changing circumstances."
Finally, sourcing technology should be an integral part of your category management strategy. It's not just about how you source but when and why. By including sourcing technology in your category plans, you ensure that it aligns with your overall strategy. This proactive approach allows organizations to be agile and responsive to changes in the market, supplier relationships, and unforeseen events.
Ready to learn more about the "secret sauce" of effective sourcing? Watch the full webinar on demand to gain valuable insights and take your sourcing.
