What Does “Good” Look Like: Strategic Sourcing

ivalua

So what does “good” strategic sourcing look like? The primary difference between Strategic Sourcing and “good” Strategic Sourcing is contextualized flexibility. Procurement must be able to apply the general principals of Strategic Sourcing in a way specific enough to maximize the value of each spend category. If Procurement follows a Strategic Sourcing process flow like a checklist, then all Strategic Sourcing projects will start and end in the same way.

Inventory Management vs Product Information Management (PIM)

Supply Chain Game Changer

The following Product Information Management (PIM) article was written by guest author Alex Borzo, a content contributor at Amber Engine , a software company passionate about eCommerce. Your PIM is the software you use to manage all your product information in one place. Subscribe Here!

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Real-time Information Increasingly Important for Manufacturers

QAD

Digital transformation strategies are delivering more responsive solutions and real-time information to change the way organizations operate. This access “reduced the time information travels from Chicago to New Jersey by just four milliseconds, from 17 to 13 milliseconds.” . Manufacturers Thrive on Timely Information. Can manually intensive processes provide timely information from suppliers?

Altering the When, How and Why of Supplier Information Management

ivalua

Supplier information is typically viewed by procurement organizations as one of two things. It is either a data input, such as what we gather and use in spend analysis, or it is a process by-product, such as the information we gather from prospective suppliers during strategic sourcing. Procurement knows supplier information is useful and important, and that it needs to be cleansed and standardized after we collect it.

Trends and Predictions 2020: Information Technology

Enterra Insights

Information technology (IT) is an umbrella term covering a variety of technologies. Bill Gates ( @BillGates ) once stated, “Information technology and business are becoming inextricably interwoven. ” The current CEO of Microsoft, Satya Nadella ( @satyanadella ), adds, “Information technology is at the core of how you do your business and how your business model itself evolves.” The IoT is the epitome of information technology.

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Information Overload: Is Too Much Data Crippling Your Supply Chain?

Kinaxis

That’s the question many supply chain practitioners are asking themselves in this world of big data, where a flood of new information is rapidly becoming readily available. When trying to determine if you’re suffering from information overload, here are a few things to consider: Are you focused on quantity or quality? Falling into the trap of having to manually merge data from multiple sources is overly time consuming and dramatically increases the chance for error.

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Make Freight Sourcing More Efficient!

Supply Chain Game Changer

Freight sourcing team article and permission to publish here provided by Katharine Barrios at xeneta.com. Freight sourcing and procurement is a critical component of the whole supply chain and is crucial to the success of the business. In order to achieve maximum efficiency in freight sourcing and procurement, you need a strong team to handle the requirements. These are the must-haves for any effective freight sourcing team. Subscribe Here! Email Address.

New Supplier Registration Process – E-Sourcing

TPSynergy

Vendor Registration Portal provides an easy and online way of collecting needed information from Prospective and Existing suppliers. As part of the Supply Chain Management, an important task of the sourcing team is to identify and Onboard new suppliers regularly.

The Top 5 Reasons You Need a Transportation Sourcing Solution

Talking Logistics

However, if your role is managing the movement of widgets from point A to point B, or multiple points, the freight procurement task before you can be labor intensive and time consuming — unless you use a technology solution specifically designed for transportation sourcing. Here are the top five reasons you need a transportation sourcing solution: 1. Freight sourcing is as unique and complex as the transportation industry itself.

How transparency in the supply chain leads to sustainable sourcing

Pivot88

According to McKinsey’s 2019 chief purchasing officer (CPO) survey, sustainable sourcing at scale is the fashion industry’s new must-have. Where do they source their products? The post How transparency in the supply chain leads to sustainable sourcing appeared first on Pivot88.

Carriers, You’re in the Information-Handling Business Too (Takeaways from McLeod Software User Conference 2015)

Talking Logistics

If you haven’t realized it already, you’re in the information-handling business as much as you’re in the freight-handling business,” said Tom McLeod, President and Founder of McLeod Software. McLeod’s comment points to the carrier equivalent — if you want to be a carrier of choice for shippers, you not only need to meet their capacity and service level requirements (at a competitive cost), you also need to meet their information requirements (i.e.,

How To Save Money With Supplier Information Management

HICX Solutions

There’s no doubt that good management of supplier information can result in increased productivity and improved profitability. The discussion around the effect of reduced supply chain costs on profits and where money can be saved due to supplier information management (SIM) is, therefore, naturally a hot topic. How you can improve efficiency with supplier information management. Looking up bank account information.

Product Information Management for the Modern Supply Chain

Oracle SCM

Unfortunately, with the proliferation of data from disparate sources that are maintained in myriad applications, one of the biggest challenges facing business leaders today is inaccessible, inaccurate, or missing data. Without timely access to accurate product information, for example, product innovation and commercialization slows, as does communication between suppliers and selling partners. The Value of Product Information Management.

Time to Rethink Sourcing Rare Earth Elements

Supply Chain Game Changer

Strategic National Stockpiles and Sourcing for the National Interest! These Rare Earth Elements have long ago been abandoned for mining and processing here in the United States and are part of our reliance on Chinese sources of supply. These exchanges should be created using similar concepts as the Health Information Exchanges. sourcing #rareearthelements. The post Time to Rethink Sourcing Rare Earth Elements appeared first on Supply Chain Game Changer™.

Make Better Logistics Sourcing Decisions with Data-Driven Optimization

Talking Logistics

Over the past few years, as supply chains have grown in scale and complexity, so has the logistics sourcing process. Mature sourcing organizations, which have been doing traditional sourcing and category management, are starting to plateau in terms of savings and impact to their organizations, yet each year are faced with increasing savings mandates and pressure to improve performance. Live Episode: Thursday, October 15, 2015 at 12:00 ET.

Sourcing and Procurement in Supply Chain Management

EC Sourcing Group

Sourcing and Procurement in Supply Chain Management. The terms “ sourcing” and “procurement” in supply chain management are often used interchangeably, although they are not quite the same. It refers to the entire process of sourcing and contracting with suppliers to gather all of the services and goods you need to make that final product. Sourcing is but one step in the procurement process. Sourcing and Procurement in Supply Chain Management : Finding the Right Tools.

Information Sharing Communities for Digitally Enabled Supply Chain Visibility – LogiSYM October/November 2020

The Logistics & Supply Chain Management Society

Connections between various (local) data sharing environments in networks of networks enable stakeholders in the supply chain to enhance their information base. Information and data are the foundation of insight. Supply chain operations can be complex.

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A Tale of Two Procurement Books: Cox’s Sourcing Portfolio Analysis (Cox) & Strategic Sourcing in the New Economy (Keith et al.)

Supply Chain View from the Field

Andrew Cox’s new book “Sourcing Portfolio Analysis” represents the more traditional “power-based” view of procurement. The book relies on a series of prescriptive two by two matrices, that are further segmented into eight by eight matrices, that establish different typologies for supplier segmentation, The application of these frameworks to the universe of buyer-seller relationships I proposed (ostensibly) to lead to improved sourcing outcomes…for the buyer!

Measuring Adoption to Drive Sourcing Value

Supply Chain Network

Everyone has bad habits, but for procurement, bad habits can put a major dent it in the ROI of your sourcing tools. That’s because strategic sourcing is complex and challenging – success requires more than fancy software purchases. How many of our sourcing events are run through the system? Without better visibility into the sourcing process, procurement can’t uncover the problems they need to fix. Information Technology Inventory PaulMartyn Procurement

Creating a Sourcing and Procurement Process Plan

Arkieva

What are the key elements of a sourcing and procurement process plan? Strategic sourcing is a fact based and systematic approach that organizations use to optimize the management of their supply chain. Creating a sourcing and procurement plan. Whether you’re creating a local or international sourcing plan, it is vital that the created plan ensures: Delivery of the benefits identified in the strategy when required; and in a way, that meets the business need.

Proving sustainably-sourced ingredients in health and wellness foods

Provenance

Food brands have always recognised the importance of sourcing the right ingredients. As shoppers increasingly demand to know this information, there is a value in being able to confidently tell this story. Communicating sustainable sourcing at Balance Festival. In an industry that has struggled against contaminated products and lack of sourcing visibility , she wanted to prove that her honey was sustainably-sourced from family beekeepers in Bulgaria.

Triggering results with better supplier information

ivalua

In my last blog post , I talked about how the need for better supplier information was a dominant theme across the automotive industry, as well as for many other discrete manufacturers. That post also detailed the fact that there are many potholes along the road to better supplier information. Thus when launching an information gathering initiative, it can be difficult to ascertain where to put the most time to get the fastest and strongest return on the project.

A Guide to Responsible Sourcing in Automotive, Electronics

Material Handling and Logistics

One of the biggest obstacles to setting and implementing strategies for responsible sourcing is accessing reliable and current data and analysis, according to The Dragonfly Initiative CEO, Assheton Carter. The report was co-produced by The Responsible Minerals Initiative, formerly the Conflict-Free Sourcing Initiative is an initiative of the Responsible Business Alliance and is a multi-industry initiative with more than 360 member companies.

Responsible sourcing and palm oil – a #ProvenanceLive recap

Provenance

Aim to source 100% certified RSPO (Roundtable on Sustainable Palm Oil). Sourcing palm oil responsibly and sustainably is nuanced and can be complex. As you work towards 100% of your sourcing being certified, engage with the debate and industry best practices to inform a clear policy and strategy. Taking a long-term approach to sourcing certified sustainable commodities and helping to educate consumers along the way will support widespread progress.

Supplier information challenges in the automotive industry

ivalua

Nexteer talked about how they have adopted technology to automate and standardize the sourcing function, while eliminating inefficient processes and empowering their employees. Manufacturers need better supplier information. But the lack of timely & accurate supplier information stood as a great impediment. information storage and sharing issues. reactive information gathering activities instead of proactive.

When it Comes to ‘Logistics & Sourcing’ at RILA Supply Chain the World is Your Oyster!

Supply Chain Network

One of the things I most look forward to when attending the RILA Supply Chain conference is all of the great retail global logistics & supply chain professionals and information to be found assembled all in one place. In less than a week in Phoenix, this year’s RILA Supply Chain conference will of course once again be no exception with a strong Logistics & Sourcing track including four sessions.

Sourcing Offices: a shift of paradigm

KEPLER Consulting

Over last decade, sourcing offices became a major piece within globalized footprint of western retailers. After a first era of development and opportunity catch up particularly positive and characterized by consistent purchasing gains , most of these Sourcing Offices are now searching for their second breath. Back to the origins, the Sourcing Offices have been developed by retailers for two main reasons: #1 Gather demands coming from various entities within a same group.

Managing Threats And Opportunities With Cognitive Sourcing

LevaData

As digital innovation takes the forefront when it comes to customer experience and engagement, new connections between brand managers, manufacturing, and sources of supply are rapidly emerging. Organizations will begin to move away from calendar-based sourcing events to an as-needed process that allows for more agile management of their supply chain. First of all, the search for socially responsible, regulatory compliant sources of supply is already daunting.

Andrew Cox’s “Sourcing Portfolio Analysis”: More of the Same

Supply Chain View from the Field

Against the many new articles and books being produced on the changing face of procurement and the importance of value creation and collaboration, Andrew Cox’s new book “Sourcing Portfolio Analysis” came out earlier this year. The book is essentially a series of prescriptive 2 X 2 and 8 X 8 matrices that establish different typologies for supplier segmentation, that ostensibly can lead to improved sourcing outcomes.

Understanding Your Sourcing Footprint is the Key to Procurement Analytics

Supply Chain View from the Field

Direct conversations through on-site engagement with different lines of business is the most direct and effective means of understanding how sourcing processes are occurring today, as well as understanding how the sourcing need evolves and is expressed to suppliers. Supplier registration processes need to be designed around sourcing engagement processes, which track the supplier life cycle. Procure to Pay Strategic Sourcing Supply chain analytics

Sourcing Tips: How to Find the Right Food Service Supplies

AFFLINK

Make a comprehensive list of the equipment that you need before you begin sourcing these items. Over time, you'll have enough information for your business to determine the right costing. Many restaurants go through a separate distributor for their regular food items and baked goods, as they can source baked goods locally that are fresher. Restaurants often run on very lean profit margins, and they need to be able to source their products reliably.

Podcast: Rob O’Byrne on Digital Transformation, Sustainability, and Diversification in Sourcing

Requis

Sourcing has probably been the biggest thing over the last decade or two, coupled with that reduction in local manufacturing of course. Sourcing is now predominantly overseas: China is one of the big sourcing countries of course, along with India, Pakistan and Bangladesh, Vietnam and Thailand.

Local Sourcing, Global Supply Chain

BluJay Solutions

The recent announcement by Google-owned Motorola Mobility that all new Moto X smartphones sold in the US will be manufactured in Texas, highlights the continued importance of the global supply chain and role of freight forwarders and logistics services providers (LSPs) in successful local sourcing strategies. Subscribe to our blog to receive the full blog series via email and stay informed about the latest global logistics news and insight. .

COVID-19: Implications on inventory planning, sourcing and procurement

EFT

We need to look at alternative sources of procurement, of production, alternative factories, alternative countries. In the longer term he says they are focused on “Diversification of sourcing, reducing the dependence of single-source suppliers, and developing relationships with the key partners or IT [vendors] … and invest like no other into demand planning and control towers to give us the most fine-tuned information,” and ability to start making “crystal-ball like” predictions.

Supplier Information Management solutions: What options should you evaluate?

HICX Solutions

Options for Supplier Information Management: Solutions Evaluation. As part of digital transformation initiatives in Procurement, one of the areas that will be very much in scope is that of Supplier Information Management, or SIM.

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