Category: Sourcing pdf

Strategic sourcing is a process that creates efficiencies across all spend categories, minimizes supply risks with improved supplier selection, and gives visibility into pricing and forecasting. Strategic sourcing is a procurement process that connects data collection, spend analysis, market research, negotiation, and contracting.

It stops short of the actual purchase of and payment for goods and services. Strategic sourcing best practices include: digitizing documents, participating in a digital business network, and automating workflows.

strategic sourcing

The process can be broken down into four steps:. Supplier discovery and RFx : Sourcing becomes a strategic advantage when organizations can access supplier data through a digital business network, allowing them to request RFPs and have suppliers compete for their business. Negotiations and contracting : Automated tools can speed workflows, simplify the digital signature process, and create an electronic repository of contracts where organizations can set renewal alerts. Implementation and optimization : When sourcing is automated and digitized, organizations can move faster, build in feedback loops for continual optimization, and constantly evaluate suppliers to make sure they're getting the best sourcing agreements possible.

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Manually managing sourcing with spreadsheets can open gaps in the process, leading to a high risk for error and reduced visibility. Digitalization through a single platform minimizes risk, creates cost savings, streamlines processes, and gives all stakeholders the improved visibility needed to ensure suppliers meet quality, compliance, and cost expectations.

Automated and digitized sourcing helps select the right suppliers and negotiate the best deals, faster. Discover qualified suppliers, speed up your sourcing cycles, and create the most competitive, best-value agreements for sustainable savings with all your sourcing needs. Organize all spend data from across different systems and identify and prioritize sourcing opportunities more easily.

A free buyer-supplier matching service, putting a world of high-quality suppliers at your fingertips to drive bids for your business up, and your costs down. What is Strategic Sourcing?

The four steps of strategic sourcing. Strategic sourcing software paired with a digital business network increases efficiencies, minimizes supply risks, and achieves cost savings. Digitalized strategic sourcing makes buying easier Manually managing sourcing with spreadsheets can open gaps in the process, leading to a high risk for error and reduced visibility. Create a seamless strategic sourcing experience from start to finish Automated and digitized sourcing helps select the right suppliers and negotiate the best deals, faster.

Aggregate and classify every purchase. Standardize source-to-contract processes. Free people up for even more strategic work. Identify new savings opportunities. Drive materials cost savings and optimization across all spend categories. Increase speed and drive up throughput across teams.

Find better suppliers and innovation partners.

What is Strategic Sourcing?

Easily connect buyers and suppliers to make complex processes easier. Strategic Sourcing Discover qualified suppliers, speed up your sourcing cycles, and create the most competitive, best-value agreements for sustainable savings with all your sourcing needs.

Learn more. SAP Ariba Spend Analysis Organize all spend data from across different systems and identify and prioritize sourcing opportunities more easily.Not long ago, purchase function was seen to be a desk job, monotonous paper work, dull and passive and more of an administrative function.

The purchase managements were the fall guys whose only aim was to keep feeding shop floor and avoiding stock out situation.

Today the situation has changed totally. Procurement function is considered to be a strategic initiative and seen to be adding value to entire business process. Profile of the procurement managers has changed and expectations from these managers are different. Modern day procurement managers manage procurement and sourcing function both at strategic and operational levels. They are proactively engaged in building supplier networks, estimating, controlling and reducing costs besides performing other functions and ensuring service levels.

Their job functions are increasing becoming cross functional together with supply chain and manufacturing functions. Procurement process and paper work is today managed by the ERP systems which drive the procurement business process. Procurement function as explained above is one part of the sourcing function. In an ERP enabled environment, procurement function consists of detailed indenting process, procurement budget management, purchase order release, shipment schedule planning with seller coupled with ensuring compliance with documentation and system updating processes.

All these processes are driven by ERP. Procurement function deals not only with procurement of raw materials and components, but also with capital equipments, project procurement, spare parts procurement for after market, managing rejections, defective returns, warranty replacement process with suppliers too. Vendor development is a key function in procurement.

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Sourcing and vendor development are some of the skill sets required to be developed by Procurement team. Procurement function works closely with procurement logistics or inbound supply chain. A procurement professional needs to have operational knowledge of logistical activities in supply chain network, the various agencies, knowledge of policies, customs rules, Taxation, commercial, logistical and customs documentation besides knowledge of commercial trade rules and terms.

Sourcing strategy deals with planning, designing and building a reliable and competitive supplier base, determining the strategy for procurement, defining pricing strategies and supply chain requirements. The strategy involves integration of its objectives in line with or confirming to the objectives of stake holders in operations, finance.

Marketing and distribution. Lastly sourcing strategy involves planning to competitive buying sources for its raw materials, components and services along with alternative variables.

Procurement Process as described above, deals with operational zing business process of procurement function and ensuring performance. Having realized that suppliers play a key important role in the supply chain network of the business, there has been a change in the way organizations perceive and approach supplier relationships.

Several factors have contributed to the shifting of the perceive value of supplier partnerships. Complex business models at global scales coupled with market demands have necessitated companies to set up manufacturing or assembly facilities closer to markets as well as in locations where conversion costs are relatively cheaper.

This necessitates that the business be supported by a solid vendor base which is able to ensure supplies at all locations.The approach focuses on improvement of the overall value proposition. This means that it does not entirely look at cost but on ensuring that the right services and materials are available to the organization when needed and in quantity required at the best possible value.

The process involves making decisions based on facts obtained through market intelligence and analysis. This continuous process is collaborative and not reserved for the purchasing functions of the organization only. The process gears towards getting the best services or products at the best value. This approach takes into consideration the entire cost of ownership.

This includes those creating the demand for the goods and services, the internal processes, specifications, as well as, operational practices. The typical sourcing and procurement process plan involves a series of steps.

This step involves the analysis of the situation that has created or driven the need. Depending on the requirement and request made, this step may include an analysis of the operational processes driving the need or the purchase requisition.

Purchase requisitions provide a description of the requirements and the specifications.

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An effective requisition should include information on:. A procurement requisition is vital for the procurement of both products and services. Submission of Statements of Work is only where services are required. These provide detailed descriptions of the work as well as when it is required. It also gives a description of the required services and specifications for the service provider.

sourcing pdf

Provision of these services may be on or off-site by a contractor. This is the most vital step in the whole process. In this step, the procurement function must identify opportunities for improvement. This step involves working closely with internal customers as well as suppliers. The procurement function must analyze the processes driving the demand and identify opportunities to eliminate waste, as well as, optimize value delivery.

Identifying areas within common business processes across different units is important at this stage. An organization may even carry out global sourcing to meet the requirements across several units.

This step also involves the evaluation of suppliers. Organizations may already have a list of existing suppliers and they ought to consider those suppliers with a good track record within this list. However, organizations can also consider a list of potential and new suppliers. This involves an evaluation of the suppliers:.

Creating a Sourcing and Procurement Process Plan What are the key elements of a sourcing and procurement process plan? Implementation of the changes is in accordance with a planned timeline that is realistic to ensure their success. Identification of risks associated with the processes and building of the appropriate corrective measures into the plan. Product requirements may include: Raw materials Components Finished products Equipment Service requirements may include: Transport services Handlers for hazardous waste Computer programmers Other service contractors Step 2: Specification and need analysis This step involves the analysis of the situation that has created or driven the need.

An effective requisition should include information on: The date the department made the requisition. This provides information on when the tracking cycle began.

The date on which the organization requires the service or product. A description of the service or product required.More than worth it. You NEED it.

sourcing pdf

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Join The Mastermind Now!Feb 1, Strategic Sourcing. For all of the different definitions of strategic sourcing, the process comes down to one simple idea: Get the most for your money. The path of how to get there, though, can differ from organization to organization. By definition, strategic sourcing is an approach to purchasing goods and services. Instead of simply looking for good deals, strategic sourcing brings a larger approach to supply chain management in search of larger efficiencies.

The strategic sourcing process looks at everything an organization buys—from whom and at what price and at what volume. The process places an emphasis on the entire life cycle of a product, not just its initial purchase price, to find the best overall value. Now, that value may have a different meaning for each company. For some organizations, it may be to purchase a large number of goods; for others, it may be the highest quality; while for the rest, it is some combination of the two.

In the end, the company wants to find the best price that can provide a long-term benefit. To find the best prices, organizations look for comprehensive software that can help manage this process. It is the same no matter the industry, from food and beverage to education and day care. All organizations want to get the most out of their procurement no matter what they actually purchase.

What does the organization spend in different areas of procurement? Organizations need to collect information on their current procurement operations, categorizing different purchase amounts, confirming usage information, and understanding what goods and services are currently being procured and why.

Doing this assessment will provide a baseline for improvements that can be made once a strategic sourcing initiative begins. After an organization understands where it currently stands, it can begin looking at both its suppliers and the supplier market.

sourcing pdf

Are there certain suppliers that continually disappoint with incomplete or late shipments? Has a supplier significantly raised prices in recent years? What suppliers deliver the best service? By looking at who currently provides goods and services and then looking at their competitors, organizations can gain a better understanding of where potential efficiencies lie.

Sourcing Strategies & Procurement Processes

This serves as one of the main goals of strategic sourcing. Organizations need to develop a procurement strategy to get the best goods and services for them. Do they want to save money? Do they want to procure better goods? The strategic sourcing objectives and strategy will serve as the guide for procurement going forward, so it is an incredibly important aspect of strategic sourcing.Strategic sourcing is growing in popularity, as digital transformation is causing procurement and supply chain processes to evolve.

It requires analysis of what an organization buys, from whom, at what price and at what volume. Strategic sourcing differs from conventional purchasing because it places emphasis beyond initial purchase price to focus on total cost of ownership and optimizing the sourcing process through ongoing market analysis and building relationships with suppliers.

You forgot to provide an Email Address. This email address is already registered. Please login. You have exceeded the maximum character limit. Please provide a Corporate E-mail Address. Please check the box if you want to proceed. Businesses can use strategic sourcing to make their procurement processes less shortsighted and focused on price. A sourcing plan can instead allow them to develop an adaptable system that contributes to the overall value of the business long term.

The process begins with analyzing business needs and historical spending, followed by outlining a strategic plan, and then conducting data collection and market analysis that guides selection of a roster of suppliers.

Once selection and negotiations have taken place, strategic sourcing also involves measuring performance and improving the process on a continual basis. Strategic sourcing is generally practiced by large organizations with many suppliers.

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Outsourcing providers for strategic sourcing exist for organizations that wish to delegate the function to a specialist. The strategic sourcing process has many variations, but is most commonly broken into seven steps popularized by consulting firm A. These include the following:. The most obvious advantage of strategic sourcing is reduced total cost, but the benefits of rethinking the sourcing process can be far-reaching. As businesses take advantage of the vast amounts of available data and digitization of business processes, procurement is an area ripe for transformation.

The increased understanding of supplier markets can help identify potential risk factors and help businesses develop sourcing plans that mitigate them. In addition, the emphasis on continuous improvement and sustainability of the supply chain provides increased flexibility and the ability to adapt to external factors.

Longer term, implementing strategic sourcing can facilitate strong relationships with suppliers and outsourcers, identify potential improvements and provide justification for changes to improve efficiency throughout supply chain processes. A strategic sourcing plan can help businesses achieve a number of goals that contribute to success. Examples include the following:. Procurement refers to the range of activities and procedures necessary for businesses to acquire products and services.

While this technically involves both strategic and administrative responsibilities, procurement departments often focus on the day-to-day transactions and processes involved in e-procurementsuch as purchase orders, invoicing and payments.

In contrast, strategic sourcing emphasizes the activities leading up to an actual purchase, including analyzing business needs and the marketplace at large. While procurement generally looks for the lowest-priced option, strategic sourcing keeps the big picture in mind, employing large sets of data to evaluate the value of other factors, such as optimal vendor relationships and reduced risk to the business.Black Entertainment Television (BET) is an American basic cable and satellite television channel that is owned by the BET Networks division of Viacom.

After stepping down as a lobbyist for the cable industry, Freeport, Illinois native Robert L. Johnson decided to launch his own cable television network. Gordon later hosted other programs and specials on BET, such as Black Men Speak Out: The Aftermath, related to the 1992 Los Angeles riots, and a recurring interview show, Conversations with Ed Gordon.

In 1991, the network became the first black-controlled TV company to be listed on the New York Stock Exchange. In 2005, Johnson retired from the network, turning over his titles of president and chief executive officer to former BET vice president Debra L. By 2007, the network had launched two more music-oriented networks, BET Hip-Hop and BET Gospel. BET also launched a batch of original programming by this time, including reality shows Baldwin Hills and Hell Date, competition show Sunday Best, and town hall-style discussion show Hip Hop vs.

He was then replaced by Stephen Hill, who is also executive vice president of music programming and talent. In the wake of this news, Connie Orlando, SVP Specials, Music Programming, and News, served as the interim Head of Programming, according to chairman and CEO Debra Lee.

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Original programming currently seen on BET include Real Husbands of Hollywood, and Being Mary Jane. In addition, the channel broadcasts acquired television series, primarily in the form of sitcoms (such as The Parkers, Family Matters and Moesha), drama series (such as Scandal), and same-day or week-delayed late-night runs of syndicated talk shows (namely The Wendy Williams Show, The Real, and Dish Nation).

Feature films released theatrically and on home video are also aired on the channel, comprising much of its primetime and weekend schedule. The BET Walk of Fame Awards were established in 1995 by BET. In 2004, proceeds were shared between United Negro College Fund (UNCF) and the BET Foundation, which executes the Healthy BET obesity awareness campaign and other pro-social causes like the annual charitable black-tie BET Walk of Fame ceremony.

The awards are presented annually and broadcast live on BET. Global promotion is provided by Kroszover Entertainment. The BET Honors were established in 2008 by the network to honor the lives and achievements of African-American luminaries.

The awards are presented annually and broadcast on BET during Black History Month each February. BET UK first transmitted on Videotron (now known as Virgin Media) and several other cable providers from 1993 until 1996.