Supplier sourcing is a strategic game with big stakes. 💪 Companies are looking for partners who do more than fill an order; they want innovation, stability, and transparency. Here’s a rundown of the latest trends and stats shaping this landscape: 𝗦𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗶𝘀 𝗳𝗿𝗼𝗻𝘁 𝗮𝗻𝗱 𝗰𝗲𝗻𝘁𝗲𝗿: For 35% of procurement teams, sourcing tops the priority list, emphasizing the impact of picking the right suppliers on everything from product quality to innovation. 𝗦𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗰𝗼𝗺𝗽𝗹𝗲𝘅𝗶𝘁𝘆 𝗱𝗿𝗮𝗴𝘀 𝗼𝗻 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆: A surprising 17% of procurement teams struggle with complex sourcing processes, often bogged down by outdated methods. With AI tools like Veridion, they could streamline supplier discovery and focus on higher-value tasks. 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀 𝗰𝗿𝗮𝘃𝗲 𝘁𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆: While 58% of suppliers feel buyers focus too much on cost, 53% would happily provide more detailed insights if buyers fostered better partnerships. Collaboration could unlock major benefits on both sides. 𝗘𝘁𝗵𝗶𝗰𝗮𝗹 𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗶𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗿𝗶𝘀𝗲: 77% of organizations have implemented ethical sourcing policies, reflecting a growing demand for suppliers who align with environmental and social values. Read all about it on our blog. 👇
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Innovations in Sourcing: Modern Strategies for Procurement Specialists 👇
🌟 Innovations in Sourcing: Modern Strategies for Procurement Specialists 🌟 In the fast-paced world of procurement, adaptation is key. As market trends evolve and supply chains face new challenges, procurement specialists are at the forefront of change. Let's explore the innovative ways they are reshaping sourcing in today's dynamic environment. 1️⃣ Digital Procurement Platforms: Say goodbye to manual processes! The rise of digital platforms powered by AI has revolutionized supplier interaction. Procurement specialists now access vast databases, analyze metrics, and forecast trends—all from a centralized hub, enhancing collaboration and decision-making. 2️⃣ Supplier Relationship Management (SRM): Building lasting partnerships is crucial. SRM focuses on trust and shared goals, fostering innovation within the supply chain. Investing in these relationships ensures not just supply stability, but also a platform for creativity and growth. 3️⃣ Eco-Friendly Sourcing: Sustainability is non-negotiable. Procurement specialists are integrating eco-criteria into supplier selection, promoting ethical practices and reducing environmental impact. It's not just responsible—it's essential for a resilient future. 4️⃣ Data Analytics for Strategy: Empowered by data, procurement teams make informed decisions. Analyzing spending patterns and market trends, they identify savings, manage risks, and optimize supply chains for efficiency and agility. 5️⃣ Collaborative Sourcing: Innovation thrives on teamwork. Suppliers are partners in product development, bringing expertise and creativity to the table. This collaborative approach ensures solutions that meet evolving customer needs. 6️⃣ Diversification of Supply Chains: Resilience is the new mantra. Procurement teams are diversifying sources, exploring local options, and preparing for geopolitical risks. A diversified supply chain ensures continuity and stability in uncertain times. Embrace innovation, sustainability, and collaboration—these are the pillars of modern sourcing strategies. #Procurement #Sourcing #Innovation #Sustainability #SupplyChain
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Are you wondering how to stay one step ahead? Discover how Beroe Inc, under the visionary leadership of Founder and CEO Vel Dhinagaravel, has become the go-to source for procurement and supply chain intelligence. Beroe’s state-of-the-art procurement productivity suite, Beroe LiVE.Ai, encompasses 12 modules tailored to address specific pain points and information needs. “Our goal is to help procurement minimise surprises and maximise margin. Those are the two vectors on which we measure the value we deliver,” says Vel. An insightful report - not to miss! Learn more about Beroe's journey and innovative solutions: https://lnkd.in/e-QiW4E7 #Procurement #Beroe #SupplyChain
Vel Dhinagaravel, CEO of Beroe Inc explains the company's focus on providing detailed intelligence for the procurement and supply chain sectors. Their tool, Beroe LiVE Ai, assists businesses in understanding market trends, supplier health, and supply chain dynamics, crucial for informed decision-making and strategic planning. #SupplyChainManagement #BusinessIntelligence #Procurement
Beroe: Powering Smarter Sourcing Decisions in Procurement
supplychaindigital.com
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Head of Brand Marketing | Data Centre, Mobile, Procurement, Supply Chain & Scope 3 Programmes at BizClik
Beroe LiVE.Ai contains all the tools procurement organisations need to be as informed as possible. “Ultimately, our goal is to help procurement minimise surprises and maximise margin. Those are the two vectors on which we measure the value we deliver,” says Vel Dhinagaravel, Founder and CEO, in interview. An insightful report - not to miss! Thanks to the team at Beroe Inc on this collaboration. #Procurement #Beroe #SupplyChain
Vel Dhinagaravel, CEO of Beroe Inc explains the company's focus on providing detailed intelligence for the procurement and supply chain sectors. Their tool, Beroe LiVE Ai, assists businesses in understanding market trends, supplier health, and supply chain dynamics, crucial for informed decision-making and strategic planning. #SupplyChainManagement #BusinessIntelligence #Procurement
Beroe: Powering Smarter Sourcing Decisions in Procurement
supplychaindigital.com
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SAP Certified Application Associate - Procurement with SAP ERP | PPIC | Mechanical Engineer| Procurement
3. Supplier Selection ✅ In today's competitive market, selecting the right suppliers is crucial for driving efficiency and achieving business success. Here are a few strategies to optimize your supplier selection process: 1. Define Clear Criteria: Establish specific requirements and performance metrics. Quality, cost, reliability, and service are fundamental aspects to consider. 2. Conduct Thorough Research: Leverage market intelligence and gather comprehensive data on potential suppliers. Reviews, references, and case studies can provide valuable insights. 3. Evaluate Financial Stability: Ensure suppliers have the financial health to support long-term partnerships. Stability is a key indicator of a supplier's capability to deliver consistently. 4. Assess Cultural Fit: A supplier's values and culture should align with your organization’s ethos. A strong cultural fit enhances collaboration and fosters a productive partnership. 5. Implement a Risk Management Plan: Identify potential risks and develop mitigation strategies. This proactive approach safeguards against disruptions and maintains supply chain resilience. 6. Leverage Technology: Utilize procurement software and tools to streamline the supplier selection process. Data analytics and AI can enhance decision-making and improve accuracy. Selecting the right suppliers not only drives cost savings but also enhances innovation and supports sustainable practices. By prioritizing strategic supplier selection, organizations can build robust supply chains and achieve long-term success. #Procurement #SupplierSelection #SupplyChain #BusinessExcellence #SustainableProcurement #Innovation
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Embrace the power of technology in revolutionizing global sourcing practices! Our latest insights https://lnkd.in/d6UTXF-N reveal how innovative tech solutions are reshaping the procurement landscape. Stay ahead of the curve and unlock new opportunities for efficiency and growth. Explore the future of sourcing with us! #sourcing #sourcingagent #sourcingcompany #sourcingandprocurement #sourcingspecialist #sourcingstrategy #sourcingmanager #sourcingsolutions #zakupy #zaopatrzenie #procurement #supplychain #suppliers #globalsourcing #globalprocurement #globalsupplychain #productsourcing #strategicsourcing
How Technology Is Transforming Global Sourcing Practices
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Unlock https://lnkd.in/dv7u9PUW the power of supply chain intelligence with Dragon Sourcing. Discover how data-driven insights can optimize your operations, reduce costs, and enhance decision-making. Stay ahead in the competitive market with advanced supply chain strategies. Explore now for transformative business success! #sourcing #sourcingstrategy #sourcingmanager #sourcingsolutions #zakupy #zaopatrzenie #procurement #procurementstrategy #procurementexcellence #supplychain #suppliers #globalsourcing #globalprocurement #globalsupplychain #productsourcing #strategicsourcing #blog
Unlocking the Power of Supply Chain Intelligence
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Ready to transform your supply chain approach? Subscribe to e2insights for exclusive access to expert advice, global trade updates, and innovative technologies. Stay informed, stay connected, and thrive in the modern supply chain world! Subscribe today. #MovingAsOne
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Sourcing and procurement leaders expect GenAI to increase cost savings by 12% over the next 12 to 18 months. Learn more about sourcing and procurement use cases for GenAI. Gartner for Supply Chain | #GartnerSC #GenAI #Sourcing #Procurement
Key Strategies for Sourcing and Procurement Success
gartner.com
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Sourcing and procurement leaders expect GenAI to increase cost savings by 12% over the next 12 to 18 months. Learn more about sourcing and procurement use cases for GenAI. Gartner for Supply Chain | #GartnerSC #GenAI #Sourcing #Procurement
Key Strategies for Sourcing and Procurement Success
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