How To Create A Sourcing Strategy And Save 20% Of Total Procurement Cost?
How To Create A Sourcing Strategy And Save 20% of Total Procurement Cost?
Sourcing & procurement leaders are searching for ways to improve their departments and drive greater business impact. It’s becoming more critical as supply chains grow increasingly complex and organizations are more reliant on suppliers than ever before. In such a world, it is the role of sourcing & procurement to unlock new value from the supply base and protect the organization from future disruption.
Supply chain sourcing and procurement leaders must move beyond short-term cost management to leverage supplier capabilities to their maximum advantage in a structured and segmented fashion
Let us understand the positions of procurement in supply chain
Supply chain
It’s an umbrella covering both purchasing and procurement. But that’s not all - it also covers the logistics and supplier quality. It’s expected to drive the savings plan and deal with risk mitigation.
Procurement
It’s responsible for finding new suppliers, running various sourcing activities and negotiating terms and conditions. They take part in new saving initiatives and drive.
Some organizations have adopted these sourcing strategies
To proactively understand what drives the requirements of the business as opposed to simply facilitating the buying process.
Driving suppliers to innovate through supplier innovation efforts, demonstrating the value of this supply chain sourcing strategy, etc.
Protecting the business from risk by formulating a formal and broadly-applied strategy for assessing risk. These assessments have nearly 25 percent greater procurement ROI than those without them
How Paragon results can help?
We work with our clients to help reduce their cost base, strengthen their supplier base, and create a world-class procurement plan
Our procurement practitioners bring extensive industry, category and operational experience, which has been garnered from around the globe
We have a broad set of approaches that can be tailored to your specific sourcing needs.
Our procurement methodologies are underpinned by extensive training of your team, ensuring benefits are sustained long term
A combination of formal training on-the-job coaching that drives improved performance and ensures current and future sourcing savings are fully delivered and sustained.
We use major strategic sourcing with a focus on – business awareness, existing supply chain management, supplier relations and cost structure and competitive marketing analysis
Creating a sourcing strategy typically saves about 20% of total procurement cost while mitigating supply risks. Contact us to know more.
More Posts from Khalid-albeshri and Others
People respond to what's inspected, not what's expected.
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To hell with circumstances; I create opportunities.
How to be more productive?
1. Set Clear Goals: Define what you want to achieve and break it down into smaller, achievable tasks. This helps you stay focused and motivated.
2. Prioritize Tasks: Identify the most important tasks and tackle them first. Use techniques like the Eisenhower Matrix (categorizing tasks based on urgency and importance) to prioritize effectively.
3. Manage Time Wisely: Plan your day and allocate specific time slots for different tasks. Avoid multitasking as it can lead to decreased productivity. Use techniques like Pomodoro Technique (working in blocks of time with short breaks) to stay focused.
4. Minimize Distractions: Identify and eliminate any distractions that hinder your productivity, such as notifications, social media, or cluttered workspaces. Consider using productivity tools or apps to help you stay focused.
5. Take Regular Breaks: Breaks are essential for maintaining focus and preventing burnout. Incorporate short breaks throughout your workday to recharge and rejuvenate.
6. Delegate and Outsource: Learn to delegate tasks that can be handled by others. This frees up your time to focus on more important or high-value tasks.
7. Maintain a Healthy Lifestyle: Ensure you get enough sleep, exercise, and eat nutrient-rich meals. Taking care of your physical and mental well-being enhances your productivity.
8. Learn to Say No: Avoid overcommitting yourself. Learn to say no to tasks or projects that don't align with your goals or priorities.
9. Continuously Improve: Seek ways to enhance your skills and knowledge. Constant learning and growth help you become more efficient and competent in your work.
Keeping people in a same career position for long time is not good for them and the company.
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Crisis management is the application of strategies designed to help an organization deal with a sudden and significant negative event.
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Any business running in the market judges its growth and the net cash flow at the end of the year. But, it becomes harder when your business grows. The cash flow management in offline mode turns out to be a risk. There are higher chances of human error that can disturb the entire cash flow of your business. Many businesses opt for automated custom billing tools that handle multiple business processes with automation. They handle all invoice system, billing, cashflow, time tracking, and save all data onto the cloud for a lifetime.
However, let’s first discuss the strategies for cash flow management and terms to always focus on better management. Check out the complete blog!
There will be opportunities. Go find one.
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You are welcome to my LinkedIn account.
https://lnkd.in/dX9birdv
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According to Hackett Group research in 2018, procurement professionals agree that digital transformation will help them achieve critical objectives such as cost-cutting, improving agility, and improving their productivity to the enterprise. One such digital transformation that procurement professionals should consider is deploying Contract Lifecycle Management (CLM) technology for their contracts.
10 Best Data Visualization Tools Available Today
According to the research, our brain values visuals more than any given information. 50% of the brain is active in visual processing. The human brain can process an image in just 13 milliseconds.
Nowadays, the world is rapidly changing day by day with the help of technology. Companies are mostly relying on data in order to get more precise and accurate goals. About 43% of companies are data-driven companies in 2021 AD.
However, to perform data analysis we have to go through different processes like data mining, data visualization, data processing, and modeling. Among all these data visualizations is one of the important key factors for data analysis.
What is Data Visualization?
Data Visualization is the graphical representation of information and data. The information and data are in the form of charts, diagrams, pictures, etc.
Therefore, it enables business owners to see analytics presented visually. Thus. helps to understand patterns, concepts, etc.
Why is Data Visualization important?
Data Visualization gives us a clear idea of what the information means by giving it visual context through graphs or pictures. Therefore, it allows business users to get insight from their vast big data.
In addition, it helps them to analyze and make decisions more effectively with the help of it. It also helps to save the consumption of time. Because if the data are not visual context, then it will be difficult for the users to differentiate problems.
So, what is a Data Visualization tool?
Data Visualization tool is a form of software that helps to design the visual context from big information and data. There are different types of tools for data visualization which helps in a tremendous way for visual context.
According to their specifications, analysts used it by providing an interface, database connections, and machine learning all in one place.
Here are the top 10 best Data Visualization tools. They are mentioned below:
10 Best Data Visualization Tools Available Today
The top 10 Best Data Visualization Tools are :
1. Tableau
Tableau is one of the most popular data visualization tools compared to others. It helps to take in data and produced the data in a visual context within a short period of time.
In addition, it also helps to provide the highest level of security. And guarantees to handle security issues as soon as they arise.
2. Looker
Looker is another data visualization tool. It helps to go in-depth with data and process it to provide visual data.
Furthermore, It also provides real-time dashboards of data. And the visual context can be shared with anyone with the help of tools in order to go in-depth.
3. Zoho Analytics
Zoho Analytics obtain data from multiple sources and mixed it up to make multidimensional data into visual context. Because of that, it helps to analyze data from one department to another.
Zoho Analytics also helps to share data with colleagues through spreadsheets, excel, MS Word, etc. However, it costs $34.1 per month.
4. Sisense
Sisnese helps to provide various tools that allow data analysts to simplify complex data and obtain insights for the organizations as well as outsiders. Matter of fact, it provides the best tools for data analytics.
5. IBM Cognos Analytics
Well, with the help of IBM Cognos Analytics anyone can use to interpret complex data into graphical representations and share it with colleagues.
In contrast, you don’t need to be skillful to use IBM Cognos Analytics as its main mission is to make every company a data-driven company.
For completed information click here
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PMO "Project Management Office" | Honor’s degree BSc Mech. Eng. | CPEng, CPMOP, CKPIP, PCBA, TOT, CT, SCE, ABET, GSDC, ULI، NSPE, ICSC
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