Word of the Day: strategic sourcing

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Word of the Day Daily updates on the latest technology terms | July 17, 2020 strategic sourcing Strategic sourcing is an approach to supply chain management that requires analysis of what an organization buys, from whom, at what price and at what volume. The goal of strategic sourcing is to help an organization consolidate its purchasing power and ensure purchasing strategies are aligned with business goals. Strategic sourcing is a trend that is growing in popularity, as digital transformation causes procurement and supply chain processes to evolve -- and organizations can get insight into the total cost of ownership for a purchase, not just the initial price. While the most important advantage of strategic sourcing is still to reduce cost, the benefits of rethinking the sourcing process itself can be far-reaching. It begins with analyzing business needs and historical spending, followed by outlining a strategic plan, and then conducting data collection and market analysis to guide selection of a roster of suppliers. Continue reading about strategic sourcing... Quote of the Day "Although 76% of technology decision-makers and influencers believed that analytics was critical to their supply chains, far fewer -- 56% -- had invested up to $5 million in developing their analytics toolkits, according to a 2019 Deloitte survey." - George Lawton Related Terms You Should Know IT procurement due diligence customer persona sales funnel request for quotation request for proposal statement of work supplier relationship management procurement software procurement lead time e-procurement service level agreement Buzzword Alert: Procurement container management This buyer's guide breaks down how container technology works and then helps readers determine the right container deployment strategy based on their current and future IT needs.   server hardware Today's server platforms offer a host of options for SMBs and enterprise IT buyers; it's important to learn the essentials before making any purchasing decisions.   governance, risk and compliance (GRC) GRC keeping you up at night? One strategy to consider is deploying specialized software to help manage GRC activities.   cloud access security When it comes to evaluating cloud access security broker (CASB) tools, it's essential to be an informed customer. Identify your organization's usage and security goals to get the context you need before you buy.   intelligent data storage Buying the wrong storage AI platform could have serious implications. Learn the six considerations that can affect your organization's product choice and strategy.   HR management Finding the right HR software isn't just a one-stop shop. You'll need to ask the right questions before determining which software is best for your company.   unified communications Learn how to navigate the growing unified communications systems market and choose the best-suited product for your enterprise. Problem Solving: Buyer's Guide This handy guide gives you step-by-step instructions for how to purchase software -- you'll learn how to create a business plan, get budget approval and find the right software to solve whatever business problem is keeping you up at night. Go to guide Stay in Touch Thank you for reading! For feedback about any of our definitions or to suggest a new definition (or learning resource) please contact us at: editor@whatIs.com FOLLOW US About This E-Newsletter The Word of the Day is published by TechTarget, Inc., 275 Grove Street, Newton, Massachusetts, 02466 US. Click to: Unsubscribe. You are receiving this email because you are a member of TechTarget. When you access content from this email, your information may be shared with the sponsors or future sponsors of that content and with our Partners, see up-to-date Partners List, as described in our Privacy Policy. For additional information, please contact: webmaster@techtarget.com. © 2020 TechTarget, Inc. all rights reserved. Designated trademarks, brands, logos, and service marks are the property of their respective owners. Privacy Policy | Partners List