{"id":2788,"date":"2010-01-13T20:30:00","date_gmt":"2010-01-13T20:30:00","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/2010\/01\/13\/whitepaper-wednesday-choosing-categories-for-sourcing\/"},"modified":"2023-06-22T04:52:25","modified_gmt":"2023-06-22T08:52:25","slug":"whitepaper-wednesday-choosing-categories-for-sourcing","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-choosing-categories-for-sourcing\/","title":{"rendered":"Whitepaper Wednesday &#8211; Choosing Categories For Sourcing"},"content":{"rendered":"<p>Welcome back to another installment of Whitepaper Wednesday here on the Purchasing Certification Blog.<\/p>\n<p>Don\u2019t miss updates on Procurement &amp; Supply Chain, Subscribe here!<\/p>\n<p>I must apologize for not producing a Whitepaper Wednesday last week. I was in New Jersey delivering a seminar to a client. A couple of fascinating things came out of that trip and you\u2019ll be reading about them here soon.<\/p>\n<p>Today, I\u2019ll be reviewing a whitepaper entitled \u201cChoosing Spend Categories: Generate More Savings with this Simple Analysis\u201d from K2 Sourcing.<\/p>\n<p>This whitepaper is designed to help procurement departments select which categories of goods and services to select, in which order, when rolling out a strategic sourcing initiative. While <a href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/leverage-the-power-of-spend-analysis\/\">spend analysis<\/a> software is touted as the launching point for strategic sourcing, the whitepaper correctly points out that \u201cSpend analysis in and of itself does not generate cost savings. One must act on the information. Because there is not enough time to work on every spend category simultaneously, it becomes critical to apply resources to the best opportunities. The best opportunities are those that will have the greatest and quickest favorable impact on your organization.\u201d<\/p>\n<p>One of the first recommendations that the whitepaper makes is to assess a category\u2019s potential for savings and time required to source. It includes some well-thought-out criteria that can indicate that a category is \u201cripe\u201d for savings, such as categories that:<\/p>\n<ul>\n<li>Are in markets with excess capacity<\/li>\n<li>That have been purchased from multiple sources<\/li>\n<li>Haven\u2019t undergone a strategic review in at least two years<\/li>\n<li>And more<\/li>\n<\/ul>\n<p>Similar criteria is presented for determining the relative time required to source. The whitepaper closes with a recommended means of prioritizing those categories once the analysis is complete.<\/p>\n<p>Because the whitepaper is short and sweet \u2013 only 3 pages \u2013 I am going to keep my review of it short and sweet as well. If you\u2019d like your own copy of the whitepaper, you may obtain it from K2 Sourcing\u2019s Web site (registration required).<\/p>\n<p><strong>Recommended Reading<\/strong><\/p>\n<p><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-choosing-categories-for-sourcing\/\" aria-label=\"\u201cWhitepaper Wednesday \u2013 Choosing Categories For Sourcing\u201d (Edit)\">Whitepaper Wednesday \u2013 Choosing Categories For Sourcing<\/a><br \/>\n<a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-art-of-recommending-a-sourcing-decision\/\" aria-label=\"\u201cThe Art of Recommending a Sourcing Decision\u201d (Edit)\">The Art of Recommending a Sourcing Decision<\/a><br \/>\n<a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/business-predictions-for-2010-beyond\/\" aria-label=\"\u201cBusiness Predictions For 2010 &amp; Beyond\u201d (Edit)\">Business Predictions For 2010 &amp; Beyond<\/a><br \/>\n<a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-target-costing-best-practices\/\" aria-label=\"\u201cWhitepaper Wednesday \u2013 Target Costing Best Practices\u201d (Edit)\">Whitepaper Wednesday \u2013 Target Costing Best Practices<\/a><br \/>\n<a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/negotiating-on-behalf-of-your-suppliers\/\" aria-label=\"\u201cNegotiating on Behalf of Your Suppliers\u201d (Edit)\">Negotiating on Behalf of Your Suppliers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome back to another installment of Whitepaper Wednesday here on [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":4086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-procurement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Whitepaper Wednesday - Choosing Categories For Sourcing - Next Level Purchasing Association (NLPA)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-choosing-categories-for-sourcing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Whitepaper Wednesday - Choosing Categories For Sourcing - Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"og:description\" content=\"Welcome back to another installment of Whitepaper Wednesday here on [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-choosing-categories-for-sourcing\/\" \/>\n<meta property=\"og:site_name\" content=\"Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NextLevelPurchasing\/\" \/>\n<meta property=\"article:published_time\" content=\"2010-01-13T20:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-22T08:52:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/11\/nlpa-images-096.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1068\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Galo Matagay\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:site\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Galo Matagay\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-choosing-categories-for-sourcing\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-choosing-categories-for-sourcing\/\"},\"author\":{\"name\":\"Galo Matagay\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/person\/72d094fab77892483dfa6e061cb27eaa\"},\"headline\":\"Whitepaper Wednesday &#8211; 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