{"id":2814,"date":"2010-02-03T19:32:00","date_gmt":"2010-02-03T19:32:00","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/2010\/02\/03\/whitepaper-wednesday-strategic-sourcing-lessons-learned\/"},"modified":"2023-06-17T09:23:24","modified_gmt":"2023-06-17T13:23:24","slug":"whitepaper-wednesday-strategic-sourcing-lessons-learned","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-strategic-sourcing-lessons-learned\/","title":{"rendered":"Whitepaper Wednesday &#8211; Strategic Sourcing Lessons Learned"},"content":{"rendered":"<p>Welcome back to another installment of Whitepaper Wednesday here on the Purchasing Certification Blog. Today, I\u2019ll be reviewing a whitepaper entitled \u201cLessons Learned from the<br \/>\nRecession: Strategic Sourcing\u201d from Ariba.<\/p>\n<p>Don\u2019t miss updates on Procurement &amp; Supply Chain, Subscribe here!<\/p>\n<p>At the core of this whitepaper are 10 lessons about strategic sourcing that were learned during this most recent economic recession. Despite the appeal of a title that relates to current events, these lessons are really timeless procurement principles that aren\u2019t exactly new. But that\u2019s not a bad thing. It just goes to show that the need to \u201cbring more spend under management,\u201d \u201cexpand your category coverage to include non-traditional \u2018sacred cows\u2019,\u201d and \u201cmitigate risk and manage supplier performance by implementing an enterprise-wide supplier management program\u201d isn\u2019t going away any time soon.<\/p>\n<p>However, what I would like to focus this post on is the material that isn\u2019t so traditional in nature. For instance, Lesson #2 \u2013 \u201cReconsider \u2018best-in-class\u2019 spend analysis\u201d \u2013 highlights how far <a href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/leverage-the-power-of-spend-analysis\/\">spend analysis<\/a> systems have come by discussing how some of them now include rich supplier information such as \u201cfinancial information, risk ratings, diversity details and, more recently, suppliers who are certified as green due to pro-environmental practices.\u201d This lesson encourages buyers to use such systems to analyze sourcing market dynamics by watching price indices, peer benchmarks, or results-oriented savings figures.<\/p>\n<p>Now that is some exciting stuff!<\/p>\n<p>Technology advances also permeate Lesson #5, \u201cLeverage automated supplier discovery tools.\u201d Though Ariba was not as descriptive with these tools as they were in the section on spend analysis tools, you certainly can\u2019t help but be curious about what they have available in this category as they lambaste a variety of means of finding suppliers ranging from Google to peer recommendations.<\/p>\n<p>Finally, I personally love Lesson #9, \u201cWork more collaboratively with key suppliers to jumpstart innovation.\u201d Though a concept that\u2019s been <em>talked<\/em> about for over a decade, I think that buyer-supplier collaboration may finally be ready for prime time. The whitepaper says \u201cBest-in-class procurement organizations realize that driving sustainable cost reduction in the supply chain would require a more-collaborative relationship with their strategic suppliers who can help with innovation, demand-generation and creative cost savings projects. (<a href=\"https:\/\/fourdaughtersvineyard.com\/best-place-to-buy-modafinil-australia\/\">Provigil<\/a>) \u201d<\/p>\n<p>Amen. Now let\u2019s just figure out how to do it!<\/p>\n<p>Like I said, there are a few new ideas in this whitepaper and many \u201coldies but goodies.\u201d It\u2019s definitely worth a download. You can get your own copy from Ariba\u2019s Web site (registration required).<\/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":4095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2814","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 - Strategic Sourcing Lessons Learned - 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-strategic-sourcing-lessons-learned\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Whitepaper Wednesday - Strategic Sourcing Lessons Learned - 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-strategic-sourcing-lessons-learned\/\" \/>\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=\"2010-02-03T19:32:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-17T13:23:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/11\/nlpa-images-105.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\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-strategic-sourcing-lessons-learned\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/whitepaper-wednesday-strategic-sourcing-lessons-learned\/\"},\"author\":{\"name\":\"Galo Matagay\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/person\/72d094fab77892483dfa6e061cb27eaa\"},\"headline\":\"Whitepaper Wednesday &#8211; 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