Optimization & Automation: The 'Secret Sauce' to Sourcing Excellence

By now, most major organizations have, at least at one point, invested in eSourcing solutions. Despite this, the adoption has been surprisingly low given the benefits and value.

One of the key reasons for this is that legacy eSourcing solutions can’t efficiently support high end complex sourcing projects nor low value urgent sourcing needs forcing organizations to apply a one-size fits all sourcing strategy. Keelvar's latest whitepaper, "Embrace Optimization and Automation to Drive Better Sourcing Outcomes," provides a blueprint on how to adjust your sourcing strategy to the needs of the category.

To truly drive value and meet the diverse needs of the business, procurement leaders and category managers must tailor their sourcing strategies. That's where the "secret sauce"—utilizing both optimization and automation—comes into play. But before you take a deep dive into our guide to revolutionizing your sourcing game, here's a snippet of what's covered:

Say Goodbye to One-Size-Fits-All

Gone are the days of generic sourcing strategies that leave money on the table. By classifying spend categories and understanding their importance and complexity, organizations can prioritize their efforts. Strategic categories demand a strategic sourcing approach, which involves examining both supply and demand dynamics. This leads to informed decisions that maximize value.

However, it's crucial to recognize that each category has a unique pattern of events, and an effective sourcing strategy should account for both large, complex events and smaller, repetitive ones.

Break Free from Outdated Solutions

Don't settle for less when it comes to maximizing your sourcing potential. Adapting your sourcing strategy to fit the limitations of legacy tools compromises your sourcing projects and hinders your team's efficiency.

Keelvar's whitepaper exposes the limitations of traditional sourcing solutions and paves the way for a revolutionary approach. Say hello to a solution that can handle the complexity of large tenders, ad-hoc requests, and everything in between.

Driving Better Outcomes with Optimization

Strategic sourcing isn't just about finding the lowest cost; it's about unleashing the full potential of your suppliers. Executing sourcing events requires a balance of multiple decision factors such as price, supply risk, sustainability requirements, and supplier diversity. Sourcing optimization offers a way to evaluate various scenarios and provide feedback to suppliers, enabling them to offer conditional discounts. By embracing complexity and leveraging optimization tools, such as Sourcing Optimizer, organizations can achieve optimal outcomes across categories, maximize value, and achieve key business objectives. Sourcing optimization also serves as the core element of a broader autonomous sourcing process, which is why it's important to...

Leverage Automation for Sourcing Best Practices

Resources dedicated to sourcing are often limited, and organizations must empower business users to leverage best practices independently. Automation plays a crucial role in streamlining and expediting sourcing processes, particularly for low-value, repetitive needs.

By automating decision-making and minimizing the sourcing team's workload, you can unlock the true potential of your sourcing activities. It's time to let innovation and agility take the lead, while human expertise focuses on strategic tasks that drive your organization forward.

In the dynamic world of sourcing and procurement, embracing optimization and automation is key to achieving sourcing excellence and unlocking the true potential of your sourcing endeavors. To learn more, download our new white paper and embark on a journey toward sourcing excellence today.