The tide is turning toward buyers, and this framework can help you develop category strategies to improve your bottom line and operational performance.
Strategic sourcing is one way to help your business improve operational performance, create more resilient supply chains, and improve costs. But in the spectrum of spending, you might be more focused on a purchasing or procurement model. The move from purchasing to sourcing means not focusing just on the transaction, but on the category strategy. Once you have visibility on more than what you are spending – like on whom you’re spending, when it began, and what your contracts include – you’ll be in a better place to understand where you have leverage versus where you might be more pigeonholed because of a specialized need. As shared during Crowe Expertise Week, this four-step framework can help businesses understand which approaches make the most sense for various categories.