All organizations need to be deliberate and focused on their sourcing activities to succeed today and in the years ahead. Based on research, investment made to extend and/or automate the strategic sourcing best practices and process can yield significant and long-lasting benefits.
According to Ardent Partners, there are “four pillars” of modern strategic sourcing best practices that are critical drivers for success (spend analysis, sourcing, contracts and supplier management). Automating and integrating these four pillars serves global sourcing and procurement organizations significantly better than if they tried managing processes manually or in an ad-hoc manner.
The key to success is effective collaboration, strong communication and execution, which bind the four pillars together, and help to extend a sourcing team’s impact throughout the enterprise.
Ardent’s annual State of Strategic Sourcing report examines the pressures and challenges facing sourcing leaders today and presents “four pillars of sourcing success.”
- The CPO’s top challenges and drivers for sourcing success
- Strategies and capabilities of best-in-class sourcing teams
- Sourcing metrics for applying to your own strategic sourcing best practices
- Strategic sourcing technology trends and usage
- Sourcing automation, adoption and performance: How do maturity classes compare?
For examples of the benefits of holistically managing the four pillars of strategic sourcing, download this guide to learn best-in-class competencies and the trends that are shaping strategic sourcing best practices today.