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Purchasing teams must reevaluate sourcing says report

Employers should rethink their procurement strategy, a study found.

Hackett Group date recently showed so-called “digital world class” purchasing entities can influence or manage 20 per cent more spend and achieve seven times higher usage of e-auctions.

“Sourcing is evolving from being seen as a ruthless cost-cutting exercise to an enabler of managing spend and risk, meeting environmental social governance and compliance requirements – and providing business resilience and agility to improve competitive advantage,” the Marketdojo website said.

“For too long procurement has refused the call (or been a slave to the day-to-day). Existing weaknesses have been exposed from an over reliance on legacy or archaic relationships and offshore suppliers, to a lack of decision ready data – or a low adoption and knowledge of e-sourcing best practice and tools.”

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