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The above statistics highlight the new and strategic role of sourcing in pursuing organizational goals, to be more process oriented rather than transaction oriented. Although the primary objective of strategic sourcing is to save money, it is also important that the sourcing execs focus on improving the process of supplier acquisition, managing supplier performance, managing resources at each stage of the sourcing project and at the same time ensure risk mitigation. Keeping all these requirements in mind it is important that organizations give strategic sourcing projects its due importance. Large scale sourcing projects are complex and cannot be managed manually. A well planned project delivers the desired results within the defined scope, time and resources. Inefficient project plan would leave the organization adrift and result in loss of valuable resources. However, a plan is of no good if it is not implemented well.
Global nature of supply chain - Supply chains are no longer limited to one country. To
leverage the benefits offered by low cost economies, supply chains often extend across the globe. This means running sourcing projects at multiple locations to source goods/services from different parts of the world
Aware and conscious consumers - Today the consumers demand to know the origins
of the product and its impact on the environment. They expect better quality. Additionally, consumers are spoilt for choices. In an era of cut throat competition, organizations are always improvising on their products/services. There is a fight between organizations to serve consumers faster and better. Organizations need to maintain their competitive streak across the entire value chain. Thus it is necessary for the organizations to keep a track of their sourcing projects throughout its life cycle
Leveraging technology will help sourcing managers run projects with increased effectiveness and achieve quality results. There are multiple tools that can be used to manage sourcing projects. For instance, spreadsheets, Gantt chart other and collaborative tools.
These individual or collaborative tools have limited capabilities and are suitable for a small group of individuals and for individual projects. It would be very difficult for a CPO to get a holistic overview into all the sourcing projects within the organization using these tools. Organizations with large scale sourcing require tools that can provide a holistic view into the myriad of sourcing projects running throughout the organization and, are accessible by different sourcing project managers and other top level executives.
Flexibility as mentioned earlier, organizations are operating in a volatile business environment. The tool should be flexible to support changing business requirements Scalability it should not be limited by the no. of projects the tool can support. Large organizations have multiple projects running simultaneously and the tool should be able to support this
Better visibility to top executives what would interest a CPO is getting information of all the sourcing projects, their status on a single page with graphical representation
Integration with other systems it should be easily integrated with ERP systems or any other procurement tools used by the organization
Higher adoption rate the tool should have user friendly interface like retail commerce websites like amazon.com. Thus resulting in higher adoption rate
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What are the benefits of using an integrated sourcing project management tool?
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Structured process - The sourcing project has set tasks with stakeholder assigned.
Any bottlenecks can be traced to the task owner and actions can be taken immediately. This ensures every project follows a more structured process
Conclusion
In times when the sourcing game is constantly changing, procurement execs need to frequently evolve their game plan to stay ahead of their competitors. A well planned and well executed sourcing project contributes to the organizational success. It helps sourcing managers/CPOs to take timely actionable decisions with better visibility into the project status. It not only helps in cutting down on cost but helps drive value by delivering quality output that contributes to the organizations overall profitability and reputation.
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About Zycus
At Zycus we are 100% dedicated to positioning procurement at the heart of business performance. For more than a decade we have been the world's most trusted leader in Spend Analysis. With our spirit of innovation and a passion to help procurement create even greater business advantages, we have evolved our portfolio to a full suite of Procurement Performance Solutions Spend Analysis, e-Sourcing, Contract Management, Supplier Management, and Financial Savings Management. Behind every Zycus solution stands an organization that possesses deep, detailed procurement expertise and a sharp focus on being responsive to customers. We are a large 600+ and growing company with a physical presence in virtually every major region of the globe. We see each customer as a partner in innovation and no client is too small to deserve our attention. With more than 200 solution deployments among Global 1000 clients, we search the world continually for procurement practices proven to drive competitive business performance. We incorporate these practices into easy-to-use solutions that give procurement teams the power to get moving quickly from any point of departure and to continue innovating and pushing business and procurement performance to new heights.
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