Here's how you can excel in a constantly evolving supplier sourcing industry.

1. Supplier Sourcing should be with at list minimum of 5years in business and with a good track record ,able to deliver and complete the specified material stipulated in the contract . 2. Having record of similar size of Project or reference Project Completed. 3. From the specification itself their company name is already mention for the specified material

To excel in this industry, you need to stay informed and updated about the latest skills and technology. Here are some strategies: Stay Updated: Continuously educate yourself about industry trends & technologies, and emerging skills. Network & Relationship: Keep an updated list of available consultants and build strong relationships with both vendors and consultants. This network can provide you with insights and opportunities that keep you ahead of your competitors. Leverage AI and Technology: Integrate AI tools to research the current market and analyze trends. AI can help you identify the best candidates, predict market demands, and optimize your sourcing strategies. Adaptability: Be flexible and ready to adapt to changes in the market.

Excelling in a constantly evolving supplier sourcing industry requires a blend of strategic thinking, adaptability, and leveraging technology. Here are some tips to help you stay ahead: 1- Embrace Technology by using Advanced analytics and automation. 2- Building strong relationships through supplier collaboration & regular communication. 3- Stay informed about market trends & focus on continuous learning. 4-Risk Management through supplier diversification. 5-Adopt Ethical sourcing practices. 6-Total Cost of Ownership (TCO)- Always consider total cost of ownership rather focusing on just purchase price when evaluating a supplier. 7-Invest in talent by leveraging training ,development & skill enhancement sessions for procurement team.

Point 1 > Stay up-to-date with trends - Continuously monitor industry news, attend relevant conferences and webinars, and network with peers to stay informed about the latest trends. Point 2 > Develop a strategic sourcing approach - Implement a structured and data-driven approach to supplier selection and management. This may involve using analytics tools, conducting thorough supplier evaluations, and aligning sourcing strategies with your organization's overall business objectives. Point 3 > Embrace digital transformation - Leverage digital technologies, such as e-procurement platforms, supplier relationship management software, and data analytics tools, to streamline your sourcing processes, and improve visibility.

Technology and traditional methods are better when have symbiotic relationship: one, can not exist without the other in a modern business era. It gets you one step ahead, better informed (forewarned, forearmed), flexible and fast. A human with digital tools, a good combination!

Indeed, mastering global market dynamics is crucial for effective supplier sourcing. It involves a multifaceted approach that goes beyond mere cost considerations. A comprehensive understanding of market trends allows for strategic planning and risk mitigation, especially when it comes to currency volatility and geopolitical shifts. These factors can have profound impacts on supply chains, potentially disrupting operations and affecting bottom lines. Proactive monitoring and agile adaptation to these changes are key to maintaining a competitive edge. Moreover, establishing strong relationships with reliable suppliers ensures a steady flow of goods and services, which is essential for business continuity in a complex international landscape.

A thorough market understanding is essential in sourcing and procurement to assess supplier capabilities, identify trends, anticipate price fluctuations, manage risks, and make informed sourcing decisions.

It is always good to know how the market is performing in relation to your assigned purchase category. Not having studied your category can sometimes represent a supply problem or a price increase. It is also functional to know how the market is doing in order to know how to negotiate with your suppliers.

I recommend to have Regular business reviews with suppliers for maintaining strong partnerships. My recommendation: 1. Consistency: Conduct reviews for example twice a year, focusing on strategic suppliers. 2. Supplier Presentations: Require suppliers to prepare presentations addressing problems, progress, and areas for improvement for these business reviews 3. KPI Tracking: Collaboratively track key performance indicators (KPIs) to ensure alignment and drive continuous improvement.

Implementing supplier development programs can further enhance these partnerships by helping suppliers improve their capabilities, leading to better quality and reliability. Collaborating with suppliers on joint innovation projects can also drive product improvements and create new opportunities for growth.

Building robust relationships with suppliers is indeed a strategic element in successful sourcing. These relationships are not just transactional; they are built on a foundation of trust, mutual respect, and shared goals. By engaging in open dialogue, companies can negotiate terms that are beneficial for both parties, ensuring a fair exchange of value. This collaborative approach can also provide critical insights into market trends, enabling proactive adjustments to sourcing strategies. Moreover, a strong supplier network can be a source of innovation, as suppliers often have unique perspectives on product improvements or new technologies.

Invariably, suppliers are the oil that keeps the wheel of the supply chain moving. Timely intervention of suppliers ensure there’s enough materials for the supply chain to work with. I strongly agree that regular communication and transparency are crucial to maintaining a healthy relationship with reliable and trustworthy suppliers which ensures longevity of the supply chain.

To stay agile in supplier management, consider the following strategies: ? Preferred Supplier List: Maintain a preferred supplier list for each service type to ensure flexibility and backup options. ? Standard Commercial Terms: Standardize commercial terms, such as service fee percentages, across all suppliers in the category to streamline negotiations and maintain consistency.

One thing I find helpful is to remain open to processes that others might approach with hesitation. Embracing these challenging or uncomfortable experiences often leads to growth and new opportunities that many might overlook

Identification of Risks : Discuss with team or organization to identifies the risk whether its operation, marketing or other factors Response Planning: Discuss how the team prepares response plans for potential risks, ensuring readiness to address challenges promptly and effectively when they occur. Monitoring ongoing risks and reviewing processes are crucial to identifying emerging risks and addressing concerns promptly. By doing so, you can enhance your ability to respond to future challenges effectively.

I would like to recommend these actions: ? Due Diligence Process: Establish a thorough due diligence process to identify and assess risk factors. ? Key Risk Factors: Monitor risks such as a high share of your business in the supplier's turnover, which could lead to supplier bankruptcy if you cease working with them. ? Service Level Agreements (SLAs): Implement SLAs with penalties for non-performance to safeguard against service failures and ensure accountability.

Uno de tantos de los parámetros que pueden ser indicadores de las Gestiones de riesgos de las empresas proveedoras son las estadísticas de accidentalidad de ellos mismos y los controles de mitigacion que han implementado en los casos si los hubiesen, todo esto siempre pensando en la veracidad de los datos y procesos informados, datos duros que dan una posible brecha de indicadores de aceptación a poder contratar servicios, claramente datos duros que son analizados y trabajados por un profesional del área.

Effective risk management in supplier sourcing is indeed a critical aspect of supply chain management. It encompasses a proactive approach to identifying and assessing potential risks that could disrupt the supply chain, such as natural disasters, political instability, or economic downturns. Developing a comprehensive strategy to mitigate these risks is essential. This strategy often includes diversifying suppliers, establishing strong relationships with key suppliers, and maintaining a buffer inventory. Additionally, investing in technology that provides real-time visibility into the supply chain can help companies anticipate and respond to potential disruptions more quickly.

In addition to the article's points, I believe integrating sustainability into sourcing by selecting environmentally and ethically responsible suppliers is crucial. This enhances brand reputation and meets the demand for responsible business practices. Utilizing robust analytics tools to transform procurement data into actionable insights helps identify cost-saving opportunities, track supplier performance, and predict future trends. Engaging in collaborative planning with suppliers can synchronize supply chains, reduce lead times, and improve efficiency. Additionally, promoting supplier diversity builds a more resilient and innovative supply chain, supporting economic inclusion and enhancing corporate social responsibility.

To excel in constantly evolving supply chain sourcing we need to have business intelligence/ information. Business intelligence consists of supply intelligence and customer intelligence. In addition we need to adapt quickly to the technological and global challenges. For instance, if there is any supply chain disruption due to unprecedented situation like we faced during Covid, we must think of local sourcing to mitigate the risks. Further, building a strong relationship instead of only transactional relationship with suppliers plays a vital role in strategic/long term sourcing.

Bonjour, les fournisseurs on t souvent besoin de reconnaissance, et appartenance, ce qui peut les rendre flexible vis à vis de vous en fonction de la situation qui se présente, c'est le constat que j'ai fait en ces temps de crise au Burkina Faso. Ces actions doivent être bien s?r faites dès le début de la collaboration.