What do you do if you want to maximize cost savings in supplier sourcing with new technology?

Digital Platfroms continue to be the go to source for supplier sourcing. With new features and verifications being offered by these platforms, it has become increasingly convenient and cost effective to find new suppliers and conduct preliminary evaluations

One think it could benefit by having clear specification at first stage before jump in to the digital platform, and selection of vendor that in the same level size also key elements, remember digital not to having lowesr cost as possible but more to understand the cost and we could negotiate further and win win solution.

To maximize cost savings in supplier sourcing with new technology: Automate Processes: Use e-sourcing tools for bidding and RFQ management to reduce administrative costs. Data Analytics: Implement analytics to identify cost-saving opportunities and streamline operations. Blockchain: Apply blockchain for transparent tracking, reducing fraud and unnecessary costs. AI Forecasting: Use AI for demand forecasting and inventory optimization, minimizing overstocking expenses. Cloud-Based Platforms: Collaborate on cloud platforms for real-time information sharing and process efficiency. Supplier Portals: Enable supplier self-service for better data accuracy and operational savings.

To save money when buying things from suppliers, use fancy tools that look at lots of numbers to find where you can save. Also, use robots and smart computers to make things easier and find the best deals. Shop on special websites where lots of sellers compete to give you the best prices. Work together with the people you buy from to find ways to save money together. Use cool tech stuff like magic tags or special codes to see where things are going slow in getting to you. Keep trying to do things better all the time. That way, you save lots of money and make things work super well!

Maximizing cost savings in supplier sourcing with new technology involves leveraging digital platforms like e-sourcing platforms, which facilitate real-time bidding and negotiation. Tools such as data analytics and supply chain visibility enhance decision-making, while automation and predictive analytics streamline processes. Supplier consolidation via digital platforms optimizes procurement, fostering continuous improvement and ongoing cost savings.

Maximizing cost savings in supplier sourcing with new technology involves harnessing the power of big data analytics. By analyzing vast amounts of data, organizations can identify patterns, trends, and cost-saving opportunities. Big data analytics enables informed supplier selection, negotiation, and contract management. Combined with digital platforms, it enhances decision-making, streamlines processes, and drives continuous improvement, resulting in significant cost savings throughout the procurement lifecycle.

The success of big data analytics hinges on the establishment of a robust big data lake and a well-structured data source. In today's digital and AI-driven landscape, data quality is paramount. The accuracy and speed of our analytical outputs are directly tied to the cleanliness of the data we utilize.

Everybody now is always bragging and boasting about big data, but the facts that many fake data and fraud still happen…or duplicated data when many people tried to create “back doors” as much as possible, do you think Big Data can still called as a game changer ?

El análisis de grandes datos es un cambio radical en la selección de proveedores. Al analizar conjuntos amplios de datos, puedes descubrir patrones e información que antes permanecían ocultos. Esto podría incluir la identificación de los proveedores más rentables, la predicción de tendencias del mercado o el reconocimiento anticipado de posibles interrupciones en la cadena de suministro. Armado con esta información, puedes negociar mejores términos, anticipar cambios en los precios y tomar decisiones estratégicas que conduzcan a ahorros significativos en costos.

From my experience, I have discovered that the major challenges that a company can experiment is Database issues. Taking in consideration that new tools as powerbi can help us to analyze information ease the KPI analysis, data should be up-to-date.

This can open up new aspects in cost optimisation and traditionally lots of options are not even thought of, and if it known also not tried by buyers because of lack of confidence in process, management support and other related cost of development and time required. But AI can throw light and show path way to really achievable new ways to enhance productivity and set really good cost optimisation.

Maximizing cost savings in supplier sourcing with new technology includes integrating artificial intelligence (AI) capabilities. AI enhances decision-making by analyzing complex data and predicting optimal sourcing strategies. AI-powered systems automate repetitive tasks like supplier identification, contract analysis, and invoice processing, reducing manual effort and errors. By leveraging AI integration alongside digital platforms and big data analytics, organizations can achieve greater efficiency, agility, and cost savings in their sourcing processes.

Having spent 15 years in procurement, I'm witnessing the transformative power of AI! It revolutionizes our approach, enabling us to expand our supplier reach, uncover hidden opportunities, and leverage data for more impactful negotiations. Imagine AI recommending optimal price points based on real-time market insights! And it doesn't stop there; it anticipates disruptions, allowing us to explore alternative sources before expenses surge. But AI isn't solely about cost-cutting; it fosters stronger supplier connections by flagging potential issues in advance. It's a paradigm shift towards working smarter, not just harder!

La integración de la inteligencia artificial (IA) en tus procesos de selección de proveedores puede mejorar significativamente la toma de decisiones y la eficiencia. Los algoritmos de IA pueden procesar enormes cantidades de datos para ofrecer recomendaciones sobre los mejores proveedores, predecir riesgos y automatizar tareas rutinarias. Esto no solo te ahorra tiempo, sino que también ayuda a minimizar errores humanos, asegurando que tus estrategias de abastecimiento sean lo más coste-efectivas posible. Además, las capacidades predictivas de la IA también pueden asistir en la previsión de la demanda y en la gestión más eficaz del inventario, lo que lleva a la reducción de costos de almacenamiento y obsolescencia.

First, leverage cutting-edge supply chain management (SCM) and enterprise resource planning (ERP) systems to digitize and streamline your supply chain operations. This will enhance information flow and processing efficiency. Second, utilize advanced data analytics tools to delve deeply into supplier performance metrics such as pricing, delivery times, and quality. Third, explore the potential of automation and artificial intelligence (AI) in optimizing procurement decisions. Machine learning algorithms can process and analyze vast amounts of data to predict market trends and price fluctuations, guiding you in developing strategic procurement plans. Lastly, establish strong and collaborative relationships with suppliers.

Maximizing cost savings in supplier sourcing with new technology involves leveraging cloud computing. Cloud-based platforms offer scalability, flexibility, and cost-effectiveness by eliminating the need for on-premises infrastructure. Cloud computing enables real-time collaboration with suppliers, streamlines data storage and accessibility, and facilitates remote work. By migrating sourcing processes to the cloud, organizations can reduce IT overhead, enhance operational efficiency, and achieve significant cost savings while maintaining data security and compliance.

A computa??o em nuvem oferece recursos escaláveis e flexíveis que podem transformar sua estratégia de sourcing de fornecedores. Quanto mais interativo os programas de interface com os fornecedores (fáceis de serem utilizados), mais rápido será a tomada de decis?o e o grau de confiabilidade delas. Muitas pesquisas regulares solicitadas por grandes organiza??es, poderiam ser feitas em nuvens. Porém estes processos dever?o ser robustos que atendam os padr?es de Seguran?a de Informa??o (como normas ISO ou TISAX).

La computación en la nube ofrece recursos escalables y flexibles que pueden transformar tu estrategia de selección de proveedores. Al aprovechar aplicaciones basadas en la nube, puedes colaborar con proveedores en tiempo real, compartir documentos de manera segura y gestionar contratos con facilidad. La capacidad de acceder a tus datos de abastecimiento desde cualquier lugar y en cualquier momento significa que puedes responder rápidamente a cambios en el mercado y oportunidades de ahorro de costos. Además, los servicios en la nube generalmente operan bajo un modelo de pago por uso, lo que puede reducir tus gastos en TI.

Cloud computing offers numerous benefits for supplier sourcing strategies, including improved quality, enhanced security, increased productivity, cost savings, quality improvements, and enhanced competitiveness. It can help supply chain managers make informed decisions, automate mundane tasks, and improve overall supply chain efficiency and effectiveness.

Maximizing cost savings in supplier sourcing with new technology involves harnessing blockchain technology. Blockchain offers transparency, traceability, and security in transactions, reducing the risk of fraud and errors. Smart contracts on blockchain automate contract execution, ensuring compliance and reducing administrative costs. Additionally, blockchain enables decentralized supplier verification, simplifying the onboarding process and reducing overhead. By integrating blockchain into sourcing processes, organizations can achieve greater efficiency, trust, and cost savings while mitigating risks.

La tecnología blockchain está siendo cada vez más utilizada en la selección de proveedores para crear transacciones transparentes y seguras. Al usar blockchain, puedes establecer un registro inmutable de todas las negociaciones con proveedores, asegurando que cada acuerdo, transacción y entrega se registre con precisión. Este nivel de transparencia puede reducir el fraude y los errores, lo que conduce a ahorros en costos. Además, blockchain puede simplificar los procesos de pago y mejorar la trazabilidad de los bienes, lo cual es especialmente beneficioso en la gestión de cadenas de suministro complejas.

Blockchain technology offers numerous benefits for supplier sourcing, including improved quality, enhanced security, increased productivity, cost savings, quality improvements, and enhanced competitiveness. It can help supply chain managers make informed decisions, automate mundane tasks, and improve overall supply chain efficiency and effectiveness.

Muitas organiza??es possuem dezenas de diferentes produtos, com centenas de vers?es. Neste cenário, fornecedores estratégicos tem milhares de part numbers ativos para atender estas demandas. Com blockchain, fornecedores e clientes poder?o gerenciar a atualiza??o destes pre?os de uma maneira mais fácil, com cargas automáticas por famílias de part numbers e saber histórico da flutua??o de pre?os pelos seus respectivos motivos: m?o de obra, material, infla??o, varia??o do dólar, custos marítimos, etc.

Blockchain and crypto currency being used in order to have more secure transaction with the intent of reaching out to potential new customers and suppliers. This will give: 1. Secure transaction. 2. Transparancy. 3. Reach will be expanded with no limitations in terms of selecting new supplier/customer using new method of payment. 4.Easy to adapt

This is something new and in demand due to the unavailability of our resources or threat to our natural resources and this is the reason that many organisations have already adopted for sustainable procurement by solar light usage ,rain water storage and also by installing more trees in order to maximythr use of electricity/water/air for the production purpose.many organisation have become eco friend with no or less use of plastics and having very less carbon consumption in their premises.

I feel this should be most essential aspect of sourcing considering environmental changes amd ecological balance problems arising now a days. Any sourcing should evaluate process followed by supplier is really sustainable or not and if it put little high on cost we must give priority to show our commitment for environment and the lowest cost for the same should be apple to apple comparison.

Maximizing cost savings in supplier sourcing with new technology involves integrating sustainability initiatives. By adopting technologies that support sustainability, such as energy-efficient manufacturing processes or waste-reducing packaging solutions, organizations can reduce their environmental footprint while cutting costs. Suppliers prioritizing sustainability often offer competitive pricing and better long-term viability, crucial for cost-effective supply chains in an eco-conscious market. Incorporating such technologies not only benefits the planet but also enhances efficiency and resilience, contributing to overall cost savings and competitiveness.

El abastecimiento sostenible no solo es beneficioso para el planeta, sino que también puede llevar a ahorros significativos en costos. Al integrar nuevas tecnologías que apoyan la sostenibilidad, como procesos de fabricación energéticamente eficientes o soluciones de empaquetado que reducen desechos, puedes disminuir tu impacto ambiental mientras reduces costos. Los proveedores que priorizan la sostenibilidad a menudo ofrecen precios más competitivos y una mejor viabilidad a largo plazo, lo cual es una consideración importante para mantener cadenas de suministro coste-efectivas en un mercado cada vez más consciente del medio ambiente.

Sustainability must be considered for the long term benefit. Also just for the one time cost saving benefit, one should not ignore sustainability. Cost-effective but sustainable sourcing should be preferred.

Use digital platforms to centralize and automate the supplier selection process, reducing administrative costs. Cloud computing offers scalability and flexibility. Big data analytics enables predictive analytics to make more informed decisions about suppliers and costs. AI integration streamlines repetitive tasks and improves the accuracy of demand forecasts. Blockchain increases transparency and reliability in transactions. SRM and SRA help to mitigate supplier risks, avoiding unexpected costs. ESG can also reduce long-term costs by optimizing resources and avoiding regulatory fines. Encourage the application of technologies in the services and materials you are purchasing. Maximize cost savings but also drive efficiency and sustainability

To maximize cost savings in supplier sourcing with new technology: Use data analytics to analyze spending patterns. Implement e-Sourcing platforms for efficient procurement. Incorporate AI for supplier selection and negotiation. Use SRM tools to manage supplier relationships. Ensure supply chain visibility for optimization. Collaborate with suppliers for joint cost-saving initiatives. Invest in risk management solutions. Foster a culture of continuous improvement. These strategies can help streamline processes and drive cost savings effectively.

In my view using new tech. to maximize cost savings in supplier sourcing could have following potential steps. One can leverage from AI and ML for data analytics (much advance tools with AI / ML inputs are available today) which can help to optimize costs with enhanced data analytics. Automation can bring in agility and accuracy (error free environment) with reduction in investment for additional resources, communication with internal and external stakeholders using same platform will also contribute into better and efficient relationship management.

This is such a fun topic to be discussed by the way First things first. Technology can help you very much in supplier sourcing. Big data and combined with ERP like in Ariba can make your supplier sourcing faster Imagine a huge database in Ariba whole over the world for all supplier in there. Include the classification and they ability to supply. Its kind of heaven on earth for a Professional Sourcer But. Huge data can be very confusing. Also adaptability of human in New technology needs a learning curve. A.k.a Time consumes So please. Before integration a technology map your organizational needs in Supplier Sourcing technology. A very dynamic driven-by-market corporation model shall be different from a Steady Manufacturing Factory model

The question: "What do you do if you want to maximize cost savings in supplier procurement with new technologies?" is the starting point. What is the maximum for you? What do you measure? Do you measure the right elements? What would those right elements be? Short answer for the ones that need to deliver "the number/percentage": choose the option that meets or exceeds that number. Long answer for everyone else: start a discussion with all stakeholders and collect required elements, such as cost, value contribution, positive and negative leverage, environmental and social factors, etc., then build calculation models and scenarios for different optimized outcomes. With that material, you might then want to speak to your Chief Revenue Officer.