- Sustainability: With growing concern for the environment, many companies are placing a higher emphasis on sustainability in their sourcing strategies. This includes seeking out suppliers who prioritize eco-friendly practices, reducing waste and carbon emissions, and promoting ethical labor practices.
- Supplier diversity: Companies are recognizing the importance of partnering with suppliers that represent diverse backgrounds and perspectives to promote inclusion and foster innovation.
- Supply Chain Resilience: The COVID-19 pandemic highlighted the importance of supply chain resilience, and many companies are now reevaluating their sourcing strategies to mitigate future disruptions. This includes diversifying suppliers, implementing risk management protocols, and creating contingency plans.
- Globalization: With the rise of globalization, companies are increasingly sourcing goods and services from all over the world. However, this also brings new challenges such as managing complex supply chains, navigating international trade regulations, and dealing with cultural differences.
- Collaborative Sourcing: Collaborative sourcing involves working closely with suppliers to identify opportunities for cost savings, process improvements, and innovation. By fostering a strong relationship with suppliers, companies can create a more efficient and effective sourcing process.
- Total cost of ownership: Rather than solely focusing on the cost of goods and services, companies are taking a more holistic approach to sourcing that considers the total cost of ownership, including factors like transportation, inventory, and quality.
- Digital Transformation: The pandemic has accelerated the shift towards digital sourcing solutions, such as e-procurement platforms and supplier relationship management software. Staying up-to-date on the latest tools and technologies can help streamline your sourcing processes.
- Risk Management: With the ongoing pandemic and increasing geopolitical uncertainty, risk management is more critical than ever. Sourcing professionals need to stay up-to-date on the latest risk management techniques and tools, including supply chain mapping, scenario planning, and contingency planning.
- Supplier Relationship Management: Effective supplier relationship management (SRM) is becoming increasingly important as companies look to build long-term partnerships with their suppliers. This involves developing a strategic approach to supplier engagement, including performance monitoring, risk management, and continuous improvement.
- Cost Optimization: Of course, cost optimization is always a key focus for strategic sourcing professionals. This might involve negotiating better contracts, identifying cost-saving opportunities, or finding ways to optimize the entire supply chain.
