Question
Procurement and Strategic Sourcing strategy focuses on long-term relationships with suppliers, cost reduction, and value addition. It involves a thorough analysis of the company's spending, understanding the supply market, and developing a strategy to manage suppliers. It's different from traditional procurement strategies which focus more on transactional relationships, where the main goal is to acquire goods or services at the lowest possible price. Strategic sourcing, on the other hand, looks at the bigger picture and aims to create a win-win situation for both the buyer and the supplier.
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Procurement can be tough to handle, as lack of internal communication, obscure focus and failure to streamline the process often stand in the way. This is why we developed the presentation so you can create an action plan to achieve procurement objectives and improve areas of implementation. Also, to get ahead, learn how IBM is successfully reimagining its procurement systems.
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