Snapshot: Trends in Strategic Sourcing
The Procurement Initiative's snapshot on Trends in Strategic Sourcing provides insight into the directional trends of how CPOs are thinking about Strategic Sourcing at the end of 2023 and into 2024.
Sourcing focus? Local, Regional or Global? Single/Dual/Multi-Source? Best price or Best Value? Established or New Suppliers? Relational or Transaction collaboration? Offshore or Nearshore? Just-in-Time or Just-In-Case?
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Snapshot: Trends in Strategic SourcingThe Procurement Initiative's snapshot on Trends in Strategic Sourcing provides insight into the directional trends of how CPOs are thinking about Strategic Sourcing at the end of 2023 and into 2024.
Key Findings:
Not too surprisingly, recent crises have changed purchasing and sourcing priorities towards more dual / multi sourcing
- Balanced sourcing decisions are on the rise: More best value sourcing and more focus on risk
- When it comes to suppliers, procurement professionals are focusing on established suppliers with no significant regional focus
- Purchasing professionals are de-risking by pushing more relational supplier collaboration and by diversifying their sourcing regions
- To cope with disruption, firms have increased their inventory and decreased their sustainability ambition („compliance with minimum requirements“)
- Companies have not yet found the holy grail of sustainability operating primarily with soft sustainability criteria (e.g., red flags)
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Martina Buchhauser
Richard McIntosh
Laurin Zemmrich
Brendan McVeigh
