6 Steps to Transform from Tactical to Strategic Sourcing
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This document outlines 6 steps for transforming a procurement department from tactical to strategic: 1) Identify a leader with change management and motivational skills. 2) Build a business case assessing costs, risks, and timelines. 3) Assemble a cross-functional team representing different departments. 4) Develop a strategic sourcing plan with clear objectives, measurable goals, and accountability. 5) Implement the plan slowly starting with a test program. 6) Monitor and revise the plan by being flexible, patient, and adjusting as needed.
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Transforming Strategic Sourcing and Procurement – The New Model
This session will provide an overview on how Grupo Posadas, a leading Mexican hospitality company, transformed its Sourcing and Procurement model.
Key Achievements:
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• Improved leveraging of customer needs and buying power
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The document outlines the basic 6-step process for strategic sourcing: 1) Profile Spend to understand spending categories and suppliers, 2) Develop Sourcing Strategy to identify new suppliers, 3) Survey Marketplace to analyze costs and risks, 4) Negotiations and Selection with suppliers, 5) Implementation of new supplier agreements, and 6) ongoing Supplier Management through benchmarking and improvements every 2 years. Following this process with the right resources and skills can improve costs and ensure good results from strategic sourcing.
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This document provides a guide for developing a strategic sourcing strategy in 6 steps: 1) Analyze current spending, 2) Assess supplier markets, 3) Issue a supplier survey, 4) Review responses and select finalists, 5) Define target performance metrics and costs, and 6) Select and communicate with suppliers. The goal is to take an organized, collaborative approach to leverage spending and select suppliers that can create the most value by meeting quality, cost, and other objectives. Key aspects include understanding total cost of ownership, defining a target "to be" state, and setting clear performance metrics for supplier evaluation and continuous improvement.
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The document discusses strategies for developing model suppliers and optimizing a company's supply base. It defines attributes of model suppliers, such as managing quality systems, demonstrating technology leadership, and supporting business goals. It also outlines steps for a mature supply management process, including defining a preferred supplier base, establishing strategic partnerships, integrating suppliers, and conducting supply base segmentation. Commodity source plans are developed annually based on supplier performance data and input from stakeholders to guide one-year and three-to-five-year sourcing strategies.
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The strategic sourcing process involves continuously improving a company's purchasing activities through a professional, disciplined process that saves on total costs without requiring capital investment. The key steps are:
1) Profiling the spend category to understand usage and suppliers;
2) Developing a sourcing strategy by identifying new suppliers and analyzing costs;
3) Surveying the marketplace to find alternatives and negotiate competitively;
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This session will provide an overview on how Grupo Posadas, a leading Mexican hospitality company, transformed its Sourcing and Procurement model.
Key Achievements:
• A standardized sourcing and supplier management process. USD 27.3 million in savings in 2.5 years which accounts for 18% savings against the baseline
• Improved leveraging of customer needs and buying power
• Focused compliance and use of contracts. In 2012 compliance has improved to 96%
• Enhanced communication of customer requirements
• Standard key performance metrics
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The 7 step strategic sourcing framework is a popular model developed by ATKearney consulting to help companies lower costs through strategic procurement. The 7 steps include: 1) developing a category profile through spending and supply market analysis, 2) creating a sourcing strategy, 3) generating a supplier portfolio, 4) selecting an implementation plan such as negotiations or auctions, 5) negotiating and selecting suppliers, 6) implementing agreements, and 7) continuous improvement of the sourcing process. Major companies like P&G, HUL, IBM and Dell have used this framework to achieve cost savings of 10-20%.
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This document provides a guide for developing a strategic sourcing strategy in 6 steps: 1) Analyze current spending, 2) Assess supplier markets, 3) Issue a supplier survey, 4) Review responses and select finalists, 5) Define target performance metrics and costs, and 6) Select and communicate with suppliers. The goal is to take an organized, collaborative approach to leverage spending and select suppliers that can create the most value by meeting quality, cost, and other objectives. Key aspects include understanding total cost of ownership, defining a target "to be" state, and setting clear performance metrics for supplier evaluation and continuous improvement.
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The strategic sourcing process involves continuously improving a company's purchasing activities through a professional, disciplined process that saves on total costs without requiring capital investment. The key steps are:
1) Profiling the spend category to understand usage and suppliers;
2) Developing a sourcing strategy by identifying new suppliers and analyzing costs;
3) Surveying the marketplace to find alternatives and negotiate competitively;
4) Negotiating and selecting suppliers for implementation. Continuous evaluation ensures full value is achieved through benchmarking and monitoring results.
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1. Sourcing antiperspirant salt from China through a supplier's new plant. This saved $1.05 million annually and established a long-term strategic supplier.
2. Toll buying silicone feedstock from a supplier and shipping to a converter to produce emulsions. This introduced competition and saved $400,000 annually. Both created ongoing value through competitive pricing and security of supply.
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Emphasis on sourcing is not something new within the business environment. A research institute conducted a study on strategic sourcing for 25 senior operation managers in the United States of America, and concluded that “the one dictum that would still be valid a half-a-century from now is the policy of buy low, sell high”. Strategic sourcing is not necessarily the act of buying low and selling high, rather it looks in to the sustainability of what was bought low and equally the sustainability of what was sold high. Majority of today’s businesses, only look for opportunities to make fast cash without having a second thought on the consequences of their operations in the future. Strategic sourcing is primarily about the first part of this lecture.
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The document discusses shifting the focus of procurement from tactical to strategic to create more value. It outlines 10 dimensions for an effective procurement organization, including developing a procurement strategy aligned with corporate strategy, implementing tools and technology for spend analysis, establishing an efficient source-to-pay process, ensuring the right organizational structure, managing supplier relationships strategically, and mitigating risks. Moving these dimensions from tactical to strategic can help procurement optimize results and deliver expected savings and value.
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3. The first step of internal research lays the groundwork for subsequent steps by gathering and analyzing internal company data to understand spending patterns and costs. This information is then used to inform strategic sourcing decisions.
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2. Toll buying silicone feedstock from a supplier and shipping to a converter to produce emulsions. This introduced competition and saved $400,000 annually. Both created ongoing value through competitive pricing and security of supply.
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Emphasis on sourcing is not something new within the business environment. A research institute conducted a study on strategic sourcing for 25 senior operation managers in the United States of America, and concluded that “the one dictum that would still be valid a half-a-century from now is the policy of buy low, sell high”. Strategic sourcing is not necessarily the act of buying low and selling high, rather it looks in to the sustainability of what was bought low and equally the sustainability of what was sold high. Majority of today’s businesses, only look for opportunities to make fast cash without having a second thought on the consequences of their operations in the future. Strategic sourcing is primarily about the first part of this lecture.
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3. The first step of internal research lays the groundwork for subsequent steps by gathering and analyzing internal company data to understand spending patterns and costs. This information is then used to inform strategic sourcing decisions.
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The document describes the phases of product management for IT and telecom services after launch. It discusses standardizing sales, delivery, and billing processes to provide benefits to customers like optimization of costs and transparency of offerings. The key phases of product management are outlined as monitor, analyze, correct, improve, and innovate in a continuous cycle. Specific activities are described for each phase like data collection, analyzing the current state against goals, taking actions to address issues, enhancing offerings, and innovating with new features. The overall approach is to regularly review the product status, compare it to market trends, and evolve the product to meet changing business needs and stay ahead of competitors.
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2) Three fundamental value-based strategies for organizations: product leadership, customer intimacy, and operational excellence.
3) The importance of aligning an organization's offerings with market needs through an effective go-to-market strategy that balances methodological and radical planning with execution.
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The document discusses the value of supply strategy and strategic category management. It outlines how taking a strategic approach to category management can connect internal and external business intelligence to improve innovation, efficiency, and total cost of ownership. The document provides examples of how strategic category management processes, such as spend analysis, supplier segmentation, and cost modeling, can help organizations achieve cost savings of 5-15% through more favorable pricing, reduced price variability, lower logistics costs, and other efficiencies.
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Planning is an important process for small businesses to identify goals and strategies. However, small business owners often ignore planning due to lack of time, funds, or interest. Planning helps optimize the use of limited resources. The key managerial functions for any business include planning, organizing, controlling, and re-planning. Planning establishes objectives, strategies, policies and procedures. Organizing structures business activities and assigns responsibilities. Controlling compares actual performance to standards and takes corrective actions. Re-planning revises strategies and policies when objectives are not met. Failure to plan properly can lead a business from economic failure to financial and legal failure.
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The document discusses business planning and its key components. It describes the purpose of a business plan as clarifying direction, attracting financing and team members, and managing the company. The main sections of a business plan are outlined as the executive summary, industry overview, market analysis, competitive analysis, marketing plan, operating plan, and financial plan. The document also covers contents of a business plan such as the cover page, table of contents, and details of sections like management, operations, marketing, accounting, and finance.
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- Strategy map - A diagram that visually communicates an organization's strategy and how objectives align across different levels.
- Balanced scorecard - A framework that translates an organization's strategy into objectives and measures across financial, customer, internal process, and learning/growth perspectives.
- SWOT analysis - An analysis of an organization's strengths, weaknesses, opportunities, and threats to inform strategic planning.
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How to build and deploy your strategy 2015 hz article
This document provides guidance on developing a long-term strategic vision and plan for a business. It recommends bringing together a cross-functional team to identify strategic initiatives by analyzing various business metrics and feedback. The team then selects the top initiatives to form the basis of a 3-5 year plan. Milestones and budgets are set for each initiative. Key performance indicators are established and reviewed monthly to monitor progress and make adjustments if needed. Regular communication is important to deploy the new vision and initiatives throughout the organization. Periodic reviews assess whether initiatives require problem-solving or ways to sustain successes.
Lecture7
The document outlines the 9 steps of the strategic management process for entrepreneurs: 1) develop a clear vision and mission, 2) assess strengths and weaknesses, 3) scan for opportunities and threats, 4) identify key success factors, 5) analyze competition, 6) set goals and objectives, 7) formulate and select strategies, 8) create action plans, and 9) establish controls. The vision provides direction and motivation, while the mission addresses the company's purpose. Strategies may include cost leadership, differentiation, or focus. Controls include balanced scorecards to measure performance against the strategic plan.
Pl 3 Effective Planning Models
Strategy Map
Balanced Scorecard
SWOT Analysis
PEST Mode
Gap Planning
Blue Ocean Strategy
Porter's Five Forces
VRIO Framework
!st Sem 2020
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bsc.pptx
The Balanced Scorecard is a strategic planning and management framework that helps organizations translate their mission and vision into tangible objectives and measures across four perspectives: financial, customer, internal processes, and learning and growth. It provides a balanced view of both financial and non-financial metrics and performance indicators to measure how well an organization is executing its strategy. The Balanced Scorecard methodology starts by identifying strategic objectives, then establishes measures, sets targets, and identifies strategic initiatives to drive improvement across the four perspectives.
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6 Steps to Transform from Tactical to Strategic Sourcing
- 1. TACTICAL to STRATEGIC? Ready to transform your procurement department from
- 3. Step 1: Ability to manage change Influential (to get internal stakeholders onboard) Good motivator (to keep team engaged) IDENTIFY A LEADER LEADERSHIP SKILLS REQUIRED
- 4. The leader will need to maintain team engagement, manage the speed of transition and inspire enthusiasm from the entire group.
- 5. Step 2: BUILD A BUSINESS CASE ASSESS THE FOLLOWING Costs Risks Timelines ...then document your plan
- 6. Getting the backing of top management is a critical key to success.
- 8. The team should be cross-functional and represent all areas of the company that can help contribute to your initiative’s success.
- 9. Step 4: Clear objectives Measurable goals Accountability from all stakeholders DEVELOP A STRATEGIC SOURCING PLAN YOUR STRATEGIC PLAN NEEDS
- 10. This will likely be the most time- consuming part of this project, but it's an area you shouldn't skimp on.
- 11. Step 5: IMPLEMENT Start slowly by first rolling out a test program with one category, area of spend, or part of the business.
- 12. Also plan for non- strategic purchases. Not everything you buy will be appropriate for this new approach.
- 13. Step 6: Be flexible Be patient Be willing to adjust MONITOR AND REVISE
- 14. Keep a constant line of communication open with key stakeholders and keep upper management in the loop.
- 15. ProcurementIQ.com/ProcurementInsider Download the full white paper The Journey to Strategic Sourcing: A Roadmap