Three questions to help manufacturers reimagine their direct spend sourcing
Pressure to innovate and quickly bring new products to market. Slows down new product development, delays product launches, makes it hard to react fast to supply chain disruptions. Process transformation and digital solutions can generate business value in multiple areas. Sticking with the status quo may be holding back, creating risk, and stifling innovation. Evaluate current approach.
Reimagining Direct Spend Sourcing in Manufacturing
- Direct materials sourcing solutions connect to product lifecycle and recipe management applications, enabling comprehensive procurement programs for new products.
- They allow for sophisticated procurement project plans, enabling project leads to see interdependencies among parts and ingredients being sourced.
- They provide visibility into the impact of schedule changes on the overall sourcing project plans and automated backward scheduling of key milestones before product launch.
- These solutions help in co-innovating with suppliers to further accelerate time to market and increase demand for products.
- They connect sourcing processes to ERP, ensuring contracts and purchase orders are fully compliant with the terms, conditions, prices, and discounts negotiated.
- They support complex pricing terms, including index-based commodity pricing, and simplify their operationalisation in ERP.
- Direct spend sourcing solutions give suppliers a clearer view of technical specifications, support more seamless collaboration, and provide deeper insights into demand and its forecasted changes over time and by region.
- They foster co-innovation on key new technologies that enable speeding up time to market and developing superior products.
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