Enhancing Value with Effective Strategic Sourcing & Category Management

Amidst turbulent times, mitigating supply management risks while ensuring a steady cash flow is among organizations' top priorities to secure and scale business growth. Especially for global businesses, a well-planned and organized supply chain is paramount as it not only helps streamline the flow of goods and services but also helps them become more resilient to face any abrupt, unpleasant situation while leveraging profit margins.

Arjit Agarwal, Principal Consultant, Business Consulting, Nexdigm, highlights the importance and benefits of embracing and implementing effective strategic sourcing and category management strategies within Supply Chain Management and provides a broad overview of the procurement state.

While speaking about the strategic sourcing and category management benefits, Arjit provides an in-depth summation of the present situation, gaps, risks, and strategies related to Supply Chain Disruptions, Supplier Relationship Management, RFx Management, Sustainability, as well as Spend Management, and Consolidation.

He also mentions the benefits of implementing digital or tech-driven tools and how they help organizations significantly enhance the efficiency and performance of supply chain operations.

Arjit further states that for organizations to build and ensure a robust supply chain management, having supplier community assistance while identifying and using talent judicially is critical. In this process, being open to new-age solutions and cognizant of the out-of-sync systems and processes is also essential.