We’re pleased to announce that Ardent Partners, a leading analyst firm focused on supply management (and in case you forgot, the partner entity to CPO Rising), has published its first full research report entitled Sourcing in the 2010’s: The Formula for Success. The full report, which can be downloaded from this link (registration required), is being made available to the public by BravoSolution. Today, we’ll provide a short excerpt from the report and follow up next week with a more detailed discussion of “The Formula.”

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After the launch of a fully-automated spend analysis solution, a procurement organization gains visibility into enterprise spend. But enterprise-level spend visibility, while critical to operations, is only the beginning of the sourcing process……………..

…..The Formula for Success

Visibility + Analysis + Process = Success

This formula has broad applicability to today’s business operations since deliberate processes powered by rich insight that is drawn from clear context seem much more likely to succeed than other methods. In the realm of supply management, the blueprint for Best-in-Class sourcing, which benefits from visibility into enterprise spend, process rigor, and strong analytical capabilities, follows this formula.

Since sourcing remains a primary lever for Chief Procurement Officers and their departments to achieve savings, the need for sourcing professionals and sourcing teams to source more efficiently and source more effectively will continue for years to come. Fortunately, this necessity requires no invention: the tools and processes already exist. Spend analysis and sourcing are both well-documented processes and tools that automate these processes have been available in the market for more than a decade.

Tagged in: Ardent Partners Research, Sourcing, Spend Analysis, Strategy, Technology