by Kathleen Jordan, Senior Project Manager
Even as the economy shows signs of growth and all indicators point towards a recovery, organizations of all size – likely including yours – are continuing their search for cost containment and management options. As part of this, corporations are reevaluating the way in which their internal departments are spending money and for potential savings opportunities across the board.
As a result, sourcing and procurement groups are finding themselves much more involved in spend management activities in organizations across the globe, with many taking on broader and more strategic duties than they have ever had previously. Sourcing departments are now overseeing high-cost – and traditionally off-limits – corporate operations categories, categories like Logistics, Information Technology, and Marketing. These departments require duties and skills far beyond the transactional roles of most procurement groups and even beyond the research and negotiation roles performed by most strategic sourcing groups. Oversight of these new categories requires the management of both direct and indirect costs, and a strong focus on category management, contract management, and supplier relationship management.
These new duties require Sourcing to become involved at a project’s onset – far earlier than most sourcing groups traditionally became involved – and these sourcing teams are now offering decision support, market research and benchmarking, and contract administration and management services to these high-dollar organizational groups. And while Sourcing may have the skills that can help these departments identify their true needs within projects, secure best-in-class agreements , and develop long-term beneficial relationships with critical suppliers – all of which provide long-term, strategic value to these groups – these other departments, not used to having to work with Sourcing, may not be welcoming the change and the oversight.
With that in mind, we at Source One produced our Marketing Insights Report, titled “Fueling Effective Collaboration: How Strategic Sourcing Delivers Results for Marketing Groups”. In this report, we highlight the challenges Sourcing groups face when interfacing with Marketing. We then walk through the organizational benefits for increased Sourcing involvement with Marketing – highlighting the specific benefits produced by certain tasks like Benchmarking – before offering tips on easing the integration process and making Sourcing a welcome presence in Marketing initiatives. Finally, we detail how the strategic sourcing process should apply in marketing situations, offering insight and guidance for Sourcing groups that have never worked with Marketing before as to how each step in the process should be uniquely tailored for Marketing tasks.
We ourselves have found tremendous success incorporating our strategic sourcing practices in collaboration with Marketing groups, and we hope that this Marketing Insights Report will help you and your organization’s Marketing team work together smoothly and find success going forward.
Download your copy today!