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What is Strategic Sourcing
Strategic sourcing is an organized, collaborative method of identifying and selecting suppliers to support a company’s overall business strategy. This approach aims to optimize supply chains, cut costs, and enhance supplier performance, while meeting quality, delivery, and service objectives. The process involves analyzing current spending, identifying potential suppliers, leveraging market competition, conducting evaluations, negotiating contracts, and engaging suppliers continuously. It’s a crucial tool in procurement and supply chain management to obtain the best value from suppliers.
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The Logistics 5 with Sal Guasto
Sal Guasto, a global supply chain and logistics professional, shared his insights on the current logistics industry. He identified excessive inventory backup, lack of integration in supply chain management, and non-customizable software as major issues. Guasto also discussed the difficulty of getting internal stakeholders on board with evaluations and urged executives to actively manage third-party service providers.
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AI on AI: Logistics
ChatGPT suggests that AI will significantly impact corporate logistics, transforming supply chain management. AI can improve demand forecasting, enhance supply chain visibility, automate routing and scheduling, predict maintenance, and control autonomous vehicles. This can result in optimized inventory, cost savings, improved customer satisfaction, and increased delivery speed. However, organizations should evaluate potential risks and ensure ethical use of AI.
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