Modern Sourcing: a Transition to Efficient and Agile Procurement Models

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Strategic sourcing is a process that spans need identification to sourcing implementation. Today, procurement teams are increasingly adopting strategies to modernize this process and achieve faster cycle times, flexibility, and collaboration. Modern sourcing teams optimize resource allocation by assigning process-oriented and non-core sourcing activities to non-core resources, providing more time to their core resources to focus on core activities. Such teams can overcome long cycle times and siloed operations by transitioning to an agile procurement operating model. This Executive Brief describes how organizations can adopt modern sourcing practices. It also outlines the best practices for transforming team and process structures to become more agile and collaborative.