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The Five Key Factors to Minimize Uncertainty & Maximize the Value of Your Sourcing Spend

sourcing inflation

Is inflation on your mind? You’re not alone. Rising costs lead to rising overhead—and rising stress about sourcing. 

Not only is it more expensive to get crucial goods and services today, but supply chain issues and labor shortages create extensive delays. These disruptions significantly affect large and small companies' production and inventory. 

Plus, rising fuel costs mean that getting everything from hand soap to building supplies requires an even bigger financial commitment, which could be going toward marketing, R&D, or expansion.

And yet, despite all the talk about the financial impact of inflation on sourcing, there’s an important point missing. 

Inflation, at its core, isn’t really about money. It’s about uncertainty. 

This is good news because organizations that solve for uncertainty can maximize value and thrive despite economic change.

How to Mitigate Uncertainty

There are five key factors that are crucial to navigating sourcing uncertainty when inflation, supply chain issues, fuel shortages, and labor issues mean certain goods and services are in short supply.

First, companies that can see what’s available and act quickly have a significant edge. Agility and increased visibility are key competitive advantages.

So is having the right partners. Solid relationships with a variety of vetted and trusted suppliers not only make it easier to purchase what’s needed. These relationships also significantly mitigate risk, reducing the likelihood of overcharging or receiving poor-quality goods and services. 

Third, having the ability to easily participate in community buys can dramatically increase leverage, reducing costs and increasing purchasing power. 

Prashanth Ravishankar, Vice President, Coupa

This Month at SIG – November 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

With inflation challenges and a looming recession, we have the resources procurement leaders need to get a jump start on 2023!


November Microlearning Event

On November 9, Angela Easterwood from Majel Partners and Elizabeth Zucker from The Hackett Group, will share how flawless category management can be leveraged to address today’s dynamic sourcing challenges. 

Join your sourcing, procurement, and risk management colleagues in this two-hour interactive virtual environment to be challenged with topics related to our industries!

 

Northeastern Regional SIGnature Event

SIG's Northeastern Regional SIGnature event is almost here! The event will take place in Toronto, CA and includes a fantastic agenda with some of the best thought leaders in the industry. The day will include an Executive Roundtable, General Session Speakers (offering training and practical, implementable tools), CPO Presentations, Analyst Overviews, SIG Talks and close with a networking happy hour.

Join us for this great day of networking and learning!

Desmond Williams, Digital Marketing Manager

This Month at SIG – September 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

As procurement leaders continue to navigate varying crises of 2022, we have a host of events and resources on deck to keep your team at the forefront of best practices!


Global Executive Summit

Prepare yourself and your team for the future of sourcing at the SIG PGlobal Executive Summit October 17-19, 2022! 

Get ready for amazing keynote sessions, a chance to engage and learn from the brightest industry experts, speed networking, and experience live solution deep-dives from best-in-class providers. Registration is open now!

 

Western Regional SIGnature Event

SIG's Western Regional SIGnature event is almost here! The event will take place in Bellevue, WA and includes a fantastic agenda with some of the best thought leaders in the industry. The day will include an Executive Roundtable, General Session Speakers (offering training and practical, implementable tools), CPO Presentations, Analyst Overviews, SIG Talks and close with a networking happy hour.

Join us for this great day of networking and learning!

Desmond Williams, Digital Marketing Manager

This Month at SIG – August 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

As procurement leaders continue to navigate varying crises of 2022, we have a host of events and resources on deck to keep your team at the forefront of best practices!


August Microlearning Event

SIG's On May 18, TD Bank experts, Associate Vice President Michele Wesseling and Head of Cyber Controls Testing Neha Mudalgikar, as they explore cyber risk in today's constantly evolving landscape. 

Join your sourcing, procurement, and risk management colleagues in this two-hour interactive virtual environment to be challenged with topics related to our industries!

 
 

Global Executive Summit

Prepare yourself and your team for the future of sourcing at the SIG PGlobal Executive Summit October 17-19, 2022! 

Get ready for amazing keynote sessions, a chance to engage and learn from the brightest industry experts, speed networking, and experience live solution deep-dives from best-in-class providers. Registration is open now!

 

Western Regional SIGnature Event

SIG's Western Regional SIGnature event is almost here! The event will take place in Bellevue, WA and includes a fantastic agenda with some of the best thought leaders in the industry. The day will include an Executive Roundtable, General Session Speakers (offering training and practical, implementable tools), CPO Presentations, Analyst Overviews, SIG Talks and close with a networking happy hour.

Desmond Williams, Digital Marketing Manager

This Month at SIG – July 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

The second half of 2022 is continuing to force procurement leaders to navigate varying crises. Strategies now weigh less on cost and more in favor of supply assurance. We have a host of resources, insights and events to get you prepared!


July CPO & Executive Virtual Series

SIG's CPO & Executive Virtual Series is an opportunity for the most senior procurement executives to gather with their peers in an interactive virtual environment to discuss their most pressing issues. On July 20, Richard Elmore, CPO from The Penn State University, will be joined by AArete experts Tyler Higgins, Gaurav Joshi and John Marchisin. They will explore how to adapt your supply chain for diversity and sustainability. We will close the day with a topic-based roundtable discussion. 

Join us for this collaborative and very personal conversation!

 
 

Power Hour Webinars

Emerging Strategies to Level Up Your CW Program

During this webinar, learn how contingent workforce owners are using technology to bridge the gap and communicate with all parties successfully.

Desmond Williams, Digital Marketing Manager

This Month at SIG – June 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

The second half of 2022 is here but constant supply chain problems are diverting procurement’s attention from other business-critical areas. We have a host of resources, insights and events to get you prepared!


June CPO & Executive Virtual Series

SIG's CPO & Executive Virtual Series is an opportunity for the most senior procurement executives to gather with their peers in an interactive virtual environment to discuss their most pressing issues. On June 8, Keith Learn, Vice President of Procurement & Supplier Development at Mary Kay Inc., will deliver a thought leadership presentation that will leave you with many new tools and strategies! Nick Heinzmann, Vice President of Research at Spend Matters will also be presenting his latest learnings. Nick will discuss ESG, regulatory forces, and inflation.

Join us for this collaborative and very personal conversation!

 
 

Power Hour Webinars

ESG Regulation and its Impact on Sourcing

Join John Bree, Chief Evangelist & Chief Risk Officer from Supply Wisdom on June 9th to explore the impact of ESG on supply chains and operations.

Desmond Williams, Digital Marketing Manager

This Month at SIG – May 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

As the first half of 2022 comes to a close, procurement faces the reality of inflation and what that means for their supply chains. We have a host of resources, insights and events to get you prepared.


May CPO & Executive Virtual Series

SIG's CPO & Executive Virtual Series is an opportunity for the most senior procurement executives to gather with their peers in an interactive virtual environment to discuss their most pressing issues. On May 4 Brian Roche, CPO from Westfield Insurance, will deliver an exciting keynote session on the potential for AI in procurement at the May CPO & Executive Virtual Series. He will be followed by Karen Coker, Director of Third Party Risk & Vendor Management at LendingPoint for A Day in the Life presentation.

Join us for this executive-level conversation with actionable takeaways!

 

May Microlearning by SIG University

On May 18, Canda Rozier CIAP, Sourcing Executive & former CPO, will share her digitization journey as a CPO. That session will be followed by Daryl Hammett, Global Head of Demand and Operations at Amazon Web Services (AWS), who will lead an exciting deep-dive discussion on the importance of professional development in sourcing. 

Join your sourcing, procurement, and risk management colleagues in this two-hour interactive virtual environment to be challenged with topics related to our industries!

Desmond Williams, Digital Marketing Manager

This Month at SIG – March 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

2022 is already shaping up to further depend on procurement's expertise in transforming sustainable supply chains. We have a host of resources, insights and events to prepare you for procurement's transformation!


Procurement Technology Summit

Prepare yourself and your team for the future of business at the SIG Procurement Technology Summit April 4-6, 2022! Are you registered?

Get ready for amazing keynote sessions, a chance to engage and learn from the brightest industry experts, speed networking, and experience live solution deep-dives from best-in-class providers.

 

Future of Sourcing Awards

Do you hear that? That's the sound of the SIG Future of Sourcing Awards making a return! The FOS awards are held to honor and celebrate individuals and organizations that show innovation, leadership and transformation in critical areas to the sourcing industry. The next Awards will take place in Rancho Mirage, California, on October 19, 2022, the capstone evening at the SIG Global Executive Summit. Attendees will enjoy dinner, networking, entertainment and an awards ceremony delivered in the most innovative ways imaginable. This event will bring together some of the brightest minds, the best insights and the most relevant topics to create a truly remarkable experience.

Desmond Williams, Digital Marketing Manager

This Month at SIG – February 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

2022 is off to a fast start and the future of procurement is squarely in view. We have a host of resources, insights and events to prepare you for procurement 4.0!


February Microlearning by SIG University

Stakeholder Engagement has shifted dramatically over the last few years, making way for Procurement’s traditional tasks to become automated. So what should you be armed with to be a vital asset for the business? Join Anita Weise, former VP of Procurement at Vail Resorts as she gives a thought-provoking discussion about the new lens into Stakeholder Engagement! She will be joined by Daryl Hammett, Global Head of Lead Management and Operations Amazon Web Services (AWS), who will lead an exciting deep-dive discussion.

Join your sourcing, procurement, and risk management colleagues in this two-hour interactive virtual environment to be challenged with topics related to our industries!

 

A Flexible (and Fast!) Way to Get Certified Now

Did you miss our 2021 open cohort start dates? We have fast-track and self-paced options for all programs if open cohort semester timings do not work for your schedule! Have a large group from your organization interested in taking the program together? We also offer closed cohorts for groups of 20 or more that can start when it is best suitable for your team, and volume discounts are available!

Desmond Williams, Digital Marketing Manager

This Month at SIG – January 2022

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

We kick off 2022 and the future of procurement with a host of resources, insights and events to help you deliver on procurement 3.0!


January CPO & Executive Virtual Series

SIG's CPO & Executive Virtual Series is an opportunity for the most senior procurement executives to gather with their peers in an interactive virtual environment to discuss their most pressing issues. On January 26, Keith Hausmann, Chief Revenue Officer from Globality, will explore top business priorities procurement can address by reimagining its sourcing models and the major benefits this transformation will bring to the enterprise.

Join us for this executive-level conversation with actionable takeaways!

 

A Flexible (and Fast!) Way to Get Certified Now

Did you miss our 2021 open cohort start dates? We have fast-track and self-paced options for all programs if open cohort semester timings do not work for your schedule! Have a large group from your organization interested in taking the program together? We also offer closed cohorts for groups of 20 or more that can start when it is best suitable for your team, and volume discounts are available!

Power Hour Webinars

Learning Lab: How to License and Protect Key Information

Join Scientist.com and SIG as they explain the sourcing cycle and explain why protecting your confidential information, IP, and resources are crucial to your long-term success.

Desmond Williams, Digital Marketing Manager

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