Published: 13 February 2024
In times of market disruption and rapid transformation, the traditional RFI/RFP process could risk the delivery of priority sourcing initiatives. This research introduces dynamic sourcing to CPOs to source in an agile, time-bound manner for the delivery of innovative solutions.
A traditional RFP/RFI process can take more than six months to evaluate, select and contract a supplier, making it time-consuming for urgent or complex sourcing initiatives.
Business stakeholders for indirect spend categories are increasingly bypassing procurement because they do not understand the value in its linear, waterfall processes.
An unresponsive sourcing process can introduce risk when it can’t keep up with a highly variable business environment causing misalignment between business needs and sourcing outcomes.
To successfully respond to increasing business transformation initiatives and economic uncertainty, chief procurement officers (CPOs) must shift to dynamic sourcing to:
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Analysts:
Nivedita Bose, Joe Stephens
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