Supplier sourcing is a strategic game with big stakes. 💪 Companies are looking for partners who do more than fill an order; they want innovation, stability, and transparency. Here’s a rundown of the latest trends and stats shaping this landscape: 𝗦𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗶𝘀 𝗳𝗿𝗼𝗻𝘁 𝗮𝗻𝗱 𝗰𝗲𝗻𝘁𝗲𝗿: For 35% of procurement teams, sourcing tops the priority list, emphasizing the impact of picking the right suppliers on everything from product quality to innovation. 𝗦𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗰𝗼𝗺𝗽𝗹𝗲𝘅𝗶𝘁𝘆 𝗱𝗿𝗮𝗴𝘀 𝗼𝗻 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆: A surprising 17% of procurement teams struggle with complex sourcing processes, often bogged down by outdated methods. With AI tools like Veridion, they could streamline supplier discovery and focus on higher-value tasks. 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀 𝗰𝗿𝗮𝘃𝗲 𝘁𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆: While 58% of suppliers feel buyers focus too much on cost, 53% would happily provide more detailed insights if buyers fostered better partnerships. Collaboration could unlock major benefits on both sides. 𝗘𝘁𝗵𝗶𝗰𝗮𝗹 𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗶𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗿𝗶𝘀𝗲: 77% of organizations have implemented ethical sourcing policies, reflecting a growing demand for suppliers who align with environmental and social values. Read all about it on our blog. 👇
