Today’s sourcing and procurement teams need to develop an adaptive approach to governance and vendor performance management to ensure they’re meeting business goals. Does your 2023 plan have room to flex? 

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Preparing for Changes on the Horizon

Sourcing, procurement, and vendor management professionals are facing unprecedented challenges within their roles due to inflation and increasingly diverse technology requirements. 

Vendors are raising prices in an effort to maintain margins and increase profitability. The use of marketplaces to purchase goods and services has drastically increased, leading to rising costs and a higher risk of unapproved or duplicated purchases. Enterprise organizations are being forced to reconsider how they approach social responsibility, moving from initiative-based tactics to baking ESG and diversity standards into their overall company values. 

No matter your organization’s goals for 2023 and beyond, these changes will require you to examine your current IT stack, identify areas ripe for improved governance, and make changes that allow for more streamlined cost reduction, risk management, and contract negotiation.

Learn the specific tactics needed to effectively strategize and navigate these uncertain times in Gartner’s latest 2023 predictions research.

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