Watch this brief but thorough review of learnings from the 2018 Cognitive Sourcing Study. You’ll get a range of insights collected from procurement executives on how organizations are coping with common problems, the adoption of game-changing technology, and how to measure your organization’s cognitive sourcing maturity.
This year’s survey showed that an increased number of manufacturing executives are making steady progress towards digital transformation, and the ones that aren’t are falling further behind.
Average organizations engage in competitive bids with just 41% of their suppliers at least once a year, while best in class organizations actively cover over 80% of their supply base at least once annually
Best in class organizations are completing the RFQ process in a few days, giving them a one month advantage over average organizations
The study measures how best in class organizations outperform their peers by holding regular discussions with suppliers, versus semi-annual events
Best-in-class organizations increasingly use integrated market intelligence systems, versus siloed tools
Best in class procurement organizations engage in cross-functional collaborative decision making
Richard Barnett, LevaData’s SVP of Marketing , will provide a 50-minute overview of the study’s findings and field your questions in a 10-minute Q&A.
Richard believes that a customer’s success is his success. Over his twenty-year career, he’s worked for both scrappy start-ups, supply chain innovators like i2 Technologies and GT Nexus, and tech luminaries like Microsoft. He is passionate about driving massive performance improvements through the latest in AI technologies. Richard has dual degrees from Stanford University in Political Science and International Policy Studies.
The 2018 survey includes a number of important updates
Update of last year’s study with new questions and additional topics
Combined annual direct spending among survey participants
Participants represent high tech, industrial equipment, high tech, automotive, life sciences, and consumer products
Principle, TreeHive Strategy
The real gap, and the real opportunity here, is to enroll more sources of insight from outside the organization, integrating them with historical data and internal insights, and then applying them to new and developing negotiation strategies. Organizations now have access to a much wider scope of information that is potentially relevant to sourcing decisions they make.