Achieving Cost Optimization in Procurement through Strategic Sourcing and Supplier Collaboration

Author(s)	Kosalee Thameera Galkaduwa
Country	United States
Abstract	This research aims to establish how organizations minimize costs in procurement, using strategic sourcing and supplier relationships. Analyzing the TCO, supplier categorization and the digital-driven approach outlined in the research shows that strategic frameworks lessen costs without sacrificing quality. An outline of industrial practices including Toyota’s lean systems, Unilever’s supplier consolidation, and AI-driven procurement at IBM reveals that these practices have benefits. It also considers issues like disrupted supply chains and underleveraged technologies, and solutions include supply chain redundancy and capacity developments. The study highlights the importance of combined approaches for the promotion of sustainable purchasing and improving partnerships with suppliers.
Keywords	Cost optimization, strategic sourcing, supplier collaboration, Total Cost of Ownership, procurement, digital transformation.
Published In	Volume 14, Issue 2, July-December 2023
Published On	2023-12-06
Cite This	Achieving Cost Optimization in Procurement through Strategic Sourcing and Supplier Collaboration - Kosalee Thameera Galkaduwa - IJAIDR Volume 14, Issue 2, July-December 2023. DOI 10.5281/zenodo.14598873
DOI	https://doi.org/10.5281/zenodo.14598873
Short DOI	https://doi.org/g8xpkq

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