SPONSORED: How Updating Contract Management Systems Can Improve Sourcing Strategy from Workday
Organizations everywhere are making digital transformation a priority, but some may be overlooking an area critical to their growth: transforming their strategic sourcing and procurement systems.
Organizations in different sectors experience varying stresses that strategic sourcing can help alleviate. And at professional and business services firms, procurement teams that get better insights into supplier relationships can more effectively manage and prioritize them across multiple lines of business and client relationships. Online contracting platforms enable those teams to run requests for proposal and reverse-auction events in dramatically less time, providing the agility to meet rapidly evolving business needs while planning strategically for the future.
At VSP Vision Care, the largest not-for-profit benefits provider in the U.S., the sourcing team strives to engage as early as possible with its internal business units and large supplier base. To encourage early engagement and compliance, VSP’s sourcing team implemented technology that allows for automated RFPs, easy contract drafting, and collaborative sourcing evaluation.
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