(Meeting Demands of Modern Supply Chains)

1.  Introduction:In a world marked by rapid technological advancements, shifting global markets, and increasing demands for sustainability, the traditional model of strategic sourcing is no longer sufficient. Once focused mainly on cost reduction and short-term gains, procurement strategies must now adapt to address the complexities of modern supply chains.

To meet today’s challenges there is a need to embrace a more advanced approach—characterized by data-driven decision-making, supplier collaboration, risk management, and sustainability. This will create resilient, agile, and innovative supply chains. The reinvention of strategic sourcing is not just about efficiency; it’s about building a future-ready procurement function that drives long-term value and competitive advantage in an ever-changing global landscape. The above sets the need to evolve from Strategic Sourcing to Advanced Strategic Sourcing.

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