Are you looking to add Strategic Sourcing to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Strategic Sourcing statistics of 2024.
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How much of an impact will Strategic Sourcing have on your day-to-day? or the day-to-day of your business? Should you invest in Strategic Sourcing? We will answer all your Strategic Sourcing related questions here.
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On this page, you’ll learn about the following:
Best Strategic Sourcing Statistics
â° Use “CTRL+F” to quickly find statistics. There are total 87 Strategic Sourcing Statistics on this page đStrategic Sourcing Market Statistics
- The global supply chain market is expected to experience a CAGR of 11.2% from 2020 to 2027. [0]
- Thatâs an increase from a market value of $120.70 billion in 2021 to a predicted $261.89 billion in 2028. [0]
- The Global Logistics Automation Market has the highest CAGR of any supply chain market, at a predicted rate of 12.4%. [0]
- According to Duffie and Koester , in a global enterprise, one purchasing decision may impact numerous business processes or departments including manufacturing, receiving, distribution, marketing, sales or customer support. [1]
Strategic Sourcing Software Statistics
- However, of those who do track inventory, the most common method is inventory through accounting software like Quickbooks, at 24% of small business owners. [0]
- Of those in the supply chain management industry, 45.1% said that they were investing in warehouse management software and that automation was a key feature. [0]
Strategic Sourcing Latest Statistics
- Yet only 6% of the companies that outsource are satisfied with the practice. [2]
- A recent Bain survey of large and medium sized companies reports that 82% of large firms in Europe, Asia, and North America have outsourcing arrangements of some kind, and 51% use offshore outsourcers. [2]
- But almost half say their outsourcing programs fall short of expectations, only 10% are highly satisfied with the costs theyâre saving, and a mere 6% are highly satisďŹed with their offshore outsourcing overall. [2]
- By drawing on the skills and scale of a specialist, 7 Eleven was able to cut its distribution costs from more than 15% of revenues to 10% and eventually hopes to cut that figure in half again. [2]
- It reduced head count 28% from 43,000 in 1991 to 31,000 in 2003 and flattened its organizational structure, cutting managerial levels in half from 12 to six. [2]
- Furthermore, after its acquisition of two regional U.S. chains , the firmâs new business model helped grow sales by more than 30% and increase gross profit margins by 2%. [2]
- Among Directors Of Strategic Sourcing, 20.9% of them are women compared to 79.1% which are men. [3]
- The most common ethnicity among Directors Of Strategic Sourcing is White, which makes up 73.6% of all Directors Of Strategic Sourcing. [3]
- Comparatively, there are 10.3% of the Hispanic or Latino ethnicity and 7.5% of the Black or African American ethnicity. [3]
- White, 73.6% Hispanic or Latino, 10.3% Black or African American, 7.5% Asian, 6.5%. [3]
- Unknown, 1.8% American Indian and Alaska Native, 0.3% Director Of Strategic Sourcing Race Percentages. [3]
- Using the Census Bureau data, we found out how the percentage of each ethnic category trended between 2010 2019 among Directors Of Strategic Sourcing. [3]
- Interestingly enough, the average age of Directors Of Strategic Sourcing is 40+ years old, which represents 75% of the population. [3]
- Director Of Strategic Sourcing Years Percentages The most common degree for Directors Of Strategic Sourcing is Bachelor’s Degree 72% of Directors Of Strategic Sourcing earn that degree. [3]
- A close second is Master’s Degree with 22% and rounding it off. [3]
- Bachelors, 72% Masters, 22% Associate, 4% Doctorate, 1%. [3]
- < 50 employees 50 100 employees 100 500 employees 500 1,000 employees 1,000 10,000 employees > 10,000 Company Size Percentages Employees with the Director Of Strategic Sourcing job title have their preferences when it comes to working for a company. [3]
- By looking over 590 Directors Of Strategic Sourcing resumes, we figured out that the average Director Of Strategic Sourcing enjoys staying at their job for 1 2 years for a percentage of 34%. [3]
- The most common foreign language among Directors Of Strategic Sourcing is Spanish at 46.2%. [3]
- The secondmost popular foreign language spoken is Portuguese at 30.8% and Korean is the third most popular at 7.7%. [3]
- Spanish, 46.2% Portuguese, 30.8% Korean, 7.7% Chinese, 7.7% French, 7.7% Foreign Language Percentages. [3]
- Research shows that 31% of all hires are proactively d, and that d candidates are more than 2 times as efficient to hire. [4]
- 73% of companies successfully hired a candidate with social media. [4]
- 93% of companies useLinkedIn for recruiting,. [4]
- while 66% use Facebook and 54% use Twitter. [4]
- 78% recruiters say they find their best candidates through referrals. [4]
- Referred hires accept offers 15% more often than non. [4]
- Referred hires perform up to 15% better than non. [4]
- 85% of employed people say they are open to switching jobs, but only 18% of businesses are increasing their focus on passive candidates. [4]
- In fact, studies show that passive candidates are 120% more likely to make a positive impact on your business. [4]
- 66% of people who changed jobs were aware of the company they joined before they applied. [4]
- 92% of candidates would consider switching jobs if a company with an excellent reputation offered them a job. [4]
- 45% of people aged 35 to 44 would leave their job for less than a 10% pay increase to join a company with an excellent reputation. [4]
- Only 12% would leave for a company with a bad reputation. [4]
- In fact, a recent Deloitte survey reports that reducing costs is a top priority for 76 percent of chief procurement officers. [5]
- The Deloitte CPO survey indicates that 75 percent of CPOs identify improved vendor information sharing as their top risk. [5]
- Then, the capabilities section as a whole is worth 40 percent of the entire proposal. [5]
- This is even more important as according to Zycus’ Pulse of Procurement 2018 , 54% of top procurement professionals have recognized cost savings as a key focus area. [6]
- Click To Tweet Talent shortages in the United States have risen to historical levels, with 69% of employers having difficulty filling jobs â the highest in more than a decade. [7]
- 31% of all hires are proactively sourced. [7]
- 48% of businesses say their top quality hires come from employee referrals. [7]
- There is a 35% higher cost when the recruitment process is not automated. [7]
- 43% of recruiters believe that AI will make their jobs better. [7]
- 7% believe it will make their job worse. [7]
- Only 27% of American adults have a LinkedIn account. [7]
- 80% of a businessâs profits are generated by 20% of its workers. [7]
- 41% of employers estimated a single bad hire costs $25k, and 25% put the figure at 50k or more. [7]
- 69% of job seekers would reject a job offer from a company with a bad employer brand. [7]
- The top two obstacles to increasing headcount are a shortage of candidates (31%) and lengthy hiring practices (27%). [7]
- 80% of job seekers say they wouldnât reapply to a company that didnât notify them of their application status. [7]
- A major objective of this solution is to increase opportunities for small business participation by at least five percent (5%). [8]
- The Transportation Management System is expected to have a CAGR of 11.7% from 2021 to 2028. [0]
- However, this size is expected to experience a CAGR of 12.4%, meaning it may grow to $82.3 billion by 2026. [0]
- Only 22% of companies have a proactive supply chain network. [0]
- 43% of small businesses donât track their inventory. [0]
- And 21% report that they âdonât have inventory.â. [0]
- 67.4% of supply chain managers use Excel spreadsheets as a management tool. [0]
- And this number only rises with experience, as around half of new investors use it, while over 75% of late majority managers do. [0]
- On average, U.S. retail operations have a supply chain accuracy of only 63%. [0]
- For example, 34% of businesses have shipped an order late due to selling a product that wasnât in stock. [0]
- Due to the COVID19 pandemic, the estimated value for outof stock items in 2020 was $1.14 trillion. [0]
- Globally, 12% of retailers reported heavy supply chain disruptions due to COVID. [0]
- This is a surprisingly low number, as 32% of global retailers reported that they experienced little disruption. [0]
- However, maintaining stock items was a much bigger issue, as 28% of respondents underwent shortages and outof stocks and tried to find alternative sourcing options. [0]
- Between 2019 2020, overall supply chain disruptions increased by 14%. [0]
- Supply chain disruptions can cause a massive 62% loss in finances. [0]
- And other aspects of business that can be hit hard by supply chain disruptions include logistics and reputation, which see an average 54% hit. [0]
- The #1 cause of global supply chain disruptions is mergers and acquisitions at 66%. [0]
- And other common causes of supply chain disruption include extreme weather (41%), factory fire (37%), and business sales (33%). [0]
- The #1 cause of U.S. supply chain disruptions is unplanned IT outages at 68%. [0]
- And other common causes of supply chain disruption include adverse weather (62%), loss of talent (51%), cyber attacks (50%), and fire (44%). [0]
- It is estimated that the supply chain management industry will reach a valuation of $8.95 billion by 2024. [0]
- 58.6% of retail supply chain executives wanted to invest more in omnichannel fulfillment, s a result of supply chain disruption. [0]
- 42% of supply management organizations stated that increased cost to supply management due to the Covid 19 pandemic was one of their top concerns of 2021. [0]
- 43% of those in the same survey listed limited availability of raw materials or supply as a top concern. [0]
- For example, if a manufacturer sells a product for $1,000 with a 7% net profit margin, this sale puts $70 dollars into the bottom line. [9]
- The R2 for the regression model between strategic sourcing and the performance of energy generating firms in Kenya was 0.122 meaning that strategic sourcing explains 12.2% variation in the performance of energy generating firms in Kenya. [1]
- 13.113 +0.381 strategic souring + errorThe regression coefficient for strategic sourcing was 0.376 indicating that a unit increase in the strategic sourcing would result in a 37.6% increase in the performance of energy generating firms in Kenya. [1]
- The t statistic for the regression coefficient for strategic sourcing was significant at 5% level of significance implying rejection of the null hypothesis. [1]
- The UK governmentâs own worst case scenario estimated there could be 7,000 trucks queued in Kent trying to get across the Channel. [10]
- Environmental pledges being made by countries around the world mean that green projects are likely to be pushed front and center by firms in 2021. [10]
I know you want to use Strategic Sourcing Software, thus we made this list of best Strategic Sourcing Software. We also wrote about how to learn Strategic Sourcing Software and how to install Strategic Sourcing Software. Recently we wrote how to uninstall Strategic Sourcing Software for newbie users. Donât forgot to check latest Strategic Sourcing statistics of 2024.
Reference
- procurementtactics – https://procurementtactics.com/supply-chain-statistics/.
- researchleap – https://researchleap.com/strategic-sourcing-as-a-tool-for-improving-firms-performance/.
- hbr – https://hbr.org/2005/02/strategic-sourcing-from-periphery-to-the-core.
- zippia – https://www.zippia.com/director-of-strategic-sourcing-jobs/demographics/.
- zoominfo – https://pipeline.zoominfo.com/recruiting/is-sourcing-dying-or-just-morphing.
- g2 – https://learn.g2.com/strategic-sourcing.
- zycus – https://www.zycus.com/blog/procurement-technology/understanding-the-what-why-how-of-strategic-sourcing.html.
- redbranchmedia – https://redbranchmedia.com/blog/must-know-candidate-sourcing-statistics/.
- gsa – https://www.gsa.gov/buying-selling/purchasing-programs/federal-strategic-sourcing-initiative/federal-strategic-sourcing-initiative-for-office-supplies-fourth-generation-fssi-os4.
- qad – https://www.qad.com/blog/2021/04/four-key-strategic-sourcing-benefits.
- procurementtactics – https://procurementtactics.com/procurement-statistics/.
How Useful is Strategic Sourcing
One of the primary benefits of strategic sourcing is cost reduction. By carefully evaluating suppliers and negotiating favorable terms, companies can significantly lower their purchasing expenses. This can have a direct impact on the bottom line and make a business more competitive in the marketplace. Lowering costs through strategic sourcing also allows organizations to redirect resources to other areas of the business that may require investment, such as research and development or marketing efforts.
In addition to cost savings, strategic sourcing can also improve the quality of the products or services that a company receives. By carefully selecting suppliers who are known for offering top-notch products, businesses can enhance the overall quality of their offerings and build a stronger reputation among customers. This can lead to increased customer satisfaction and loyalty, ultimately driving growth and profitability for the organization.
Another key advantage of strategic sourcing is risk mitigation. By diversifying their supplier base and having backup plans in place, companies can protect themselves from unforeseen events that may disrupt the supply chain. Whether it’s a natural disaster, a political crisis, or a sudden increase in demand, having a strategic sourcing strategy in place can help businesses weather any storm and minimize disruptions to their operations.
Furthermore, strategic sourcing can also help companies foster strong relationships with their suppliers. By working closely with suppliers and engaging in open communication, organizations can build trust and ensure that both parties are aligned in terms of goals and objectives. This can lead to better collaboration, innovation, and long-term partnerships that benefit both sides.
Overall, strategic sourcing is a critical business practice that can have a significant impact on the success of an organization. By focusing on cost reduction, quality improvement, risk mitigation, and supplier relationship management, companies can position themselves for long-term growth and sustainability. While implementing a strategic sourcing strategy may require time, effort, and resources, the benefits far outweigh the costs. In today’s highly competitive and fast-paced business environment, having a well-thought-out sourcing strategy is more important than ever.
In Conclusion
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