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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 2023.
My team and I scanned the entire web and collected all the most useful Strategic Sourcing stats on this page. You don’t need to check any other resource on the web for any Strategic Sourcing statistics. All are here only 🙂
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.
Please read the page carefully and don’t miss any word. 🙂
On this page, you’ll learn about the following:
Best Strategic Sourcing Statistics☰ Use “CTRL+F” to quickly find statistics. There are total 87 Strategic Sourcing Statistics on this page 🙂
Strategic Sourcing Market Statistics
- The global supply chain market is expected to experience a CAGR of 11.2% from 2020 to 2027.
- That’s an increase from a market value of $120.70 billion in 2021 to a predicted $261.89 billion in 2028.
- The Global Logistics Automation Market has the highest CAGR of any supply chain market, at a predicted rate of 12.4%.
- 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.
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.
- 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.
Strategic Sourcing Latest Statistics
- Yet only 6% of the companies that outsource are satisfied with the practice.
- 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.
- But almost half say their outsourcing programs fall short of expectations, only 10% are highly satisfied with the costs they’re saving, and a mere 6% are highly satisﬁed with their offshore outsourcing overall.
- 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.
- 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.
- Furthermore, after its acquisition of two regional U.S. chains , the firm’s new business model helped grow sales by more than 30% and increase gross profit margins by 2%.
- Among Directors Of Strategic Sourcing, 20.9% of them are women compared to 79.1% which are men.
- The most common ethnicity among Directors Of Strategic Sourcing is White, which makes up 73.6% of all Directors Of Strategic Sourcing.
- Comparatively, there are 10.3% of the Hispanic or Latino ethnicity and 7.5% of the Black or African American ethnicity.
- White, 73.6% Hispanic or Latino, 10.3% Black or African American, 7.5% Asian, 6.5%.
- Unknown, 1.8% American Indian and Alaska Native, 0.3% Director Of Strategic Sourcing Race Percentages.
- Using the Census Bureau data, we found out how the percentage of each ethnic category trended between 2010 2019 among Directors Of Strategic Sourcing.
- Interestingly enough, the average age of Directors Of Strategic Sourcing is 40+ years old, which represents 75% of the population.
- 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.
- A close second is Master’s Degree with 22% and rounding it off.
- Bachelors, 72% Masters, 22% Associate, 4% Doctorate, 1%.
- < 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.
- 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%.
- The most common foreign language among Directors Of Strategic Sourcing is Spanish at 46.2%.
- The secondmost popular foreign language spoken is Portuguese at 30.8% and Korean is the third most popular at 7.7%.
- Spanish, 46.2% Portuguese, 30.8% Korean, 7.7% Chinese, 7.7% French, 7.7% Foreign Language Percentages.
- Research shows that 31% of all hires are proactively d, and that d candidates are more than 2 times as efficient to hire.
- 73% of companies successfully hired a candidate with social media.
- 93% of companies useLinkedIn for recruiting,.
- while 66% use Facebook and 54% use Twitter.
- 78% recruiters say they find their best candidates through referrals.
- Referred hires accept offers 15% more often than non.
- Referred hires perform up to 15% better than non.
- 85% of employed people say they are open to switching jobs, but only 18% of businesses are increasing their focus on passive candidates.
- In fact, studies show that passive candidates are 120% more likely to make a positive impact on your business.
- 66% of people who changed jobs were aware of the company they joined before they applied.
- 92% of candidates would consider switching jobs if a company with an excellent reputation offered them a job.
- 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.
- Only 12% would leave for a company with a bad reputation.
- In fact, a recent Deloitte survey reports that reducing costs is a top priority for 76 percent of chief procurement officers.
- The Deloitte CPO survey indicates that 75 percent of CPOs identify improved vendor information sharing as their top risk.
- Then, the capabilities section as a whole is worth 40 percent of the entire proposal.
- 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.
- Click To Tweet Talent shortages in the United States have risen to historical levels, with 69% of employers having difficulty filling jobs – the highest in more than a decade.
- 31% of all hires are proactively sourced.
- 48% of businesses say their top quality hires come from employee referrals.
- There is a 35% higher cost when the recruitment process is not automated.
- 43% of recruiters believe that AI will make their jobs better.
- 7% believe it will make their job worse.
- Only 27% of American adults have a LinkedIn account.
- 80% of a business’s profits are generated by 20% of its workers.
- 41% of employers estimated a single bad hire costs $25k, and 25% put the figure at 50k or more.
- 69% of job seekers would reject a job offer from a company with a bad employer brand.
- The top two obstacles to increasing headcount are a shortage of candidates (31%) and lengthy hiring practices (27%).
- 80% of job seekers say they wouldn’t reapply to a company that didn’t notify them of their application status.
- A major objective of this solution is to increase opportunities for small business participation by at least five percent (5%).
- The Transportation Management System is expected to have a CAGR of 11.7% from 2021 to 2028.
- However, this size is expected to experience a CAGR of 12.4%, meaning it may grow to $82.3 billion by 2026.
- Only 22% of companies have a proactive supply chain network.
- 43% of small businesses don’t track their inventory.
- And 21% report that they “don’t have inventory.”.
- 67.4% of supply chain managers use Excel spreadsheets as a management tool.
- And this number only rises with experience, as around half of new investors use it, while over 75% of late majority managers do.
- On average, U.S. retail operations have a supply chain accuracy of only 63%.
- For example, 34% of businesses have shipped an order late due to selling a product that wasn’t in stock.
- Due to the COVID19 pandemic, the estimated value for outof stock items in 2020 was $1.14 trillion.
- Globally, 12% of retailers reported heavy supply chain disruptions due to COVID.
- This is a surprisingly low number, as 32% of global retailers reported that they experienced little disruption.
- 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.
- Between 2019 2020, overall supply chain disruptions increased by 14%.
- Supply chain disruptions can cause a massive 62% loss in finances.
- And other aspects of business that can be hit hard by supply chain disruptions include logistics and reputation, which see an average 54% hit.
- The #1 cause of global supply chain disruptions is mergers and acquisitions at 66%.
- And other common causes of supply chain disruption include extreme weather (41%), factory fire (37%), and business sales (33%).
- The #1 cause of U.S. supply chain disruptions is unplanned IT outages at 68%.
- And other common causes of supply chain disruption include adverse weather (62%), loss of talent (51%), cyber attacks (50%), and fire (44%).
- It is estimated that the supply chain management industry will reach a valuation of $8.95 billion by 2024.
- 58.6% of retail supply chain executives wanted to invest more in omnichannel fulfillment, s a result of supply chain disruption.
- 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.
- 43% of those in the same survey listed limited availability of raw materials or supply as a top concern.
- 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.
- 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.
- 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.
- The t statistic for the regression coefficient for strategic sourcing was significant at 5% level of significance implying rejection of the null hypothesis.
- The UK government’s own worst case scenario estimated there could be 7,000 trucks queued in Kent trying to get across the Channel.
- 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.
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How Useful is Strategic Sourcing
At its core, strategic sourcing is about much more than simply finding the lowest cost supplier. It involves a holistic and disciplined approach that takes into account multiple factors like supplier evaluation, cost analysis, risk assessment, and long-term relationship management. This comprehensive perspective makes strategic sourcing an integral part of efficient supply chain management, enabling companies to obtain better quality products and services, optimization of operations, improved competitiveness, and enhanced profitability.
One of the main advantages of strategic sourcing lies in its ability to foster innovation and promote continuous improvement. By establishing robust relationships with suppliers, involving them in the product development process, and leveraging their expertise, organizations can gain valuable insights and benefits from their suppliers’ knowledge and experience. This collaboration paves the way for cost-effective improvements, innovative ideas, and the development of higher-quality goods and services. Furthermore, it promotes supplier stability and long-term partnerships, which often results in better overall performance and increased customer satisfaction.
Strategic sourcing also has a significant impact on risk management and mitigation. By diversifying suppliers, organizations can minimize the probability of disruptions caused by perilous events such as natural disasters, political instability, economic crises, or labor disputes. Leveraging regional, national, and global supplier networks can bring forth redundancy and alternative options. Undertaking thorough risk assessments and making strategic decisions not only bolsters organizations’ resilience but also allows them to proactively respond to uncertainties in the marketplace. As a result, customers benefit from uninterrupted access to essential goods and services, mirroring the importance of strategic sourcing in maintaining business continuity.
In no small part, the success of strategic sourcing also relies on its ability to drive cost savings. While it is true that it is not solely about reducing costs, a well-executed strategic sourcing approach effectively evaluates different elements of the procurement process to identify areas where cost savings can be realized without compromising on quality. At a time when organizations are continuously under pressure to deliver more for less, strategic sourcing offers an avenue to squeeze unnecessary expenses such as unnecessary logistics or long supply chains. As a result, businesses can reinvest saved resources into other strategic initiatives and operations, fueling growth, and remaining agile in a dynamic marketplace.
Lastly, a fundamentally important aspect of strategic sourcing lies in its ability to streamline processes and ensure compliance. By centralizing procurement functions, organizations garner visibility and control over their supply chain, creating a standardized, transparent, and traceable source-to-pay process. Through automation and the use of technology, procurement professionals are equipped with accurate and real-time data, enabling them to make informed and well-timed decisions. Consequently, other business functions greatly benefit from this improved operational efficiency and spend less time managing and resolving procurement-related issues.
In conclusion, the usefulness of strategic sourcing goes beyond its popularity as a business catchphrase. It embodies a paradigm shift that brings together suppliers and organizations to collaborate on innovation, improve risk management, drive savings, and streamline operations. Those who embrace strategic sourcing holistically and wholeheartedly unlock a strategic advantage in a fiercely competitive global marketplace.
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We tried our best to provide all the Strategic Sourcing statistics on this page. Please comment below and share your opinion if we missed any Strategic Sourcing statistics.