The global market for cookware is in a constant state of flux. There are an increasing number of shifts within the industry in terms of raw material, pricing and consumer preferences, which are reflected in suppliers’ activities such as product innovation. Therefore, development of an optimal sourcing strategy is paramount to ensure cost-effective procurement.
Indirect spend, which accounts for around 35 to 45 percent of a company's overall spend, has become a major headache for most of the category managers. Optimizing one’s indirect procurement could result in considerable savings -- but what’s the best approach?
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