Within retail organizations, sourcing is viewed as a cost center, a vital but behind-the-scenes function that supports product and commercial teams. But this narrow view of sourcing is a liability for retailers today.
With disruption to global supply chains, heightened consumer and stakeholder expectations for sustainability, responsibility and transparency along the value chain, and increasing pressure on margins, it’s time for sourcing to take its seat at the C-suite table. Sourcing organizations have valuable insights and capabilities that can help retailers maximize profits, innovate products and categories, make savvy investments, and fuel customer value and competitiveness. Sourcing needs to be an integral and strategic part of the product journey from concept to customer.