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.
Sourcing needs to be at the forefront of the retail business—more core to the value proposition and brand purpose than it has ever been before.
Now’s the time to reset retail sourcing
These five pillars above are a powerful starting point—retail sourcing organizations that operate as innovators, advocates and collaborators offer a clear competitive advantage in today’s complex retail markets. But getting from here to there requires profound changes. Retailers must reimagine sourcing as part of a cohesive and predictive supply network and marketing platform for their brands.
That’s why retail sourcing must come out of the shadows and take its seat at the table. Read the full report.