Cognitive Sourcing Maturity Assessment

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| By Andrew Fincham
A
Andrew Fincham
Community Contributor
Quizzes Created: 1 | Total Attempts: 88
Questions: 35 | Attempts: 88

Cognitive Sourcing Maturity Assessment - Quiz

Welcome to the Cognitive Sourcing Maturity Assessment


Questions and Answers
  • 1. 

    What is the number of (direct materials) suppliers are actively managed by the organization?

  • 2. 

    How often are sourcing professionals sent for training and continuing education?

    • A.

      Informally

    • B.

      Annually

    • C.

      1-2 times per year

    • D.

      Quarterly

    • E.

      Continuously

  • 3. 

    What percentage of these suppliers actively participate in a sourcing event / competitive bid at least one time per year?

  • 4. 

    What percentage of total direct materials spend is strategically sourced / managed (vs. the "tail spend")?

    • A.

    • B.

      30 - 50%

    • C.

      50 - 75%

    • D.

      75 - 90%

    • E.

      90%+

  • 5. 

    What is the frequency of scheduled sourcing events or RFQs per year?

    • A.

      Primarily ad hoc, not executed on a regular pre-defined schedule

    • B.

      Primarily Annual events with most suppliers

    • C.

      Quarterly events for key sub commodities or groups of suppliers.

    • D.

      Weekly events executed for key sub commodities or suppliers.

    • E.

      Continuous sourcing with suppliers or sub commodities as needed based on market conditions.

  • 6. 

    What percentage of total suppliers participate in a sourcing event or competitive bid process at least once a year?

    • A.

    • B.

      30 - 50%

    • C.

      50 - 75%

    • D.

      75 - 90%

    • E.

      90%+

  • 7. 

    What percentage of time do sourcing professionals spend “putting out fires?”

    • A.

      0-5%

    • B.

      5-15%

    • C.

      15-25%

    • D.

      25-50%

    • E.

      50%+

  • 8. 

    As an organization, how do you measure effectiveness and performance of the strategic sourcing function?

    • A.

      Informal - Develop informal goals at category level and goals are subject to change.

    • B.

      Annual Cost Savings Focused - Year over year goals are primarily savings focused, are based upon previous experience and driven from leadership.

    • C.

      Sustainable Cost Management - Targeted cost savings looking at longer term and sustainable cost management dynamically tied to industry benchmarks.

    • D.

      Value Creation - Performance expectations are mutually guided including variable compensation/bonuses for meeting performance goals which aren't always savings focused but rather include: avoiding risk, achieving opportunities, and discovering innovations.

    • E.

      Real Time Orchestration Performance expectations are more real-time and detailed yielding more accurate predictions that result in the ability to capitalize more quickly to changing market conditions. Involves cross-functional decision making and orchestration across finance, supply chain, and product engineering teams.

  • 9. 

    With digital transformation approaching  supply chain and procurement, is your sourcing professionals team and talent ready to take this on?

    • A.

      1 (low readiness, resistant to change)

    • B.

      2

    • C.

      3

    • D.

      4

    • E.

      5 (high readiness, rapidly adopting)

  • 10. 

    What tools and technologies are utilized to support strategic sourcing intelligence and negotiation outcomes:

    • A.

      Home-grown Excel tools

    • B.

      Excel-based templates & data warehouses

    • C.

      Business Intelligence system focused on spend analysis and cost management

    • D.

      Purpose built sourcing platform with integrated market intelligence services

    • E.

      Cognitive Sourcing platform (predictive insights, integrated market intelligence, AI recommendation engine)

  • 11. 

    How does your organization typically negotiate with suppliers? Please check all that apply.

    • A.

      Primarily price or cost-focused negotiations

    • B.

      Utilize internal KPIs to direct negotiations

    • C.

      Discuss KPIs and external benchmarks with suppliers

    • D.

      Cross-functional considerations are represented in negotiations

    • E.

      Artificial Intelligence provides negotiation recommendations

  • 12. 

    On average, how many calendar days does it take to conduct a strategic sourcing event from baseline collection to contract execution?

    • A.

    • B.

      10 - 30 Days: Most events are "two bids and a buy"

    • C.

      30 - 60 Days: We keep events small and digestible and utilize tools to ease baseline collection and analysis

    • D.

      60+ Days: Tools and techniques allow us to consolidate into fewer, much larger events that take more time to collect bids and obtain internal approvals

  • 13. 

    On average, how much time is spent collecting and preparing baseline data for a sourcing event?

    • A.

    • B.

      2 - 5 days: Our systems are all integrated with data cleansed and maintained on a continual basis

    • C.

      5 - 15 days: Our events are very small and suppliers help provide the data

    • D.

      15 - 30 days: Data is extracted from a Spend cube and/or purpose-built category management tools, so a majority of the time is fine-tuning and getting stakeholder approval.

    • E.

      30+ days: Need to pull data from multiple sources, requires manual manipulation, then push into a reporting tool to gain stakeholder approval.

  • 14. 

    On average, how much time is spent designing and building an RFx?

    • A.

      14+ days: We reference previous events / templates, but given the large scope of events we revisit and potentially redesign events.

    • B.

    • C.

      1 - 5 days: Our events are simple and we typically start from what was done previously.

    • D.

      5 - 14 days: We typically start from previous events / templates, but review for updates.

  • 15. 

    What supply management data sources are managed in systems? Check all that apply.

    • A.

      Supplier insights and master data information is managed by individual commodity managers

    • B.

      Supplier insights and related spend information is stored centrally

    • C.

      Event / Transaction histories are stored centrally

    • D.

      Performance / Risk KPIs are monitored and shared centrally

    • E.

      Bill of Materials are maintained at raw material / commodity level

    • F.

      Recommendations and actions driven by AI

  • 16. 

    How important is it to have New Product Introduction (NPI) system that tracks risks and opportunities during development as well as connects to sustaining cost systems and processes?

    • A.

      1 (low importance)

    • B.

      2

    • C.

      3

    • D.

      4

    • E.

      5 (critical for sustaining value)

  • 17. 

    What technologies solutions does your organization use or plan to implement in the near future?

    • A.

      Digital/Personal Assistants

    • B.

      Contract Lifecycle Management

    • C.

      Sourcing Automation - RFx

  • 18. 

    About what % of your Direct Materials spend is captured in your Spend Analysis systems or tools?

    • A.

      We extract data from our ERP to analyze Spend

    • B.

    • C.

      50-75%

    • D.

      75-95%

    • E.

      95%+

  • 19. 

    On average, how much time is spent evaluating bids and providing feedback to suppliers?

    • A.

    • B.

      1 - 5 days: Our events are limited in scope so we can typically churn through analysis and feedback quickly, albeit manually.

    • C.

      3 - 5 days: Our sourcing tools provide nice reports and collaboration tools to analyze bids, then make feedback fairly easy to distribute.

    • D.

      5-10 days: Our sourcing tools help aggregate bid information, but we analyze in a separate BI tool then distribute feedback.

    • E.

      10+ days: We run large events and although our category-specific tools help aggregate bid data and analysis, it takes time to interpret the results then distribute internally to prepare feedback.

  • 20. 

    On average, how much time is spent preparing for and conducting negotiations?

    • A.

    • B.

      1-3 days: Although we manually prepare for negotiations, the scope is limited so we're able to complete it quickly.

    • C.

      3-5 days: We extract the data from our sourcing tools to feed our BI tool and/or create our negotiation materials.

    • D.

      5-7 days: Our sourcing tools help identify negotiation opportunities.

    • E.

      7+ days: We run large events and although our category- specific tools identify negotiation opportunities, it takes time to align internally and prepare for large-scale negotiations.

  • 21. 

    Who typically leads preparation for the overall commodity/category strategy?

    • A.

      The Category/Commodity Manager

    • B.

      The Category/Commodity Manager + supporting business analysts

    • C.

      Cross-functional alignment with input from manufacturing partners, engineering, supply chain, and finance

    • D.

      Automated commodity/category strategy digital playbooks sourced from an AI/cognitive platform?

  • 22. 

    Please share your key contact information.

  • 23. 

    What kind of a superhero are you?

    • A.

      Option 1

    • B.

      Option 2

    • C.

      Option 3

    • D.

      Option 4

    • E.

      Option 5

  • 24. 

    What is the total annual direct materials spend for your organization?

    • A.

      < $500M

    • B.

      $500M - $1B

    • C.

      $1B - $2B

    • D.

      $2B - $5B

    • E.

      $5B+

  • 25. 

    About how many direct materials sourcing professionals are in your organization (including commodity/category manager, sourcing operations, buyers, business analysts, etc.)?

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