Top Strategic Sourcing Articles by Source One:

Top News

ICYMIM

ICYMIM: February 27, 2017


Source One's series for keeping up with the most recent highlights in procurement, sourcing, and supply chain news week to week. To stay updated on the latest supply management articles, check in with us every Monday.


Philip Ideson, The Art of Procurement, 2/20/2017

In this conversation with the founder of procurement online learning and networking platform, Procurious, Philip Ideson learns about Procurement 4.0. Industry 4.0 refers to the automation and data exchange in manufacturing technologies, causing a change in the way business functions operate, to which procurement responds to with Procurement 4.0. In needing to adjust to the new way business operations will change, Procurement 4.0 gives procurement functions a boost in keeping up. In addition to these changes in the industry, Ideson discusses how he came to creating the Art of Procurement.  

Sonda Sahley, Corporate United, 2/22/2017

Reducing office waste is a great way to cut back on costs for supplies in office facilities like breakrooms and restrooms, where paper products are used in large quantities. Sahley provides an infographic with details on how devices like portion-controlled soap and towel dispensers can both reduce waste and decrease spending for office supplies. Between less packaging waste and less supplies being utilized with portion control, there is significant cost reducing efforts to be made in the breakroom of any office space. 

Andrea Brody, BravoSolution, 2/15/2017  

When consumers or the general public are unsatisfied with the way a product is being manufactured, or the origin of the product, supply chain professionals are usually the first to hear about it. Social and environmental issues are driving many supply chains to be more sustainable, including for products that are utilized in multiple areas of an industry, for example, the food industry and it's issues with palm oil processing. Recently, guidelines were released trying to prompt companies to release the percentage of palm oil they procure from traceable suppliers, in an attempt to publicly declare their dedication to health and safety concerns, and workers rights. 

Procurement management and the fight against corruption

In recent years, businesses have taken action against the problem of dark purchasing or procurement. This occurs when companies don't have proper visibility of their purchasing and supplier processes and need technology to look more closely at the different actions all happening in confluence with each other. Without this examination it's not possible to weed out corruption and other problems. 

Procurement corruption a strong contender
The Organization for Economic Co-operation and Development established the persistence of procurement difficulties in a 2016 report on the subject. The source determined that public procurement volume was responsible for 29 percent of OECD member country expenses, but that this sector was also susceptible to problematic bribes. Citing previous information, it said that 57 percent of foreign bribes were intended for procurement contracts.

This was a significantly higher percentage than any of the other given purposes for bribes, including customs clearance or favorable tax treatment. This corruption was said to ultimately be expensive and hurt public funds, and it isn't difficult to imagine even private businesses suffering some of the same results through unacknowledged corruption and payment scams.

"Corruption was said to ultimately be expensive and hurt public funds."

International differences
Perhaps unsurprisingly, there can be marked differences in the chances of corruption depending on where organizations choose to operate. However, this doesn't mean that only certain countries represent the key dangers to procurement: Every company can stand to investigate possible issues.

Transparency International's 2016 Corruption Perceptions Index measured 176 countries to determine where each stood in a ranking of corruption: the higher the score, the less corrupt the country. The two nations tied for first place were Denmark and New Zealand, both of which achieved a score of 90. The U.S. ranked at No. 18 with a score of 74.

The index took various symptoms of corruption into account, including how effective laws and regulatory measures were, as well as whether or not any major, significant corruption cases surfaced to swing the scales.

Moving away from "dark" procurement
Information, benchmarking and proactive sourcing can all be tools to help lower corruption. This is reflected in the relationship between the various business partners working together and the ultimate opinion of the consumer. Global Supply Chain Institute Director Mike Burnette recently spoke to Global Trade Magazine about the importance of transparency.

"A lack of ability to provide that kind of information in the face of safety or environmental violations can create a negative perception of the brand that may require immediate remediation and could take a brand years to recover from, if at all," he said of product sourcing data.

Complete procurement transformation could help change the nature of business operations for the better. One way to be more aware of procurement threats is to upgrade the strategy and BPO model so there's a relevant structure in place. Over time, the business will likely need to adapt its sourcing solutions to proceed, and a more advanced platform will be flexible enough to allow for important changes in the future.


February 24, 2017

Here's a look at where Source One's cost reduction
 experts have been featured this week!

NEW BLOGS:
 Fleet Management: What are the Program Options?
As a Senior Sourcing Analyst, Jonathan Groda has worked with clients that had histories of not using the full breadth of services provided by their Fleet Management Company (FMC). These companies have the potential to deliver a range of core services, through a variety of programs offered by most FMCs, that are most often used to help manage larger fleets. This otherwise time-consuming and tedious task can be simplified when utilizing services available through existing resources, like FMCs, that can not only save time and money, but also ensure that your fleet is as efficient as possible. Groda provides sample of said programs, and explains the benefits of utilizing these programs.

Guiding Millennials in Your Workplace
Project Analyst Nicholas Harasymczuk discusses how his role has allowed him to mentor new hires, including those on the younger end of the millennial generation, and shares the techniques he feels are crucial to utilize when managing this specific group of young professionals. Harasymczuk recommends applying structure in the workplace, communicating often, demonstrating leadership, and valuing a work-life balance when it comes to managing millennials effectively. As a millennial in the middle of the generations spectrum, this advice comes from a source that has experienced the management patterns of previous generations and the work ethic of younger colleagues.


UPCOMING EVENTS:
The supply chain professionals at Source One are looking forward to all the events the industry has in store for the spring of this year. The Institute for Supply Management's New York area location will host a conference on March 16th, a one day opportunity for procurement and risk management experts to network and discuss their predictions of industry trends for 2017. This conference offers sessions presented by experts in the industry on industry hot topics, while providing their educated predictions for the future of procurement, based on recent patterns and trends in the industry.

ISM 2017
Source One is preparing for various industry events approaching in 2017, including the Institute for Supply Management's annual conference in May. Designed for global supply chain and procurement professionals, this event brings together over 2,500  for four days of networking, educational sessions, and opportunities to learn from some of the leading supply chain and procurement executives. ExecIn, a sub-conference created as a meeting specifically for supply management leaders, is exclusively hosted by Source One. Featured speakers at ExecIn present exclusive sessions  produced for executives at non-consulting organizations, that provide the opportunity for them to reevaluate their processes and discover potential for improvement in their business.

The Road to SYNERGY - Baltimore, MD
In preparation for the annual SYNERGY conference Source One's partner Corporate United will host one day regional events in anticipation of the annual national meeting held later in the year. The first meeting will be in Baltimore, Maryland in early June, As a Gold Sponsor, Source One will be attending and sharing their innovative category solutions with other procurement professionals in the area. A day focused on leadership in the industry, best practices and personal development, local procurement professionals won't want to miss the opportunity to network with their peers on a smaller scale before the national conference. 

Millennials contribute to procurement management
Many industries are considering how to involve the younger millennial workforce, and procurement needs to adapt to this group as well. Part of this will include finding the knowledgeable staff needed to keep operations going in the future.
Employment statistics
As of May 2015, the Bureau of Labor Statistics estimated that 72,600 people worked as procurement managers throughout the U.S., and 71,740 worked as procurement clerks. The company and enterprise management industry employed the greatest amount of managers, and the three states with the highest employment rates were California, Texas and Illinois.
California and Texas were also the two biggest employer states for clerks during this time, though the third was New York.
Employer and employee needs
Both businesses and the millennial staff they hire have something to gain from the equation. Employers can fill out their workforce with engaged talent that is ready to commit to a longer career. Furthermore, the millennial employee base seems ready to embrace that sense of stability, and could offer relevant savvy and skills in exchange for a stable job option.
Spend Matters recently spoke to Southeastern Louisiana University management professor David Wyld, who explained the link between millennial values and the procurement industry in particular.
"I think that procurement as a profession will only be helped as millennials come to the fore," he said. "They see themselves as more solutions-oriented, more socially aware and certainly more comfortable than prior generations in working not just with new technologies, but [also] with new people and in new situations."
Facing industry costs
Procurement also needs to keep costs down for businesses, which could demand new strategies and workers. A 2016 Deloitte and Odgers Berndston report surveyed 324 senior procurement officers about the most pressing needs in their industry. Nearly three quarters of respondents said that cost reduction is their highest priority in 2015. This was a 5 percent increase compared to similar figures from a year earlier.
What's more, the report also showed a strong need for employment and staff changes. CPO confidence in their respective staffs dropped noticeably between 2014 and 2015. The latter year saw 62 percent say their workforces could not follow through with the company's procurement efforts.
"Adding new talent to the workforce is more than just sensible business practice: it could become unavoidable."
There was also a significant lack of interest in outsourcing. While 32 percent of these officers were dedicated to retaining existing talent, just 16 percent were focused on outsourcing procurement tasks. The report concluded that procurement can implement newer technology to try and improve as times and demands change.
The millennial necessity
Adding new talent to the workforce is more than just sensible business practice: it could become unavoidable. A ManPowerGroup report said that both Generation X and millennial workers will each account for 35 percent of the overall global workforce.
The U.S. was also one of the nations where millennial workers felt the most confident about jobs. Other countries in this same bracket (with between 70 and 80 percent of millennials optimistic about work) included China, Germany, India and Mexico.
This concern over millennial workers also echoes the need for procurement management staff in general. Staffing services augment existing teams and leave them with more ways to approach difficult demands.
Traditional vs. Holistic Approach to Product Lifecycle Sourcing
We see it all too often: A product makes its debut. It experiences popularity but then sales begin to dwindle. Costs remain higher without revenue to offset production.

Enter strategic sourcing and procurement

SS&P is then brought in as the "necessary evil" to help cut costs. And, we can do this in a number of ways: negotiate prices decreases through order volume increases, partnering with a contract manufacturer, or even support the process of taking manufacturing on internally. These may all be viable options, but the truth is, waiting later in the product lifecycle is selling SS&P short. Waiting until maturity or even the decline stages of the product lifecycle caps the impact SS&P could have when it comes to not only optimizing budgets, but also innovation.

It's a symptom of a greater challenge for many Strategic Sourcing and Procurement Groups - a lack of strong collaboration between SS&P and other functional department stakeholders. Demonstrating SS&P's impact beyond cost savings remains a challenge in the industry and a topic to be addressed during the Institute for Supply Management's Annual Conference coming up in May. For many companies, functional departments simply see SS&P as an added obstacle to the process of obtaining the goods and products they need. As a result, particularly in direct materials sourcing, SS&P is brought in later in the Product Lifecycle. As a result, major opportunities are left on the table.

Addressing this continued challenge, Source One's direct materials sourcing experts have published a new supply management white paper titled, Strategic Sourcing Throughout the Product Lifecycle: Balancing Competitive Costs with Innovation & Speed to Market. The white paper, which includes case study examples, presents the business case for engaging SS&P at each stage of the Product Lifecycle, including Ideation, Production, Manufacturing, After Sales Service, and Product End of Life. The white paper aims to demonstrate Sourcing's value as a strategic partner and not just a resource for cutting costs.











Wal-Mart leads in effort to streamline buyers
Changing supply methods can help a company redefine itself for a new market, or better match what consumers have come to expect. Reuters reported on Wal-Mart's strategy to consolidate its buying practices and make it easier to purchase all of its products at once for more efficiency.
The new mode will use one of Wal-Mart's buying teams for goods both meant for in-store and online purchases. By trying to manage items for both of these spaces, the company wants to mature in two sectors simultaneously, in a way that could be easy for customers to understand and efficient for suppliers behind the scenes.
A combined change
According to this report, the shift is intended to further blur the lines between in-store and e-commerce as Wal-Mart tries to bridge the gap between the two spheres. Reuters spoke to an unnamed "large consumer goods supplier" which told the source about the problems in the previous system.
"The shift is intended to further blur the lines between in-store and e-commerce."
"The way it operated until now was extremely inefficient for us and them," this company said. "For example, they would buy 5 million cases a year for stores and 500 cases (for) online and then make us go through a different buyer for online. It was a nuisance."
All retail operations should perhaps note this new approach, as it indicates a dual strategy for handling the twin channels of online and in-store purchases.
Since the strategy also seeks to make the product offerings in both settings match, companies that want to follow suit may have to use new spend management options to make the best use of resources.
E-commerce set to expand
In a forecast for the current year, the National Retail Federation recently announced improved sales for the sector as a whole, but especially online. The latter channel could end up growing as much as 12 percent compared to 2016, whereas the highest estimate for in-store sales growth is 4.2 percent.
The lowest forecast for in-sales purchases would mean a .1 percent decrease from the 3.8 percent rate seen in 2016. While that number was up from the previous year, an overview of changes since 2008 has shown some ups and downs since 2013. However, every year since 2008 has seen some level of growth, the source said, except for 2009, when these sales dropped by 3.6 percent.
The changing world of retail
For retailers, acknowledging both growth rates could be the important task going forward. The physical store may still exert some influence over the customer experience, which means the system for handling supply needs to enforce strong relationships no matter where the sales are ultimately going to take place.
Digital technology is expanding its reach, enabling retailers to host online experiences within their stores as visitors enter. One way to keep costs low is to prioritize spend management for indirect costs that pose a drain on the company's resources as it tries to expand on a global level. The sourcing technology needs to be ready to address the needs of every individual entity involved.
Last fall, Source One introduced the Communications Intern position to have a designated intern support the specific efforts of the Communications team. In the past, analyst interns had the opportunity to contribute to the blog and marketing strategy that the Communications department at Source One manages. 

While the Intern Corner allows for analyst interns to share their individual experiences with Source One, my role is responsible for contributing to the blog regularly with weekly posts in our ICYMIM (In Case You Missed It Monday), the Source One Round Up, and other blogs announcing company updates and industry news.

Just like the analyst interns, I perform extensive research and evaluate data but rather than being directed towards client sourcing projects, my efforts support the internal marketing and business strategies for Source One. Being actively involved in the communications initiatives at Source One has helped me understand both the broad range of service offerings Source One provides and the expanding procurement, sourcing, and supply chain industries. I’ve experienced a variety of functions in the communications department to discover my preferred focus, which I have found to be with media and public relations specifically.

After observing the processes for arranging and sponsoring event and speaking opportunities in the fall, I’ve learned how we prepare for these occasions to demonstrate Source One’s presence in the industry. Now that I’m familiar with the process, I can confidently communicate with correspondents for the conferences and events we are interested in for the upcoming year. As the service offerings at Source One continue to grow, I had the opportunity to create webpages for new offerings and generating content for the website to demonstrate our capabilities and experiences.

These are simply a few examples of the many processes I've been involved in during my time at Source One. My understanding of the different initiatives, beyond how to execute them, has always been a priority for everyone I've worked with, from upper management to my direct supervisor. Besides the dedication to professional development, Source One also has a unique company culture. Even as the organization expands, they maintain a familiar environment that values work and personal life balance. No one gets lost in the crowd here, every member of the team contributes a particular expertise that contributes to the organization overall. 
ICYMIM

ICYMIM: February 20, 2017


Source One's series for keeping up with the most recent highlights in procurement, sourcing, and supply chain news week to week. To stay updated on the latest supply management articles, check in with us every Monday.

Calculating the True Cost of Safety Complacency in Your Operation 
Megan Urbas, Corporate United, 2/16/2017

As the role of procurement professionals expands beyond cost-reducing efforts, the responsibilities included in the profession are increasing and the influence procurement has in other areas is becoming more significant. While safety culture isn't a direct responsibility, suppliers and facility management is, and as an extension of your organization's safety culture, you'll want to ensure suppliers and facilities meet local, regional, and national regulations to avoid costly fines and mitigate risk.

Standard Terms and Conditions in Your RFP
Charles Dominick, SPSM, SPSM2, SPSM3, Next Level Purchasing, 2/15/2017

Any procurement expert can argue that multiple factors of the RFP depend on specific details based on the organization and their individual goals, and can rarely be standardized. The terms and conditions for the RFP are mainly dependent on the market, and while they can be similar across other businesses that prospect suppliers are working with, these can still differentiate depending on the client. If a supplier can't agree to the terms and conditions you've provided in the RFP, the can be disqualified from the process fairly easily.

Do College Grads Have The Right Degrees For Today's Manufacturing Workforce?
Michael Cosgrove, ThomasNet, 2/15/2017

While the strategic sourcing function can contribute to just about any area of an organization, it is also influenced by many industries, including manufacturing. During the RFP stage of the sourcing process for direct materials or engineered products, procurement experts work directly with manufacturers as potential suppliers for these products. Recently, the industry has seen changes that are altering it's capabilities to be much more involved, creating a skills gap that manufacturing companies are responding to with worker training programs.


February 17, 2017

Here's a look at where Source One's cost reduction
 experts have been featured this week!

NEW BLOGS:
In a role that contributes to all business functions, sourcing professionals are required to consistently offer evident value for the organizations they support. Vice President of Professional Services, Joe Payne, reiterates how the particular role of strategic sourcing and procurement need to define their efforts to influence the perception of procurement from professionals of other functions in their organization. The industry has grown from the traditional concept of procurement and sourcing, and the experts in these areas need to keep up with the new definition of their role, while encouraging C-suite and stakeholder support for the opportunities procurement can create for the organization.  

UPCOMING EVENTS:
As February wraps up, the experts at Source One look ahead to the industry events held in the spring and summer months. On March 16th, our strategic sourcing professionals will attend the Institute for Supply Management's New York area conference. This meeting is held annually, as a one day opportunity for procurement and risk management experts to join in sharing industry trends and expectations for the coming year. Executives in the industry will present informative sessions on balancing change and innovation in 2017, and their educated predictions for the future of procurement, based on recent patterns and trends in the industry.

ISM 2017
While we prepare for the supply chain and procurement industry events of 2017, the Institute for Supply Management's annual conference in May is highly anticipated. Over the four day event, more than 2,500 global supply chain and procurement professionals will be networking, attending educational sessions, and getting exposure to some of the leading supply chain and procurement executive's through informative presentations. Source One will be hosting ExecIn, a sub-conference designed specifically for supply management leaders. The keynote speakers at ExecIn present exclusive sessions designed for executives at non-consulting organizations, that ultimately allow them to evaluate their processes and find opportunities for improvement in their business. 

UPS to take up solar new energy push
Sustainable energy can take many forms in the supply chain, and for at least one delivery company, solar is a key concern. UPS recently announced that it would invest $18 million in a push to add more solar panels to existing facilities.
As part of this effort, the company announced it would buy more than 26,000 solar panels for use in eight current locations, and install them before the end of the year. The plan reflects a continuing interest in solar, a statement from the business said, and could potentially ensure power generation for at least 25 years to come.
While this is just one of the "green" tactics UPS is reportedly undertaking, the company's Facilities Procurement Director, Bill Moir, emphasized the importance of solar power specifically, as it connects to other aspects of production.
"Solar technology is a proven way to effectively and efficiently provide long-term power to our facilities," Moir said. "We have a significant number of facilities that are well positioned to deploy solar at scale and increase our sustainable energy options for our buildings and electric vehicles."
Is solar gaining steam?
The cost of using solar power may prove to be a big incentive for businesses. In December, Bloomberg reported on the changes in the industry, compared to the similar (but more consistent) wind power. As data from Bloomberg New Energy Finance showed, solar power cost finally dropped below wind late last year.
"Solar power cost finally dropped below wind late last year."
Based on information from 58 different countries, the average cost of using this power source dropped notably from more than $5 million per megawatt in 2010 to $1.65 million in 2016.
And while wind power was almost at exactly the same average price at $1.66 million, the activity also showed an interesting and definite downward trend for the industry, suggesting it might continue in this direction in the future, offering further eventual cost efficiency for companies as a whole.
An international interest
Solar power might have multiple advantages to companies expecting international business. In addition to granting them greater efficiency, these updates could put companies on the same playing fields as efforts in other countries, either in competition or in alignment.
China's National Energy Administration recently stated that it is in the midst of a plan to increase the amount of photovoltaic capacity it uses over the course of the next three years. Reuters reported on the country's new claims to have added 34.54 GW last year, making it the "biggest producer of solar energy by capacity" on the planet. This perhaps reflects the statement made last April cementing both the Chinese and U.S. commitment to the Paris Agreement for combating climate change.
Whatever this means, it does show a growing use of solar power in different regions, perhaps paving the way for more pressure to be placed on businesses that want to expand their commitments among other activities. As UPS shows, it doesn't have to be among that large a percentage of facilities to make a notable difference.
Along those same lines, global sourcing could still be a significant tool for new plans.
Ah – the procurement professional’s trusted best friend: The RFP. This sweet mechanism is your first step to securing a great deal on your offices supplies, implementing new IT and telecommunications tools and services throughout your organization, partnering with the right marketing agency to grow your company’s brand, or improving the quality of your product by contacting a new supplier for your direct materials. Most importantly though, the RFP is both yours and contending suppliers’ way of getting to know each other’s companies and deciding if and how your companies can work together.

Think of the RFP as a first impression that you have the ability to shape based on the information you share with your contending supply base, the information you request from them, and your approach to communicating with them. Just as you’ll be using the RFP to vet suppliers, suppliers will also be using the RFP as a means for deciding whether or not they want to work with you. So, you want your RFP to set you and your potential suppliers up for success.

What Not to Do:

Overuse boiler plate language: A double-edged sword, boilerplate language can both help and hinder your RFP. While it may save time to leverage a templated RFP, often these include unnecessary information that is irrelevant to your project goals. When used improperly, boilerplate language can also send the wrong message to your contending supply base, giving the appearance of clumsy or hasty work and suppliers may not be motivated to give you’re the thorough responses you’re looking for.

     Instead… Don’t be afraid to reframe your templated RFP. Templated language serves a purpose for covering your legal basis and providing a consistent structure. Aside from that, don’t be afraid to remove components of the template that aren’t relevant to your project requirements. For example, you may be inclined to include information about your company boasting its accomplishments to give participating suppliers a better view of your company's profile. However, suppliers are only likely to skim over this information to focus on how their products and services could address your needs. As a result, the fluff you included only adds the length of the RFP and adds minimal value to the process.

Be Vague: The RFP is your opportunity to get an apples-to-apples comparison of your potential supplier. Despite this, many companies struggle to provide enough detail in their scope of work to enable a simplified comparison. Ambiguity leads to assumptions and assumptions will vary across your suppliers, leaving you with a wide ranges in pricing, service levels, and conditions to asess.
               
     Instead…Be Specific in Your Scope of Work. Think about the information your contending suppliers would need to be able to deliver a proposal (mostly) consistent in structure to the many others you'll be receiving - allowing you to conduct as close to an apples-to-apples comparison as possible. What exactly are you looking for them to provide? What processes are currently in place that you’re looking for your contending suppliers to adapt to? What capabilities do they need to have? Be as specific as possible within this section of your RFP in an effort to simplify the assessment phase later on in the process.

Strictly Limit Communication: Chances are, you’re inviting a number of suppliers to submit responses to your RFP and you probably don’t want to be constantly inundated with questions or even sales pitches. In the perfect world, your RFP would be absolutely clear and concise and suppliers would perfectly understand what you’re looking for and be able to give you clean-cut answers. The reality is, in most cases, suppliers will need to reach out to you to ask clarifying questions and completely shutting out that communication can prevent you from working with a supplier that could be a perfect fit for your organization’s needs.
               
     Instead…Open the Lines of Communication: There are ways to add structure to the communication with your contending supply base without opening the flood gates. The trick is building in opportunities to interact with these suppliers to your RFP process and taking them into consideration when developing your timeline. One way is to have them submit their questions via email with a set deadline for submissions. Once, you’ve received all of these questions you can then formulate your answers and compose a simple document with all of the questions you’ve received and then share it with the participating suppliers. This gives your contending supply-base an opportunity to have their question(s) answered and receive answers to questions they may not have thought of all -while not overwhelming you.

While designing and administering an RFP can be challenging, keep in mind that this is the first step to establishing a strong relationship with your future suppliers. Ultimately you and your supply base have the same goal of working together. Make your first impression on your future suppliers one that shows you’re mindful of their time, thoughtful of work you’re asking them to provide, and open to their perspectives and concerns.


Recognizing the importance finding and working with the right supplier or vendor, Source One is committed to sharing our know-how and insights to deliver tools and methodologies that set our clients up for sourcing success.  While you may already be familiar with our e-sourcing platform, WhyAbe.com, the world’s only free e-sourcing tool is getting a make-over. Stay tuned for how its new features will make it even easier to manage RFX events and supplier relationships!

The Strategic Sourceror's Intern Corner introduces the students and young professionals that are joining the Source One team as analyst interns throughout the year. These individuals are sharing their backgrounds and what brought them to Source One, and reflecting on their experiences so far at Source One while discussing their intentions and aspirations for the future. Through the internship program, these students receive hands-on experience in strategic sourcing efforts and supply chain processes that allow them to see their potential with a career in consulting.

Source One provides services and solutions for businesses from a variety of industries, which creates opportunity for students seeking early career experience to apply their education whether focused on supply chain management, engineering, accounting, or finance. This spring, Source One welcomes Vincent, Maxwell, and Nick as analyst interns from both our Chicago, IL and Willow Grove, PA locations. Learn more about them below:


My name is Vincent Ciaramitaro and I am twenty-six years old, based at Source One's Chicago office.  I was born and raised in Kansas City, Missouri and received my undergraduate degree in chemical engineering from The University of Kansas in 2012.  After graduation, I immediately began my professional career as a production enhancement engineer for Halliburton in Colorado.   After four years of large scale project design and implementation throughout the Rocky Mountains, I decided to leave the oil patch in order to achieve a higher education.  I am currently pursuing an M.B.A. degree from DePaul University.  It was tough to leave behind the skiing, mountain biking, and endless adventure that Colorado provided, but it didn’t take long for me to discover that Chicago is a world-class setting as well.

I am very excited to be here at Source One and everyone in the Chicago office has welcomed me with charm. Not only does Source One offer me direct exposure to a myriad of business types, but I also gain valuable experience in the consulting process of delivering value to our clients.  In my M.B.A. program at DePaul, I am specializing in Supply Chain Management, and Source One's subject expertise allows me to learn about the industry first hand.  During my internship, I hope to be challenged in a new environment, impact the advancement of procurement and strategic sourcing, and continue to refine my analytical and project management skills.  


My name is Maxwell Glass, and I am twenty-two years old originally hailing from Abington, PA. I am working in Source One's Willow Grove, PA office. Currently I am a senior at Drexel University in Philadelphia, PA, where I am majoring in Finance with a minor in Anthropology. I’ve focused my collegiate career on the financial aspects of the macro economy, whether that be applying myself to balance sheet analysis, working with derivative trading products, or conducting financial research. I was drawn into consulting by the ability to translate the technical skills I've gained from previous experience into the everyday efforts by professionals in the industry. 

Since starting at Source One, I have been placed with the spend analysis team where I am working directly on both internal and external projects analyzing and optimizing general ledgers. In addition to this I have been given a more technical focus where I am now beginning to work with Python and debugging scripts such that I will be able to act as an intermediary between the business and technology functional groups.

While I still have much to learn about the role, the surrounding support network has been tremendous in helping me to transfer my financial knowledge to the practical situations I am being tasked with handling every day. 

Going forward I know that with the support I have at my disposal, and the rigor of work challenged of everyone, my skills and abilities will progress boundlessly. As an individual with deep interest in financial strategy and game theory, as well as the practical application of these ideologies, the spend analysis team provides me an exponentially growing environment in which I can prosper alongside my co-workers. I look forward to not only the next step of our current project, but also to see what is next for us.


My name is Nick Salek and I am working at Source One’s Chicago Office. I am twenty-one years old and grew up in Elmhurst, a suburb of Chicago. Currently, I am a senior undergrad at DePaul University, majoring in Finance with minors in International Business and Accounting. I am the treasurer of DePaul Club Water Polo and a member of the Finance Honors Cohort. One of my favorite parts of living in Chicago and going to DePaul is the opportunity to participate in internship programs, like at Source One, that offer valuable learning experiences. I greatly enjoy the opportunity to take what I learn in class one day and see how it directly applies in the real world. I’m happy to say I’ve been able to do that daily at Source One!

Source One’s Chicago office is filled with friendly and knowledgeable professionals. Since starting  in January of this year, I’ve had the opportunity to work on projects in a wide variety of industries. While my role was limited in the first few projects, I’ve been able to take on greater responsibility as my skills and industry knowledge grow. As my industry knowledge has grown I’ve recognized a strength in Telecomm and IT, working with the team on a number of projects. While I have already built a general understanding of Procurement and Sourcing Consulting, I look forward to expanding my knowledge even further. With Source One, I also hope to further develop my analytical and communication skills and continue my career in consulting after graduation.