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ICYMIM: October 16, 2017

Source One's series for keeping up with the most recent highlights in procurement, strategic sourcing, and supply chain news week-to-week.  Check in with us every Monday to stay up to date with the latest supply management articles.

Can the Latest Supplier Relationship Management Tools Deliver the Clinically Integrated Supply Chain?
Tom Finn, Spend Matters, 10/11/2017
Hospitals outsourced their supply chain management and procurement operations to the industry’s group purchasing organizations many years ago. The group purchasing organizations took on individual health systems that did not know what they were buying, organized their data and assumed responsibility for maintaining them. Health systems are taking back control of their respective supply chains. The supply side has been the one managing the buy side all of these years. Studies have shown that this has improved outcomes more quickly and with more certainty. 

Sourcing the Day After Tomorrow Part XIV
Michael Lamoureaux AKA The Sourcing Doctor, Sourcing Innovation, 10/11/2017
In each of the six steps to date, some were a waste of skilled talent time, some were crucially needed. We still know that the entire sourcing cycle must be done by humans. THE FINAL STEP: The contract step. The contract step includes; standard terms and conditions, modification & risk mitigation to supplier & country, key metadata definition and obligation specification, and contract analytics. 

Can Procurement Save the Government?
Pierre Mitchell, Spend Matters, 10/10/17
Think about the role of an effective government, now think about procurement. Procurement in companies is charted with bringing innovations and helping defend the enterprise from external risks in the supply chain. Stakeholders want to maximize value from their money which includes the money invested in procurement. A good way to start with procurement saving the government is by looking at strategies & techniques to drive innovation. 

Strategic sourcing a boon to restaurant supply chains

Food service businesses possess complex supply chains, with specific quantities of many perishable ingredients required to keep customers happy. Whether a restaurant operator is responsible for one location or a whole chain, there are likely challenges involved in managing the procurement supply chain. Getting everything right can mean focusing more closely on supplier relationships and not taking anything for granted: In other words, strategic sourcing can help.
Instead of treating procurement matters as afterthoughts, organizational leaders can integrate these concepts into their high-level thinking. In food service, as in so many other industries, they may be surprised at the sheer amount of savings to be found through this process.

Spotting the opportunity
Nation's Restaurant News contributor Bill Carmody recently pointed out several elements of procurement that are potential value-providers for restaurant supply chains. His general argument is that restaurant owners don't typically pay enough attention to their sourcing supply chains, often treating closer oversight as an "issue but not a priority." However, digging deeper into the contracts determining the flow of goods can preserve restaurants' bottom lines.
Huey Magoo's CEO Andy Howard told Carmody that data is a critical element of creating advantageous and optimized supplier contracts. He suggested breaking purchasing and distribution decision-making into two separate functions, to make sure that each gets enough focus. One of the key breakthroughs he made was hiring an outside partner to work on some of his functions, such as inbound freight. That left him with more time to make procurement decisions.
Restaurant chain supply chains also tend to improve when officials are available to become more hands-on with inspections and audits. Cost Reduction Management's president Steven Salzberg told Carmody that when companies spend too long away from the relevant issues, there is a chance that substitutions have been going on. If the items restaurants hoped to purchase aren't actually the ones they're getting, their food quality may be suffering. Budget issues can also result - there may be costs associated with those replacements.

Greater oversight of ingredient supply chains could turn up hidden value.Greater oversight of ingredient supply chains could turn up hidden value.
Greater collaboration incoming
The restaurant ingredient supply chain in general may soon see some changes, according to Forbes contributor Kate Vitasek. She explained that brands and suppliers have begun to attend industry-wide summits to make their practices more efficient. This means working together to make processes more collaborative and wipe out inefficiency at all levels. The spreading benefits of this teamwork are clear: More effective performance at the production levels could lead to lower costs that extend all the way to consumers.
Improved connectivity between the various partners involved in food service appears to be the next great goal for this industry. Vitasek reported that at the latest summit, companies collectively expressed a desire for better data quality and availability. When restaurants and their supply partners are able to communicate more easily, there is a better chance for them to optimize their ordering and delivery processes and deliver efficiency that extends to many levels.
Getting delicious food onto the table for customers requires a complex network of supply partners. Careful oversight of this environment could extract efficiency and value that haven't previously been achieved.
1. Lead first, Manage Second

According to Steven Covey’s 7 Habits of Highly Effective People, “Management is a bottom line focus: how can I best accomplish things? Leadership deals with the top line: What are the things I want to accomplish?” As opposed to solely focusing on how to accomplish short-term tactical goals, successful interim CPO’s understand that within their finite amount of time within a Procurement organization, their objective is to influence and enable other Procurement and Sourcing professionals towards organizational milestones. This does not mean a good Interim CPO does not manage the day-to-day at all; rather, successful Interim Executives strike a harmonious balance between idealism and pragmatism—a balance between realizing the end state, and the most effective and efficient way to get there.

2. Heir on the side of Action, rather than Inertia

Companies hire Interim Chief Procurement Officers for a number of reasons, but the resounding underlying theme is to provide momentum on strategic supply management initiatives. Temporary Procurement Leaders have a history of producing tangible results across a number of direct and indirect sourcing categories, their experience spanning a wide array of industries. The ability to quickly and seamlessly rollout a change management structure and framework within Procurement to continue forward progress is essential to the success of any Procurement Transformation Initiative. Although Interim Executive Procurement and Strategic Sourcing Leaders seek to be well-informed, they do not allow a lack of information to deter them from making a deliberate action –they maintain a focus on moving a project forward, and can fill in the knowledge gaps as they progress.

3. Passion for Procurement

Interim CPO’s who are passionate for what they do have the ability to excel. Knowledge leads to a well-developed and refined understanding of the intricacies of the Supply Management function, but passion is what fuels the motivation to make things happen. Passion for Procurement is the one trait that can produce exceptional results, over and over again.

4. The Ability to Influence

The really successful Interim Chief Procurement Officers are constantly adapting and evolving with the function. To gain a better understanding of how they can influence the organization, these Leaders have perfected the art of listening to know their audience on a more personal level, and to sell their own agenda by intertwining their goals with those of other business partners across the enterprise. Top Interim CPO’s drive value and cost savings by relaying their successes, whether big or small, to the successes of the other stakeholders, and it is this collaborative relationship that embeds procurement as an essential tool for success.

5. A Big-Picture Focus, but Detail-Oriented Approach

The best Interim Procurement Executives approach the situation as a whole, avoiding the trap of not seeing the forest through the trees; however, that does not mean they are not detail-oriented. Interim CPO’s know when to dig deeper on critical issues, without reaching outside their purview. Speaking again to the idea of balance, Interim Procurement Leaders keep enterprise-wide strategic initiatives at the forefront, while executing on the more intricate details of day-to-day operations to realize fundamental change and sustainable success.

Whether these qualities come naturally, or are developed over time, when combined, these five qualities make a successful Interim Chief Procurement Officer. If your organization is in need of the right Interim talent to transform your people, process and technology, contact Source One and ask about our Executive Supply Management Staffing Solutions.

October 13, 2017

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

Recent Whitepaper:
Effective collaboration between Procurement and IT can help optimize budgets and vendor relationships. A lack of stakeholder engagement, however, presents challenges for companies attempting to foster this relationship.  Calling upon years of experience and a number of case studies, Source One and Corporate United provide strategies for understanding stakeholder motivations, identifying synergies, and better managing IT spend.

Recent Blogs:

Nothing New Under the Sun: Taking an Advanced Approach to Supplier Diversity
Vernon Griffin, Spend Matters, 10/6/2017
The advent of sabermetric analysis changed the way we evaluate athletic performance.  New, more advanced metrics could similarly change the ways we look at supplier diversity.  Amending the traditional diversity considerations can provide companies with greater insight and, ultimately, produce greater value.  It'll take time, but soon leading organizations will analyze supplier diversity in ways that would look totally unfamiliar today.

Upcoming Event:
October 24th, Source One will join procurement and strategic sourcing professionals from leading pharmaceutical companies for a three day conference.  This event will provide valuable networking opportunities and enable thought leaders to discuss Procurement's ability to drive value in the pharma industry.  This year's festivities promise more of the enlightening discussions and presentations attendees have come to expect. 

Procurement Leaders Can be their Own Advocates

Strategic use of sourcing and procurement can make a concrete difference for businesses today. Seizing new chances for value is one of the most important moves an organization can make, and many such opportunities may reside within the supply chain. This is an intuitive version of process improvement, because it involves tuning up and maximizing an operation that already exists, rather than going out on a limb to start doing something new: Procurement is right there, so why not make it contribute more?

Getting from point A to point B and turning a reactive sourcing department into a strategic one is an option worth studying for today's business leaders. Of course, this transformation takes commitment from all corners, and procurement team members have their own role to play.

Making the value clear
When a supply chain official feels his or her department isn't properly integrated into the company's overall strategic vision, the cause might be innocuous. CEOs may not realize the value better sourcing could provide. Supply Chain Digital contributor Alejandro Alvarez explained that there is room for procurement leaders to take the initiative and explain ways in which the company could improve its overall performance through better supply chain usage.
This is a good tactic when procurement officials realize they are only being called in at the end of a decision-making process to select a new supplier before the contract is finalized. Their job in this case is likely just to engage in tough negotiations and get the price down. Procurement departments can do so much more, however, both when suppliers are being vetted and after the contract is in place.
Alvarez noted that there is room for supply chain officials to get into the mix early on, when companies are vetting their potential new suppliers. At this point, they can perform analysis and use their knowledge and experience to determine which partners will be the best fit for the company. Furthermore, procurement teams shouldn't have to break off contact with suppliers once the ink is dry on the contracts.

When procurement gets involved early, officials can deliver valuable analysis.When procurement gets involved early, officials can deliver valuable analysis.
Ongoing contact
Staying involved in contract management and oversight can be a useful function for supply chain officials. As contributor Chris Crane recently suggested, there is room to perform ongoing analysis. This is valuable for all departments, as the company gets insights into the relative merits of a given contract and the procurement team is allowed a platform to show of the fruits of its own labors in securing the contract. Executives will be able to see what the sourcing professionals did, in clear financial numbers.
Crane added that in addition to staying engaged with supply contracts after they're signed, supply chain officials should also keep lines of communication open within companies' own walls. This means extreme transparency about every detail of ongoing operations. While this means admitting when something goes wrong or an issue erupts, it will serve to confirm the usefulness of the sourcing department in overcoming those problems and keeping procurement on track. This kind of give-and-take with other executives elevates procurement's position and gives it a more visible role.

Source One's comprehensive services provide an extension of our clients' internal resources.  Organizations count on our team of experts to fill in gaps and identify hidden opportunities for reducing costs and driving efficiency. Increasingly, our clients are considering the benefit of a more hybridized workforce.  Contractors and other freelance employees can bring the flexibility and expertise required to address short or long-term challenges across a supply chain.  But, how do you find the right candidate? Source One's Contingent Labor Sourcing experts boast decades of experience in an array of industries.  Our years of success enable us to identify and place candidates for any position at any organization imaginable.

Obviously, market research is an essential component of everything we offer.   This proves especially true where our staffing services are concerned.  Andy Jones - an Executive Search Consultant for Source One - knows this well.  The first step in sourcing any talent, Jones suggests, is reaching a comprehensive understanding of the company, its industry, and the position in question.  Studying the complexities and specifics of a client's entire supply chain enables Jones to effectively vet the appropriate candidates.  Recently, this meant placing a Capacity Engineer at a heavy equipment manufacturer.  The initiative was a a success because Jones strove to understand not merely the company's present needs, but their own distinct definition of excellence.

Our dedication to relationship management also serves our staffing efforts. "[Contingent Labor Sourcing] is all about constant follow-up," says Jones.  Building and maintaining client relationships is an "everyday thing," and every interaction can make a huge difference for our clients and their prospective contractors. Even when the staffing process extends over weeks or months, it's essential we remain consistently engaged and available. Our persistence, market intelligence, and experience brokering negotiations positions us to provide a win-win arrangement. 

Source One's comprehensive services can provide temporary procurement, supply chain, and sourcing staff to your organization to leverage for whatever period necessary.  Contact our temporary staffing experts today to find the on-demand resources you've been missing.  We'll tailor a labor model to your specific needs and help produce long-term cost reduction.

Are you interested in becoming a procurement independent contractor? Visit our Careers page today.  The right opportunity could be waiting.

To commemorate Source One's 25th anniversary, we've spent the past few weeks offering insights, sharing tips, and striving to impress the practices that have helped us achieve success in procurement and strategic sourcing.  Here are five more to drive value savings and encourage sustainable supplier relationships.

16. Finish Negotiating at the Sourcing Phase

Procurement professionals often misguidedly attempt to renegotiate pricing or other terms during the contracting phase.  Even putting aside legal or ethical questions, this is a practice to avoid if you value your credibility and desire positive working relationships.  Trust is a key component in such relationships.  Once lost, it may prove hard to regain

17. Know When to Be Transparent
When clients and suppliers are not forthcoming with one another they can create unnecessary confusion and communication barriers.  Such barriers not only make for awkward interactions, but could create inefficiency as well. Open dialogue, however, should not preclude respect for confidentiality or encourage unprofessional behavior.

18. Be Open and Flexible
Assure that all of your correspondence with suppliers is open-ended in nature.  Give them the opportunity to make suggestions, ask questions, and offer their own input.  Oftentimes, suppliers are eager to provide innovative solutions that you might not have considered independently.

19. Engage with Stakeholders

Identifying and interviewing all potential stakeholders can provide valuable insight throughout the life-cycle of a project.  Their inside knowledge of existing supplier relationships, quality levels, and specifications could make for spectacular results.

20. Constantly Look for Leverage Points 

Every interaction with a current or prospective supplier is an opportunity to gain leverage and achieve a more appealing arrangement.  Even the most informal conversation could prove critically important to a successful negotiation.

Come back next week for the final installment where we'll outline a few potentially fatal mistakes to avoid when corresponding and negotiating with clients and suppliers.

Risk Awareness's Increasing Role in the Supply Chain

Sourcing and procurement don't always go as planned. Strategies that don't take risk into account may be quicker and easier to assemble, but the potential for these outlines to break down when a single source has problems can cause severe headaches for organizations at all levels of the supply chain.
Risk is one constant in today's complex supplier networks, which can span the globe. Staying aware of the various dangers facing organizations is not a one-time event. Rather, risk management is an ongoing process. Today's top supply chains realize this and work to incorporate an awareness of potential problems into all levels of their strategic thinking.

Becoming more active
Spend Matters recently tackled what it really means to run a risk-aware procurement department in 2017. Instead of simply creating processes that are buttressed against risk, businesses are anticipating and reacting to specific issues. The difference is that a company resilient in the classic buffering sense may reduce the damage that an unexpected event causes, whereas forward-thinking and reactive companies could actually improve their relative market positions in such circumstances.
" Risk awareness should become part of a strategic sourcing approach."
Risk can turn into real disruption fairly often, and organizations that anticipate and deal with the damage more effectively than their peers stand to gain strength. The organization that survives the crisis in the best shape will gain ground against its competitors. Risk awareness should become part of a strategic sourcing approach, spearheaded and actively managed by leaders in the procurement department.
Dealing with sourcing on a strategic level means looking for new ways to derive value from procurement. Going for the lowest possible prices or carrying out orders from other departments exactly won't help the bottom line this way. Leaders who are in charge of truly strategic procurement departments can find additional power in their ability to work risk into their equations, treating this as yet another possible path to value.

What do future risks look like?
Being proactive means responding to the disruption dangers that exist in the present moment. These have changed over the past few years, and are set to shift again before long. Forbes contributor Kevin O'Marah gave an overview of the issues impacting companies today. Supply chain leaders named their worries, and O'Marah noted the issues that have increased the most between 2016 and 2017: Natural disaster concern rose year over year, but the major worry is about digital disruption.
Supply chain efforts have become more technologically advanced as companies have stretched around the globe in search of partners to meet their procurement needs. The digital revolution has granted agility and effectiveness in processes such as communications, but comes with its fair share of risks. Departments that haven't paid enough attention to cyber defenses may find that the new systems they've recently added have become a path to disruption.
Dealing with evolving threats to the supply chain is a necessary part of risk-aware leadership. Expecting issues to remain constant ignores the malleable nature of the procurement industry and could lead to increased danger. Complacent reactions to risk factors from weather patterns to new malware styles could pay for such attitudes in the years to come.
 For, this October marks the spend analysis as a service and opportunity assessment tool reaching it's one year anniversary as a publicly available stand-alone solution.  While the core functionality and the underlying data from the spend analysis platform have been in existence for over a decade, the forward client-facing platform has only been available to customers since October of 2016.   The launch year of has been a wild success, with existing Source One strategic sourcing clients and several stand-alone spend analysis and opportunity assessment clients providing overwhelming good feedback from their experiences.

The SpendConsultant platform was developed and is actively maintained by the strategic sourcing experts at Source One.   The Source One strategic sourcing consulting team has been conducting spend analysis and cost reduction opportunity assessments for over 25 years for its clients.   During that time, they’ve cataloged all of their procurement lessons learned as well as the market intelligence they develop during each strategic sourcing initiative.    But, the category managers and strategic sourcing consultants at Source One wanted to provide a more interactive way for their clients to interact with their spend data and see opportunities for cost reduction through strategic sourcing than traditional graphs and charts in Excel and PowerPoint.   That’s when they decided to build SpendConsultant as an easy-to-use interactive front end to help companies view their category and supplier spend data and develop sourcing strategies for future cost reduction events.

Originally, the SpendConsultant platform was conceived to simply be a tool for Source One’s strategic sourcing clients, but it was quickly realized that companies that wished to do self-managed strategic sourcing efforts might also want access to a low-cost rapid spend analysis and opportunity assessment solution.   In Q4 of 2016, the initial launch of a standalone SpendConsultant platform launched, and has quickly grown in both customer count and increased functionality over the last year.  And there is more to come.

In the next couple of days, will be launching an opportunity assessment calculator.  This simple to use tool leverages your organization’s spend data and enriches it with Source One’s in-house strategic sourcing project results.   The result is a tool that allows you to estimated category savings opportunities that predict the results of a successful sourcing engagement.    The tool allows users to quickly identify waves of sourcing efforts in order to build out a roadmap of strategic sourcing and cost reduction initiatives in both the short and long term.    Additionally charts and reporting will also expand the ways a client can interact with comparative data sets, such as year over year spend changes on a category, sub category or supplier level.

And, of course, the opportunity assessment features of SpendConsultant continue to grow each day.  As the strategic sourcing consulting team at Source One conducts more and more sourcing events, the lessons learned, sourcing strategies, and savings levers are all cataloged and added into the platform to improve the insights that procurement professionals receive when using the spend analysis opportunity assessment solution.      

If you want to learn more visit SpendConsultant . In the next few weeks, will also be launching a new website that will provide more details and examples of its capabilities.  Stay tuned.

ICYMIM: October 9, 2017

Source One's series for keeping up with the most recent highlights in procurement, strategic sourcing, and supply chain news week-to-week.  Check in with us every Monday to stay up to date with the latest supply management articles.

Nick Heinzmann, Spend Matters, 10/5/2017
Many Procurement organizations still rely on manual, paper-based methods for their accounts payable processes.  This not only wastes time, but could pollute data and leave companies vulnerable to fraud.  An overly aggressive approach to AP can also damage - even destroy - supplier relationships.  To succeed, organizations need to begin positioning AP as a strategic arm of their procurement and sourcing efforts. 

Michael Lamoureaux AKA The Sourcing Doctor, Sourcing Innovation, 10/5/2017
The Doctor's holistic analysis of the sourcing process continues.  This week, he addresses the tactical methods many organizations still apply their analyses.  Countless hours are still spend manually collecting market pricing data and historical spend numbers.  While humans certainly need to review and verify these figures, the hard work should be delegated to an automated spend analysis system. These can even help identify "hidden costs" that suppliers might attempt to get past the buyer. Next up are the negotiation and contracting stages.

Taking Control of Your Unmanaged Indirect Spend
Scott Dever, Spend Matters, 10/3/2017
Identifying and managing untapped areas of indirect spend is a great way for Procurement groups to deliver value, drive savings, and increase their influence across an organization.  Top of the tail spend provides perhaps the greatest opportunity for improvement.  Good spend visibility here can help identify and create new categories.  Bringing all spend under management will prove crucial for Procurement professionals looking to become forces for change throughout their businesses.  Their efforts will consolidate supply chains, increase competition, and reduce risk.
Leveraging a blended Procurement workforce has been a growing trend in recent years as organizations seek to realize cost savings without compromising on quality in an effort to respond to rapid changes in the market. Procurement and Strategic Sourcing contractors provide the flexibility and expertise necessary to solve short and long-term Supply Management workplace challenges with speed and precision. But how does an organization go about choosing the right fit when hiring a freelance Procurement or Supply Chain resource?

To achieve the maximum benefits and ROI of Procurement and Strategic Sourcing contractors, organizations must align their goals and strategy with the unique skillsets and expertise of the contractor. This strategic alignment begins during the interviewing process when hiring teams are starting to assess the cultural and capability fit of candidates. By implementing these 5 questions into the initial interview, companies can find a Supply Management expert that is engaged and interested in the organizations ongoing key initiatives.

1. How many projects have you done similar to this assignment in your career in terms of size and scope?

Depending on the complexities of the assignment being outsourced, it is important to understand how deeply the Procurement Contractor is entrenched in the day to day procurement and strategic sourcing activities they will be filling. Hiring Managers will better be able to identify whether a procurement contractor can effectively supplement the current talent landscape and fill the necessary skill gaps by developing a thorough understanding of the contractor’s similar project experience and qualifications.

Bonus Question: How many projects have you done similar to this assignment in the past 2 years?

Although the first question is fundamental, this question adds more color to how relevant the contractor’s supply management experience really is. If they worked on a similar project early on in their career ten years ago, but haven’t worked with that spend category or work stream since, it may be best to find someone whose skills are immediately transferrable.

2. What was the reason for leaving your last few assignments?

When dealing with Procurement and Strategic Sourcing contractors, it is important to recognize that they are similar to free agents; they can go where the money and opportunities are, and are not penalized for doing so. By asking why their assignments ended, Hiring Managers gain insight into whether the contractor sees assignments through from beginning to end, or if they have their sights on the next best opportunity. Longevity of assignments and the ability to see them through to completion also indicates whether the Procurement and Strategic Sourcing contractor has been successful throughout their career. If the contractor was brought on for multiple Supply Management assignments, and only left because the client did not have any additional work, it can be inferred the contractor is a high-performer with significant subject matter expertise to leverage.

3. Are you a full-time contractor, or open to contract-to-hire opportunities?

Understanding whether the contractor truly wants to work for themselves and run their own small business versus temporarily entertaining contract assignments while looking for the right permanent fit can help both parties understand whether there is mutual gain. Depending upon the need, some organizations prefer to evaluate talent before considering bringing them on as a fulltime resource, and permanent contractors may not be the best fit in these instances. Alternatively, if a contractor is looking to secure a fulltime role in their wheelhouse while the organization is only looking to fill a short-term need, an honest conversation can allow the contractor to pursue other opportunities that may land them a career.

4. What is your hourly rate?

You get what you pay for; automatically choosing the Supply Management Contractor with the lowest rate does not guarantee you get the best ROI. If cutting costs is your primary goal, you may need to identify a generalist contractor with adaptability and potential. If getting the right expertise and exceptional delivery within the shortest amount of time is a higher priority, identify a subject matter expert with a competitive rate.

5. Can you please provide a list of references?

This one isn’t rocket science. If any interviewee cannot provide at a very minimum, two references, this is a red flag. Ask that the references be former clients, with a preference being whomever they reported to for the duration of the assignment.

If the idea of interviewing multiple contractors to find the right fit sounds daunting, let Source One’s skilled procurement staffing experts source the best contingent workforce talent aligned to your specific strategic initiatives and organizational needs. The high-performing contractors at Source One are available “on-demand” -when you need, for as long as you need. Are you in need of not just one, but an entire team of contingent labor resources? Source One’s Contingent Labor Strategic Sourcing experts can customize an approach to bring spend under management, and collaboratively identify the best staffing model to manage your contingent workforce. Contact Source One’s Recruitment and Staffing experts to learn more about how we can build out or supplement your current staffing plans.

October 6, 2017

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

Recent Whitepaper:
A lack of stakeholder engagement can make it difficult for companies looking to leverage Procurement strategically in 'untouched' categories.  Collaborating with Corporate United, Source One's experts offer advice for building effective relationships between Procurement and IT.  Drawing from years of success and a number of case studies, the whitepaper provides strategies for discerning stakeholder motivations and better managing IT spend.

Recent Blogs:
E-Sourcing: Finding the Right Solution for Small & Medium Businesses
Jonathan Groda, Next Level Purchasing, 10/4/2017
E-Sourcing tools can make the work of a procurement professional markedly simpler and more efficient.  Used over the long-term, they enable organizations to create a repository of knowledge. This not only facilitates smarter decision making during future sourcing events, but also prevents the loss of information from staff turnover.  Historically, small and medium-sized organizations have paid little attention to these tools.  Today, however, the rise of inexpensive (even free) e-Sourcing tools has opened new possibilities for companies of any size.

Upcoming Event:
From October 27 to 29th, Source One will join top Procurement professionals from across the pharmaceutical industry in the City of Brotherly Love.  Attendees - including thought leaders from Merck, AstraZeneca, Shire and others - will discuss the opportunities and challenges for strategic sourcing in their industry.