ICYMIM: November 20, 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.

Creating a Successful Third-Party Risk Management Strategy: What You Need to Know
Sydney Lazarus, Spend Matters, 11/15/2017
It's almost 2018.  That means it's the perfect time to start thinking about third-party risk management strategies for the new year.  Most unsuccessful plans fail due to a lack of planning.  It's essential to tie risk management goals into the broader objectives of your business.  Successful businesses will determine methods for aligning their risk mitigation and cost reduction efforts while also driving revenue.   In addition to poor planning, Lazarus suggests many organizations have trouble creating measurements for success.  These are all things to consider as 2017 draws to a close.

Why You Need to Capture the Flag Sooner Rather Than Later 
Michael Lamoureux AKA The Sourcing Doctor, Sourcing Innovation, 11/16/2017
Companies of all sizes are leveraging Procurement in search of savings.  Many have found themselves coming up short. They're failing to meet expectations and missing out on potential billions. The Doctor suggests that "dirty data" may be to blame for these disappointing figures. Failure to get data under control leads to lost savings in the form of unnecessary RFXs, wasted buyer time, and missed opportunities for consolidation.  Those are just a few of the ways bad or insufficient data can hurt your savings initiatives.

The Amazon Effect: Competition for Procurement Talent
Nick Lazzara and Naseem Malik, Spend Matters, 11/15/2017
As Amazon's service offerings and technological solutions expand, they continue to disrupt hiring and retention throughout Procurement.  It's not hard for the number one supply chain company on Earth to lure industry leaders away from their companies.  Procurement organizations should be wary.  There's still hope, however, for companies who take Lazzarra and Malik's advice.  By setting realistic career paths, offering workplace flexibility, and leveraging their CPO's brand, top Procurement organizations can still compete with Jeff Bezos and his behemoth.

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