Source One Round Up: May 20, 2016

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


4 Contract Management Best Practices for Improving Supply Chain Performance
According to Aberdeen Research Group, best-in-class organizations achieve up to 80%  more savings than others through a clearly defined contract compliance process. However, only 48% of organizations possess a centralized contract management process. This week, Source One Analyst Jennifer Engel provides 4 ways for managing contracts including establishing a template and centralized location for storing documents, as well as monitoring compliance and being proactive. 

ISM2016 Recap: Day One
The most anticipated supply chain event of the year happened this past week! ISM2016 kicked off celebrating the future of supply management at Thomasnet's and The Institute for Supply Management's 30 Under 30 Reception. Thomasnet caught up with Source One's 30 Under 30, Michael Croasdale. When asked about his advice for young professionals interested in a career in procurement, Croasdale shared, “You have to work hard but my advice to them is, if you put your nose to the grindstone, you’re going to get where you want to get,”.

Croasdale, Source One's MRO Category Expert, was recognized for his innovative implementation of a preferred vendor program for a construction client. Croasdale designed an ordering guide leveraging Google Earth that allowed purchasers to find suppliers based on their proximity to the job site. In addition to producing over $1M with the new program, the client also saved time and transportation costs through the new ordering guide. 

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