ICYMIM: April 24, 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.

The "Easter Egg Hunt" of Procurement
Charles Dominick, SPSM, SPSM2, SPSM3, Next Level Purchasing Association, April 19, 2017

After celebrating the holiday with his family, Dominick compares the egg hunt his children participated in with an aspect of procurement he believes to be a similar experience for professionals in the industry. During contract negotiations, it is crucial to carefully search for language that implies risk and/ or cost fall to one party. Dominick warns that these words may seem innocent and be as difficult to find as eggs strategically hidden in grass. Especially for longer contracts, terms that seem fair may reveal, with further investigation, that suppliers may be attempting to take advantage of technicalities and specific definitions. Identifying these areas of a contract can prevent the responsibility of costly situations falling on the wrong party.

Predictive Modeling Can Unlock Logistics Optimization
Christina O'Handley, THOMASNET, April 19, 2017

Procurement and supply chain professionals can agree that optimizing logistics is high priority for them that is also one of the most challenging. One factor that contributes to the challenges associated with optimizing logistics is a lack of visibility, as revealed in a recent study. This lack of visibility is consistent throughout operations, supplier relationships, providers, manufacturers, distributors and consumers. Data has solved the issue of lack of visibility in the past, and cloud-based analytics tools could assist in collecting data to allow supply chain professionals to utilize predictive modeling that offer new insights for cost savings opportunities in different potential situations. This information can allow procurement groups to make strategic decisions in these areas that otherwise lack visibility in their supply chain.

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Catherine Nardone

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