ICYMIM: June 12, 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.

Mark Davis, Art of Procurement, 5/31/2017

While Procurement groups are most recognized for their ability to discover cost reducing opportunities, their capabilities are evolving to offer solutions in other areas of the supply chain. The innovative capacity of an organization is limited to the available resources of it's employees, which can easily be missing it's full potential without external support. As an advocate for beneficial supplier relationships, procurement can encourage supplier enabled innovation to discover solutions in their supply base. If not with incumbent suppliers, procurement has the option of purchasing innovative capacity in situations where the introduction of a third party can offer other opportunities for cost reduction. Ultimately, procurement needs to recognize innovative capacity as a product to invest in and strive for supplier relationship management excellence in addition to cost reducing initiatives. 

The THOMASNET.com Team Chats With Manufacturing Talk Radio at ISM2017
Christina O'Handley, Tom's Blog , 6/7/2017

A few weeks ago, supply chain professionals from around the world gathered in Orlando, FL for ISM2017. A large focus of the international conference was the latest trends and challenges in the industry that some experts in the function have created solutions to improve. While they were there THOMASNET.com had the opportunity to sit down with Manufacturing Talk Radio for a series of interviews. They discussed the latest updates to THOMASNET.com and what to expect in the new future for the platform with revisions that will more effectively support supply chain professionals in their roles, allowing them to focus on the bigger picture for their organization. These conversations are available to listen to in podcasts on Tom's Blog.

Manual = Money
Michael Lamoureux, AKA The Sourcing Doctor, Sourcing Innovation, 6/12/2017

Automated processes available through recent developments in technology allow professionals in a variety of industries the opportunity to focus on other important areas of their job instead of performing these tasks and wasting their valuable time. These solutions can be expensive, but it's crucial to consider how investing in them will give the employees who were otherwise responsible for the job the time to dedicate their expertise to more strategic efforts instead of focusing on these tactical tasks. Both Procurement and Sourcing require a bit of manual effort that can potentially be automated, allowing them to focus on developing more efficient strategies for the high value categories that require the time and effort.

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Catherine Nardone

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