ICYMIM: November 6, 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.

Why Do Law Firms Exclude Procurement Professionals from the Budgeting Process
Sydney Lazarus, Spend Matters, 11/2/2017
According to this year's HBR Consulting Law Firm Procurement Survey, only 12% of procurement professionals described themselves as "heavily involved" in the budgeting process.  In fact, the vast majority consider their role in the process "minimal." This is largely the result of perceived skill-gaps that may or may not actually exist. Procurement groups can increase their involvement by demonstrating their ability to boost efficiency, improve projections, and promote greater transparency.

Why Millennials are Tailor-Made for Procurement
Kris Lindahl, Corporate United, 10/31/2017
Estimates suggests that millennials will constitute half of America's workforce by 2020.  The negative stereotypes that surround young professionals are continually proven false by savvy and successful individuals.  Those born between 1980 and 1995 could prove especially valuable to procurement organizations thanks to their familiarity with emerging technologies and desire for more collaborative office environments.

Embedding Procurement Across the Enterprise
Tom Finn, Spend Matters, 10/31/2017
Leading procurement teams serve as change managers across their organizations.  To continue increasing their importance, these groups will need to physically embed themselves in all business functions. This means gradually moving away from a strict focus on project-to-project-based collaboration.  If they're successful, they should help their organizations more comprehensively and effectively measure their value.
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