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.
Charles Dominick, SPSM, SPSM 2, SPSM 3, Next Level Purchasing, 12/6/2017
Every Procurement professional can recall an experience with an intimidating manager. Dominick recalls his own experiences with a leader who produced results exclusively by spreading unease throughout his Procurement team. Instilling fear, he suggests is not a sustainable method for driving success. Good managers should instead focus on promoting investment. Employees are far more likely to produce results if they care deeply about their work and take pride in successful initiatives. Managers shouldn't have to rely on scare tactics to foster this sense of engagement.
Michael Lamoureux AKA The Sourcing Doctor, Sourcing Innovation, 12/8/2017 Though 3-D printing won't reach its full potential overnight, it already stands poised to change Procurement in a big way. New product development, for example, becomes simpler and more cost-effective thanks to this technology. Suppliers and buyers no longer have to pay thousands to ship parts or products across the globe for assessment. The ability to locally print replicas of components dramatically reduces costs for Procurement groups working in certain spend areas. Even in their relative infancy, 3-D printers are changing sourcing.
Leading companies are challenging their Procurement teams to take a more entrepreneurial approach to managing supplier relationships. Excellence in SRM typically means establishing dedicated roles for members of your Procurement unit. Even without dedicated roles, organizations can nurture better SRM practices by focusing on their employees' communication skills and cross-functional expertise. Engagement, too, is key to successful SRM initiatives. Senior management needs to invest in Procurement's efforts and each team member needs to seek out opportunities to interact with suppliers directly.