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.
Best-in-class organizations know that Accounts Payable, like Procurement, can bring significant strategic value to their operations. To optimize AP, Procurement teams need to abandon age-old methods and embrace newly automated processes. Automation will enable resources to stop scrutinizing individual invoices and show of their potential for providing a strategic advantage. Heinzmann suggests that the process begins with avoiding risk, establishing a solid foundation of data, and paying close attention to ongoing innovations.
Michael Lamoureux AKA The Sourcing Doctor, Sourcing Innovation, 11/29/2017 The Doctor says suppliers won't be fooled by firms who simply talk a big game. In today's Procurement and Strategic Sourcing industry, the only successful negotiations are supported by lots and lots of facts. Procurement teams need the data to prove they know exactly what a product should cost, what a healthy margin looks like for the supplier, and what sort of performance they can reasonably expect.
Lazarus summarizes the findings of the Business Continuity Institute's ninth-annual report on supply chain resilience. Based on a survey of 408 Procurement professionals from across the globe, the study suggests that most companies lack sufficient visibility into their supply chains. The majority of respondents reported suffering at least one supply chain disruption with the last year. Data Breaches and IT outages were cited as the top potential disruptions for 2018, but terrorism, product quality concerns, and health and safety issues also ranked highly.