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.
Nick Heinzmann, Spend Matters, 1/18/2018 Companies looking to effectively integrate contingent talent into their workforce need to look beyond traditional models. The Labor Cloud could be the agile, innovative, tech-enabled solution these organizations are looking for. These curated talent networks will bring freelancers, contractors, and all other talent together on a single platform. For Procurement, the strategic benefit of a labor cloud will be both myriad and immediate. They'll provide Procurement departments with a wealth of accurate historical data and enable them to self-source highly specialized and highly skilled individuals with ease.
Michael Lamoureux AKA The Sourcing Doctor, Sourcing Innovation, 1/16/2018
It's no secret that effective sourcing is the key to long-term supply management success. Done correctly, it can add value in the form of lower costs, better quality products, and more strategic vendor relationships. Three pitfalls in particular, however, often stop sourcing initiatives in their tracks before they even begin. A lack of market knowledge, lack of supplier knowledge, and a lack of e-Sourcing expertise can all lead Procurement professionals to make the wrong purchasing decisions and defeat their own value-adding purpose. What can they do to avoid falling into these traps and hampering their savings efforts? The Doctor suggests leveraging a cognitive sourcing platform to quickly gather market and supplier knowledge.
With the new year well under way, Procurement groups are taking the time to reassess and their organization's key performance indicators and set their priorities for the future. Berezowsky surveyed a number of supply management leaders to gain their insights on the subject of Procurement's essential KPIs. One respondent, a healthcare purchasing expert says, "KPIs need to be constructed as SMART goals: Specific, Measurable, Achievable, Relevant, and Time-Bound." An additional half dozen Procurement experts share their own strategies and best practices for effectively setting goals and measuring performance.