After two days of absorbing insights and market intelligence, Source One shared some wisdom of their own on Day 3 of REV2018. In Maximizing Fuel Efficiency, Associate Director and Procurement Transformation Practice Lead Jennifer Ulrich presented attendees with tips for getting the most out of their technology and leveraging it to serve Procurement's strategic evolution.
Procurement Transformation is among the hottest topics in today's supply management circles. The volume of the conversation and variety of perspectives has caused many misguided ideas about these initiatives to take hold. That's why Ulrich opened by deflating some Procurement Transformation myths. These endeavors, she reminded attendees, are not really transformations at all. They aren't quick fixes, nor are they reserved for organizations that need a major overhaul. She suggested that they are actually long-term initiatives that should aim for continuous improvement.
After outlining the process for assessing Procurement and setting goals, Ulrich spoke to the critical importance of fit-to-purpose technology. Not every organization, she asserted, will necessarily benefit from the most robust or most complex tool. Everyone, however, will benefit from tools and solutions that are optimized to their maturity level and unique needs. There's no one-size-fits-all strategy for aligning this technology with Procurement's people and process, but the skills that make for success in these efforts are fairly consistent. In any organization, cross-functional leadership, communication skills, and a collaborative spirit will serve Procurement's efforts to become world-class.
With the right technology in place, Procurement will enjoy benefits including more strategic decision making, more informed risk management, and more nuanced performance tracking. These will all support the department's efforts to market its value and make itself a strategic business partner.
Day 3's proceedings also included keynote presentations from Freakonomics author Stephen J. Dubner and CAPS Research's Executive Management Director, Deborah Stanton.
Ulrich and her colleagues have offered Procurement optimization services for over two and a half decades. In that time, they've developed an unparalleled library of category expertise and industry best practices. They're ready to share that knowledge with your organization. Give the sourcing experts a call today.