Earlier this month, Source One's VP of Professional Services, Joe Payne sat down with Vendor Centric to discuss the ongoing strategic maturation of Procurement. Vendor Centric recorded the conversation for their 'Rethinking Vendors' podcast. Released as a pair of episodes, the conversation focuses on Strategic Sourcing's unique value proposition as well as Procurement's evolving role in managing relationships with suppliers.

Part 1 sees Payne outline the differences between Procurement and Strategic Sourcing. He cautions professionals against using the two terms interchangeably. The former, he suggests, is still about the tactical processes of initiating a purchases. Strategic Sourcing, however, is where a Procurement team can show its true worth and begin to gain the confidence of C-suite executives. It's also important, he remarks, for Procurement teams to make it clear that they can reduce the workload of other stakeholders. By handling all aspects of Strategic Sourcing, making a strong business case for their suggestions, and developing category management programs, they can ultimately create a streamlined and highly valuable system for making purchases.

In the second installment, the conversation turns to Procurement's role in managing supplier relationships. Both Payne and Vendor Centric CEO, Tom Rogers agree that optimizing these relationships is about much more than compliance. "There are a bunch of companies who believe they're doing what they need to do because they've built a compliance process," Payne says. He continues, "All they're really doing is checking boxes." To truly succeed in managing vendor relationships, Procurement needs to take a holistic approach to assessing and managing risk. Responding proactively and strategically, Procurement can produce considerable, long-term value.

Give both episodes a listen today.

Want to learn more about Source One's and its forward-thinking approach to vendor relationship management? Reach out to our expert team. We'll share our strategies for establishing, optimizing, and maintaining your strategic partnerships.

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