Here's a look at where Source One's cost reduction experts have been featured this week!
New Whitepaper Series: Procurement Transformation: Industry Perspectives Source One's new five-part whitepaper series picks the brains of Supply Management's most celebrated thought leaders. These experts use their collective decades of experience to provide insights on Procurement Transformation. Cutting through the noise and furtherering the conversation, they offer highly beneficial observations, suggestions, and actionable best practices for organizations at any maturity level. Part 1 - Procurement Transformation: Then & Now Jim Baehr of Sourcing Strategies Group presents a historical overview of the continuing strategic evolution of Supply Management. Our definition of Procurement Transformation, he suggests, has matured alongside the function itself. Baehr charts these changes, reflects on the current state of Procurement Transformation, and predicts what Supply Management's next era might bring. Part 2 - The Right Mindset Why do so many organizations come up short in pursuit of a Procurement Transformation? According to Joe Payne and Phil Ideson, issues with the department's mission, motivations, and mindset might be the issue. Procurement needs to reflect and fundamentally change the way it views itself and it role before it can truly transform its operations. Part 3 - People, Processes, Technologies Some aspects of Procurement's operations may appear more essential than others. When pursuing a Transformation, organizations tend to target areas requiring the most improvement. The idea is that focusing on these areas will produce greater strategic value moving forward and effectively change the department. Even the most incremental initiative, however, cannot succeed without taking into the account the department's various components - most notably, its people, processes, and technologies. While one of the three will usually become a priority, they must each be aligned in order to ensure lasting results.
5 Common Mistakes That Could Derail Your Sourcing Process Megan Connell, Next Level Purchasing, 6/13/2018 Sourcing initiatives are often risk endeavors. Organizations have a lot to consider before kicking off a project. While they can't control every risk factor, there are preventative steps you can take to ensure that the project runs as smoothly as possible. Transparency, time management, and proper personnel are all important factors to take care of in the initiative planning and implementation processes. Connell looks more deeply into these aspects by emphasizing five commonly mistaken entities to carefully manage. Setting the Foundation: Preparing Spend Data for a Procurement Metrics Program
Jennifer Engel, Buyers Meeting Point, 6/12/2018
Using accurate metrics properly can make or break an organization's success. Since procurement organizations are frequently challenged by a lack of executive-level sponsorship and often face stakeholder resistance, metrics are essential for demonstrating the function's value. Using incorrect data can lead to missed cost savings opportunities or and even lead the department to pursue an impossible goal. Data is vital to the success of an organization, and allows for efficiency and effectiveness when it is accurate and clean. Without accuracy, extra time and money are spent to manage potentially faulty data. Engel highlights five aspects of data and categorization that are particularly essential for Procurement's success.
Procurement Transformation & The Talent Gap MRA Global Sourcing's Naseem Malik discusses his recent contribution to Procurement Transformations: Industry Perspectives. He labels talent Procurement's most valuable resource, holding that the right group of Procurement professionals will drive company-wide change and contribute to the creation of a strong, impactful brand. Since many organizations struggle to attract and retain leading talent, Malik advises the industry to transform its approach to talent, thus transforming its operations and performance. Want to learn more? Make sure to check out Part 3 of Procurement Transformation: Industry Perspectives.
Procurement Transformation: The Right Mindset Phil Ideson of The Art of Procurement sits down with the Source One Podcast to provide additional context for his contribution to Procurement Transformations: Industry Perspectives. He provides his description of the ideal mindset when guiding a Transformation while looking at the mission and motivations of Procurement. One potential aspect in need of change, he suggests, is the vocabulary used. The term 'Transformation' can sometimes come off as frightening. Many Procurement teams relate the term to a massive overhaul of everything they've known, cowering at the thought of it. Ideson suggests more apt terms such as "evolution" or "refinement."