July 6, 2018

Here's a look at where Source One's cost reduction experts have been featured this week!

New Whitepaper Series:
Source One's new whitepaper series taps into the minds of Supply Management's most celebrated thinkers and leaders. The five-edition piece sees the experts using their decades of experience to delve into the hot topic of Procurement transformation. Analyzing the various takes on the subject and driving the conversation forward, they provide ideas, observations, and actionable best practices useful for organizations of any maturity level. 

Sourcing Strategies Group's Jim Baehr looks deeply into the continued strategic evolution of Supply Management.  He suggests that both Procurement Transformation's definition and function have matured and evolved over the last few decades along. Noting these changes, Baehr reflects on the current state of Procurement, using this information to predict the future for Supply Management. 
Unfortunately, many organizations experience shortcomings while pursuing a Procurement Transformation. Joe Payne and Phil Ideson identify Procurement's typical mission, motivations, and mindset as the likely culprit. In order to truly transform its operations, Procurement must reflect and adjust the way it views both itself and its role. 
Planning a Procurement Transformation can be a hefty task to take on. In order to practice efficiency, organizations typically target specific aspects of their department's operations. This is done with the mindset that focusing on the areas needing the most attention will give a greater strategic value. However, in order for a successful transformation, all aspects must be given attention, such as Procurement's people, processes, and technologies. Aligning these components is an essential task to ensure both short and long-term value generation.

When developing an optimal Procurement function, a consistent effort is often required. Procurement Transformation is just the first step in the pursuit of a reaching the function's full potential. The complete process needs unceasing momentum, constant attention, and an innovative spirit. Tom Rogers of Vendor Centric, Michael Lamoureux of Sourcing Innovation, and Diego De la Garza of Source One talk about what's in store for the ‘transformed’ Procurement team.

Part 5 - The Last Word (For Now)
Jennifer Ulrich, Source One's Procurement Transformation Lead, concludes Procurement Transformation: Industry Perspectives, toucing upon additional areas of the subject. She highlights the critical importance of reporting and metrics, suggesting that these aspects are essential for building a business case in Procurement. Proper utilization of these factors, Ulrich says, will help keep teams motivated throughout a Transformation and help make Procurement's evolution part of a broader conversation.

Recent Podcasts:
Source One's Senior Consultant Michael Croasdale sat sown with the Source One Podcast to discuss MRO Procurement's future in regard to IBM's newest employee, Watson. The tool possesses necessary innovative aspects- equipment, machinery, processes, etc.- allowing it to predict and diagnose problems before they arise. Croasdale suggests that Watson could automate the entire MRO sourcing process in the near future. Listen to learn more about its potential in the full episode here.

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