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 news.
IT Sourcing in 2018: Best Practices That Companies Need to Know
Sydney Lazarus, Spend Matters, 8/20/2018
Lazarus provides key takeaways and statistics from Spend Matters' recent webinar with NPI's COO Kim Addington. Both agree that IT sourcing has evolved considerably in recent years. Organizations are not only spending more money on their IT resources, but they've evolved in what they hope to gain from IT purchases. Whereas cutting spend was once Procurement's focus, more and more organizations are now in search of ways to spend more wisely. As Addington puts it, "Organizations are moving from a cost savings model to a business case model." Introducing an end-to-end integrated lifecycle framework, she suggests, is a must for organizations looking to leverage their dollars effectively moving forward.
Michael Lamoureux, Sourcing Innovation, 8/23/2018
The Sourcing Doctor takes a closer look at the considerable benefit of an effective e-Sourcing solution. These tools, he suggests, do much more than cut costs. Even a relatively inexpensive solution can pay huge dividends for Procurement organizations. While bigger, more costly tools produce ROI in the form of contract management support and centralized supplier databases. He reminds organizations, however, that these investments should only be made once Procurement has done its due diligence and adequately prepared itself for integration. Failure to do so could leave an organizations struggling through a complicated and costly implementation process.
Making Emotional Connections Through Data
Team Thomas, Thomas Net, 8/22/2018
Emotional appeals go a long way in influencing a consumer's purchasing decisions. Though some companies worry that technology will make their marketing efforts more impersonal, Team Thomas suggests that technology could actually make it far easier to reach consumer's on an emotional, personal level. Big data analytics, for example, will make it easier to assess how a customer or potential customer interacts with certain emotional motivators. Leveraging their data-backed insights, organizations should find it easier to shape emotionally resonant marketing campaigns. The advent of social media, too, makes it far easier for organizations to reach a broad audience, start a conversation, and forge meaningful emotional connections.