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 is incredible how much a typo in data can cost a company. Brian Alster explores 3 common, dangerous problems businesses run into when doing data collection and analysis. Citing Gartner, Alster states that organizations with problematic data quality lose $15 million annually on average. Duplicate data, inaccurate data, and conflicting data can be expensive, but the article provides a starting point for understanding how to prevent, and possible remedy, these data errors within your company.
Charles Dominick, Next Level Purchasing, 9/19/2018
Regardless of your political position, the Trump Administration's new approach to trade puts a great deal of American businesses in an interesting spot. Years ago, changes in the global market made it, for some, an almost unconscious decision to begin purchasing from China. Now, due to drastically different tariffs, American suppliers have seemingly regained their edge on their overseas competition. The change in steel prices has been heavily covered by the media, but there a number of other tariffs that may also effect the way your company spends. Charles Dominick asks you to take the appropriate time to review your sourcing. Is it a good idea to explore American suppliers and gut your Chinese spending this early? Due to low production capacity and high demand stateside, Dominick thinks the answer may be yes.
It feels like all anyone is talking about these days is blockchain. But how useful is it really, and in what fields can it be utilized most practically? Though it seems that a lot of the buzz surrounding the topic is in the realm of finance, the supply chain management functions have a lot to gain here and have been making effective use of blockchain for some time. Though it may seem like a no-brainer now, unlocking businesses from the traditional, silo-style management technique was nuanced and seemingly risky less than a decade ago. John dissects how everyone has something to gain here, and how finance and supply chain management can be, and should be, leading the charge.