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.
Though some of the recent changes in the United States’
economy have been promising for procurement professionals, the uncertainty
polluting the air of U.S trade policies is beginning to choke industry minds. Should
companies source off-shore or on-shore? Will the Trump Administration double
down on its anti-Chinese trade policies or fall back in favor of establishing a status-quo? Will the same administration make these decisions the next 2 years or 6? Among the confusion,
Naseem Malik writes that best solution lies in effective management of both
people and technology. Blockchain and predictive tools may be more useful than
The increasing importance of the global marketplace manufactures
never before seen challenges for Procurement teams not fully equipped to handle
large, logistically difficult supply chains. This is where turning to a 3PL has
evolved to instead going to a 4PL. 4PL’s view procurement more holistically and
offer more flexibility than there predecessor, which can be the key to tackling
issues with global supply chain and multiple off-shore suppliers.
Technological advancements are made
nowadays at an exponentially accelerating rate. The company that truly cares
about its bottom line is the hesitant, cautious one, is it not? It would appear
here that having a mentality of reducing spend when adopting Procurement technologies
can do more harm than good. Smart early adopters that care more about
efficiency than cost reduction often find themselves better off than their more reluctant
counterparts at the end of the fiscal year.