A friendly reminder that last week the second installment of MRO Demystified
series was published by Source One. In it, Source One provides MRO-specific tips and best
practices for executing a thorough, effective spend analysis. Part II goes on
to offer advice on what to do with the data gathered through spend analysis and
how to utilize it more expediently. Look forward to Part III exploring the role of Strategic Sourcing soon.
It's a touchy and political subject for some, but the legal marijuana industry is certainly an interesting cash cow booming with new opportunities
for revenue. Right? The distribution of products for the industry has proved
incredibly difficult due to vague laws, licensing hold-ups, and supply far
exceeded by any reasonable expectation for demand. Brian Seipel pens for sourcinginnovation.com
on the difficulties surrounding legal marijuana distribution. The industry can
only grow as much as the law allows. What happens next is still up in the air.
Brian Seipel and Bennett Glace discuss Spend Taxonomies and one of the
most common mistakes companies make. It is exceedingly simple and easy to say, “Why
don’t we just utilize UNSPSC?” UNSPSC allows for better spend analysis for
individuals, but when it comes to Procurement and managing suppliers, it falls
just a bit short. Companies should first establish what their goals are in spend
analysis and find the spend taxonomy that reaches each of those goals in the most
effective manner. Though useful, UNSPSC is not the end all be all that some might
make it out to be.
The Connect CFO Leadership Summit will feature and host
hundreds of innovative financial leaders from across the nation. Corcentric
will be both an attendant and sponsor, with some members of our Source One and
Corentric family being featured as presenters as well. SVP of Sales, Dan
Andrew, will be speaking on the Power of Payment and Accounts Payable Integration.
The conference aims to manufacture an environment stimulating the exchange of
tips and knowledge of prevailing industry trends, especially as they pertain to
technology, innovation, and Strategic Financial Management.
Source One is a proud sponsor of ProcureCon MRO in Fort
Worth, Texas. Spanning across an event filled two day conference, ProcureCon
MRO will take aim at defining innovations in MRO Procurement, and sourcing as whole. Artificial intelligence in
Procurement is highlighted by a number of key presenters. Our Source One team is
excited to be in attendance and looking forward to the multitude of networking
opportunities the conference will provide.