ICYMIM: April 22, 2019

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.

Why Standard Contract Terms Can Be Bad For You
Kate Vitasek, Future of Sourcing, 4/18/2019
Organizations across Supply Management often employ standard contract terms in an effort to save time. Vitasek suggests, however, that this 'conventional wisdom' is often anything but wise. Citing a report from UCLA Law School's Russell Korobkin, she examines the ways that behavioral economics often invalidate the standard economic models that drive contracting and negotiations. Ultimately, she suggests that organizations should reduce the formality of their standard terms - particularly where complex relationships are concerned.

Sheena Smith, Spend Matters, 4/18/2019
Smith summarizes some of the conversations she overheard and took part in during SIG's recent Spring Executive Summit. The event has left her feeling optimistic about the function's future and its growing role within leading businesses. Procurement, she writes, "isn't rising in stature because of specific tasks of tools." Rather, it's the function's people who are playing the biggest role in boosting its influence and refining its approach. Thanks to open, honest communication, Procurement has successfully found a seat for itself at the executive table.

6 Energy Challenges of Smart Warehousing - And How to Overcome Them 
Kayla Matthews, ThomasNet, 4/17/2019
Today's leading organizations have boosted their warehouses with robots, monitors, and other components designed to optimize productivity and efficiency. While these smart warehouses are typically more energy-efficient than their conventional counterparts, they also present their own array of challenges. Many of these involve the hard work of putting aside old practices and generating true insights from energy use data. Matthews examines some of the most common challenges and offers insights for effectively addressing them.

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