Camelot and Procurement
One of my favorite movies is Camelot. I love the story and the music. One of the songs is the Seven deadly Virtues which mocks all the good things in someone's character such as honest, courage, humility and so on.
This week’s blog pick from Ardent Partners is “Seven Keys to Better Sourcing and Supplier Management”. While it may also have the word “Seven” in the title, it is full of good information and certainly not a mockery! Here are two of them that hit home to me.
- Know your Spend – Some organizations are more buttoned up around this than others. However, I have worked with some organizations who felt they had this under control. When they did a spend analysis, they were surprised to find the amount of maverick buying going on. And of course there were many buckets of spend not under contract. Needless to say, it opened a number of sourcing opportunities.
- Warm Welcome – After difficult negotiations, an agreement is finally reached. There could be some bruised relationships that are hard to get past. In order to repair and build positive relationships long term, the recommendation is to have a warm welcome for the supplier as the new contract begins. That is not easy, especially if you have strong personalities involved on both sides. I have seen some that the friction continued to exist throughout several years and a synergy between the two parties was never achieved. At the contract end, they did not win the business back in the next bid. Perhaps if the approach of a warm welcome was used, the outcome would have been different.
Merlin was the wise wizard in Camelot and was the coach for King Arthur. Following the Seven Keys will improve your procurement team’s effectiveness within your organization. While you may not become as wise as Merlin and it may not lead to Camelot, it might get you a lot closer.
Have you used any of these keys? Did it make a positive impact?
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