In the late 19th century, J.P. Morgan invested heavily in Thomas Edison’s direct current (DC) model for electricity. Nikola Tesla, one of Edison’s former employees, invented a competing model called alternating current (AC). Morgan was a cautious investor, and he asked Edison if the competitive threat from AC was real. Edison disregarded AC as unsafe and assured Morgan that his own invention would be the prevailing technology. As a result of Edison’s assurances, Morgan continued to make sizeable investments in DC. Unfortunately for both men, Edison was wrong. In a series of bids where the two technologies competed head to head, including the 1893 World’s Fair in Chicago and the 1895 installation of an electric power generating plant at Niagara Falls, AC was selected as the preferred form of electricity, and remains the standard to the present day.1
This week's eSourcing Wiki-Wednesday topic is Major Risks and Mitigation Strategies for Supply Risk Management. An excerpt of the article is below, but you can also read the full article on the eSourcing Wiki. Have something to add? The eSourcing Wiki is an open content community and you are invited to register and contribute to this resource, which benefits our whole professional community.
If you are interested in more, read today's post on 'The Point': Implementation of new suppliers .
Good old spend analysis. It may not seem big enough or glamorous enough to get much attention in today’s broad-focused Procure-to-Pay, Source-to-Settle world. To procurement professionals however, who have depended upon their spend analysis solutions for years, it is hard to imagine why the rest of the organization is not clamoring for access to its data and analytics.