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Wondering What Your Procurement Contracts are Worth? (Determine)

This content was published on January 3, 2019 on the Determine blog

If an executive asked you what a given contract was worth, most of us would likely give an answer based on the estimated spend with that supplier as a result of projected volume, negotiated costs and term. While this would be an accurate answer, it limits the “value” of the contract to its transactional footprint.

Any procurement organization that has ever tried to make the case that their contributions to operational performance exceed savings dollars in number and form will quickly see the problem with cost-based contract value. In other words, we have to find a way to express the true value of contract assets in terms of what they allow the business to achieve or what they prevent.

It is one thing for procurement to know where a contract is stored and an entirely different thing to actively understand and leverage the value of what was committed by both parties. That mutual commitment is important to both parties and cannot be reduced to a straight dollar value without loss of opportunity.

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Making the Business Case for Digital Procurement this Budget Season (SynerTrade)

This content was published on December 4, 2018 on the SymerTrade blog

The days remaining in this fiscal year are slipping away quickly. All across the enterprise, decision makers’ attention is turning to 2019. The start of a new year brings new budgets – along with all their ups and downs. Procurement’s spend management mandate might lead one to expect that we have an inside line on securing funds, but this is not usually the case. Procurement teams have varying levels of visibility and influence during the annual budgeting process – especially when it comes to making the case for investment in our own technology. And an investment in digital procurement can be the difference between ‘getting by’ and ‘getting ahead’.

Procurement teams that have successfully transformed into a strategic and digitally-enabled function have stronger relationships with stakeholders and executive leadership. This is partially because of the increased access to information that transformation provides and partially because of reduced ‘static’ thanks to access to integrated, end-to-end digital procurement.

As high-tech and futuristic as ‘digitally transformed procurement’ sounds, it starts with one simple step: moving spend data and analysis out of applications like Excel or Sharepoint and onto a procure to pay (P2P) platform.

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[New Resource] MRO Spend: An Undeniable Opportunity – It's Easier Than You Think

by Tenzing.

When it comes to managing spend and supplier relationships, defining MRO (Maintenance, Repair, and Operations) can get a little complicated. Traditionally, MRO includes all the goods and services required to keep a company running. As you might imagine, this varies dramatically from industry to industry and company to company.

Because MRO goods and services don't directly touch the product or customer, it's often a category of spend that gets overlooked by management and never gets the prioritization it deserves. This lack of strategy often leads to purchase decisions that are made in moments of need on the plant floor – or in other words, when production is at risk. Keeping production up and running is important, but doing so with tunnel vision leaves opportunities for further savings, improvement, and cost-reduction off the table.

Getting strategic about MRO is a massive opportunity for long-term savings, efficiency, and performance. Below, we scratch the surface with several insights that can help you become more informed and intentional about MRO and which are outlined in greater detail in the Tenzing eBook, 7 Key Insights Every CPO Should Know About MRO. Keep reading to get a taste of what working with MRO experts to define an MRO strategy can do for your company.

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3 Procurement Software Obstacles to Change (SynerTrade)

This content was published on November 13, 2018 on the SynerTrade blog

“Hooray! Change!” said absolutely no one ever.

We work in a time of rapid, disruptive change. Today’s innovation is tomorrow’s passé trend, and yesterday’s innovation is… well, who can remember yesterday?

Procurement is often in the driver’s seat for change management efforts, and we must deal with natural resistance to change as well as competition from other enterprise projects. The following obstacles are commonly – and uniquely – faced by procurement teams in the course of rolling out processes and technology:

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