Feb 22-26: Corporate Resiliency, Sourcing Automation, Life Beyond ERP

January may have gotten off to a slow start, but February went by in a flash – and there were a ton of webinars to choose from. There are already a number of events listed for March, and without compe...
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ERP Growing Pains: Strategic Sourcing

This content is made possible by Warm Commerce ERP systems are absolutely critical for business process consistency, materials management, and financial coordination.As the data cr...
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Recommended Procurement Webinars Oct 19-23: Third Party Risk, Lasting Supplier Diversity, Resilience v. Immunity

This is the time of year when it becomes all too easy to count down the days and weeks left on the calendar. By my count, we have about 8 solid weeks remaining – when you allow for Thanksgiving and th...
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Recommended Procurement Webinars January 21-25: Controlling Contingent Labor and Stand Out Sourcing

Although the two webinars I’ve recommended below are generally applicable, this week’s webinars also include a two specific applications of procurement process and technology in Higher Ed. Check out the full events calendar if you are interested. If you are planning beyond this week, take a peek at Tradeshift’s event on e-Invoicing and supply chain finance on January 31st or Coupa’s webinar about strategic sourcing optimization on February 19th. Both of those are good bets for expanding your knowledge.

BTW: If you haven’t already, sign up for our mailing list to be sure you get my weekly recommendations in your Inbox each Monday.

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Recommended Procurement Webinars for September 25-29: Corporate debt, Supplier risk relationships, Dynamic sourcing

This week there are 14 webinars taking place! They cover everything from ‘Spend Analysis Unicorns’ to Microsoft’s ‘Reinvented’ manufacturing supply chain. Click on the title of each recommended webinar below to view the full description and register.

BTW: If you haven’t already, sign up for our mailing list to be sure you get my weekly recommendations in your Inbox each Monday.

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Recommended Procurement Webinars for September 18-22: Relationship Help, Spend Analysis, AI and Strategic Sourcing

This week, ProcureCon Indirect West is taking place in Scottsdale, AZ. Two of the keynote speakers are good friends of BMP: Jules Ryan and Joanna Martinez. Be sure not to miss their presentations! As for my recommended virtual events, click on the title of each webinar below to view the full description and register.

BTW: If you haven’t already, sign up for our mailing list to be sure you get my weekly recommendations in your Inbox each Monday.

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Sourcing Custom and Secondary Packaging: Considerations for Optimal Results

Each purchasing category, whether indirect or direct, has a unique set of parameters that can be optimized to take full advantage the savings opportunities in the market. The packaging category is no exception, offering major opportunities for cost savings beyond the basic volume leverage approach.

Packaging, which may be considered either a direct or indirect product depending on the use and company, can be particularly complex to take to market. Many organizations strive to find a supply base that can support the company’s needs while generating value. Taking into consideration the upfront investment of time and resources (without a guaranteed ROI), running a competitive bid process can be an intimidating endeavor for many companies. However, with the proper expertise, packaging is an area of spend with major cost reduction and value added opportunities.

 

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Recommended Procurement Webinars for May 8 - 12: Collaboration, Contract Risk, Fast-tracked Supply Chain Risk Management

This week, ProcureCon Travel is taking place in Henderson, NV Sunday through Tuesday. May is quickly filling up and this week I started adding events in June. Take a quick look and register for an upcoming event or two. Click on the title of each webinar below to view the full description and register.

BTW: If you haven’t already, sign up for our mailing list to be sure you get my weekly recommendations in your Inbox each Monday.

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Achieving World-Class Procurement: The Steps Leading Companies are Taking to Optimize their Procurement Teams

In today’s competitive market landscape, simply having a centralized procurement organization is only the first step to better managed supplier relationships and spend. Leading organizations are quickly realizing that procurement and sourcing groups can offer far more value than tactical support. World-class procurement groups aren’t focused on processing POs and fulfilling orders. Rather, they’re focused on supporting each business unit at a strategic level.

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Guest — Asif Khan
Ken, Great Blog. I think the way of the future of procurement is creating savings from decentralised procurement. By allowing com... Read More
Friday, 17 March 2017 06:07
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Recommended Procurement Webinars for Feb 6–10: Internal Intel, the Cognitive Age, Sourcing for Business Outcomes

This week's webinars will give you access to a variety of strategies and approaches to scale your impact. As procurement's role in the enterprise shifts and evolves, we need to be able to combine perspectives on the organization, processes, and the disruptive technologies of the future. This week's events include all three. Click on the title of each webinar below to view the full description and register.

BTW: If you haven’t already, sign up for our mailing list to be sure you get my weekly recommendations in your Inbox each Monday.

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Best Procurement and Supply Chain Webinars 2/29 – 3/4

There are two points worth noting in this week’s calendar. The first is the leap year giving us one last day in February. The other is that time is running out to secure a spot at the 2016 CPO Rising Summit being held in Boston on March 29th and 30th. Click here for more information and to get the Buyers Meeting Point discount code to save $250 on your registration fee.

 

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Book Review: Strategic Sourcing in the New Economy

Organizations themselves present a major problem; they are stuck in an outdated approach to value creation that has emerged over the past few decades. They continue to view value creation narrowly, optimizing short-term financial performance in a bubble while missing the most important customer needs and ignoring the broader influences that determine their longer-term success.” (p. 24)

 

In November, Kate Vitasek and a team of co-authors released Strategic Sourcing in the New Economy: Harnessing the Potential of Sourcing Business Models for Modern Procurement. Vitasek is best known for her Vested Outsourcing series a books, which are responsible for helping professionals in all functions see the potential of outsourcing relationships aimed at accomplishing a new, more value-oriented type of result. While the Vested books naturally appeal to a procurement audience, you would hardly say that procurement is the main character. We appear in little more than an occasional walk on role – not central to the plot and not particularly memorable.

 

The contrast between procurement’s role in the Vested series and the fact that we now have a book dedicated to our perspective and objectives is striking. While the Vested Way is open to all, clearly we seized an opportunity that has now led to a book all our own.

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Being a leader doesn't mean everything comes easy - it means not expecting them to be easy

I recently interviewed Magnus Carlsson, the author of Strategic Sourcing and Category Management: Lessons Learned at IKEA. You can listen to our conversation on demand on BMP Radio.

Although the book centers around the how and why of IKEA’s approach to procurement and supply chain, its content is not limited to large multi-national corporations or companies in the furniture and home goods industries. IKEA is a company that competes on brand and low costs, which makes its approaches to spend and supplier management absolutely critical to its ability to operate.

IKEA has been able to accomplish many things that other companies have not because it is necessary for them to remain competitive. As a result, their team members – and former team members, for the sake of including Carlsson – approach complex and strategic procurement with a striking clarity of purpose. There is no other way for IKEA to work, and therefore there is no reason to resist or bemoan the uphill strategic path.

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Best Procurement and Supply Chain Webinars 10/19 – 10/23: Social Media, the Digital Pivot, and Supplier Centricity

This week is ridiculously busy – there are 15 webinars taking place: five on Tuesday, one on Wednesday, and NINE on Thursday. Given the wide range of choices, it wasn’t easy to pick the best ones, but my recommendations are below. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.

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Best Procurement and Supply Chain Webinars 9/7–11: Can the CEO be a Contract Management Champion?

Webinars are back with a vengeance now that the summer vacation season has officially ended. There are over thirty events already listed on the calendar for this month, which has just barely begun. Click on the title of each event below to view the full description in the events calendar and to connect to their registration pages.

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A Deep Dive into the Cost Drivers of a Direct Mail Program – Part 1

While some may believe that direct mail programs have gone out of style similar to print advertising, industry trends indicate quite the opposite. According to the Direct Marketing Association (DMA) Statistical Fact Book, the spend associated with direct mail has been increasing over the past few years from approximately $44.3B in 2012 to $44.8B in 2013, and a decent leap to $46.0B in 2014 – and for good reason. The average response rate for a campaign targeting recurring customers was 3.4 percent for direct mail, compared to 0.12 percent with email. In addition, the average cost per lead for a campaign targeting new customers was $51.40 for direct mail; whereas email was $55.24, meaning that the cost to generate a qualified sales lead or order was about $4 less with direct mail than email.

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Guest — Michael
Great post! I really enjoyed all the stats you included in this blog. This isn't that bad: "the average cost per lead for a campai... Read More
Wednesday, 05 August 2015 17:01
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Book Review: Strategic Sourcing and Category Management: Lessons Learned at IKEA

Strategic Sourcing and Category Management: Lessons Learned at IKEA by Magnus Carlsson (KoganPage, August 2015) is not a case study, although I didn’t need the note from the author in the introduction to know that. The author may have spent 25 years at IKEA, working in strategic sourcing, but this is less a story of one company and more the learnings gained by one professional over 2.5 decades in a competitive environment.

Like any other book I review or event I attend, my focus in reading this book was to cull out the important ideas: what are the few take aways that really stand out as unique? There are quite a few in this book, any of which will improve the maturity and results of your procurement organization. I think this book is fantastic – full of great new ideas and ways to implement them.

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How much should a procurement process vary by company or category?

Last week I shared six B2B buying processes being compared by Wake Forest University in North Carolina. You can learn more about their research here.

I looked at the processes, and can see where each of them would have a place in the right scenario. You would expect processes to be different by company or industry, but do you ever vary your process by category? Feel free to share you comments below or join the conversation on Twitter: @BuyersMeetPoint.

I think (E) Robinson, Faris, and Wind most closely resembles the standard strategic sourcing process that most organizations follow. A typical process usually 6-8 steps, starting with internal and historical data collection and leading to either supplier performance management or a hand-off to the internal stakeholders who will manage the relationship for the duration of the contract.

That being said, the other models match different (and maybe less typical but no less common in the grand scheme of things) procurement situations...

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Guest Post on Design News: Understanding the Differences between Strategic Sourcing Goals, Objectives, and Requirements

Early in the course of a product design and manufacturing organization’s strategic sourcing project it is common to have a kickoff meeting that includes the engineering team. It is the opportunity for...
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Guest Post on Design News: Strategic Sourcing Processes are Designed to Ensure Good Decision Making

While people may talk about the procurement process, the procurement discipline actually encompasses a number of different processes. They include spend analysis, supplier relationship management, and...
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