The Future of Procurement is SRM

Author: Joe Payne, SVP Source-to-Pay at Corcentric Editor’s note: This article is part of the MyPurchasingCenter content archive. It was originally published in 2015 and appears here with minor t...
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The Disaster Cycle of Crisis Procurement

One of the aspects of ever-growing experience is the sorrow of knowledge. In times of economic turbulence, procurement could be dragged into a cycle of faulty practices that starts well before the cri...
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Recommended Procurement Webinars Nov 9-13: Valuable Supplier Relationships, Seismic Change, S2P Digital Transformation

The shift from COVID response to recovery is clear to me in the events recommended below as well as the other events I’ve just added to the events calendar. Here’s an example, rather than supply chain...
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Recommended Procurement Webinars Oct 12-16: Igniting Transformation through Touchless AP and Business Partnerships

Before I move into my event recommendations for this week, I want to look back at last week – Art of Procurement Mastermind LIVE was amazing, and it would not have been possible without the energy and...
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A Tough Talk: Identifying Dysfunction to Clear the Way for New Ideas

In 2015, MyPurchasingCenter talked to William Moore, Senior Vice President, Sales and Channel Development at SKF USA. Moore sees value in frank discussions between procurement and suppliers, especiall...
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Case Study: Chrysler Purchasing Changes the Supplier Diversity Landscape

Back in 2012, Chrysler Group allowed a modest-sized company to manage all of the chemicals and related supplies on a trial basis for one of its North American assembly plants. Like any Chrysler supplier, ChemicoMays had to prove itself on cost, quality and its capacity to deliver.

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Dear Procurement… I need to make a profit!

This content was published on the Thinkers 360 member blog on July 23, 2020 If you’re a small business owner, you’re certainly not alone in being fed up with “us” – meaning corporate procurement. That...
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COVID-19 Business & Technology Implications & Recommendations

This content was posted on the Thinkers 360 Blog on June 13, 2020 What are your predictions for COVID-19 in terms of business and technology implications and recommendations for executives over the ne...
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Recommended Procurement Webinars January 14-18: AP Excellence and the Digital Transformation of SRM

Welcome back – and happy new year! We are officially kicking off 2019 with this week’s webinar recommendations. If you are looking for a longer term recommendation, check out ‘Hey Nineteen: Procurement’s Playbook for 2019’ from SIG and Zycus on January 29th at 1pm ET. It will feature the findings from The Hackett Group’s 2019 “Procurement Key Issues” survey, including key topics such as the acceleration of digital transformation in procurement and a look at the ongoing strategic initiatives and technology adoption trends that support it.

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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The Procurement Conundrum: Savings or PR?

These are tough times to be in business. Costs are rising but selling prices are not, mainly due to global competition. The arithmetic is simple: profits are being squeezed. Finding ways to drive down costs lower than your competition's has become more important than ever – but value and customer service can’t be ignored either.

I like to take an approach to supplier negotiations that I believe will help you gain an edge in these tough times. It starts by finding an answer to the ‘procurement conundrum’.

Many procurement pros are handicapped by having to wear two hats:

First there's the tough-negotiator hat. Driving down costs is a fundamental part of the job; that's why we spend so much time negotiating.

Then there's the good-relations hat. Production requirements and customer needs are constantly changing. Procurement needs suppliers to react quickly to fluctuating demands. As a result, we need to cultivate give-and-take relationships to make sure this happens.

It's easy to see how the two ‘hats’ conflict. Imagine phoning a parts supplier on Friday to coax him into running an unscheduled weekend shift, then on Monday asking for a better price. It’s hardly a recipe for long term success.

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Book Review: The Ultimate Showdown Sales vs. Procurement

“The only time they don’t say ‘Drop your pants’  now is at the Christmas party.” (p. 10, Epstein on sales' common interations with procurement))   The Ultimate Showdown Sales vs Procurement:...
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Book Review: Third Party Risk Management

“Efficient, effective, risk-centric, and risk-adjusted third party lifecycle and risk management is a new and distinct way of doing business. How your company approaches any major change like this one is up to senior leadership.” (p. 162)

 

Third Party Risk Management: Driving Enterprise Value by Linda Tuck Chapman (The Risk Management Association, 2018) tackles one of the topics that procurement organizations discuss most – how to prepare for, handle, and mitigate the risks that result from our company working with third parties. Although it is not declared on the cover, the book is largely focused on the financial services industry. That said, the vast majority of the information will apply to your company regardless of industry or sector.

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Recommended Procurement Webinars September 10-14: Taking Action as a Catalyst, in Supplier Relationships, and through a Better User Experience

Although webinars are primarily a ‘sit back and listen’ format, this week’s recommended webinars are all designed to SPUR you into action! There’s only so much talking procurement can do before the conversation turns to measurable results, and there is a lot of work to do if we are going to deliver in line with procurement’s full potential.

If you’re planning a little further out, I recommend “Putting Data at the Center of Digital Procurement” with ISM and Zycus on September 18th at 2pm ET.

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 Webinars June 4-8: 3rd Party Financial Risk, Real World RPA, Transforming Supplier Management

And… we’re back! After a 1 webinar week last week – likely due to the Memorial Day holiday in the U.S. – June is already shaping up to be an active month for events. If you like to plan further ahead, I recommend "Building a Best-in-Class Category Management Program: The Newest Trends, Tips and Technologies" on June 12th from SIG and GEP.

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 Webinars for November 13-17: 2018 Prepping, the Supplier Experience, the BIG Finance Procurement Panel

We may be approaching the end of the year (scary!!) but the webinar topics and speakers in our calendar show no signs of losing steam. This week we have three very forward-looking topics, one that literally looks at the year to come, one that considers the supplier experience, and one that may finally break the ice between procurement and finance. 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 July 24-28: Value Management, Risk Monitoring, Digital Transformation

This week’s webinars don’t necessarily cover new or out of the ordinary topics, but they do bring us some new voices. See Tuesday’s event to hear from David Atkinson (Four Pillars) and Thursday’s to hear from Linda Chuan (Salesforce). 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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Recommended Procurement Webinars for Jan 31 – Feb 3: Recognizing Supplier Contributions to Value

This week’s webinar schedule is light compared to last week, but it is also something of an unofficial supplier celebration. Both events look at the positive opportunities procurement has at hand if we can strike the right balance of competition and collaboration with the supply base. 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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Recommended Procurement Webinars for Dec 5 – 9: Thinking Big for the Path Ahead

This is the perfect time of year for thinking big. 2017 stretches before us, completely open and full of promise. It’s also far enough away (and on the other side of the holidays) to be more of a theory than a reality. Click on the title of each webinar below to view the full description and register or visit the BMP events calendar to see what’s on tap for the rest of the month.

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Best Procurement and Supply Chain Webinars October 3-7

And… just like that… it’s October! In the shadow of The Procurement Revolution the calendar looks a little light this week. That being said, there are two interesting webinars taking place. Click on the title of each event below to view the full description and register or visit the BMP events calendar to see what’s on tap for the rest of the month.

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Procurement’s (Not so?) Finest Hour

Procurement is undergoing a transformation, moving away from process and price and towards undertaking initiatives that demonstrate value for the business. Therefore, when the opportunity arises for procurement to demonstrate its value, you would expect them to seize it in both hands… or maybe not!

We want to share with you a real life situation undertaken this month. We have removed the names of those involved to limit embarrassment; both company names are fictitious, but the scenario is real.

 

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