Source One Procurement and Strategic Sourcing July 2016 Newsletter
 

The ReSource – July 2016

Source One Newsletter - July 2016 Edition

Source One offers the latest insights in Procurement, Supply Management, and Strategic Sourcing in this newsletter


– SOURCE ONE NEWS –


Source One Redefines Procurement Outsourcing with New White Paper

Quickly gaining the position as a strategic advisor within the organizations they service, strategic sourcing and procurement departments are evolving. Beyond tactical cost-cutting tasks, SS&D departments are serving an increasingly important role in supporting company-wide initiatives. As the responsibilities of these departments continue to grow, so does the need for external support. Before you jump to outsourcing some of those day-to-day purchasing tasks, think again about the outsourcing models available to your organization. In Source One’s newest white paper, the procurement consulting firm takes a look at the different outsourcing options, as well as the factors driving the demand for a full-service procurement service provider.

Source One Named a Spend Matters Provider to Watch

It has been an exciting year for Source One Management Services with executive sponsorship of the Institute for Supply Management’s 2016 conference and Exec IN forum. Furthering the excitement, the leading spend management consulting firm has been named a 2016 Provider to Watch by Spend Matters. Each year Spend Matters, a leading publication that covers supply management updates and topics such as e-procurement, supply chain management and more, releases a list of procurement technology and service providers shaping changes in the industry. Source One Management Services is honored to make the coveted list and believes this recognition is a part of a greater industry shift: the rise of the one-stop-procurement services shop.  “Managed service providers, which blur the lines between delivering capabilities, technologies, services, compliance, specialized expertise and even outcomes, are changing the procurement provider landscape at all levels,” wrote Spend Matters in a recent article explaining the benefits MSPs offer attributing to the industry shift.

Source One and MRA Global Sourcing Deliver Brand Building Session at ISM2016

Source One Management Services and MRA Global Sourcing came together to present a session on the importance of brand building for supply management and procurement professionals during the ISM Annual Conference. The presentation discussed the skills individuals in supply management need to develop to drive forward in their career and construct a personal brand through training, networking, and social media. In addition, the session expands the concept of branding to procurement departments, explaining how to market strategic sourcing and procurement’s value to the entire organization.


– SOURCE ONE INSIGHTS –


Source One releases a new podcast series on conducting a Spend Analysis

Cost Reduction Covered – New Source One Podcast

Spend Analysis is the process of evaluating your corporation’s spend by gathering, consolidating and standardizing your spend data for the purpose of gaining insight in to your spend patterns and history. Implementing spend analysis tools can be a time and resource consuming task that requires the support of both IT and Finance teams to properly establish whether to conduct the process manually, find outside support from spend consultants or instrument a spend analysis software. Source One’s spend consultants are launching a Spend Analysis Podcast Series to guide you through the key steps of data collection, standardization and categorization. Source One Associate Director and Spend Consultant, Jennifer Ulrich explains How to Get started, as well as where to look when assembling your data and what to avoid during the collection stage.

Three major benefits of conducting a spend analysis

Three Reasons Why Your Company Could Use a Spend Analysis

Before diving right in to a strategic sourcing initiative, you’ll first want to conduct a spend analysis. A spend analysis can be a strategic step to identifying ideal cost-reduction opportunities, as well as recognizing unexpected advantages hidden in your organization’s spend patterns. Beyond cost savings, a spend analysis can help improve your relationships with key suppliers, pinpointing where you can leverage your spend for better negotiations. What about the risk hidden in your spend patterns? A spend analysis can also reveal where you may want to consider consolidating or diversifying your spend. Find out what your organization has to gain by conducting a spend analysis.

Using cognitive procurement for

Supply Chain Governance & Cognitive Procurement

Although supplier assessments are time consuming and costly, they are a necessary part of supply chain governance. Often, the solution is to automate complex tasks such as audit planning, checklist preparation, and supplier ranking which may be incredibly useful. However, often the downside is that they are executed as a static solution predicated on individuals having the time to complete assessments and examine data. This is where the application of cognitive computing to procurement (accessing structured and unstructured data and dynamically examining spend categories, suppliers, and external risk factors) comes into play. Cognitive procurement can be extremely useful when quickly sorting through large amounts of structured or unstructured data, providing detailed supplier assessments, uncovering new opportunities, providing in-depth risk assessments, identifying hidden risks, and calculating risks as well as supporting and validating decision-making.

 

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