The Latest Procurement, Strategic Sourcing, and Supply Chain Management News
 

Source One News & Insights – July 2018

Procurement News & Updates from Source One's Procurement and Spend Management Leaders

Source One's Procurement News and Insights

 


– SOURCE ONE NEWS –



A Case Study in Flexible Procurement Support

Source One Discusses their Procurement Help Desk Model in New Whitepaper

Today’s Procurement teams have a lot on their plate. Tasked with performing as a multi-functional unit, the department also contends with fluctuating demand. This inconsistency can make it challenging for Procurement to effectively allocate its efforts and resources. That’s why Source One introduced its flexible, scalable Procurement Help Desk support model. For about the price of a single supply chain hire, the Procurement Help Desk provides access to Source One’s full suite of Procurement resources. The spend management experts detail a recent Help Desk engagement in their most recent whitepaper. Learn more about the engagement today.

Procurement Transformation: Industry Perspectives

Source One Publishes Procurement Transformation eBook

Source One has published its recent Procurement Transformation whitepaper series as comprehensive, single-volume eBook. Procurement Transformation: Industry Perspectives gathers reflections from Source One’s Procurement experts as well as a collection of thought leaders from across Supply Management. Leveraging their collective decades of supply chain experience, these experts examine Procurement Transformation through a variety of lenses. Focus areas include Procurement’s ongoing strategic evolution, staffing and recruiting in Supply Management, and the technology landscape. Download it today.


– SUPPLY CHAIN INSIGHTS –


The Intelligent Decision: Supplier Relationship Management 

Businesses and consumers alike love a low price, but Procurement and Strategic Sourcing professionals must operate with a more nuanced definition of ‘value.’ Securing a low price is just the beginning of effective cost management. The value of a supplier relationship is not only measured in price, but includes components like transportation, reclamation, inventory management, and more. Rather than simply seeking out low-cost suppliers, Procurement needs to develop dedicated Supplier Relationship Management programs that encourage collaboration, innovation, and mutual benefit.

Cognitive Procurement: The Known and Unknown Implications for Business 

It’s tempting to dismiss ‘cognitive procurement’ as little more than a flashy Supply Management buzzword. Already, however, it’s clear that machine learning, natural language processing, and other features of advanced Artificial Intelligence are poised to impact the world in huge ways. For Procurement, it’s clear that cognitive technologies will drive the function’s strategic evolution by cutting down on tactical processes and providing for more informed decision making. Supported by more agile Supply Management professionals, cognitive technology promises a bright future.

Most Spend Taxonomies Don't Serve Procurement

Spend Analysis Taxonomies: Why You Should Avoid UNSPSC

When managing a client’s spend analysis, the most innovative and efficient way seems to be using a hybrid approach. This method blends a Procurement-focused taxonomy to the at-large data with unique, specified information from the client. The simple method would be just to use UNSPSC, but utilizing this hybrid can yield greater success. While this tends to require additional time and effort, it provides a highly targeted analysis that is best suited so serve the needs of the Procurement process. UNSPSC’s rigidity and highluy granular detail will only create more work for Procurement.

Procurement and Strategic Sourcing Continue to Evolve

The Future of Procurement: Constant Reevaluation & Progress

Changes are on the way for Procurement and Strategic Sourcing, and businesses need to begin taking notice sooner rather than later. Failure to develop roadmaps could lead organizations to feel blindsided by whatever unpredictable shifts are on the horizon. Without a clear direction and actionable strategies, Procurement is unlikely to allocate its resources and efforts effectively moving forward. As Procurement enters its next era, it’s important they remember to align technology to fit their processes. Relying on technology along is unlikely to produce the results Procurement is hoping for.

Successful Procurement Teams Balance Evolution and Fundamentals

As AI Approaches, Supply Chains Double Down on Basics

The digital revolution often threatens to distract Procurement from the basic best practices it relies on. Companies cannot count on new technologies to make them strategic. Instead, they’ve got to develop effective, sustainable, strategic practices and look for technologies that can align with these. No technology can replace organizational knowledge and training. No matter how impressive emerging technologies turn out to be, Procurement’s basic will never lose their value. Relying on technology without first developing a strategic apparatus will only compound inefficiency.

 

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