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

Source One News and Insights – May/June 2018

Procurement Transformation, Cognitive Sourcing Tools, ISM2018, and More in the Latest Update from Source One's Supply Management Leaders.

Source One's Procurement News and Insights

 

 


– SOURCE ONE NEWS –



Bringing Procurement and Finance Together for Maximum Value

Corcentric Acquires Source One

Corcentric, a leading provider of Procurement and Finance automation solutions, has acquired Source One Management Services. Founded in 1996, Corcentric has helped thousands of companies uncover value, eliminate manual processes, and enhance the ways they pay, get paid, and make purchases.  Acquiring Source One equips them to do so even more effectively. As a Corcentric company, Source One will continue its pursuit of driving the Procurement function forward and empowering clients to realize the function’s full potential.

Changing the Procurement Conversation at ISM2018

Source One’s Procurement Experts Offer Thought Leadership at ISM2018

Source One’s Procurement experts delivered thought leadership presentations at this year’s iteration of the Institute for Supply Management’s Annual Conference. In Overcoming Procurement’s Internal Image Problem, Director Diego De la Garza offered best practices for earning the executive buy-in that often eludes Procurement. Analyst Kaitlyn Krigbaum focused on a similar topic in Orchestrating a Successful Procurement Transformation. The key to gaining buy-in, she suggests, is developing a strong, impactful brand for Procurement.

Corcentric Recognized for Procurement Excellence

Corcentric Named Procurement Provider to Watch

Spend Matters has selected Corcentric, a leading provider of automation solutions for Procurement and Finance, as a 2018 Provider to Watch.  The annual list honors Procurement organizations who have continually led efforts to drive the function forward and displayed a forward-thinking and innovative spirit. Source One previously received this distinction in both 2016 and 2017. This news comes at an exciting time for Corcentric as it looks to further break down siloes between Procurement and Finance.

Procurement Transformation Insights

Supply Management Leaders Contribute to Procurement Transformation Whitepaper

Source One’s Strategic Sourcing experts are proud to announce a new whitepaper series, Procurement Transformation: Industry Perspectives. Released in five installments, the series will provide reflections and insights from a collection of Supply Management thought leaders. Together, these experts hope to cut through the noise, provide a comprehensive overview of what Procurement Transformation really means, and offer actionable best practices for Procurement teams at any maturity level.

Procurement Specialists Receive Industry Honor

Source One’s Spend Analysis Tool Receives Industry Recognition

Source One’s recent engagement with a mid-sized Food & Beverage Manufacturer has earned the Procurement leaders a spot on the Supply and Demand Chain Executive 100. This annual list honors particularly innovative and successful supply chain engagements across a variety of functions. The engagement in question saw Source One leverage its cutting-edge SpendConsultant platform to analyze historical spend, identify opportunities for cost savings, and instill sourcing best practices.


– SUPPLY CHAIN INSIGHTS –


Abbvie's VP of Sourcing Talks Procurement Transformation

Terry Simmons, AbbVie’s VP of Purchasing, Talks Procurement Transformation

Source One’s Kaitlyn Krigbaum had the opportunity to pick the brain of Terry Simmons, VP of Purchasing and Supplier Management for AbbVie, at the 14th Annual Strategic Sourcing & Supplier Relationship Management conference in Chicago, IL. AbbVie has evolved their procurement division, modernizing their systems and practices to maintain a competitive advantage in a fast-paced market. Terry provides insights regarding the setbacks and successes he’s experiences during the Transformation process.

Materials Strategic Sourcing Gone Wrong

Polypropylene in Surgical Implants: Material Problems Lead to Lawsuits

In the medical world, Procurement problems can end up seriously harming patients. A prime example of this occurred at Boston Scientific. When a specific supplier’s material intended for creation of gynecological mesh implants presented quality concerns, a scramble to find another supplier ensued. Inadequate communication and inconclusive test results were just some of the problems that led to bodily harm and a hefty 48,000 lawsuits thrown Boston Scientific’s way.

Cognitive Procurement Solutions Power the Function

The Rise of Cognitive Procurement

Leveraging artificially intelligence technologies, Procurement can program computers to perform tasks, and allow their own o shift resources elsewhere. Cognitive procurement goes even further than previous tools. They allow the computers to face tasks and problems with human-like thinking – hence the word “cognitive.” They’ll also assist in strategy development and facilitate for ultra-quick decision making. Source One’s Samantha Hoy discusses all of the ins and outs of this intriguing technological advancement.

Piecemeal Procurement Transformations are Dangerous

Risks of A La Carte Procurement Transformation

A complete procurement transformation initiative is a tall order for any organization. A complete initiative refines Procurement’s people, processes, tools, and metrics. The price for such a comprehensive project can be step. It’s often a challenge for departments to gain the support of executive sponsors. To make do, companies typically take on the weakest areas first, and purchase “a la carte” Transformation services for one or two of the areas. Source One’s Jennifer Engel discusses the risks associated with a narrowly-focused Transformation.

Procurement's Leaders Deserve a Seat at the Table

Chief Supply Chain Officers Needed at Many Companies

Many organizations do not have a supply chain leader representing Procurement at the C-suite level. Oftentimes, the CFO is forced to take over. Filling this void with a supply chain expert would improve an organization’s understanding of the function’s impact. This individual could provide a consistent reminder of just how valuable a strategic Procurement department can be. They’re palpable impact on the organization would more than justify an elevated salary.

 

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