Source One Procurement and Strategic Sourcing February 2018 Newsletter

The ReSource – February 2018

Source One Newsletter - February 2018 Edition

Insights and Best Practices in Our Procurement Newsletter




Source One to Sponsor ExecIn at ISM2018

In addition to attending the Institute for Supply Management’s Annual Conference as premier sponsors and featured presenters, Source One’s Procurement team will serve as the hosts of the ExecIn subconference. A private component of ISM2018’s agenda, the executive-only event provides additional networking opportunities for Supply Management’s true leaders. The event will feature two days of expert-led discussions, cutting-edge panels and presentations, and private sessions hosted by ISM2018’s keynote speakers. Don’t miss this opportunity to take another step toward world-class Procurement.

New Podcast Series: ISM2018 Session Insights 

The Institute for Supply Management’s Annual Conference is almost here. In anticipation of the premier supply management event, Source One announces their new podcast series, ISM2018 Session Insights. Every week, members of Source One’s expert Procurement team will offer their thoughts on the industry’s emerging trends. They’ll pay particular attention to the topics that promise to dominate conversations at ISM2018. These include optimizing millennial talent in Procurement, encouraging collaboration between Marketing and Procurement departments, and developing more effective Procurement training programs.

Procurement Leaders Team Up with Local Non-Profits

Source One’s ongoing commitment to advocacy and volunteering continued this Valentine’s day with a pair of team building activities. Procurement consultants at the Willow Grove office partnered with the Brandywine Valley SPCA to bake dog biscuits for shelter animals throughout the Philadelphia are. In the Windy City, Source One’s expert team participated in the Anti-Cruelty Society’s Crafting Crew program. Creating pet toys from everyday objects they ensured animals from across Chicago remain happy and comfortable while they wait for a loving home.



Put Spend Analytics to Work for Savings

Spend Analysis Detail: How Much is Too Much?

Many spend analysis technologies bombard Procurement teams with heaps of granular spend data. While more data is always nice to have, too much can slow cost reduction initiatives to a halt. Procurement professionals rarely require more than the basics to start acting on savings opportunities. Once opportunities are identified and strategies are developed, then they can start to look into the nitty-gritty details of their purchasing history. Remember, in spend analysis less is very often more.

Best Practices for Motivating Procurement Teams

Project Management Motivation: Tips for Earning the Respect of Your Team 

Source One’s Senior Project Analyst Nick Harasymczuk shares some practices for Procurement managers looking to gain respect and buy-in from their team. He suggests that transparency and open lines of communication are essential for establishing an effective, collaborative workplace. Placing particular emphasis on the importance of both speaking up and listening, he remarks that over-communication is always preferable to under-communication.

Procurement and Strategic Sourcing Basics

Remembering the Basics: Sticks, Stones, and Sourcing 

Source One Senior Analyst Jose Schneider discusses the importance of relationship management in Strategic Sourcing. Both internal and external operations depend upon transparent, respectful, and diplomatic dialogue. Procurement teams should take it upon themselves, he suggests, to promote these qualities at every stage in their operations. From the simplest engagement to the most massive project, every sourcing initiative relies on effective communication and sustainable business alliances. In many cases, initiatives live or die based on the simple rules of human interaction we learn as children.

Blockchain and Logistics

Logistics Meets Blockchain

Blockchain is among the hottest buzzwords in Procurement and Supply Management. In a nutshell, the term refers to technologies that allows separate parties to ocommunicate using a decentralized database. In logistics, parties on both the shipping and receiving end can discuss customs forms and other relevant information. Large-scale implementation is almost upon us. Small firms, however, may find themselves left out by the high cost of implementation. Blockchain’s true impact on logistics supply chains remains to be seen, but its current potential looks limitless.

Trends for Procurement Contingent Staffing

Rethinking Traditional Procurement Outsourcing and Contingent Staffing

Procurement’s increasingly essential role within organizations means that purchasing teams have accepted a slew of new responsibilities. Understandably, many organizations are looking for outside help to supplement their Procurement teams’ efforts. Traditional BPOs are no longer the only option for these companies. The Procurement staffing experts at Source One share some additional employment models capable of extending Procurement’s resources.


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