Supplier Relationship Management (SRM)

Procurement’s Dirty Little Secrets

Posted: 02/25/2022 - 09:00
Author: Sam Jenks
Exposed: Six of procurement's dirty little secrets that are hindering its ability to be a truly strategic partnership to the business.

It’s an exciting time to be working in procurement and ProcureTech as they are both undergoing an exciting transformation.

Venture capital funds are flooding into ProcureTech, and the category has a forecasted CAGR of 10.2% between 2021–2026 (Global Industry Analyst, Inc 2021) at a $9.9BN valuation by 2023 (Banerjee 2019). At the same time, Global 2000 Corporations are increasingly open to adopting new emerging technologies.

All signs point toward transformation.

But, first, we need to address the elephants in the room.

Procurement’s Integral Role in Sustainability

Posted: 02/23/2022 - 09:00
Author: Tyler Higgins
Procurement is the gatekeeper when it comes to meeting your organization’s sustainability mission statement.

With floods, fires and failing supply chains increasing throughout 2021, we welcome another crisis to the center stage: climate change. The impacts of these disastrous events rippled across every industry and were felt by both consumers and suppliers, causing a major shift in how we do business.

It is not merely a question of if something can be manufactured or sourced, but it has become a question of how. Procurement plays a vital role in being the gatekeeper to procuring products and services without unnecessary depletion of natural resources!  

Do You Want Chips With That?

Posted: 02/21/2022 - 01:01
Author: Baber Farooq
While the shortage of semiconductor chips has been dominating news headlines and roiling corporate earnings, demand for chips has been steadily increasing prior the the COVID-19 pandemic.

The semiconductor industry has an atypical problem: everybody wants their product. Semiconductor chips are the basic component of the digital products used in our everyday lives, from mobile phones to televisions to washing machines, but it doesn’t end with consumer products. As many as 169 industries have been impacted by the current mismatch in demand and supply.

A Fresh Perspective on Supplier Relationships

Posted: 02/14/2022 - 09:00
Author: Costas Xyloyiannis
Procurement must prioritize true supply chain resilience and addresses the imbalance and barriers plaguing most customer-supplier relationships.

This year, business leaders are making it a priority to build resilience into their supply chains. In doing so, their relationships with suppliers are coming into view, and what’s being exposed are some significant fault lines.

But within the volatile landscape we continue to face, having supplier relationships that are strong and healthy is no longer a nice-to-have, it’s a business imperative. So, what can enterprise leaders do to put things right?

The Key to Mitigating Disruptions: Sourcing with Clean Data

Posted: 12/08/2021 - 00:00
Author: Stephany Lapierre
Poor contingency planning is only one sign of low-quality supplier data harming your business.

Most people who have used any sort of business software offhandedly consider the importance of maintaining quality data, but few make it a priority. Too often in my world, organizations will meticulously enter supplier information into a spreadsheet and dust off their hands. They see ongoing data quality as a difficult to achieve “nice-to-have,” accept the risk of bad data, and carry on with other business demands, fingers crossed. Not everyone realizes, however, the magnitude of that risk, especially around supplier data.

How to Get CFOs to Promote Procurement

Posted: 09/27/2021 - 09:00
Author: Jennifer Ulrich
How to Get CFOs to Promote Procurement

CPOs are always looking for new ways to increase internal advocacy and improve strategic value to elevate the role of Procurement. As the lead of an organization’s financial vision, CFOs can support their counterparts in Procurement by helping them achieve this goal.

For CFOs looking to build up that relationship, we suggest starting the conversation by focusing on building a strategic procurement plan aligned with Finance’s working capital strategy.

How to Recognize and Manage Supplier Red Flags

Posted: 09/13/2021 - 09:00
Author: Stephany Lapierre
How to Recognize and Manage Supplier Red Flags

Global trends, including the COVID-19 pandemic, have taught procurement professionals the value of identifying supplier red flags and mitigating the risks they may pose before it’s too late. To do this, some organizations are making local buying their top priority, while others are committing to consolidating their supplier lists or further diversifying as their needs demand.

Boosting Supplier Relationships Through Total-Value Sourcing

Posted: 08/24/2021 - 09:00
Author: Alan Holland
Boosting Supplier Relationships Through Total-Value Sourcing

Sourcing leaders today operate within an intricate web of interconnected buyers and suppliers from around the globe. When awarding parts of a business, companies must weigh more than the cost of what they buy. Prospective suppliers have to be viewed through multiple lenses. Prioritizing cost savings alone may seem like a clear win for your bottom line, but it can lead to missed opportunities to capitalize on other forms of value that suppliers can extend.

Four Considerations to Create and Maintain Sustainable Procurement Practices

Posted: 08/23/2021 - 00:00
Author: Simon Geale
Four Considerations to Create and Maintain Sustainable Procurement Practices

With 80% of an organization’s sustainability impact intertwined in its supply chain, businesses will need to identify where they can work with suppliers to realize their corporate purpose ambitions. On average, over 90% of an organization’s carbon footprint sits in “scope 3,” mainly in its supply chain and product lifecycle. Defer that logic across the wider scope of business initiatives, and you uncover a better understanding of where most sustainability lies.

The Future of Supplier Collaboration

Posted: 08/13/2021 - 09:00
Author: John Wookey
The Future of Supplier Collaboration

Supply chain resiliency took on a new meaning in 2020. In the first few months of the pandemic, suppliers and procurement teams alike were left scrambling, desperately trying to maintain business continuity. The situation called for unprecedented levels of collaboration and visibility, which many organizations were not able to meet.

What to Consider When Sourcing Sustainable Packaging

Posted: 07/30/2021 - 09:00
Author: Christian Girardon
What to Consider When Sourcing Sustainable Packaging

When it comes to packaging, raw material generally represents the largest cost component, especially in an inflationary commodity environment. Raw material also represents the largest carbon footprint share of the packaging itself. With the climate in peril, sourcing sustainable materials is instrumental in creating an environmentally aware product. So, it’s all the more important to ensure you’re considering key elements when determining the sustainability performance of the packaging solution.

5 Insights to Drive Your Procurement Priorities

Posted: 07/28/2021 - 09:00
Author: Omar Salaymeh
5 Insights to Drive Your Procurement Priorities

Just as there was no roadmap for navigating a crisis like COVID-19, there is no formula for the best way to come out of a pandemic, either. However, if anyone has proven that they are up to charting the way forward, it’s procurement professionals. As resourcing experts, procurement is known for finding strategic solutions that satisfy diverse stakeholder needs — and fast.

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