On October 19th, the Future of Sourcing Awards will celebrate organizations and individuals that have shown innovation, leadership and transformation in categories that are critical to the sourcing industry. Interviews with the finalists provide helpful insight about their projects, the problem they sought to solve and the impact to their organizations.
Can you outline why your team embarked on this project and the problem that needed to be solved?
How were things done originally and what was the inspiration to innovate the process?
What KPIs did you use to measure success for this project? (For example: performance, customer satisfaction, revenue, sales or relevant financial gains?)
One important element of success for this project was sourcing savings. As GLDD built a strategic sourcing organization, we launched the first wave to drive savings and begin to build a new way of interacting with suppliers and internal customers. As processes were being redesigned, appropriate KPIs were introduced. Organizationally, dashboards were built to give senior leaders visibility into the functioning of the department, and the procurement team deep insight into their operational activities.
How do you plan to ensure that the new model remains relevant and adapts to the future needs of the market?
What advice do you have for those who may want to implement this innovative approach in their own organizations?
What factors do you think are the most important to consider when innovating supplier performance?