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Leveraging Behavioral Data in Negotiations

Posted: 03/30/2020 - 22:35
Behavioral Data in Negotiations

Knowing the behavioral history of a supplier prior to negotiations is essential to understand the reasons why a supplier is likely to offer optimal prices and service level agreements (SLA).

In the past, siloed and in-person negotiations often revealed insights about supplier behavior, but these insights were usually ignored because there was no empirical way for a sourcing professional to capture, share, and leverage this behavioral data cross-functionally.

Libby Weber: The Importance of Framing Your Contracts

Posted: 03/23/2020 - 01:48
Preventive Contract Framing

Libby Weber - Associate Professor of Strategy at The Paul Merage School of Business, University of California, Irvine - promotes a way of thinking about contracts beyond their traditional “preventive” role of avoiding risk, preventing breaches or opportunistic behavior.

Her premise? Why not use contracts to promote cooperation, flexibility, and creativity?

Can I sign business contracts remotely while self-isolating?

Posted: 03/20/2020 - 05:22
Sign business contracts remotely

Businesses must ensure they understand what can be done remotely in relation to the signing of documents. They should also now be re-visiting contracts and opening dialogue with other parties within the supply chain to understand the potential impact Covid-19 may have. This planning is imperative to ensure business continuity, that relationships remain commercially viable and that disputes are avoided.  Uncertainty does not absolve directors of the need to act in the business’ best interests.

Understanding and Overcoming Buyer Stagnation Through Procurement

Posted: 03/18/2020 - 03:41
Overcoming Buyer Stagnation Through Procurement

Today, more than ever, filling the top of the funnel is proving to be extremely difficult. Speak with any salesperson and you’re likely to hear just how hard selling has become. And while yes, this is true, it’s nothing compared to being the person on the other end – you guessed it, I’m talking about the buyer.

Sustainable Procurement: What You Need to Know

Posted: 03/16/2020 - 01:41
Sustainable Procurement

Sustainability is one of the most important trends of our time – and it looks set to dominate business discussions well into the foreseeable future. In fact, studies have made the case for sustainability to be considered a new type of competitive priority, joining quality, cost, reliability, timeliness, flexibility and innovation as one of the core factors for building competitive businesses.

Having Diversity Suppliers Doesn’t Guarantee a Diverse Workforce – Here’s Why That Matters

Posted: 03/13/2020 - 03:41
Diversity Suppliers Doesn’t Guarantee a Diverse Workforce

Having a diverse workforce results in increased ROI for companies; but this isn’t breaking news. Companies in the top quartile for gender, racial and ethnic diversity are “more likely to have financial returns above their national industry medians,” according to a McKinsey & Company report.

Do you trust your supplier data?

Posted: 03/09/2020 - 03:41
Supplier data

It is no secret that poor supplier data is the single largest barrier facing successful eProcurement transformation. Organizations in all industries, regardless of size, are susceptible to massive budget overruns or outright project failure without a well-thought-out data acquisition strategy.

Not convinced?

Understanding the Data Security, Compliance and Customer Experience Trends Shaping Your Business in 2020

Posted: 03/02/2020 - 05:45
Understanding the Data Security, Compliance and Customer Experience Trends Shaping Your Business in 2020

As businesses across all industries undergo digital transformation and adopt new, omnichannel strategies for engaging with customers, the enterprise contact center of today is continuously evolving and looks dramatically different than in the past.

Are Online Marketplaces Right for Printing and Marketing Services?

Posted: 02/28/2020 - 21:56
Online Marketplaces for Printing and Marketing Services

Recently, two publications addressed the growing importance of online marketplaces in the B2B corporate procurement landscape. Both publications examined the potential benefits of B2B online marketplaces while also acknowledging that these platforms still have significant limitations, particularly when it comes to supporting the procurement of complex needs like marketing, legal and other professional services.

Look Before You Leap: How to Evaluate Your Outsourcing Options

Posted: 02/24/2020 - 03:00
Business Outsourcing

Outsourcing can improve efficiency while increasing the capacity and resources available to your in-house staff. The choice to outsource core business processes, though, deserves careful consideration. A strategic approach to outsourcing can help your company:

  • Eliminate chokepoints
  • Fill skill gaps
  • Improve process efficiency
  • Save money

However, it’s not always obvious which responsibilities you can hand off without disrupting your business operations.

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