John Wanamaker once commented, “I know half the money I spend on advertising is wasted; the trouble is I don't know which half.” Likely this is often said of marketing as a whole - and in fairness, applies to other business functions as well. Have you struggled with this conundrum when considering your sourcing options for marketing spend? Proper mechanisms to track performance, ROI, and effectiveness need to be in place to ensure that the money spent is adding value and not being spent because you have always done it that way.
Last October I attended the Sourcing Industry Group (SIG) Global Summit in Carlsbad, California - an event I have attended more than 40 times over the last 25 years. Why? Because professionally, it is truly worth the time and treasure required. Because of its strict “no selling” and supplier code of conduct agreement, attendees can freely collaborate and discuss topics without waiting for a vendor to start their sales pitch. Unlike traditional trade show vendor-fests, SIG attendees are typically about 75% buyer, 20% supplier and 5% advisor.
The Register likes to put the boot in when they comment on IT stories, so it was no surprise to see a recent feature about Fujitsu in which The Register summarised that Fujitsu needs to "get a move on" if they are going to transform their business to meet the expectations of customers today.
I recently posted on LinkedIn an article relating to the outsourcing of innovation, how large corporates were joining up with entrepreneurs and startups in the fashion, cosmetics and lifestyle sectors to form a 'supply chain of innovation'; and what opportunities and threats this type of relationship pose to an entrepreneur and SME from an agility and independence perspective.
It has already happened. Digital technology has taken over. When it comes to global sourcing, job opportunities, branding, company cultures, it is all transparent. Job-seekers can see straight through you and your company before they walk through the door and shake your hand.
Likely all of us have heard the expression (or something close to it), “If I was starting this company all over now, I would do it much differently.” Often such break-away thinking yields new companies, or in some cases, new divisions or subsidiaries of companies. To achieve true transformation, one must employ “trans-process” thinking. I’m not sure if anyone has coined the term yet, but if they did my credit is hereby given. If not, I will claim it now.