Supplier Relationship Management (SRM)

How to Jump Off the Inflation Bandwagon

Posted: 06/13/2022 - 00:00
Inflation continues to be a thorn for procurement teams who want to maintain a strong bottom line without sacrificing quality.

It’s a word that everyone from high-ranking executives to the average grocery-store shopper dreads hearing: inflation. As the world continues to experience supply chain disruptions caused by a number of factors—the ongoing COVID-19 pandemic, political crises, changes in production patterns and more—we’re seeing prices for goods and materials climb faster and higher. 

As the Threat of Lost Business Erodes, Supplier Hostility is Emboldened

Posted: 06/08/2022 - 09:00
Fortune 1000-sized firms feel they have no choice but to retain incumbent suppliers under less than favorable terms.

The threat of lost business.

Without it, even the largest customer lacks any real power in the marketplace. When a supplier doesn’t feel any plausible threat of lost business, it can adopt—figuratively, of course—the sales tactics employed by Vito Corleone in The Godfather, as relayed by Michael to Kay:

…my father assured him that either his brains or his signature would be on the contract.”

Insights on the Evolving Role of Supply Management

Posted: 05/27/2022 - 00:00

The global COVID-19 pandemic put supply chain management and procurement in a very bright and positive spotlight for keeping life moving as normal as possible during all the shutdowns, disruption and general uncertainty.

It also highlighted that business and supply chain disruption are ongoing facts of life – such as ongoing extreme weather events globally and a megaship blocking the Suez Canal for weeks, to name just two. And the impacts created a snowball effect on other industries:

9 Benefits of Supplier Performance Management Software

Posted: 05/06/2022 - 09:00
Procurement professionals are concerned with addressing supplier performance management.

About 65% of innovations are sourced through external suppliers and partners (ISM). This makes supplier and partner contributions to a supply chain’s production and profitability rather pivotal. 

Put into simple math: Good supplier performance = good supply chain performance.

Supplier performance management (SPM), when done right, can help your procurement organization to harness supplier performance and innovation to positively impact your business’ top-line value creation. 

Supplier-Enabled Innovation: Select Suppliers Carefully and Reap Big Benefits

Posted: 05/02/2022 - 00:00
Supplier-Led Innovation

Today, a lot of the low-hanging fruit has been picked by CPOs. But one area where there is significant scope for procurement to deliver value is supplier-enabled innovation (SEI). With 25% to 45% of revenues coming from product innovation and up to 65% of innovations sourced externally through external partners and suppliers, SEI represents a treasure trove of opportunity.

3 Ways to Empower Procurement and Prepare for the Next Supply Chain Crisis

Posted: 04/08/2022 - 09:00
Today's globalized world means that organizations are more exposed to risk than ever before.

When we look back at the globally disruptive events of the last 18 months, there aren’t a huge number of positives to draw on. But one significant silver lining is that major crisis events like the pandemic and the Suez Canal blockage have helped leading procurement teams step into the spotlight and demonstrate their skills at mitigating risk and ensuring business continuity.

Tracking the Evolution of Procurement and Where It’s Going Next

Posted: 03/09/2022 - 09:00
How procurement has evolved throughout its history, why 2020 was such a turning point for the function and where things are headed next.

From the outside, procurement appears to be a relatively static department focused on one core goal: Acquiring the right goods at the right price.

But behind the scenes, procurement teams have been silently evolving. They’ve been growing their capabilities, creating value in new ways and driving growth while ensuring business continuity.

Procurement’s Dirty Little Secrets

Posted: 02/25/2022 - 09:00
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
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
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.

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