Have you ever watched the movie Dodgeball? I had a chance to watch it over the weekend and the famous line stuck out in my mind: “If you’re going to become a true dodgeballer, then you’ve got to learn the five D’s of dodgeball: dodge, duck, dip, dive, and dodge.”
So, put your game face on…the same principles can be applied to modern sourcing. If you’re going to become a true Modern Sourcing pro, then you’ve got to embrace these five strategic sourcing best practices:
- Kick-start Your Journey to Modern Sourcing Excellence. Modern sourcing requires best-of-breed (BoB) upstream procurement software. BoB is not an end-to-end solution, but we’re seeing more and more clients pick the best software for each business function.
- Adopt Modern Sourcing Technology. Once you’ve implemented the technology, Modern Sourcing pros know the importance of adopting the technology. A solid launch program helps ensure client success from Day 1. After launch, look for additional training opportunities like monthly webinars, online FAQs, and online videos! Always be learning and inspiring people to use the technology.
- Create Impact Through Sourcing Intelligence. Sourcing used to be about running a project for cost savings opportunities. Today, Modern Sourcing pros know that analytics and metrics are critical to making an impact through sourcing intelligence. Through technology, you can gather a single source of truth into the type of business intelligence your executive team needs. Powerful analytics at your fingertips will help you gain visibility into your entire sourcing and spend management process. Cherlyn Decker from AOL is an example of a Modern Sourcing rock star who is using executive analytics to drive adoption, increase projects completed by collaborating with nine business units, and deliver savings back into AOL’s pocket.
- Maintain Strong Supplier Relationships. Are you actively measuring your supplier’s performance and taking corrective action when needed? Do you allow your suppliers the opportunity to evaluate you as a business partner through 360-reviews? If not, you could be missing out on an opportunity to improve your relationship with suppliers, which could lead to better business results for the both of you.
- Raise Procurement’s Awareness and Influence. If you’re doing the top four best practices properly, you should find people knocking on your door asking for Procurement’s help with their processes, goals, and needs. You will be delivering innovative ways to the enhance business value beyond just cost savings.
These tips probably won’t help you win your next game of dodgeball, but hopefully they give you inspiration to become a true Modern Sourcing pro.
Ready to become a Modern Sourcing guru? Download our latest eGuide: Modern Sourcing- The Rise of Best-of-Breed in a Global Economy.