Most of us have a bucket list filled with both personal and professional hopes and dreams. Whether your bucket list includes a sky diving trip on your next birthday or becoming the next CPO of your company, you likely have goals that motivate you on a daily basis.
If you lead a sourcing organization and are looking to add some goals to your professional bucket list, here are six accomplishments you can add to your sourcing bucket list:
1) Mitigate Supplier Risk
In the world of an ever-increasingly complex supply chain, supplier risk is becoming an even more important focus for a sourcing organization. Spend time to truly understand where supplier risk is largest for your organization. Collaborate with your team to create a plan that helps mitigate risk in the most impactful way possible and helps you develop strategic supplier relationships. Areas to consider focusing on include regulatory compliance risk throughout your supply chain, operational risk where disruptions could impact your business in a detrimental way, and virtual risk where sensitive data could be compromised.
2) Train My Sourcing Managers to Act like Sales Managers
If you are part of an organization where running spend through strategic sourcing or purchasing is not mandated, it’s likely a daunting task to entice colleagues to use your organization when it’s time to purchase a product or service. These groups need to see the benefits to using your organization, and there’s no better way to do that than through the trenches. When you have people who exude qualities of Sales, the demand of your organization will increase. Consider things like enthusiasm, good listening skills, adaptability, and being outgoing as key qualities to enhance on your team.
3) Require Proactive Project Timelines
It’s difficult to maintain a truly strategic organization when sourcing managers are forced to be reactive players in a given sourcing project. Get your organization to a point where Sourcing Managers are ahead of the game. Your ultimate goal would be having a group of team members that complete due diligence and market research so a project can be implemented in a truly strategic way.
4) Iron out Your Standard Sourcing Process
Getting everyone to follow the same sourcing process is a critical goal to improve efficiency and visibility across initiatives and spend. The biggest challenge in this category is faced by organizations that don’t require centralized purchasing. When centralized purchasing is not a mandate, you must find a balance between creating a rigid process and encouraging other departments to use your services. Keep the process as simple as possible while still delivering value to analysis and reporting down the road.
5) Consolidate More Business Systems
Disparate systems across the organization cause major pain points for aggregating and analyzing data. Many times systems are still in place because no one took the initiative to consolidate the systems or they didn’t want to cause disruptions in the organization. Invest time to pinpoint systems with little to no value and remove them to increase efficiencies moving forward. To start, look in areas with high value and preferably low impact to individuals.
6) Connect Sourcing with the Rest of the Organization
Increase the reach of your sourcing organization by partnering with other key areas such as Diversity, Sustainability, Compliance, and Finance. Partnering with these key business groups is great because of their natural fit with supplier relationships. Often supplier relationships affect the entire organization and typically are based off of C-level initiatives, so helping manage supplier relationships will expand your cause for more reliable, structured, and strategic sourcing practices. Most of these areas of the organization have bucket lists of their own where sourcing can help as well, so connecting with the rest of the organization could even be easier than you think.
Now it’s your turn! Are you ready to build your own sourcing bucket list? Think of the issues that you run into on a daily basis that you’d like to fix. Determine what your organization needs to step up its game. And then go do it.
In the meantime, let us know what items are on your sourcing bucket list by tweeting us @iasta or commenting below.