“You better be nice– Santa is watching!”
How many times did you hear that phrase growing up? Only once or twice, right?
As a kid, you were encouraged to act “nice” because you knew Santa was watching at all times. But as an adult – do you feel the same pressure?
If you want to be on the “nice list” this year for your procurement habits, here are four procurement habits you need to break:
1- Being a collaboration scrooge. Ebenezer Scrooge, the main character in “A Christmas Carol,” despises Christmas and all things that give people happiness. If you hate collaborating (a source of success and happiness for all procurement teams), you’re being a scrooge! Now, we are a little biased because collaboration is a core value at Iasta – we believe collaboration is important for both internal and external (client) success! But we realize collaboration isn’t always easy. Alignment between other business functions is often poor and remains a top supply risk management challenge. Put the time and effort into mapping your projects, processes, and opportunities with other departments. AOL is a great example of an Iasta client who created a real presence in their organization and achieved some incredible results by making collaboration a key initiative for the year. You can listen to their success story here.
2- Secretly living in a spreadsheet. Are you hiding out in a spreadsheet just as Santa hides out at the North Pole? Modern sourcing organizations realize that technology exists for a reason – to simplify, automate, and accelerate the strategic sourcing process! If you are doing all of your RFIs, auctions, supplier evaluations, and data analysis in a spreadsheet alone – it’s time to end your addiction to spreadsheets and invest in sourcing technology. Just as world-class athletes come in all shapes and sizes, sourcing providers play to their own strengths and opportunities as well. Keep this in mind when you’re trying to determine the right technology provider for you. Developing provider ratings in silos based on a “one-size-fits-all” procurement organization isn’t exactly a recipe for success. Download the Gartner Magic Quadrant to help in selecting a provider that best fits your organization.
3- Not sharing (your results and successes). The Christmas spirit inspires sharing and giving back – and you should do the same at your organization. Share results of successful projects with key stakeholders and other departments – be proud of your efforts and results. You’ll likely inspire other departments to ask for your help / expertise. As a result, you should uncover new opportunities and realize the potential of bottom-line savings from procurement.
4- Using dirty data. Dirty data in means dirty data out! Make sure you cleanse your existing spend data (which includes classifying and enriching) as part of your spend analysis program and deployment. Once you have clean data with proper classification, combine your spend data with sourcing, contract, supplier performance, supplier information, and third-party data to gain true business intelligence!
So, have you been naughty or nice with your procurement habits this year? Tweet us @iasta with any other naughty procurement habits you’ve witnessed this year. We promise we won’t tell Santa! Happy Holidays!