Category Archives: Sourcing Best Practices

Sourcing Best Practices

eSourcing and eRFx: Procurement terms to know

Remember the days when you asked for information from a vendor and they would send you a slick brochure? Some in fancy packages, others oversized (so they stand out). When you asked for a proposal, you’d get a 30-page bound book while others emailed you a PDF, or you got invited to a private page on their server to access the information. For some of you, that was back in the day. For others, it’s business as usual, and very … More

The Five C’s of a Good eSourcing Tool

As a Business Development Representative (BDR), I am the person you talk to when you ask for information. My job is to understand your needs and direct you to the right member on the sales team to help answer your specific questions. Sometimes, I get calls from prospects in the very initial stages of researching what products are available. They’ve outgrown their current solutions and they’re shopping for what might meet their needs. I had a recent conversation with a … More

Enterprise technology – A future written by millennials?

In viewing the release of our newest sourcing platform during a demo, I tried to discern all the pieces that I saw as unique or compelling. Looking past core features in the sourcing platform, such as RFx, auction and award management capabilities, I saw aspects of the new platform that are clearly distinguishable. Things like a slick and simple UI, collaborative reporting, in-app messaging and other social media, including capabilities for networking, made me think of the evolution of technology … More

Opportunities for improvement in sourcing and contracts

A look at Aberdeen’s recent research: I had the opportunity to read “Strategic Sourcing: Lessons Learned” recently published by the Aberdeen Group. You can download it for free at the following link: http://www.aberdeen.com/research/9814/RR-strategic-sourcing-lessons.aspx/content.aspx It is interesting that many companies are holding onto old technologies when the proliferation of new technology to support their sourcing environments is abundant. Given the numbers from the Aberdeen survey as well as analytics from Gartner, Forrester, etc., it is puzzling why companies remain reluctant to … More

A visionary focused on helping procurement improve contract management

Just a couple of days ago, Gartner published its Magic Quadrant for Strategic Sourcing Suites, February 2015. We are proud to note that we have been recognized by Gartner as a visionary in the latest Moving from the leader’s quadrant into the top portion of the visionary quadrant, we take into account our adjustment from the previous report in July 2013. The elimination of many other vendors from the pool should also be noted. One could argue the changes in … More

Analysis: How Procurement Teams Demonstrate ROI (Part 2 of 2)

In my last post, I talked about the results of an Iasta Efficio survey that showed the two top priorities for sourcing teams in 2014 were: Increase the rate of cost savings (identified and realized) Drive wider operational efficiencies through procurement Previously we discussed the benefits and importance of having tools and methods to reporting on savings Analysis: How Procurement Teams Demonstrate ROI (Part 1 of 2). Now we’re ready to move on to the second priority. Priority # 2: Drive … More

Analysis: How Procurement Teams Demonstrate ROI (Part 1 of 2)

As 2015 begins, many organizations are assessing how well they achieved their 2014 goals, preparing the best ways to communicate that success in terms of ROI for the company, and setting goals for 2015. According to an Iasta Efficio survey conducted in April of 2014, the top two priorities for procurement teams in the 2014-2016 timeframe are: Increase the rate of cost savings (identified and realized) Drive wider operational efficiencies through procurement Top Priority: Determining your rate of cost savings … More

CEOs’ top three concerns and how CLM can help

Every day CEOs like me are challenged to realize the objectives they’ve envisioned for their companies. To help ensure their business goals are being met in today’s demanding marketplace, three critical areas of business operations should be considered: compliance, cost reduction, and innovation. Fortunately, a Contract Lifecycle Management (CLM) system can create value in all three of these crucial aspects of the company. Compliance: Maintaining compliance is one of the CEO’s top concerns. While the day-to-day work involved in being … More

7 Scary Moments When Building Sourcing Projects

Imagine this: It’s Halloween night and you’ve just committed to complete a sourcing project with a tight deadline. You must stay late at the office in order to complete the project in time. Everyone has left for the day and you’re all alone. Suddenly, the lights flicker. You hear a creek at the door and then footsteps in the distance… Are your palms sweaty? Is your heart racing? Unfortunately, I can’t help you avoid that scary situation. Although, I’d recommend … More

4 Tips to Deliver Winning Results in Procurement

October is considered one of the “favorite months” in my house. It brings fall weather, pumpkin-flavored everything, and football! And now that football season is in full swing, I can’t help but think about the parallels between procurement pros and pro football players. Being a procurement pro is hard work. Procurement is constantly changing- new technologies are popping up, and you’re always asked to do more with less and increase procurement’s value. Similarly, the life of a pro football player … More

5 Critical Mistakes Sourcing Managers Make

There is no denying the power and influence that sourcing managers have today. Organizations are leaning heavily on sourcing teams to keep costs low, value high, and supplier risk even lower. Even sourcing mangers that use top-notch platforms and follow a strict sourcing process can fall short if they are making one (or all) of these critical sourcing mistakes. Here are the five sourcing mistakes we hear (and see) sourcing managers make – and how to avoid them. Inviting suppliers … More

4 Tips to Tame the Sourcing Monster

Is there a sourcing monster lurking around your office? He’s known to wreak havoc in your sourcing software, causing your database to become messy and confusing. The sourcing monster makes using eSourcing tools increasingly more time-consuming, degrades the efficiency of your standard processes, compromises integrity of the eSourcing process, frustrates users, and lowers adoption. You’ll know the monster’s been hiding under your desk once you log into the system and realize he is: Sending RFPs with outdated and inconsistent legal … More

3 Reasons to Join IASTA at ProcureCon Indirect West

ProcureCon Indirect West is right around the corner – September 15, 16, and 17 in Litchfield Park, Arizona. This year’s theme is: Where Sourcing Meets Innovation. Iasta is attending and we are excited to embrace this theme through engaging networking sessions and even hosting an interactive roundtable of our own! If you’re a CPO or director from a large or small spend company, here are 5 reasons why you should join us at ProcureCon Indirect West: 1-Participate in an interactive … More

6 Ways Retailers Benefit from Using Modern Sourcing Solutions

The retail industry runs a high supply chain risk as a result of high public visibility and being consumer-focused. In order for retailers to be successful in a heavily competitive marketplace, they must adopt and advance modern sourcing and procurement approaches that go beyond cost savings efforts alone. These modern approaches create a combination of tools and processes that allow for greater visibility. Modern sourcing tools and processes also give procurement teams the ability to reduce risk from the supply … More

4 Tips to Ensure a Successful Supplier Relationship

When evaluating the market, you want to identify and target suppliers who fit your organization’s needs best. Think of it as if you’re interviewing a candidate for a new position at your company. It’s a two-way street – you want to impress the candidate as much as they are trying to impress you. Most importantly, make sure the relationship is the right fit for both parties before entering into a partnership. Consider these 4 tips when choosing your next supplier … More