Category Archives: Sourcing Best Practices

Sourcing Best Practices

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You’ll know the monster’s been hiding under your desk once you log into the system and realize he is: Sending RFPs with outdated and inconsistent legal … More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

Why Retail Needs to Think Beyond Cost to Deliver Innovation

When you hear “retail” – what terms come to mind? We’ve found that retail is a broad term that can incorporate many different sectors, especially for global organizations. Retail can cover heavily regulated areas such as food and drugs, but retail also includes: Apparel Electronics Furniture Health & Beauty Regardless of how you view or analyze retail, the industry as a whole is tied by its consumer-focused nature. And due to this large amount of public visibility, retail runs a … More

Beyond Contract Management 101: Webinar with Spend Matters & Selectica

As adult procurement people, the first week of September may not remind you of fresh notebook paper, new pencils, and back to school shopping (my personal favorite time of year as a kid). But it’s still back-to-school season, and we want to help you get back into the contract management game. Whether you’ve taken a break from contract management for the summer (or much longer than that), it’s time to dust off those best practice guides and start putting your … More

Procurement’s Ever-Growing Role in Retail

It’s been 10 years since AT Kearney categorized retailers into three different categories: Food and drug retailers, who sell just what you would expect (food and drugs) Soft line retailers, who sell apparel Hard line retailers, who sell appliances, electronics, and furniture Although these classifications still exist, the definitions have blurred considerably in recent times. Take Wal-Mart, for example. Wal-Mart is a hypermarket giant that combines all three of the above categories under one roof. And as we all know, … More

4 Ways to Avoid a Horrible Software Implementation

Anyone who has undergone multiple enterprise software implementations can probably tell horror stories about failed deployments. Some software implementations end up taking months, or even years, longer than planned.  Other implementations never even get off the ground because there was not a plan around how to properly implement the new software after purchase. Furthermore, if your software users are poorly trained or face usability difficulties, your software implementation efforts will end up being a waste of both time and money. … More

3 Drivers for Procurement Automation Success

What is driving procurement automation success today, and how can procurement teams plan for the best possible outcome in their source-to-pay transformation? On May 29th, Iasta joined Verian in a webinar titled “Top Drivers in Source-to-Pay Transformation: 3 Keys to Quicker Time to Value.” In only an hour’s time, the panelists covered a number of diverse topics such as: The definition of the source-to-pay cycle The goals of procurement automation ERP vs. best-of-breed vendors Source-to-pay metrics that matter Today, I … More

Speed up Savings with a Modern Sourcing Approach

The month of May means racing is on our brains here in Indianapolis. The Indy 500 is just days away and our city’s excitement for speed and racing is contagious. With this “need for speed” in mind, I’ve been asking myself this question: How do we help our clients go after these top savings priorities in the quickest and most efficient way? The answer, I believe, starts by looking at some industry research. Over the last few years, we’ve seen … More

Deliver the ROI You Promised in Your Source-to-Pay Transformation

You want to automate the source-to-pay cycle, but what solution is best for your business? Would focused specialty solutions serve you best? Should you consider a monolithic enterprise platform? Without understanding the tradeoffs that accompany these decisions, you may not realize the ROI you need within an acceptable time frame. The Source-to-Pay cycle in mid- to large-sized enterprises encompasses diverse teams with unique application requirements.  As these enterprises embark on the automation journey, they are faced with a variety of solutions, … More

4 Ways Sourcing Can Bridge the Innovation Gap

Paul Walker and Sarah Coulter presented on behalf of the Clorox Global Strategic Sourcing (GSS) Organization at the 99th annual ISM conference in Las Vegas about innovation in sourcing practices. Clorox has developed a unique approach to growing the business through innovative partnerships and has learned a few things along the way. These learnings were shared at the ISM conference last week, and there were four key messages I took away from the presentation that led to the success of … More

6 Steps to Green Sourcing

Happy Earth Day! Since 1970, people have been celebrating Earth Day in a variety of ways: gardening, recycling, educating others about sustainable practices, saving energy, etc. But, as a modern sourcing pro, what can you do in your organization to help celebrate Earth Day? I came across a whitepaper from Deloitte titled, “A Practical Guide to Green Sourcing.” The whitepaper discusses a 6 step strategic green sourcing process and the “green” steps you can take in your organization to emphasize … More

How to Develop Strong Vendor Relationships & Strategic Partnerships

As I’ve mentioned in my previous blog post, internal communication and alignment are key factors for a Procurement team who wishes to increase their real and perceived value to their organization, as well as their influence.  The vision for the Procurement team should align with the vision for the overall organization. Additionally, being able to effectively communicate Procurement’s impact on the company’s mission and vision is critical to success. In this post, I’d like to further suggest that Procurement view … More

8 Benefits eSourcing Can Provide Suppliers

Supplier organizations are often hesitant to participate in a RFP or an eAuction because they feel a supplier may have already been selected, and they may just be a placeholder for the process. Of course there are times where this can occur, but as long as the cost of participating is less than the potential benefit from participating, a supplier can/will benefit from participating in eSourcing. Below are 8 benefits eSourcing can provide suppliers: #1. Increased transparency in purchasing process – … More