Category Archives: Supplier Information Management
We do love our acronyms in procurement, but rather than being an exclusionary tactic designed to keep “them” out, I like to think that shortening our long phrases to “TLAs” is in line with the resource efficiency we apply to spend management.
Back in the day I did some work for a wealth management firm in New York. At that time, I was introduced to the area of Behavioral Finance, and more broadly, behavioral economics. While not new concepts, they gained new relevance – and urgency – during the financial meltdown 10 years ago. As my client used to say, investors are often their own worst enemies. In times of stress, even the most solidly constructed investment portfolio can be undermined through … More
Although procurement technology is nothing new, there are first-time implementations going on all the time. Whether you are introducing the company’s first full end-to-end platform or adding a new area of functionality to an existing platform (i.e., contract management, supplier information management), preparing a solid business case will help win over decision makers and improve the selection process. Articulating your POV can be the difference between getting the green light to go ahead and more discussion and justification.
Determine customer Norauto, founded in 1970, is the pioneer of the car care center concept in France. Today, Norauto is the European leader in car maintenance, with more than 600 Norauto centers in eight countries providing multi-brand maintenance solutions for motorists in terms of maintenance, comfort and safety. Just one year after the Determine Cloud Platform was put into production, a continuous improvement process was implemented involving Prisca Foucart – E-procurement manager at Norauto, Romain Chauvet – P2P product manager … More
I will never forget the first time I set foot in an Accounts Payable department. I was working as the lead consultant on a project to completely transform and rebuild a company’s procurement function. Everything was going exceptionally well: processes, reporting, technology implementation, and upskilling the current team. The CPO mentioned to me that I should stop in and introduce myself to the AP lead before the project moved much further forward. I dutifully did so – although when I … More
Legal, procurement, supply chain—oh my! Visiting some retail clients during the holidays, I was struck by the impact of the accelerated shift from “bricks to clicks” on procurement, supply chain and legal. It’s no secret that recent holiday shopping sales showed a continuing significant shift to online buying habits. Actual physical toy retailers are nearly nonexistent, mobile phone retailers are all online, booking holidays is a 100% online pursuit, banking, grocery and now urgent purchases are easily accessible for online … More
Making your organization run efficiently requires that you are able to take a clear and honest look at your workflows as they were designed. With the right enterprise technology, you not only can do this, but can also easily collaborate and communicate the business process you intended for those workflows, while enabling self-service capabilities to meet the demands of a wide variety of users. In this regard, consider the number of various user types involved with contract management, where workflow … More
A few weeks ago at Iasta reSource Indianapolis, I hosted a roundtable titled, “What is Supplier Relationship Management? Discuss supplier partnerships that inspire, improving communication.” We had a great discussion around supplier relationships, so I wanted to share some interesting discussion points that could help you to start thinking about what supplier relationship management really means in your organization. A common issue procurement teams face when managing supplier relationships includes coordinating with stakeholders to ensure the relationship is going well … More
At Iasta, we started paying more attention to supplier diversity when we released our first Supplier Information Management software in 2007. In 2012 and 2013, we began noticing a significant uptick in general market interest and direct inquiries from clients and prospects regarding supplier diversity tracking. Aside from hearing about supplier diversity issues from clients and prospects, we’re also reading about it in the headlines. Just last week, McHugh Construction agreed to pay $12 million to settle a lawsuit alleging … More
April is Celebrate Diversity Month, which started in 2004 to recognize and honor the diversity surrounding us all. Diversity can be recognized in many ways – from self-expression, to a difference of opinion, to choosing diverse suppliers – but one thing is certain, we celebrate diversity in hope that people will gain deeper understanding of the diverse group of backgrounds and cultures. As for procurement, supplier diversity programs are just as important to recognize (and celebrate). Today, supplier diversity programs … More
I can rattle of many reasons why teams should consider implementing a modern sourcing solution. Even though each company will have different challenges, needs, and goals; if your team is experiencing any of these eight signs below, now is the time to adopt a modern sourcing solution! Sign #1: Limited Or No Visibility Into Your Company’s Spend If you have limited or no visibility into your spend, you are likely missing out on hard dollar savings. A spend analysis solution … More
Years ago, Prego televised a commercial for their spaghetti sauce with the catch phrase, “it’s in there.” The commercial went something like this… A father enters the house for a spaghetti dinner and condones his son’s wife for using sauce from a jar. The father continues to talk about garlic, herbs and onions to which the son replies, “it’s in there.” For those not familiar with the commercial, you can view it here. So, how does a can of Prego … More
As is often the case with many ideas in business, trends capture attention of decision makers in terms of what is possible. Procurement is no exception. Consider progressive concepts that advance procurement activities related to emerging areas such as in supplier risk or predictive analytics; both hot areas where Iasta continues to be focused for defining the modern sourcing paradigm. But trends also come from what was once considered old with a new spin. A perfect example of this is … More