Category Archives: Supplier Performance & Risk Management
As kids enter Kindergarten, one of the basic lessons we teach them is learning how to play well with other children. Almost any kindergartner will tell you, “If you play nice with others, they will play nice with you.” But as adults, it seems as though we’ve forgotten this basic lesson we teach children – especially in the daily routine of our working relationships. Procurement is no exception. For instance, from a procurement perspective, it has often been argued that … 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
The emergence of Big Data has created a demand in the ability to understand and make sense out of an increasingly amount structured and unstructured information. The increased interest in analytics has given rise to a “culture of analysis” where procurement now sees: More data is being collected with an increased portion of this data to be analyzed coming from unstructured data sources such as pdf files, PPTs, emails, blog entries, wikis, word processing documents, photos, graphic images, videos, streaming … More
Welcome back! Just joining in? In Part 1 I discussed two trends that we should look for in Procurement in 2014. Today, I’ll share the final two trends: 3-Increased consolidation of procurement and supplier data analytics –Analytics will continue to drive improvements in the ability to take action in business, probably more than any other technology medium for procurement and business at large. Due to the “Big Data” phenomenon, Analytic / BI platforms will increasingly need to accommodate third party … More
Welcome back! Just joining in? Check out Part 1. In order to better understand the trend towards cost avoidance, consider traditional cost containment questions in sourcing which may include: What is the historical price of what we are buying? What discounts / savings can we get from buying now? What is our existing contractual relationship with that supplier? However, when addressing cost avoidance, the questions become much more complex. A cost avoidance mentality drums up sourcing questions such as: What … More
What happens when disaster strikes your supply chain? As a modern sourcing pro, you understand your role in your company’s supply chain operations and supplier risk program. Even though you can’t avoid ALL supply chain disasters, having a plan in place and being proactive when responding to changes in your marketplace and your supply base is a critical to your company’s success. If you aren’t sure where to start in developing your supply chain disaster plan, start with these four … 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
Has your company ever experienced a supply chain disruption that turned your company upside down? Have you ever experienced a day at the office like this?… Phones are ringing off the hook. Everyone is running around the office- frantically looking for their supervisors. The media is knocking on your door- demanding answers or at least a comment. Facebook and Twitter are blowing up with comments about your company’s supply chain disaster. Maybe you’re lucky enough to never experience a supply … 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
Football season is upon us! Have you started developing your strategy to pick the winning team for 2014? Many football fanatics have begun their annual Fantasy Football draft preparations – analyzing statistics of players-yards carried, completed passes, and playing time to create the “perfect” football team. Understanding and analyzing the stats of each player is critical for “coaches” when drafting their teams. Creating spreadsheets, scanning the internet, and looking for the most up to date player’s statistics are critical tactics … More
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 … More
Have you ever thought of what ingredients it would take to bake a sourcing cupcake? Unless you’re a baker and procurement pro, the thought has probably never crossed your mind. But I’m a baker – and refer to myself as a “Modern Betty Crocker”, so this crazy thought crossed my mind the other day when I was baking Mudslide cupcakes. (Mmmmm) So, I started thinking, “What ingredients would I need to bake the perfect sourcing cupcake?” In order to bake … More
What is the key to a successful procurement transformation today? The question could be answered in a variety of ways, but for me – it simply comes down to the data ownership and visibility. In just a few days, I’ll be speaking at an ISM Dallas meeting about how best-in-class procurement organizations are using data as the enabler of change and the communicator in the procurement lifecycle. Consider the power of having a single interface to analyze your spend, supplier … More
