Is Sourcing More than Cost Minimization?
In 2008, leveraged financial positions collapsed in value. Investors assumed incorrectly that American housing prices were unsinkable. Margin calls and firm failures cascaded as hidden risks emerged. Similarly, today, a black swan contagion plagues supply chains spanning multiple sectors, globally. The unexpected coronavirus revealed interconnected exposures that companies underwrote to operate lean.
Did Digital Sourcing Work during the Pandemic?
Before we jump into a report card on how digitization of sourcing performed during the Covid-19 crisis, let’s think about what a framework would look like. One way to do this is to make an analogy to another business process and extend it to purchasing.
What Is Most Important in Procurement?
It is wonderful to see people come together in these times of coronavirus-induced uncertainty to solve problems.
Primer On Procurement and RFPs
Supply chain refers to the operational part of running a business, i.e. all of the processes necessary to making and distributing the goods or services the company sells. It does not include sales and marketing. It does not include administrative work or management. It is both critical to the success of any commercial endeavor despite being discounted by managers and investors.
Coronavirus Exposes Weaknesses in Sourcing
Warren Buffett has a famous saying, “Only when the tide goes out do you discover who’s been swimming naked.”
Using Email and Spreadsheets for RFPs Is Risky
Managing RFPs with email and spreadsheets is risky, expensive, and counterproductive. What is the value of technology? One key benefit is the automation of boring, less valuable activities to free up time for more productive uses. One day, we will have safe, self-driving cars freeing us to do more with our commuting time. Before […]
Why Does Diversity Matter in Procurement?
You can make ethical decisions in diverse suppliers — and also make a positive impact on the bottom line The Business Roundtable recently released a high-profile “Statement on the Purpose of a Corporation.”
The Procurement Workforce Is Evolving
The makeup of the procurement workforce is changing.