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In last week’s blog , I began discussing telltale signs that you have entered the new age of strategicsourcing. Leading manufacturers have proven that best-in-class strategicsourcing can create measurable and sustainable shareholder value by contributing to top line growth and bottom line profitability.
If you happen to be a strategicsourcing professional within the manufacturing industry, you probably are experiencing many challenging days at the office. For manufacturers, sales, marketing, finance, ops, and even risk and compliance all have upside. Early collaboration is the key here – both internally and with suppliers.
Vishal Patel and Peter Hunt delivered their session ‘Creating Value with StrategicSourcing’ to discuss how Procurement professionals are recognizing that the fast-paced digital landscape of today demands new approaches to category management and strategicsourcing. The answer is simple – automation.
But one critical area remains in need of significant attention … the need for better supplier collaboration AND internal teamwork. Best-in-class manufacturers have proven that a true culture of collaboration creates earlier involvement, less redesign, joint problem solving, and win-win outcomes for all parties involved.
There’s often little visibility into supplier performance and risk, limited supplier collaboration and communication, and little or no ability to manage supplier contracts and agreements. Purpose-built procurement software provides a platform for collaboration, helping procurement teams achieve better and faster results.
Director StrategicSourcing Digital & Functional Transformation, . This year, we’ve invited a wide array of industry thought leaders to join 6 expert panels covering Data Integrity, Sourcing Optimization, Sustainable Procurement, Finance Procurement, Public Procurement, and Federal Procurement. . Breakout Sessions.
As financing and cash flow is uncertain, cash is once again king and Procurement and AP leaders are being asked to forecast and preserve cash wherever possible. Companies that maintained zero-sum, hard negotiation relationships with suppliers cannot suddenly reset those in a more collaborative mold. Collaborate.
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