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Strategies for improving Supplier Relationship Management (SRM) are the hallmark of the Modern Procurement Function.
In this article we are providing our list of 10 strategies for effective Supplier Relationship Management and overcoming Supplier management challenges.
Continue reading “Strategies for Improving Supplier Relationship Management (SRM)!”As we’ve chronicled on the Argentus Blog, it’s no secret that the world of Procurement is changing and fast. With automation, big data and burgeoning AI systems removing more and more of the profession’s “tactical” or “clerical” tasks, the Procurement report card is that companies are calling on their Procurement teams to be more strategic, more nimble, and more innovative.
They’re expecting their Procurement functions to deliver not just bottom-line cost-savings, but other sorts of value, adding to organizations’ overall competitiveness.
Procurement, you’ve come a long way, baby!
But a new survey of 200 C-Suite executives from a variety of industries and functions presents a rather dispiriting picture of the Procurement function today – or at least how it’s perceived.
Continue reading “Report Card: Most Executives Think Procurement Isn’t Strategic Enough!”Procurement professionals have the same question looming over their head on a daily basis about Digital Procurement:
“How do you plan on dealing with digitalization?”
Continue reading “The 3 Pillars of Digital Procurement!”In a world driven by energy consumption, the fortunes of crude oil hold a unique fascination. The global economy dances to the tune of oil prices, making oil trading a pivotal and often mystifying endeavor.
As the drama of the market unfolds, Oil Edge Revolution stands as a guiding light, illuminating the path for traders navigating the stormy seas of this industry.
In this article, we will explore the complex world of oil trading, delving into the essential elements, expert strategies, and the emotional pulse that beats behind this trillion-dollar industry.
Continue reading “Unveiling Crude’s Fortunes: Expert Oil Trading Tips!”As we come to the end of our 3rd year here at Supply Chain Game Changer it is time to publish our semi-annual 2019 Top 10 List.
First we want to thank our readers. Our audience and reach continues to expand with Supply Changer now being ranked as one of the Top 20 Supply Chain blogs in the world and one of the Top 15 Procurement blogs in the world. Both are record achievements for us.
Second we want to thank our guest contributors. With dozens of writers and articles we continue to fulfill our vision of sharing expertise and experience from all over the world.
We thank you for your ongoing support and ask you to continue to spread the word about Supply Chain Game Changer. There is truly something of value for everyone no matter what challenge you are facing each and every day.
Here we present our Top 10 list for the second half of 2019. Enjoy!
Continue reading “Our 2019 Top 10 List! (Part 2)”Where is procurement, outsourcing, sourcing, supply chain, and purchasing going? What is happening in the marketplace? What are companies thinking at the executive level and what type of actions are they taking?
First off, we will outline a few of our observations about what we are seeing first hand. Secondarily, we will include information from other procurement professionals and procurement firms about their experiences, what they forecast, and what they are seeing.
Continue reading “Procurement Experiences and Trends!”I love cooking. Even more, than I love cooking, I love eating. And there is also a supplier management secret recipe.
Something I’ve learned from a very young age is that food and mealtimes are something to be cherished. For this reason, cooking was always a pastime that was held with high regard in our household. The family philosophy was, if you eat good, then you’ll feel good.
Grandma Garno’s meatballs, Grandpa Charlie’s Pasta e Fagioli, Grandma Helen’s kugel, and so many more family recipes were staple dishes that were seasoned with tradition and tasted like family history.
Over time I’ve had the opportunity to adopt these recipes; handwritten on the back-side of 1950’s newspaper scraps or in such faded ink that one can just barely see it reads ‘teaspoon’ not ‘tablespoon’. Cooking these recipes for friends and family today is a privilege, and often jolts fond childhood memories stimulated through my tastebuds.
Continue reading “The Supplier Management Secret Recipe”My girlfriend and I have a dog, named Charlie.
He’s only one and a half years old and is already, now, rather well trained. Sure, he has an occasional hiccup and puts his paws on a friend from over excitement, or pulls on the leash a bit too much as we approach the lake. But, all in all, my girlfriend and I (mainly her) have done a pretty solid job raising him.
Then again, we didn’t approach this whole dog ownership business with a ‘wilyl-nilly’ mindset.
Continue reading “IKEA’s IWAY Lessons For Procurement!”All over the business landscape, more companies in more diverse industries are transforming their Procurement functions and Procurement strategy.
They’re leaving behind more transactional models and becoming more strategic, implementing total cost of ownership Strategic Sourcing models, either centre-led or decentralized.
Continue reading “10 Steps for Procurement Strategy Development! (Infographic)”In any company or industry that sells products the cost of the raw materials and components is often the single largest expense. Despite the magnitude of this cost however there is a wide range of focus put on managing this expenditure from proactive and strategic to reactive and tactical. This is all managed by either Commodity Management or Category Management.
In some cases there is a great level of planning applied before a single purchase order is placed. In other cases buying decisions are made subjectively and with very little focus. Further the experience in those buying these goods can vary significantly as well.
Supply Chain is about much more than just negotiating lower materials costs. A well constructed Procurement Strategy will raise the value of the Supply Chain to your company.
How do you manage your materials spend? Are you executing a Buying Strategy or are you just blindly placing purchase orders ?
Continue reading “Commodity (or Category) Management – What is your Buying Strategy?”When preparing for a negotiation, it is common to identify the issues to be negotiated, decide on negotiating tactics to use on your supplier, think through what your supplier may say and practice saying the words you’ll use during the negotiation.
Those are all necessary components of negotiation preparation.
But, they are not enough. To truly reach your potential in a negotiation you need to understand some key things about your supplier. This article will focus on three major things you need to know about your supplier before beginning a negotiation.
How do you get to know them? You can research your supplier and/or you could – get this – ask your supplier contact!
Continue reading “The Negotiation Before the Negotiation!”Robust supply chains are crucial to your business operations. Equipment failures, natural disasters, logistical problems, or injection molding defects in the plastic parts Supply Chain often cause business-critical delays or last-minute adjustments.
Eliminating weak points in your plastic parts supply chain is the best way to avoid costly setbacks.
Here we’ll explore some optimal approaches to assess your supply chain and identify safeguards to keep your deliveries running like clockwork.
Continue reading “How to Protect Your Plastic Parts Supply Chain!”There is a great line in one of the Spider-man movies, “With great power comes great responsibility!”
Procurement organizations can have the power to spend and control as much as 75-80% of a company’s revenue. Now that is power! And with that power comes a huge responsibility.
Less enlightened organizations still think of Procurement as a back office function processing transactional purchase orders and standard contracts. But better informed and leading organizations see and recognize Procurement for its strategic value.
What actually is the power that is within Procurement’s mandate? And what responsibility does Procurement have commensurate with that power?
Continue reading “Procurement: With Great Power Comes Great Responsibility!”Regardless of what industry your company is in you are dependent on suppliers to operate your company. Thus it makes sense to have a Supplier Relationship Management program.
Suppliers provide components for products you manufacture and sell. Suppliers provide services for products or services you take to market. Suppliers move your goods from one point to another. And suppliers provide the goods, supplies, software and other items required by every function in your company to conduct day to day business.
Without suppliers no company could survive, let alone thrive.
Yet historically too many people have treated suppliers transactionally with no to little regard for fostering mutually beneficial relationships.
Going forward it will no longer be sufficient to just have passive supplier relationships. Companies must have a formal, strategic Supplier Relationship Management (SRM) program!
Continue reading “What is Supplier Relationship Management (SRM)?”Previous CIO of General Motors (GM), Tony Scott, was once quoted saying,“GM is a highly collaborative organization; we rely on a whole tier of suppliers for everything that we do.” They rely on collaborative innovation.
Our organization’s products, customers, and profit, are ultimately a byproduct of the global supply chain networks that operate on a daily basis to add value through collaboration. The complexity of global supply chains – especially in organizations like GM, often the elephant in the room – require hands-on relationship management of suppliers to ensure that supplier collaboration will lead to added value, and innovation.
It’s nice to see that their previous Chief Information Officer had enough perspective to recognize their suppliers’ importance.
Continue reading “Create Collaborative Innovation with Suppliers!”
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