SIG University Certified Sourcing Professional (CSP) program graduate Kaila Flynn shares how this course has challenged her thinking and understanding of sourcing in order to develop a better understanding of the sourcing and procurement world.
Kaila Flynn, Sales Executive, Sourcing Industry Group
SIG University Certified Sourcing Professional (CSP) program graduate Jon Cody Hildebrand discusses the principles and key ways of managing different stakeholders.
There needs to be more debate among sourcing professionals in large organizations regarding the importance of achieving real buy-in from stakeholders. The challenges are many in supply chain management, but no challenge is more nuanced than stakeholder management. A project manager should consider these guiding principles to ensure program success.
Identify your stakeholders. The big idea of this principle is to figure out who your stakeholders are and how they relate to the sourcing initiative. A stakeholder is "any group or individual who can affect or is affected by the achievement of the organization's objective" (Edward Freeman, A Stakeholder Approach to Strategic Management). However, the idea seems obvious. More than crucial players could be needed to avoid complications.
The number of stakeholders and their level of involvement will vary depending on the program's scope. The sourcing professional should scan to identify everyone that should be involved; large-scale enterprise-wide programs will require a comprehensive look for players at all levels of the organization. A vertical scan will identify every stakeholder from the top down, from C-suite employees down to the end users.
Jon Cody Hildebrand, Procurement Specialist, Coca-Cola Consolidated
SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate MJ Ellis shares a unique perspective on the fundamentals of effective third-party risk management through the panes of Johari's Window.
SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate Dallin Ingalls shares the inherent value that is associated with a strong third-party risk management framework.
Dallin Ingalls, Engagement Manager for Supplier Risk Management, Zions Bancorporation
SIG University Certified Sourcing Professional (CSP) program graduate Andrew Frye discusses the importance of implementing technology and innovation into sourcing practices.
Andrew Frye, Sourcing Systems Analyst, American Tire Distributors
SIG University Certified Sourcing Professional (CSP) program graduate Noah Wilson discusses how crowdsourcing could be the innovation that businesses need to succeed in a rapidly changing environnment.
SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate Nathan Coffet discusses the process of updating a Third-Party Risk Management program and the benefits it can have.
Large fast growing multinational companies involving multiple mergers & acquisitions will often have many disparate processes in place to manage Third-Party Risk. There may be programs developed by individual group companies or parts of the group to meet general procurement needs. Corporate functions such as Privacy, Information Security, Corporate Social Responsibility, or Anti-Corruption may have developed customized programs to meet regulatory requirements or address audit findings. Other programs may have been driven by the need to respond to vulnerabilities arising from macroeconomic events: systemic risks in the financial market; or the impact of Covid on the viability of cross-border supply lines. The multiple languages and cultures add a layer of complexity.
A root and branch review may enable the business to simplify processes, strip out unnecessary costs and duplication and ensure that the key risks are appropriately overseen proportionately. The approach must be focused on the return on investment to make it easier to justify and obtain necessary resourcing.
But where to start?
It is tempting to jump in and start solving the problem before it is well understood. But do not rush.
First - Remember to Reinvent the Wheel.
Nathan Coffey, Senior Vice President of Privacy & Compliance, Teleperformance
SIG University Certified Sourcing Professional (CSP) program graduate Jigar Mistry shares the potential benefits and opportunities that can arise from outsourcing.
At the current time, it is challenging to find an organization that performs all its core and non-core business in-house. Outsourcing business activities became standard across industries irrespective of their size or work area.
There is a high chance that was answering services of any banking, insurance, technology, and an external organization handles many more. Most large-scale construction of tunnels, bridges, or roads for public or private players is dealt with by contractors who are masters of their field. Even research and development activities of automobile companies or even defense sectors have adopted outsourcing for their critical tasks.
We will look into the nature of outsourcing projects in terms of relations management, the advantages/ disadvantages of outsourcing, and best practices for collaboration.
Advantages
Jigar Mistry, Senior Supply Chain Specialist, CDK Global
SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate William Chanto Castro shares the tricks to overcoming the obstacles to meeting risk regulations and requirements.
William Chanto Castro, Compliance and Risk Management Professional, Moody's Corp.
SIG University Certified Supplier Management Professional (CSMP) program graduate Zach Green discusses solutions for formally documenting a RACI around governance in the current IRA survey and developing training for governance and vendor management.
I will focus on Week two material, specifically Module 7 – Lesson 1 – Internal-Support. An area that requires improvement in our current Vendor Management Program is awareness, roles, and responsibilities. Program awareness is defined as knowing that a Vendor Management program exists and what the roles and responsibilities are for each stakeholder.
This essay aims to offer a solution or solutions to bring Vendor Management to the forefront of stakeholders' minds when they are considering procuring a new supplier and revise our current process to raise a clear understanding by implementing our RACI Matrix in a new way.
The first step is to ensure Executive Sponsorship. This step is critical to our governance program as this shows the rest of the company (Legal & General America, Inc.) that senior leaders are aware of our initiative and support our efforts. Second, executive leadership buy-in will give added weight and authority to the program. Lastly, by obtaining Executive Sponsorship, Vendor Management will align with our corporate objectives.
Once Executive Sponsorship is complete, Vendor Management will establish a RACI Matrix. This process is listed within our Vendor Management policies. However, the approach is located on our company intranet site. Given the location of our course, employees may need help finding this information. My recommendation is to begin incorporating the RACI matrix into our Internal Risk.
Zach Green, Vendor Management Analyst,Legal & General America, Inc.
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 (1)_8.png?ZPA19ngm6ShmipbQpzUsOpSASLw38eVW= "Implementing Innovation")
 (1)_12.png?abxyNbyf7kY4TjtD_A0SA9B5qM7Wa9Nm= "Thoughts on Crowd Sourcing")
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 (1)_7.png?JatTzdiwUrOL8C5O7OKGikE6ycqFLgZP= "The Singapore Outsourcing Register: Obstacles and Suggestions to Meet this Regulatory Requirement from a Risk Management Perspective")
 (1)_16.png?kwurcKkesuX3A9CcgYLlJ2Kjh0rrM6Be= "Creating Vendor Management Awareness")
Understanding The Importance Of Outsourcing
SIG University Certified Sourcing Professional (CSP) program graduate Kaila Flynn shares how this course has challenged her thinking and understanding of sourcing in order to develop a better understanding of the sourcing and procurement world.