Every day, my inbox is bombarded with requests for feedback. Most requests I honor because I am a data nerd and I know there's some fellow data nerd behind the scenes who really needs the insight for their business case. Also because my husband is a PhD and we spent several years of our marriage dedicated to quantitative assessments - I have seen tears spilled over empty questionnaires.
Many survey requests I archive for later because I want to see how our partners and competitors collect data and use it to shape their programs. But mostly, I just think it is incredibly important to share your opinion when asked. (I could write a whole different blog on when NOT express your opinion, mostly from first-hand experience.)
This is a list of the top 7 reasons why I think people should respond to SIG surveys in particular and surveys in general.
SIG Member Input Drives Content Creation
As sourcing professionals, you are really good at understanding the value of your partnerships and ensuring you realize that value -- that is why we have strategic sourcing, negotiations, performance measurement and things like vested sourcing. Providing your input to SIG about what you need from our partnership is critical to us delivering the content, the speakers, the tools, the connections and the awareness you expect from us. You are paying for it, so let us know how we can serve you!
Expressing Your Opinion Is Good for Mental Health
Get it off your chest, share your concerns and join a community of people who are facing the same problems as you. We know your leadership, your customers and your team are all leaning on you to make 2021 successful. Telling someone about this can be extremely helpful, because it means someone is in your corner listening.
Mary Zampino, Vice President – Content, Research & Analytics
In previous blogs, SIG has covered the basic concept of sustainability, including an overview of its various dimensions. In this post, I will touch on the role that sourcing professionals can have in meeting corporate sustainability goals.
Why should sourcing have a role?
Sourcing is uniquely positioned to contribute to meeting a corporation's sustainability goals because sourcing typically has expertise in:
Creating alignment to corporate goals
Building frameworks to measure success
Researching market conditions and supplier capabilities
Conducting strategic negotiations
Designing innovative methods for value creation
Ranking the priorities of stakeholders with supplier offerings
Identifying risk and mitigating responsibly
The reduction in costs after implementing a sustainability program can exceed the costs of implementation – in other words, you’re spending money up front but in the long run, you save more than you spend. For example, if an organization were to target the spend category of corporate services and facilities management (FM), capital may be invested in working with a supplier to install a new system that reduces energy consumption at the company's North American headquarters, but in the long run, the reduction in energy costs saves the company money – which of course, can then be reinvested.
In this example, procurement and sourcing are uniquely positioned to make this happen. Most likely Sourcing negotiated the original FM contract, understands the innovative capabilities of suppliers, has heard many recent pitches on new products, and is adept at performing the analysis that proves an investment can have a significant return in hard costs, and even soft costs.
Mary Zampino, Vice President – Content, Research & Analytics
In Part 1 of this series on procurement’s key performance indicators (KPIs), we discussed how legacy KPIs need to be augmented to help procurement expand its value proposition. In this second installment of the series, we’ll focus on how to build a balanced “360-degree” procurement scorecard and highlight some truly KEY performance indicators that help foster the right behaviors and alignment across the source-to-pay (S2P) process and the broader value chain.
Everyone knows the old adage, “What you measure is what you get.” Known as the “Hawthorne Effect,” it has been shown that performance will improve when those performing the process know they’re getting measured on it. So, designing stakeholder-specific KPIs is critical to ensuring business alignment. The “SMART” (specific, measurable, achievable, relevant and timely) metrics model is an excellent framework to apply here. Still, the first step is ensuring a 360-degree measurement system that aligns procurement with:
Pierre Mitchell, Spend Matters’ Chief Research Officer
Here at the SIG headquarters, we’re working hard to provide you with an exciting line-up of fall events and thought leadership. Whether you plan to spend July taking some much-needed time off or your goal is to wrap up some big projects, SIG is here to support you in your day-to-day responsibilities. Register for one of our upcoming webinars that cover today’s latest trends in the industry or listen to our thought-provoking podcast on your commute or a work trip.
You can stay up-to-the-minute with all things SIG by following us on Twitter, LinkedIn and Facebook. Here’s what’s happening in July:
CPO Virtual Forum
On July 19, senior procurement executives are invited to join SIG and Oliver Wyman for an exclusive CPO Virtual Forum. CPO Virtual Forums are one-hour, single-topic sessions in which CPOs gather online to openly discuss their most pressing issues. Facilitated by Oliver Wyman, the forum will generate actionable next-steps to discuss during the CPO Roundtable held at the Fall Global Executive Summit in Rancho Mirage, California, October 15-18.
This interactive presentation will be delivered in an open-mic, collaborative format via WebEx that will not be recorded to ensure candid conversations. The topic for this Virtual Forum will be "Procurement Rebranded: Leveraging the Wisdom of Brands to Produce a Star Function." Visit our website for the full session description and to register, but you must hurry – space is limited!