certified sourcing professional

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.

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

SIG University Certified Sourcing Professional (CSP) program graduate Jason Feldman provides an example of  corporate market data renewal and how it applies to sourcing.

As part of the CSP course requirement, I wish to apply some lessons from this ten-week course and explain my role as a Strategic Market Data Sourcing executive at The Bank of New York Mellon Corporation. I plan to take us through a corporate market data renewal example and will touch upon course material from ‘Week 2’ (Strategic Sourcing_2020) and ‘Week 9’ (Cross Functional Teams_2020).

Financial Market and Reference Data are data issued by a trading venue or a data supplier, such as a stock exchange or a private company label, to inform traders, analysts, bankers, and investors about the latest prices of financial instruments such as shares, derivatives, commodities, indices, and currencies. The data provided may be real-time-delivered, historical, or a combination of multiple time series. 

Look at an upcoming contract data renewal for services utilized within the Bank of New York Mellon Investment Management organization. The data analyzed are benchmark indices used for portfolio management, data analyses, and reporting on external client portfolio holdings. 

As the strategic procurement negotiator for this renewal, there are multiple hats to be worn, and I will start by building a cross-functional business team consisting of the following:

SIG University Certified Sourcing Professional (CSP) program graduate Krollus Asaad shares how important it is to find trust in your procurement team and your business.

SIG University Certified Sourcing Professional (CSP) program graduate Shridhar Kundaram shares his perspective on a four-step sourcing process that can help take your sourcing team to the next level.

Sourcing is a process that involves finding, selecting, evaluating, and managing suppliers for day-to-day and long-term purposes for goods and services needed in the organization/company. Sourcing will succeed if it has executive leadership support, collaboration with stakeholders, robust control of spending and policies, automation, and an approach clearly defined for categories. Sourcing involves four significant steps Assess, Analyze, Execute and Evaluate.