In the global supply chain landscape, cybersecurity threats are increasing exponentially. Fortune 500 companies’ sensitive information is leaked because hackers target their vendors and business partners, and organizations that might not be as secure as their corporate buyers. Every supplier and business partner can become an added risk. Working with global companies big and small, one of the most significant opportunities that I've observed is managing multi-tier suppliers and mitigating risk. We can support all our suppliers through secured technology and the principle of “unconditional procurement.”
Daryl Hammett, CSMP, CSP, C3PRMP, General Manager/Chief Operating Officer, ConnXus
It's a new week with new priorities! Have you mapped out what you want to accomplish this week? To help you achieve your goals and get to Friday, here's a run-down of what's happening in sourcing and procurement.
One week to go! Next Monday, we have a fantastic group of students preparing to start their journey to certification in sourcing, supply management and third party risk. Enterprises such as Fidelity Investments, Florida Blue, Honda North America, Moody's, USAA and more are participating. You still have time to join them, but don't delay!
Is supplier diversity a priority in your organization? Are you interested in learning how your program compares with peers? Hackett Group invites you to participate in the 2018 Supplier Diversity study and gain key insights into how organizations are managing their supplier diversity programs.
There’s a lot of talk regarding all the ways technology is going to revolutionize procurement. Blockchain can increase supply chain visibility, the Internet of Things (IoT) can change the way our business devices communicate with each other, etc…But what type of innovations are available at the sourcing level?
From paper RFPs to conferences, it seems the way we source business has largely remained the same. Procurement teams are limited to siloed, outdated supplier databases and incomplete business information when attempting to make business decisions. It’s expensive and time-consuming to get a holistic picture of a supplier’s business health and mitigate third-party risk. How can we adapt today’s technology for tomorrow’s sourcing needs? Here are a few innovative ways that your organization can source business:
Daryl Hammett, CSMP, CSP, General Manager/Chief Operating Officer, ConnXus
Procurement has evolved to become more strategic and collaborative and has moved from an isolated, back-office function to a boardroom partner. While the procurement function must continue to drive hard savings, manage suppliers and mitigate risk, it must also pivot to look for opportunities to deliver future savings and innovation.
“Procurement is at an inflection point,” said Dr. Marcell Vollmer in an interview with SIG CEO Dawn Tiura. “Procurement needs to transform into a value-added function focusing on strategic tasks.” How can procurement teams do this?
For all the great advancements that technology brings, it requires people to manage the technology. Oxford Economics’ survey among procurement executives and practitioners found that the top three investment priorities include new talent recruitment, training/upskilling programs and procurement/supply-chain technology.