Digital Transformation and Change Management for Business

What is Digital Transformation? According to Wikipedia Digital transformation (DX) is the adoption of digital technology by an organization.  Common goals for its implementation are to improve efficiency, value or innovation. Also according to Wikipedia, digitization is the process of converting analog information into digital form using an analog-to-digital converter, such as in an image scanner or for digital audio recordings.…

Read more

SUSTAINABILITY AND SOCIAL RESPONSIBILITY IN PROCUREMENT

What is sustainability in procurement? What does a Sustainable Procurement Pledge mean to the buyer just starting out? As a supply management professional, you have a responsibility to champion sustainability and social responsibility practices within the supply management space. As that professional (buyer, senior buyer, analyst, category lead, sourcing manager, director and CPO), you can…

Read more

Do you know what ESG is?

What is ESG? Wikipedia defines the term as follows: Environmental, Social, and Corporate Governance is an evaluation of a firm’s collective conscientiousness for social and environmental factors. It is typically a score that is compiled from data collected surrounding specific metrics related to intangible assets within the enterprise. It could be considered a form of…

Read more

What is a contract?

According to Wikipedia, a contract is a legally enforceable agreement that creates, defines, and governs mutual rights and obligations among its parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party…

Read more

What is Category Management?

What is category management? Let us first define it, Wikipedia defines category management as an approach to the organization of purchasing within a business organization. Applying category management to purchasing activity benefits organizations by providing an approach to reduce the cost of buying goods and services, reduce risk in the supply chain, increase overall value…

Read more

Do you know what ESG is? How can you support ESG through your job?

What is ESG? Wikipedia defines the term as follows: Environmental, Social, and Corporate Governance is an evaluation of a firm’s collective conscientiousness for social and environmental factors. It is typically a score that is compiled from data collected surrounding specific metrics related to intangible assets within the enterprise. It could be considered a form of…

Read more

What is Collaboration and How to Use in Support of Supply Management

What is collaboration?  Wikipedia defines the term as follows: Collaboration is the process of two or more people, entities or organizations working together to complete a task or achieve a goal. Collaboration is similar to cooperation. Most collaboration requires leadership, although the form of leadership can be social within a decentralized and egalitarian group. Teams…

Read more

Correcting Supplier Relationships That Lack Flexibility, and Weak Post-Award Process Governance

How often have you experienced a business relationship failure due to the supplier not making money, the buyer feeling they were being “nickel & dimed” on every change order, the supplier not providing the benefits you expected or your customer not receiving the benefits they expected? The fundamental cause of most contract failures or disappointing…

Read more

How does one ensure strategic and cultural fit with their suppliers?

Understanding that all sourcing requirements provided to suppliers must be as definitive as possible; the supply management professional should not disregard the importance of the eventual supplier selection being a strong strategic fit and cultural fit with your company by providing a supportive contribution to enhance your company’s strategy. This means that your selected supplier…

Read more

Role of a Category Management function of the future as it is related to contract lifecycle management

The category manager should lead all contract negotiations and provide input to all bid responses and support bid proposal development. If your company utilizes a contract management lifecycle system to manage your supplier contracts, then the category manager should be responsible for maintaining all contract document repositories. As needed, the category will provide guidance on…

Read more