Day 2: May 5, 2020 Setting Your Procurement Function Up For Success
Tuesday, January 1st, 2019
When each business stakeholder has their own favorite suppliers, and spend is fragmented across them, it is important to consolidate so you get the most leverage. By improving the source-to-contract stage, onboarding new suppliers will go through multiple seamless layers for both review and payment. Planning along these lines is helpful for formalizing and raising awareness of preferred vendor lists.
•Ensure more visibility for preferred suppliers and a clear path for stakeholders from list to processing
•Prioritize the easiest targets when making the review process simpler and more visible
•Find the right group of systems with these capabilities – and mesh them together
Bringing diverse suppliers into your supply chain is a high priority – but what kind of diversity are you talking about, and how can you make sure it’s real? Encouraging supplier diversity can both fulfill corporate and social goals while spurring entrepreneurship and strengthening the market.
•Clarify how you value diversity as based on ethnicity, gender, nationality, disability, career background, and other factors
•Pick suppliers that align with your values and belong to the most appropriate certifying bodies
•Build a culture that encourages the types of diversity that best match your organizational goals