The Monthly Metric: SWOT Analysis

SWOT 5

Welcome to the first installment of The Monthly Metric, where we examine a piece of data that can help supply management professionals do their job more efficiently. In our introductory post last month, we addressed how advanced analytics has taken over Major League Baseball, but is not as prominently used in procurement. This, according to survey results indicating that many supply management … [Read more...]

Seizing Initiative on Legal Spend

hammer-1537123_1920

By Robert DiDomenico In 2009, purchasing legal services was a new corporate initiative for corporate procurement departments — one that was quite different from buying hard goods. By addressing legal spend, the thought was, procurement professionals could create value for their organizations. While there is still agreement that money can be saved, the legal arena provides even greater … [Read more...]

What Productive Procurement Looks Like

Performance 1

In six years of Return on Supply Management Assets (ROSMA) annual evaluation reports of procurement organizations — a collaboration of A.T. Kearney, Institute for Supply Management® (ISM®) and the Chartered Institute of Procurement & Supply (CIPS) — the results have shown remarkable stability. Or disappointing monotony, as ISM CEO Thomas W. Derry remarked in What Good Looks Like, a white … [Read more...]

The Monthly Metric: Introduction

Stats 2

March seems to be a less-than-ideal month to start a project that involves seriously crunching numbers and exploring the science of supply management. After all, it’s spring break time, so who wants to go back to school, right? However, March is also when Major League Baseball teams are on the field for spring training, as the six weeks in Arizona and Florida prepare them for the 162-game grind … [Read more...]

Contract administration success is focus of seminar

Set of flat style vector business icons on blue background

Often, the biggest barometer of a contact’s success are the post-signing actions of the parties involved, not the words on the document itself. Ensuring it’s all about action, not words is the job of the contract administrator. “Administering Contracts: From Award to Completion,” an ISM Seminar next held July 11-13 in Pittsburgh, is designed to teach administrators the best practices that … [Read more...]

Prioritizing to Increase Efficiency

Hand drawn TRUST process for presentations and reports, business concept

For businesses and supply management professionals, doing more with less has been a running theme for years — and one that’s probably here to stay. As a result, it’s no surprise that reducing costs while increasing productivity are high priorities among procurement leaders, according to a recent research report by The Hackett Group. However, with staffing and budgets typically remaining flat, … [Read more...]

Projected food price decrease welcomed, but ‘uncertainties’ remain

iStock_000069737359_Medium

When it forecast a 10- to 17-percent decrease in beef prices across all primal cuts this year, SpenDifference didn't mince words, calling it "the biggest story of the year" for chain restaurant operators and supply chain professionals. Richard Pineda is looking at many of the same indicators, and the vice president, supply chain at Pieology Pizzeria says the projections are encouraging. But his … [Read more...]

Assessing and Managing Risk with Contract Analytics

Set of flat style vector business icons

By Lloyd Alexander, Seal Software Most companies rely on their procurement departments to choose the right suppliers, bring spend under control and negotiate favorable payment terms. The procurement function within an organization is also becoming much more strategic, and can involve cross-departmental inventory management, internal audit and reporting, and, as it relates to supplier … [Read more...]

Is Procurement Lacking Needed Resources?

Green grass

Cost reduction is a top priority for supply chain leaders in the year ahead, while supplier risk remains a major concern. However, two-thirds of the CPOs surveyed in the Fall 2014 Procurement and Strategic Sourcing Data Survey say they don’t have enough resources to manage their procurement operations effectively. “These finding indicate that procurement may not be sharing fully in the … [Read more...]

Beyond Cost Savings

Money

World-class procurement organizations have done such a good job reducing costs that they may have reached their limit. And that’s both good news and bad news. While they’re running “extremely lean” and may not be able to continue generating substantial savings, The Hackett Group’s research finds that top-performing organizations are working hard to prove their value in other ways. “The value … [Read more...]