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Open innovation empowers organizations to collaborate with new suppliers and their novel technologies. This value-add philosophy stops companies from trying to reinvent the wheel on their own, and it starts in procurement.
The founder of FocusedBuyer, a new online buying and selling portal, says it can help procurement professionals better manage their companies’ indirect spend.
Whether managing costs, quality, or continuity, for procurement it’s about relationships, with management, stakeholders, and, perhaps most important, suppliers.
Businesses waste a ton of money with stale maintenance, repair, and operations (MRO) items on their storeroom shelves. Management to cut down overstocks of these supplies starts with how storerooms are run.
Supplier relationship management was a key theme at the recent International Supply Management Conference in Las Vegas. Encompassing engagement, performance monitoring, and mitigating risk, SRM’s end-goal is the increasingly talked-about need for innovation partnering.
John MacLean, VP procurement and supply chain at American Airlines, recalls three major global events that became defining hallmarks of supplier relationships. Having strong relationships with partners in the supply chain helped the airline through these challenging moments.
Hackett Group research notes that this year, many chief procurement officers will be moving their main focus away from cost management to expanding procurement’s influence and finding ways to grow innovation.
Kaizen is Japanese for “change for good” and the continuous process improvement philosophy widely used by businesses big and small. Kaizen is an opportunity for procurement to take the lead in improving spend.
Shelley Stewart, VP of sourcing and logistics and CPO of DuPont, will be part of the ISM Supply Chain Diversity Summit. Stewart talks about his career in supply management as an African American, and his numerous diversity- and profession-related good works.
Supply chains are becoming increasingly complex, and it’s important for procurement to ensure against costly disruptions. More vulnerabilities have arisen from this complexity, so it is critical to know what they are.
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