As consumers become more conscious of unethical supply chain practices and the impact of their purchasing decisions on local economies, companies are increasingly looking to local sourcing to support their communities and foster brand loyalty. By backing or nearshoring parts of their production process, companies can support local businesses and entrepreneurs while also reducing transportation […]
To create a more inclusive and diverse work environment, organizations across various industries are taking measures to remove unconscious bias from their recruitment process. However, many of these same organizations fail to consider the impact that unconscious bias can have on their procurement process. Unconscious bias refers to the attitudes or stereotypes that affect our […]
Procurement compliance plays a crucial role in ensuring that organizations adhere to strict guidelines and regulations while acquiring goods and services. This not only safeguards a company’s reputation but optimizes operations and drives cost savings. But to achieve actual compliance in sourcing and procurement, it is important to take certain steps that go beyond just […]
Procurement success is defined by the outcomes. The path to your desired outcomes may seem tricky, but Simfoni can help. Spend Visibility is the foundation of any mature procurement function because it identifies inefficiencies and areas of opportunity that lead to better decision-making and ultimately, better outcomes. While many procurement professionals understand the importance of […]
Procurement’s Got the Mic – Ready to Rock IT? Curious about what makes 2021 – 2025 such a special time for procurement and sourcing leaders? Join us and guest panelist, Dr. Elouise Epstein, Digital Futurist at Kearney and author of the reason book, “Trade Wars, Pandemics, and Chaos: How Digital Procurement Enables Business Success in […]
Procurement Technology Review of EC eSourcing and EC Optimize EC Sourcing Group – A Practitioner’s Perspective by Kumar Kannen at Procural: I am going to dig into the fast-evolving world of sourcing technology from a practitioner’s perspective as part of an on-going series. Most reviews that I have seen are too high level and don’t […]
Do You Know Specifically Where 80% of Your Spend is Going? I often start a conversation with a client or prospective client with this question: “If you knew where 80% of your spend was going, how much better would your results be?” Almost every person has responded that they would love to have better spend […]
Do You Know What Your Organization is Buying? Fundamental to strategic sourcing is knowing what your organization is buying. Which vendors are vetted and who has the authority to buy from them is equally important. These may seem like basic information needs but many companies simply don’t have it readily available. There are usually a […]
Procurement Factors Other than Price that Impact Competitive Advantage Procurement professionals want to achieve measurable savings but there are many factors other than price that impact competitive advantage. As a buyer I love to get a very competitive bid for a product or service. Then I put my procurement hat on and list out the […]
The Most Important Resource in Procurement Success is Time When I ask procurement professionals what resource they would like to have more of, the answer is almost always time. This used to surprise me. It doesn’t anymore. It doesn’t really matter how good your team is because if they are exhausted from working long hours […]