Are there opportunities you can be taking today that go outside of normal processes?
Today’s post is by Mark Davis; Sr. Vice President and COO at SafeSourcing.
Change is inevitable. We all know this. No matter how much some people refuse to embrace that fact, it does not prevent it from happening. The real question is whether a person is someone that waits and lets the change happen or runs in front of change and determines the best route to take before the change occurs. Taking advantage of new opportunities is one way to get in front of change and position the company in a place to be proactive rather than reactive.
Research The Industry – New opportunities can come in areas where the company has current vendors and experience or new technologies, products or services where there is little to no background. One of the ways to understand a new opportunity is by issuing RFIs to the strong players in the space. Using tools such as Forrester and Gartner can assist with a starting point to identify the major players in the field and can be augmented with other research performed by an internal team or external strategic sourcing partners. Once an understanding of the industry for the opportunity is identified strategies and plans can be formed for taking the next best steps.
Talk to suppliers – When opportunities arise in areas that a company has traditionally not done business it can be a wise task to reach out to incumbents and potential suppliers to get their thoughts on what the opportunities can mean for the industry and them. Many times new technology, software, products and processes can change everything about how a business operates and the best source of information can be found in those companies who work in the industry every day. Tempering the information collected this way with what a particular supplier has to gain or lose by the emergence of this new opportunity is also an important must.
Understand the Risk – The final piece to understanding any new opportunity is in fully understanding the risk associated with embracing it. This can mean the risk in switching suppliers, switching technology, or embracing a process that changes how the business operates. Another important aspect of understanding the risk associated with change is calculating the changeover costs or any potential cost associated with any leftover inventory from an incumbent. These risks and costs will be the final piece to evaluate the total picture of a new opportunity.
For more information on how SafeSourcing can assist with any aspect of evaluating a new opportunity for your business or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative. We have an entire customer services team waiting to assist you today.
We look forward to your comments.