Make sure you include OVERT SAVINGS plans.
Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc
As I continually try to enhance my education in general and in particularly in the procurement space, I came across and article on Procurement Tactics at procurementtactics.com titled 11 Procurement Trends for 2023 According to the Experts. I would suggest that it is worth a quick read that really hi-lites well the importance of the procurement area within all organizations today.
I certainly can’t argue with any of these areas. However the one area I would call out and that I believe is missing in many organizations is overt cost savings. While it may be implied that that is the role of all procurement organizations on behalf of their company, it should be specifically called out with specifics like target savings over a specific timeframe with a stated impact on margin and earnings that is measurable and how you plan to do it and by when.
When you read the article, there is a small blurb about each one of these topics that I don’t have room to list here. Just add OVERT COST SAVINGS with the information from above. You can contact me if you’d like help with that area of focus as well as any of those below.
- Supplier safety stocking
- Relationship building
- Governments involved.
- Empathy in negotiation
- The CPO
- Circular supply chains
- Trade security
- Integration of AI
- Online security
- Time for training
SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite . These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.
For more information, please contact a SafeSourcing Customer Services Associate.