What’s in Your Spend Management Toolkit?

Even though 10-step lists are some of the most overused journalistic devices in existence today, I'm still a sucker for good ones (as are many readers). Recently Supply Chain Digest just printed such a list of 10 such "comparatively new approaches to procurement and sourcing" tools that companies can consider. While Supply Chain Digest points out that many of these are now mainstream -- such as "e-Auctions" which was number one of the list -- some are not as well implemented as they are known. These include spend visibility and analysis, complicated or "longer-term" contract approaches, purchasing councils, GPOs and value engineering. We could probably put our virtual pens to paper and come up with dozens more which were not included in the list. But what counts is not knowing about what is available in your potential strategy, technology and process arsenal -- it's prioritizing which sets of activities to pursue and going about implementing them in the most efficient and successful manner possible. Which is a topic that deserves a top ten list of its own ...

Jason Busch

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