Matchmaking is an age-old practice. And as Tzeitel, Hodel and Chava will tell you, it’s a tough world out there when it comes to traditional matchmaking. The same goes for buyers and suppliers in the marketplace. Just as matchmakers once met with mothers and fathers to match their daughters to prospective husbands, businesses used to pound the pavement trying to find prospective clients, buyers, suppliers and anyone who would take a business card and put it in their pocket full of loose change and car keys.
The Purchasing Category
Your spreadsheet can wait. Take a quick break from the mundane day-to-day and get inspired by our round-up of men and women from different decades and walks of life who have brought innovation to procurement. Think of them as procurement’s role models.
I’ve been working at Spend Matters for well over a year now, and I still don’t understand why this profession has such an identity crisis when it comes to deciding what to call itself. At Spend Matters we use “procurement” as our default; other sites in our space call themselves Procurement Leaders, The Strategic Sourceror and My Purchasing Center, to name just a few. How can all of these publications have so many terms for what seemingly should be the same functional area? Help me out, purchasing/procurement/supply management people. Let’s figure this out once and for all.
Spend Matters welcomes this sponsored article from Simfoni.
Although each individual tail spend purchase category or supplier may seem relatively small and insignificant, when taken as a whole, the combined tail spend purchases of an organization often equal the amount spent with the company’s biggest supplier, or at least one of the top suppliers. For this reason, it is important that tail spend purchases are properly managed to avoid unnecessary costs, wasted man-hours and non-compliance with internal purchasing rules and standards.
Purchasing and supply management executives overall expect economic growth to continue in 2016, according the the Institute for Supply Management Semiannual Economic Forecast released Tuesday. A total of 87% supply management leaders in the non-manufacturing sector are optimistic for the year ahead, predicting 2016 will be better or the same as 2015. Specifically, 47% expect 2016 to fare better for them than 2015 and 40% predict 2016 will be about the same as this year.
Amazon announced its Amazon Books store earlier this week. Located at University Village, an outdoor mall in Seattle, the store officially opened its doors on Tuesday. It offers all the benefits of shopping on Amazon’s website — the store’s inventory of books are selected based on customer ratings and popularity and feature a review card with Amazon.com customer reviews.
BuyerQuest considers itself among a second generation of new procurement solutions providers, after Coupa, which it describes as first generation (not something we’d necessarily agree with, depending on definition). Its definition probably hinges on examining the state of cloud-based solutions today rather than on a much earlier perspective, say, around the time of Ariba Buyer (Ariba’s on-premise solution). What BuyerQuest considers to be a second-generation solution is one that focuses on user experience, usability and application flexibility as part of an e-commerce experience — not just transactional P2P. But what makes BuyerQuest's wares different from what Coupa, SciQuest and others are selling? Read on.
Spend Matters welcomes this guest article by Vroozi. As Spend Matters and Vroozi wrote in their jointly produced research paper Declaration of the New Purchasing: A Buying Manifesto: “Always-on” connectivity and visibility into activities will yield step change improvement in how and what we buy. The era of “booting up” or “launching” an application to conduct activities is dead. Always-on connectivity means activities will follow us, such as receiving alerts on a smartphone or mobile device rather than having to log in and access a dashboard. This will change procurement activities and buying by providing insight based on role, location and need into different sets of activities and speeding up all processes, from approvals for requisitions to contract implementation that will allow us to implement savings more rapidly after sourcing events.
Where we’re going, we don’t need roads – a webinar will do just fine. Jason Busch, founder and managing director at Spend Matters, teamed up with Vroozi for a recent research paper on the future of procurement. Now, that research paper has a nifty little webinar companion of the same name. Join us next Thursday, June 18 at 10 a.m. CDT for the webinar, Declaration of the New Purchasing: A Buying Manifesto where Jason and Vroozi will cover procurement technology as it exists today, as well as what we can expect from it in the future. Register today!
Spend Matters welcomes this Sponsored article from Vroozi. There’s an old expression, “Don’t work harder; work smarter.” Old as it may be, this is one of the adages of New Purchasing: The answer to complexity does not have to be more complexity. Is this not the reason for enterprise technology? Organizations adopt solutions that enable their employees to work more quickly, more efficiently and with better organization. Really, this is the same reason that many people adopt technology in their personal lives, as well.
Spend Matters welcomes this guest article by Vroozi. In our personal lives, we use our mobile devices to make purchases and requests for service; why should this stop when we walk (either physically or virtually) through the doors of our workplace? New purchasing means shopping for our business needs the same way that we shop for our personal wants. Think about how you spend your day. Think about how many seemingly mindless, menial tasks you do regularly that are now enhanced by technology. We understand that the majority of these capabilities weren’t even available 5 or 10 years ago. Technology has continuously revolutionized the way we live. It has reinvented the wheel. And technology continues to shape the world of procurement.
Jason Busch, founder and managing director of Spend Matters, has teamed with Vroozi to deliver a new “buying manifesto” for the procurement market as it is today and where they think it will go, moving forward. Declaration of the New Purchasing: A Buying Manifesto outlines 20 concrete examples on the expected evolution of procurement in the years to come. This is an absolute must-read for all procurement professionals. Get your FREE copy today!