In between presenting this morning at Tungsten Insights 2015, and facilitating a panel discussion later today with suppliers on supplier networks and e-procurement solutions (or marketplaces), I sat in for a breakout session led by Selina Yankson, head of campaign management for Tungsten. Selina shared a number of items in her “secret sauce” to maximizing supplier enrollment. She also talked about new approaches Tungsten is taking, as well as enrollment components of Tungsten’s next generation supplier portal. We’ll leave the details of the portal for future analysis as well as some of the key lessons learned over the years in scaling global programs. But here are a few of Selina’s quick tips that jumped out from her talk.
Category Archives: Suppliers
Supplier diversity – do procurement organizations really know what all it entails and how to tackle or implement such a business program? Thomas Kase discussed this issue and shared insights he gleaned from the recent ISM summit on the topic, on Spend Matters PRO earlier today. The article, How Should Procurement Tackle Supplier Diversity? Lessons from the ISM Summit, offers information on what procurement's role is in supplier diversity, what it means and provides recommendations on how to successfully run a supplier diversity program. He also provides lessons learned from the ISM Supply Chain Diversity Summit in Atlanta in February.
Today we conclude our Q&A series with Taulia’s new CEO Cedric Bru. Spend Matters recently had the chance to ask Cedric some questions about his new role at the Saas financial technology vendor, the company as a whole and his take on the market. (You can check out Part 1 and Part 2, as well.) To wrap up our discussion, we ask Cedric for some of his expert advice.
Spend Matters welcomes this guest article by Mike Robertson, managing director at POD Procurement. What is the function of procurement? It's an emotive question that generates a plethora of answers. Fundamentally, let us assume, “Procurement is responsible for spending the profits of the organization in procuring goods and services to address the business requirements.” What is the value of procurement? Again, it's hard to quantify depending on who is answering the question, but let us assume it is to “maximize the value of what the business procures,” or to it simply “to spend wisely and save as much as possible.”
Regardless if the US government's SupplierPay initiative is successful or not, many Global 2000 corporations have developed a menu of early pay solutions. Buy-side techniques are centered around payable finance methods. Purchase-to-pay, e-procurement, e-invoicing and supplier network propositions are becoming more established together with early pay finance techniques. Large global corporations that use these networks to manage suppliers will enable their suppliers to receive early payment.
Beyond core P2P enablement and related areas, companies focus on supplier enablement for a variety of reasons. For one, such programs are increasingly driven by regulatory compliance or related sets of laws or industry constructs and expectations. Read on to see why, on an overall basis, the majority of supplier enablement programs center on the sourcing and management of supplier information.
July will mark one year since The White House introduced the SupplierPay initiative, which aims to benefit small businesses in not only getting paid faster but also in receiving access to lower cost outlets of working capital when working with larger corporations. Where are we now with this initiative? Which direction is it trending? Join David Gustin (Trade Financing Matters) and Eyal Rosenberg (Nipendo) for the webinar, The White House, SupplierPay, Early Payment Opportunities, and You on Thursday, Feb. 26 at 12 p.m. CST. Register here.
My new L.L. Bean wool, insulated coat was going to be great. Or so I thought. At nearly $230, I expected a quality item. What I got was a broken zipper, a $45 tab for replacing it and a less-than-helpful customer service representative. Eventually, they got it right, reimbursing me for the replacement zipper. But the whole experience has turned me off to the brand. And who knew a zipper - such as low cost component - could have such an impact?
In our P2P travels over the years, we’ve identified 3 common (and distinctive) approaches to enable/integrate suppliers in a P2P environment. These present various pros and cons, and generally speaking, it’s important to take an approach that leverages all 3 models based on supplier size and sophistication. What are these 3 approaches? Read on...
Our fearless compatriot David Gustin at TradeFinancing Matters recently attended a White House meeting on the SupplierPay initiative. David is one of the world’s leading experts on trade finance, and The White House was smart to invite him to share his insights. For my part, I’ve had a few discussions with the US Small Business Administration tasked with running SupplierPay. The people at the SBA were very interested in the financial supply chain study that I did with ISM and with my other research analysis findings on how extending payment terms statistically correlates with lower enterprise value. More specifically though, I’ve reviewed the draft set of metrics that SBA is thinking about implementing with the program, and I provided it some detailed feedback.
For IT Hardware Savings, Look at Services and Support – More on the Accenture Q3 2014 Spend Trends Report
CIOs – and more recently procurement executives – have been chasing IT hardware cost savings for years . Having been involved in IT sourcing projects earlier in my career – actually for a large OEM – I can attest to the often advanced market design elements that goes into the typical sourcing or category decision involving large hardware buying efforts. But might services be a better place to look for savings? Accenture's recent Q3 Spend Trends Report suggests that the opportunities for savings from third-party hardware maintenance are often significant – and have not necessarily been fully explored.
David Gustin of Trade Financing Matters was in Washington, D.C., last week attending and presenting at The White House’s SupplierPay session. We talked to David about how he became involved with the initiative and what insight he shared with the many professionals from various organizations and government agencies who took part in the event.