Author Archives: Daryl Hammett, ConnXus



Supplier Risk & Ethics Analysis: Time to Get Started

For many buying firms, the quality of goods and services are contingent on their suppliers. Suppliers can indirectly impact brand perception from business to consumer. While delivered goods can be inspected through quantitative metrics, there are a host of other metrics that firms should track related to their vendors, including risk and ethics.

Unconditional Procurement with Cybersecurity

In the global supply chain landscape, threats to cybersecurity are increasing exponentially. Fortune 500 companies have seen sensitive information exposed because hackers have targeted their vendors and business partners, which are organizations that might not be as secure as their corporate buyers. Every supplier and business partner becomes an added risk.

Working with global companies large and small, one of the biggest opportunities that I’ve observed is managing multi-tier suppliers and mitigating risk. We can support all of our suppliers through secured technology and the principle of “unconditional procurement.” What does that mean? By “unconditional,” I mean an unrestricted approach to procurement.

Putting the ‘Relationship’ Back in SRM

contingent workforce

At ConnXus, we’ve worked with countless buyers and suppliers — ranging from global fortune 500s to small and diverse businesses. One of the biggest opportunities we consistently see between buyers and suppliers in the B2B space is the ability to boost supplier relationship management (SRM). Successful SRM is a pivotal milestone in maximizing the value of your supply chain. Developing relationships with your suppliers can help foster collaboration, drive innovation and impact your bottom line.

Enabling Supply Chain Mobility: The myConnXion Revolution

Having officially launched myConnXion yesterday, our team is thrilled to invite buyers and suppliers to connect. A key factor behind our innovative technology lies in the ability to integrate the process into your current sourcing strategy. We mobilize supply chains to compete faster and better in today’s global economy. Many procurement teams are deeply entrenched in legacy enterprise software and business processes, which are often not enough to manage today’s data type and quality, supplier relationships and business risks. Having a supply chain capable of movement and adaptability has become vital to the success of an organization’s business operation. Adding velocity to your supply chain starts with sustainable sourcing.

Back to the myConnXion Future: Connecting Buyers and Suppliers

digital business transformation

As disruptors in the supplier management space, our team set out with a simple task: understand the challenges suppliers face, so we can help them better collaborate with buyers in global supply chains. We started hearing from many small and diverse businesses that it was difficult to engage with large corporate buyers. As a small, minority-owned business, we’ve faced some challenges ourselves, but wanted to confirm our thoughts with general findings from other organizations. To gather these insights, our product innovation team conducted a focus group with buyers and suppliers and received some interesting feedback.

Procurement Begins with Sourcing: The myConnXion Story

To understand procurement and sourcing as a buyer, we must start with the supplier. Small and diverse businesses are often cited as being more nimble, innovative and cost effective, but are often most strained in resources. Suppliers have to register their profiles with many different buyers (sometimes paying to do so, for buyers who adopt the pay-to-play model) and may not even get a contract as a result of their efforts. On the other side, many buyers end up with outdated supplier information and expired diversity certifications, contaminating their supplier database with inaccurate data. Sourcing with unreliable information hampers the abilities of procurement professionals and negatively impacts bottom line.