Supplier diversity was initially promoted as corporate stewardship for the disenfranchised. Today, it’s considered a competitive advantage. Changing work demographics and emerging markets compel businesses to invest in supplier diversity programs. Yet, most organizations are unable to measure and report on their efforts.
Supplier management encompasses the entire end-to-end procurement process. Getting the most out of our external supply partnerships requires consistent investment in supplier qualification and onboarding, supplier information management, supplier relationship management, and supplier risk and performance management.
Organizations are starting to adopt a new attitude when it comes to their suppliers – treat them like customers. This seems basic, but the truth is, supplier management is evolving fast; it is critical not only to catch up but to get ahead of the curve.
We don’t know about you, but when we think of April – we think Spring. The birds chirping, flowers blooming, green grass, incessant rain (yuck), and summer in our sights! Spring is a time for growth and for change; a beautiful transformation, if you will. This month’s resources stayed true to theme – focusing on the transformation and future of procurement, source-to-pay insights, and even our own evolution as Determine began its new chapter as a Corcentric company. DetermiNews gives you a jump start on spring cleaning your business processes for the sunny days ahead.
Amazon recently announced that they will open a “traditional” grocery chain. This is in addition to their 2017 acquisition of Whole Foods and their experimentation with Amazon Go, a fully automated (i.e. cashier-less) convenience store-style market. All three will meet a similar kind of consumer need, just in a different way. This will likely result in the creation of three completely different cost models and profitability rates – not to mention three very different procurement and supply chain operations.
In the not too distant future, quick and dirty financial gains will no longer be the only value-creation lever considered to evaluate buyers and their performance. So long Savings…the new challenge facing buyers will be the multiplication and diversity of the objectives and KPIs to which they will be held accountable.
Last week, Determine (yes, that’s us!) was officially acquired by Corcentric. Founded in 1998 and based out of Cherry Hill, New Jersey, Corcentric is a leader in procurement and finance solutions that strives to provide a competitive advantage to organizations, enabling them to reduce the cost of growth and, in turn, empowering them to do more for their customers, employees, and the world. Oh – and they have quite the track record, too. Continue Reading
In a recent webinar, Sophie Pope and Ollie Young, a Senior Solutions Engineer at Determine, addressed The 5 Ways a S2P Platform Helps Create More Value for Your Organization. They discussed the differences between source-to-pay point solutions, platforms, and what they called ‘Frankenstein’ platforms. Yikes!
Procurement has been trying to make changes to our processes, priorities and brand identity for years. Our suppliers want us to be more open to contact and out-of-the-box ideas. Our internal stakeholders want us to move faster and to let their input play a larger role in supplier selection than RFP performance. Distributed buyers want speed, convenience and autonomy. Finance wants more savings that they can trail all the way to the bottom line, and marketing and HR mostly just want us to go away.
Understandably, many people get caught up in all the madness that comes in March. We hope your brackets didn’t get too busted up. But whether your focus was on basketball or on driving your business success, you may have missed a few of our blogs and resources this month. DetermiNews is here to make it easy for you to get up to speed.
Meeting supplier diversity objectives can help reach larger corporate objectives, too! Supplier diversity was initially promoted as corporate stewardship for the disenfranchised. Today, it’s considered a competitive advantage. Changing work demographics and emerging markets compel businesses to invest in supplier diversity programs. Yet, most organizations are unable to measure and report on their efforts.
A conversation with Anéliya Riminchan, Product Director of Sourcing for Determine, a Corcentric company Supplier management encompasses the entire end-to-end procurement process. Getting the most out of our external supply partnerships requires consistent investment in supplier qualification and onboarding, supplier information management, supplier relationship management, and supplier risk and performance management.
How supplier management is impacting organizations more than ever. Organizations are starting to adopt a new attitude when it comes to their suppliers – treat them like customers. This seems basic, but the truth is, supplier management is evolving fast; it is critical not only to catch up but to get ahead of the curve.
We don’t know about you, but when we think of April – we think Spring. The birds chirping, flowers blooming, green grass, incessant rain (yuck), and summer in our sights! Spring is a time for growth and for change; a beautiful transformation, if you will. This month’s resources stayed true to theme – focusing on […]
