You’ve heard the phrase “back to basics” countless times. And it’s an incredibly misleading message: That basics somehow equates with “regressing.” Nothing could be further from the truth. Honing your basic skills and knowledge is about improving, moving forward, excelling. Ask any top musician, athlete or craftsperson — basics make you better.
Consider compliance. Pretty basic, right? But how well does your procurement team do at sticking to the script? Kelly Barner of Buyers Meeting Point offers her usual sage advice for you cat herders out there — professionals who have to deal with “those buyers” who, for whatever reasons, just go rogue.
Dovetailing with that topic is a primer on the benefits of having a solid spend management practice. Again, it seems pretty basic, but that doesn’t necessarily mean you’re doing it right. There are a lot of moving parts, and if you haven’t checked in with how tight your strategy and processes are, then you might find a lot more drift at the margins than you thought.
Another vanilla skill that often gets overlooked from a basics point of view (often because “that’s how we’ve always done it” rears its ugly head), is contract management. A lot of organizations have contract templates and a library of clauses that have been in use for probably too long. And/or a contract process that generally works so no one thinks too much about it. But there is nothing more basic — or critical — to an organization than the quality of its contracts, and by extension, the contract workflow process. The potential impacts to your business in terms of risk, cost and resources demand getting the basics right.
There is a lot more to catch up on from the month gone by, so before Summer kicks into full swing and you get completely taken in by Coney Island of the mind, read, download and listen to the resources in June DetermiNews below:
Don’t herd them; let them be heard. Read On >>
Supplier-centric sourcing drives results. Read On >>
Don’t be distracted by bright, shiny objects. Listen In >>
Get your budget process down. Read & Download >>
Generate value with seamless contract workflow. Read On >>
Spend management can fatten up profits. Read On >>
Bring compliance in earlier in the process. Read On >>