Procurement should consider, for a moment, how much innovation is created among smaller businesses, regardless of whether they are a supplier to your business or not. Innovation is just as likely to be found in the basement of a PhD graduate’s apartment, or the laboratory of a university, or within a micro start up which is struggling to stay afloat as it is in the labs of a multinational.
While the freelance economy might not change the very heartbeat of procurement, it does allow us to open the door to any type of expertise and knowledge whenever we want it, cost effectively and efficiently.
Cost modelling is, of course, one of the levers that, when utilised correctly, by procurement can deliver the most impressive results. I remember speaking at length to former Royal Philips CPO Neil Deverill about how much he loved should-cost modelling, and how Jimmy Anklesaria of Anklesaria Group, and a should-cost guru, felt it was one of the profession’s secret weapons.
The ability of procurement to squeeze the same year-over-year cost savings out of the same categories and suppliers has diminished, and a more creative and comprehensive approach must be considered to engage financial and tax expertise to continue to drive benefits, according to a recent article.
The Indian Space Research Organisation's latest achievements prove just how far a few million dollars can go and could provide a valuable lesson in procurement and cost-effective engineering to us all.
Research conducted earlier this year into procurement operating models brought to light several worthy insights, but one in particular stood out for me and is particularly relevant to this argument – that the process of change in itself is just as powerful as the end result.
One of our members recently posed a question to the wider Procurement Leaders community: how successful do you find P&L savings, working capital management and supply base simplification as KPIs? And, if they aren’t good metrics, which are better?
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