Sometimes, the old way of doing things isn’t better, it’s just outdated. And the way many organizations select Managed Service Providers (MSP) and Vendor Management Systems (VMS) definitely needs a new approach.
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.
As uncomfortable as it may be, procurement needs to hear from unhappy suppliers. In fact, giving suppliers the opportunity to complain or otherwise rate the way they are treated is a vital part of effective supplier relationship management (SRM).
At the start of 2014, independent research showed that less than 50% of large UK businesses were regularly auditing their Tier 1 suppliers on whether they used slave labourers. That figure fell to 36% at Tier 2. Since then, we have seen multi-national buyers advance significantly their efforts to address slavery within their supply chains.
For business and the procurement function the world is a much faster-moving place than it has ever been before. Sit still and you are likely to find yourself left behind by your competitors and suppliers.
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