Source One Round Up: April 28, 2017

Original Post Source

April 28, 2017

Here’s a look at where Source One’s cost reduction
 experts have been featured this week!

RECENT INSIGHTS:
Michael Croasdale, ThomasNet Tom’s Blog, April 26, 2017
The smaller suppliers that account for about 20% of total spend but consist of 80% of the total supply base are commonly referred to as the tail of the supply chain. Optimizing this specific group of spend can be a challenge, but it has the ability to reduce costs and improve the overall performance of the entire supply chain. Source One Senior Consultant, Michael Croasdale, discusses how failing to analyze tail spend and organize it to ensure compliance can have negative effects on any supply chain. Croasdale’s recommendations include establishing preferred supplier agreements, developing a communications plan, and continuing to review tail spend to identify further opportunities. 
Joe Payne, LinkedIn, April 26, 2017
While the capabilities of procurement have expanded since the traditional role was developed, the function is still being treated as reactionary within many organizations. The existing strategic processes are transactional operations that AI is becoming capable of, and could serve as a more cost-effective option compared to Procurement. Vice President of Professional Services Joe Payne explains how Procurement can easily become obsolete to technology if it does not begin to act as a proactive force in an organization that shifts from being strictly supportive to more of function that assists with setting strategy and designing real business requirements. Payne emphasizes the urgency for Procurement to become more strategic or risk becoming obsolete to artificial intelligence systems. 

UPCOMING EVENTS:
The Institute for Supply Management’s annual, international conference is quickly approaching! Next month, over 2,500 global supply chain professionals will meet in Orlando, Florida to attend the four day event. Consultants from the Source One team are looking forward to meeting with colleagues and other industry experts from around the world. ISM2017 features informative sessions, educational presentations, and a variety of networking opportunities for attendees. Exec In, a sub-conference designed specifically for supply management leaders and sponsored exclusively by Source One, is also included as a highlight during ISM2017. The attendees at Exec In act as decision makers in their organization and are invited to take advantage of this opportunity to reconsider processes and plan ahead for their organization, according to the future of procurement and supply chain management.
On the Road to SYNERGY, Corporate United will host regional events welcoming local supply chain professionals to meet and collaborate on hot topics. The series kicks off this summer as CU looks forward to their national SYNERGY conference that will be hosted in the fall of this year. As one day events across the U.S, the Road to SYNERGY builds anticipation for the sessions to be hosted for people from around the country in September. Baltimore, Maryland is the first stop for the Road to SYNERGY in June, and Source One’s team looks forward to joining other procurement and supply chain professionals in exchanging insights, as Source One is featured as a Gold Sponsor of the SYNERGY conference. 
Previously scheduled for the end of March, ISM New York’s Risk Management annual conference has been rescheduled for the June 14th. The agenda will remain as planned, and attendees can anticipate the small sessions that discuss industry trends and expert’s predictions for 2017. Procurement professionals local to the area look forward to the opportunity to regroup after the international ISM conference that will be held in May, just less than a month before. Source One’s procurement and supply chain team are looking forward to this regional event, and collaborating with other industry leaders following the ISM international conference.

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