Procurement Insights from Nitor

You have probably heard some flavor of the old adage, "There's a difference between just doing things and doing them right."  

It speaks to the importance of being very intentional in our choices and actions versus being satisfied with just making an effort of any size. Often, it's the difference between really being effective in what we do and...well...just "being".  Fact is, we face these kinds of choices throughout our day, in both our work and in our personal lives.

CLEVELAND, Feb. 6, 2018 /PRNewswire/ -- Nitor Partners introduces NitorAurora, a source-to-pay solution bundling the best procurement software with turnkey services designed for fast time-to-value results.

Historically, source-to-pay technology solutions have been out of reach for many mid-market organizations due to high cost and scope. NitorAurora opens the door to these organizations, allowing them to realize efficiencies in their source-to-pay processes.

NitorAurora is also the perfect procurement solution for any size organization looking to take the first step in procurement transformation.

This article was first published by ForbesBrandVoice at https://www.forbes.com/ on April 20, 2017.

Blockchain epitomizes network-centric business, and procurement departments must take the lead exploring its possibilities for supply chain disruption. “Blockchain will radically change how we drive transactions and what procurement does as a profession,” said Robert Kain, Principal Consultant at Nitor Partners. “Being able to create and connect the networks that allow things like digital and mobile payments, bitcoin, data analysis, financial platforms and crowdfunding will create a much faster and secure world where who you are and who you’re dealing with are completely visible.”

One of the nice advantages of consulting for many Fortune 500 companies is the amount of perspective we gain. Nitor has helped build industry leading sourcing organizations in almost every business sector.  Over time, we've taken note of the most common sourcing organization myths in the field, and we're going to bust them one by one...

As a company goes through the process of implementing an eProcurement system, the impact on internal stakeholders is often managed through important Change Management workstreams such as communications and training.  Just as important, but sometimes overlooked, are the external stakeholders - namely, the suppliers who will begin to transact business with the company through the eProcurement system.  Adoption by both of these groups - internal and external - is needed to ensure a successful implementation.

What if you heard from a friend only once a year?  Maybe each year you receive a birthday card to acknowledge your special day, or they call you when they need something.  Do you feel a strong connection/relationship, or is it a case of out of sight, out of mind?

Millions of eyes were glued to the television set when Neil Armstrong first walked on the moon in 1969. So much blood, sweat and tears had been shed to enable that journey.  Years of planning and hard work lead up to this moment, and it was celebrated for all the world to see.  When Armstrong uttered his famous words and placed the American Flag in the ground to commemorate this event, all of the planning became worth it.

"Vision without action is a daydream.  Action without a vision is a nightmare." ~ Japanese proverb

What truly is vision put into action?  In the world of Procurement, the answer is Strategic Sourcing.  As Procurement professionals, we know that the overall goal of delivering substantial savings is enabled through this vital Element. Many organizations source their spend but the first word is often forgotten - Strategic.  Strategic Sourcing is a process-based, data driven, six-sigma oriented methodology used to gather information and identify requirements to best manage and leverage organizational spend.

Diving into Nitor Partners' second element, Category Management, we would like you to consider your Procurement organization and ask yourself the question: "Is it really conducting Category Management?"  This article will pose significant questions for your Procurement team and get to the root of what effective Category Managementt should look like and how it is critical to success. 

So, are you managing your categories effectively or are you only appearing to do so? Are you an impostor when it comes to Category Management, or are you the real deal?