Procurement Insights from Nitor

Strategic Sourcing Checklist for the New Year

Posted by Artellia Warren on Nov 27, 2018 9:07:17 AM

December is almost here…the critical planning season.  Organizations are budget planning and goal setting for 2019. 

Typically, this is when leadership starts to challenge Procurement for savings targets, value forecasts and projects for inclusion in budget and resource planning.

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Topics: strategic sourcing, procurement consulting

Chasing the Cheese in the Ever-Changing World of Procurement

Posted by Artellia Warren on May 7, 2018 12:40:44 PM

Finding long-term success in the ever-changing world of Procurement can be a difficult task and often a moving target: markets, suppliers and internal business needs constantly shift, quickly making the winning methods of the past obsolete for maintaining future success. Many organizations have matured beyond traditional procurement measures that produced big wins via low-hanging fruit opportunities, however many still lag behind wondering, “who moved the cheese...again?” Today’s continuously evolving marketplaces demand a fresh perspective, sharp eyes, and the ability to adapt to change. Just as Spencer Johnson’s infamous book teaches us to “move with the cheese,” for Procurement leaders this same philosophy remains true: Adapt. We’ve compiled the top questions every CPO should be asking as they navigate the procurement maze to get and keep the cheese (also known as best total value) for their organizations.

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Topics: procurement consulting, strategic sourcing

Empowering Organizations to Create Sustainable Value

Posted by Gary Stoddard on Dec 19, 2017 11:14:56 AM

Empowering Organizations to Create Sustainable Value - The Need for a Holistic and Integrated Procurement Environment

Gary Stoddard is a Partner with Nitor Partners, whose single focus is empowering clients to achieve Source-to-Pay excellence. Dawn Tiura, CEO and President of Sourcing Industry Group, got together with Gary recently to get his thoughts on creating sustainability and the need for an integrated procurement environment.

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Topics: procurement consulting, strategic sourcing

Reverse Auction: Friend or Foe?

Posted by Phil Przeklas on Jul 6, 2017 10:19:31 AM

This article was first published by Outsource at http://outsourcemag.com on June 29, 2017.

Procurement organizations have been using reverse auctions in sourcing events for decades as a means to reduce spend, introduce new vendors into the supply base and remain competitive in the market. While reverse auctions have flourished since the mid 1990’s, they have also been heavily scrutinized. Trends like reverse auctions have forced suppliers to adapt to competitive business practices or become inconsequential. As procurement tools become more streamlined, practices like reverse auctions are more commonplace in sourcing events; however, they continue to harbor negative connotations. Amidst this controversy, buyers and suppliers continue to see benefits from reverse auctions, but the myths surrounding this mode of buying power prevail:

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Topics: strategic sourcing, procurement consulting, reverse auctions

May The Force Be With You...force majeure in challenging global markets

Posted by Artellia Warren on May 31, 2017 10:19:49 AM

For Star Wars fans everywhere, although force majeure is French for a “superior or great force,” we are not referring to the famed energy field that gives the Jedi their power and binds the galaxy together. In the world of business and contracts, force majeure is actually defined as an extreme event beyond the control of an obligated party that prevents performance under a contract.

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Topics: strategic sourcing

On Your Mark, Get Set, Go! The Order Matters!

Posted by Mark Dorow on Mar 17, 2017 9:56:22 AM

Races have a starting line and a finish line. Whether running a sprint, in a Formula One race car, on a thoroughbred horse or in a homemade soap box derby car - the same fundamental premise applies: get off to a great start, run an effective race and get to the finish line in the quickest way possible.

Races begin with the announcement “ON YOUR MARK; GET SET; GO!” or some variation of this timeless announcement. The key is that racers are provided direction as to when to find their mark (starting point) and get set (a time to prepare). These stages leading up to the “Go!” moment are crucial to an effective start.

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Topics: strategic sourcing, Supplier Management, procurement consulting

Seasonal Staffing: Strategic Sourcing and Contingent Labor

Posted by Gary Stoddard on Feb 13, 2017 2:00:14 PM

Many business cycles have a “season.” In retail, the holiday season is a make-or-break occasion. 

In the world of accounting, tax season provides the heaviest workflow. Some business seasons follow the school calendar (travel and school supplies) and others the seasons of the year (construction or HVAC repair/sales).

The best part of seasonality in business is it is predictable.  

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Topics: strategic sourcing

Top 5 Sourcing Organization Myths - Busted!

Posted by Lynn Barras on Sep 29, 2016 9:55:30 AM

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...

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Topics: strategic sourcing, procurement consulting

Retaining Value Through Contract Management

Posted by Lynn Barras on Aug 9, 2016 11:18:30 AM

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.

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Topics: strategic sourcing, procurement consulting

How To Transform Your Sourcing Daydream Into Reality

Posted by Lynn Barras on Jul 12, 2016 12:28:48 PM

"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.

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Topics: strategic sourcing, procurement consulting

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