Vendor-managed inventory programs aren’t new, but many companies still do maintenance, repair, and operations supply management the old-fashioned, tactical way. It is inefficient and costly compared with the automation and accurate inventory record-keeping of VMI.
The tactical focus of driving down costs in supplier management has worked historically, but times have changed. Today, supplier management is about innovation and collaboration, to mitigate risk, rationalize complex supply networks, and differentiate among saturated competition.
Businesses often lease rather than own their vital equipment, whether it’s a construction company, restaurant, or medical facility. Leasing allows companies to lower their initial capital investments and other costs.
Whether managing costs, quality, or continuity, for procurement it’s all about the relationship -- with management, stakeholders, and, perhaps most important, suppliers.
That’s the word from Eric Walsworth, director of supply management at … [Read More...]
[Editor's Note: The following article is an excerpt from the upcoming book Supply Market Intelligence for Procurement: Research, Processes, and Resources co-authored by Jeanette Jones and Kelly Barner.]
Supply market intelligence adds a … [Read More...]
The importance of organizational compliance is not new to supply professionals. They have been and continue to be responsible for their organizations’ internal compliance to accounting standards. These standards ensure that … [Read More...]
One stormy evening on a business trip, in a lonely hotel room somewhere far from home, Ken Syme thumbed through the local newspaper and stumbled upon a challenging quiz. “It was a rainy, miserable night without much to do,” said Syme, who had … [Read More...]
“Data! Data! Data! I can’t make bricks without clay!” -- Sherlock Holmes
The importance of good data cannot be overstated. Good data guides the decision-making process in any single endeavor, ensuring that information is on hand to direct … [Read More...]