SRM That Drives Performance And Unlocks Value

Bringing procurement tech to life and ensuring a solid ROI

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What's Hot, and What's Not in Procurement Tech 2024

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Remember, successful SRM is a two-way street. Regular communication, performance reviews, and a genuine interest in your suppliers' success are key. Let's move beyond transactions and build lasting partnerships that propel us toward shared prosperity! 💼✨ #SRM

8. Ethical and Sustainable Practices: Shared values in ethical and sustainable business practices strengthen your brand and contribute to a positive industry image.

7. Long-Term Stability: Cultivating enduring relationships establishes a stable foundation. This longevity reduces the risk associated with frequent changes in supplier networks.

6. Flexibility and Agility: A trusted supplier is more likely to adapt to your changing needs swiftly. This agility is a competitive advantage in dynamic markets.

5. Innovation Catalyst: Suppliers often bring valuable insights and innovations to the table. A close relationship encourages the exchange of ideas, driving continuous improvement.

4. Cost Efficiency: Over time, collaborative relationships can lead to cost efficiencies. Streamlined processes, joint initiatives, and negotiated terms contribute to mutual financial benefits.

3. Quality Consistency: Strong relationships foster a shared commitment to quality. Suppliers invested in a partnership are more likely to consistently deliver excellence in products and services.

2. Risk Mitigation: A robust relationship acts as a buffer in times of uncertainty. Open communication enables quick responses to disruptions, safeguarding your supply chain.

1. Strategic Partnerships: Elevate your suppliers from mere vendors to strategic partners. Collaborate on shared goals, innovate together, and ensure mutual success.

🤝Building Bridges, Not Just Transactions: The Power of SRM 🌐 In the realm of procurement, the value of robust supplier relationships cannot be overstated. Here's why nurturing strong ties with your suppliers is more than just a good practice—it's a strategic imperative. 🚀

🎙️New Episode This week’s guest is Sam Clive from Rosslyn, who shares initial results and findings from their recent trials using Generative AI to perform complex spend classification. It's been slow progress to accurate levels of AI-driven classification. Are we there yet? ⤵️

Category Strategies: Done in Hours, not Days or Weeks!

James Meads created this poll to know what are Procurement Leader's biggest challenges when considering an investment in Procurement Tech.⬇️ Let's start this discussion... How do you think we could stop these teams/companies from being resistant to change?❔

What are your go-to procurement success metrics, and how have they made a difference in your organization? Let's share insights and inspire each other to achieve procurement excellence! 💼 #ProcurementSuccess #KPIs #SupplyChainMetrics

🔟 Stakeholder Satisfaction: Happy stakeholders mean smoother procurement processes. Regular feedback and surveys can help gauge satisfaction.