Click here to read Part 1, Part 2 , Part 3 in the series.
Here is a rundown of my key takeaways from Day 2:
Transformation in sourcing is not only possible, it is happening! The resonating theme of day 2 was ‘delivering sustainable value.
‘ Sourcing and procurement professionals were proactively addressing how to engage and partner with their businesses to facilitate far more than just cost savings.
Tackling hidden risk
Imagine if you were audited on all non-employee worker access, background checks, and start/end dates, could you simply run a report with all the answers? Discover and Beeline presented on that very topic that inspired procurement leaders to tackle managing the previously underserved spend area of outsourced workers (janitorial, dining, facilities, maintenance).
Partnering not policing
When working with business partners in legal and finance, don’t go in with a preconceived plan of attack such as, instituting discount programs or renegotiating rates. It is advised to sit with the legal team to understand how their processes work and how they engage with outside council. These meetings will reveal opportunities to reform the pricing models and educate on the implications of discounts, holdbacks, incentives, and risk sharing rather than cut rates or institute discounts, which get refactored into rates. Sourcing has the knowledge and experience needed to help legal unbundle legal services and match resources to tasks and apply greater attention to process.