NYC Sourcing Leaders: Make Money, Save Money

The Big Apple. Gotham. The City So Nice, They Named It Twice. We could go on and on, but you get it: New York is a city of many names — and with NYC Sourcing Leaders (NYCSL), our goal is to put faces to names in its sourcing sphere.

For the second meeting of NYC Sourcing Leaders, we met at the offices of NYCSL founding member MDC Partners. Surrounded by some of New York’s most iconic views – Central Park, The Plaza, and other uptown landmarks – we mingled, we got to know each other a bit better, and we learned crucial insights from sourcing leaders.

Brett Colbert, Chief Procurement Officer at MDC Partners, took the presentation reins this time. After outlining two KPIs — make money, save money — that all sourcing teams can stand by, he dove into the top priorities for successful procurement operations:

  1. Improving the stakeholder experience: Not only does raising stakeholder satisfaction build trust, it also allows you to take on higher-value work. Hone in on areas with both the highest demand and also the most potential to contribute to company revenue.
  2. Orchestrating a procurement-as-a-service portfolio: Rebrand the procurement organization to increase awareness and influence. By streamlining the partnership so that it’s closely aligned to primary stakeholders, you can react quickly together to changing requirements.
  3. Setting a foundation of analytics-driven insights: The next generations of analytics (“big data”) are key enablers — and must be taken advantage of. It’s up to procurement to reverse mentor, train business partners, mitigate risk, and deliver new forms of market intelligence.
  4. Leveraging technology to accelerate transformation: You can’t achieve digital transformation without the right technology. To do this successfully, procurement must find the right mix, build flexibility into the roadmap to take advantage of emerging technology, and, crucially, lead by example.

And of course, no list of business priorities would be complete without the most universal of them all:

After all, one of the primary goals of the enterprise as a whole is to make money, save money — and sourcing is a critical partner to achieving that.

We’re already looking forward to the next NYC Sourcing Leaders meeting — and the more the merrier! Click here if you’d like to learn more about the group or are interested in joining.

Sean Michael | Tags: , ,

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