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Three Ways to Tame Risk in Franken-Sourcing

Ghosts, goblins, and ghouls may be frightening, but they’ve got nothing on these sourcing horror stories! Read on to revel in the terror of Sourcer-ors past and find out how you can tame lurking risks and SPARK your sourcing back to life.

“I CC’d every supplier on my RFP invitation instead of BCC’ing. So much for anonymity in the bidding process. I triple check all of my supplier emails now, but that one still keeps me up at night.”

— Category Manager, Consumer Packaged Goods

“Accidentally sent a supplier their competitor’s price list. On a multi-million dollar sourcing project. Needless to say, the supplier was not happy. Supplier email chains are the bane of my existence (although for the record it wasn’t me, but someone on my team).”

— Category Manager, SaaS Provider

“We [Marketing] decided to source our own custom pouches for an executive event. When they arrived, they were the size of a quarter and the logos had completely rubbed off. We definitely learned our lesson to do a better job vetting suppliers before signing off on an order.”

— Marketing Director, Technology Company

Unlike the mini monsters, ghosts, and fairy princesses that ring your doorbell on Halloween, these spooky sourcing stories are all real, and odds are, you’ve weathered your own share of sourcing horrors yourself. You know how it goes. After sending out your RFP and receiving countless excel spreadsheets, PowerPoints, PDFs, and email replies, you are tasked with stitching these disparate responses together into a vaguely recognizable form and heaving your project into existence. The result? An inefficient and lumbering beast of a process that wreaks havoc on your sourcing efforts. 

Franken-source no longer! It’s time to crack open your spellbooks, polish your wands, and see the light at SPARK 2020 – Scout’s annual customer conference that connects procurement professionals from all over the globe. This coming February, learn how to put the SPARK back into your sourcing from industry experts like Anaplan’s Sarah Toomey, Dr. Elouise Epstein of A.T. Kearny, VSP’s  Siddharth Ramesh and Monica Perez, Mark Raffan of Negotiation Ninja, and many more. With so many custom sessions to attend, level up your knowledge of collaboration, innovation, and transformation and take your procurement processes away from the dark side once and for all. 

Put Down Your Pitchforks and Pick Up Your Stake(holders)

As a sourcing professional, you are responsible for nurturing relationships with both your stakeholders and your suppliers. Reduce risk of unexpected spend by collaborating early and often with your stakeholders so you don’t get caught by surprise. At SPARK, you will hear experts talk about cross-functional collaboration and best practices for navigating hairy negotiations. The SPARK conference itself is also an incredible opportunity for you to connect with the greater sourcing community and share your own sourcing spells and perspectives on the rapidly evolving procurement industry. 

Resurrect your Sourcing with Electrifying Innovations

At SPARK, learn how to choose and roll out the right solutions for your organization, how to combine technology and strategy for better negotiations, and how data-driven procurement benefits your organization. The better your data is, the less risk you’ll face. Innovation isn’t only about technology, however it’s also about how to get creative when you are sourcing in unique industries or when you have specific requirements – like an aversion to daylight and garlic – that you must work around.

Transformation: It’s Not Just for Werewolves Anymore

Lastly, concoct strategies to take your sourcing department from zero to hero and position yourself as a strategic partner to your business. The first step to any effective transformation is ensuring you’ve assembled a crack team of sourcing avengers. Find out how to build talented and dynamic procurement teams who will champion change within your organization, reducing your overall risk profile. In addition, you can learn how to build consensus for change management among your stakeholders and find out how to implement ongoing training to ensure that your transformation initiative doesn’t turn into a pumpkin when the clock strikes midnight.

This Halloween, while you’re crafting your costumes and gobbling up candy, don’t forget to register for SPARK 2020 and finally put an end to your franken-sourcing. At SPARK, there are only treats (no tricks!) lined up, so get ready and have a happy Halloween, Sourcer-ors!

Michaela Dempsey | Tags: , , ,

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