Whoever said that business needs to be a carnivorous affair? We don’t need to be chewing up our suppliers and spitting them out like fishbones!
The flywheel then serves as a model to be mirrored in the everyday operations of an organization or team. With persistence and will, continuing to push forward a flywheel, that works, ultimately results in catapulting an organization or function towards greatness, and an utterly unstoppable forward momentum.
Procurement is a business function that has undergone a lot of change in the last few years. Due to globalization, growing consumer demands on transparency, the pertinence of sustainable development and technological advancements, procurement and supply chain professionals have been highlighted as an integral part of their organizations.
Your procurement team is too old; face it. And, they’re not getting any younger. But, there’s a new wave of talent on the way in, and they’re about as blue eyed and bushy tailed as they come.
Millenials’ talent and knowledge may be contemporary, but their competencies aren’t as superior as they’d like to believe.
Supplier bases are a great source of potential innovation. But, unlocking collaborative supplier innovation requires clearly defined strategies and operations by a sourcing, procurement and/or purchasing team to ensure that suppliers’ competencies are being leveraged to their fullest potential.