In the second part of our Value Based Procurement series, I am joined today by former CPO & Founder of Supply Chain Advisors Joanna Martinez and Jordan Early of Old Street Labs.
Joanna, Jordan and I explore where to look to find opportunities to create value for our organizations. We discuss a wide range of options, from supplier driven innovation to how to make a stakeholders experience with procurement more streamlined and user friendly.
“For many years people touted that every dollar you save dropped right to the bottom line. It was better to save than it was to sell, because for every unit you sold only a small portion dropped to the bottom line. I think what got missed in that is the fact that you can sell so much more. That sales number can be so much bigger, and add so much more to the company than you can ever save.”
In this episode, you will learn:
- Why we need to shift the conversation with our leadership team from providing savings to providing value
- How can you find an organizational pain point around which we can create value?
- Is Spend Under Management really a metric we should be focusing on?
- Examples of different areas around which we can provide value, including:
- Using technology to enable to frictionless stakeholder experience
- Increasing sales through CSR initiatives
- Facilitating supplier led product innovations
Episode Transcript (PDF):
- Click here to download a copy of today’s episode transcript (PDF).
Links and Resources:
- Subscribe to The Art of Procurement.
- 50 Lessons from 50 Shows: Art of Procurement Free Report.
- Joanna Martinez of Supply Chain Advisors LLC on LinkedIn.
- Jordan Early of Old St. Labs on LinkedIn.
- AOP Episode 59: An Introduction to Value Based Procurement
- LinkedIn post and subsequent article that stimulated the original discussion.
Thanks for Listening!