How To Innovation Value Beyond Savings

082: How to Embrace SMB’s to Access Supplier Driven Innovation w/ Tom Greco & Ed Edwards

As a Buyer, a key factor in my sourcing decisions was the size of the supplier. While it is arguably the greatest piece of marketing of all time, the perception that “nobody ever got fired for buying IBM” was often at the forefront of my mind.

I had a number of reasons for taking this approach. In today’s Art of Procurement, I explore the reality of working with small and medium sized businesses with Tom Greco and Ed Edwards of THOMASNET.com. As we discuss my fears, Tom and Ed give their view on what were based on fact, and which were perception. They then provide guidance on how I could have mitigated the risks that are present to take advantage of the benefits that working with small and medium sized businesses provides.

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“Many of these small to mid-sized businesses were formed by people who left their larger organization because they saw a need, or they saw a niche that they could carve out. They couldn’t get a response from their own internal management to help solve problems, so they decided to just do it on their own, take the entrepreneurial spirit, and solve that problem through establishing a business of their own.”

In this episode, you will learn:

  • Why larger organizations should even consider sourcing SMB’s?
  • How we can mitigate some of the fears that I had when considering SMB’s, including:
    • Financial health
    • Ability to pass risk assessments and have sufficient insurance and business continuity plans
    • Depth of resources necessary to manage peaks and troughs in demand
  • What SMB’s fear when working with larger organizations
  • What procurement professionals can do to better facilitate the use of SMB’s

Links and Resources:

About the author

Philip Ideson

Philip Ideson is passionate about the role that procurement professionals and leaders can plan in creating competitive advantage for their organizations in ways that go beyond the traditional value proposition.

Philip founded Art of Procurement as a way for the procurement community to learn from each other, increasing the impact they have on their organizations. In 2017, he co-founded Palambridge, a virtual platform of procurement experts, technology, and intelligence. Palambridge provides a broad range of flexible procurement solutions, available on-demand.

Prior to Art of Procurement and Palambridge, Philip enjoyed a career that spanned the procurement value chain, working across three continents for organizations such as Accenture, Procurian, Ally Financial, Pfizer and Ford Motor Company.