November 2020  -  Vol.3, Issue 11
, Welcome to the November ProcurePro Newsletter!
 
We hope everyone is staying safe and warm as we head into the colder months! 
WHAT is Strategic Sourcing and WHY CXO's Should Care
 
 
I’m often asked; “what is Strategic Sourcing and how is it different from Procurement and Purchasing? Where does it fit into the supply chain? What’s so strategic about it? It sounds so complicated and unnecessary. Why should I even care?”

What is Supply Chain?

Okay, I’m going to ask for your indulgence for a minute please before we get to the Why. I know you didn’t ask but to better understand Strategic Sourcing, lets first start with what is Supply Chain? Strategic Sourcing, Procurement and Purchasing are merely steps in the Supply Chain. Supply Chain, put simply by my definition, is the process of moving goods and services from the point of origin to the end consumer. The steps in between refer to the links in the chain from product design, source, manufacture to deliver. This is a simplistic description and much more complex but for the purpose of this article, we will leave it there.

What is Strategic Sourcing?

From the above description then we can surmise Strategic Sourcing is part of the Supply Chain however, not yet what it is? Strategic Sourcing is identifying and managing proactively what a company or consumer needs, anticipating or planning for the needs or requirements and optimizing the way to source in a strategic way through category management. The goal is to source the best solution, ensure and mitigate supply risk while saving money. Strategic Sourcing may include; forecasting requirements, analyzing historical purchases, researching the market to determine sources or suppliers to satisfy those requirements and developing a sourcing strategy on how you will acquire the goods or services. Its is the PROACTIVE approach that differentiates it from Procurement.
 
To read the full article click here.
Client Testimonial - Benchmark Corp

Satisfied clients make us happy!  

Recently the ProcurePro team facilitated Procurement for Sales training for the Benchmark Corp Sales team.  Benchmark was a pleasure to work with, was highly engaged and actively participated in open and often lively discussion.  The ProcurePro team received this thoughtful review from one of the attendees following the sessions:   

Benchmark is a software solutions provider focused on open source technology to optimize operations, boost productivity and support scalable growth.  

https://www.benchmarkcorp.com/
Taking a fresh look at temporary-labor sourcing amid uncertainty
 
Procurated for you: Adya Amina, Akshay Goyal, Britta Lietke and Aasheesh Mittel, McKinsey & Company
 
With many industries operating remotely, companies that can implement new processes to harness fluctuations in the temporary-labor market may achieve greater flexibility in the recovery.
 
To continue reading click here
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ProcurePro News & Events

COMING SOON - ProcurePro Learning on Demand! 

Learn from our experts, when you want, where you want, on demand!

“Demystifying Procurement for Sales” is the first in the series, uniquely designed to help Sales Professionals.  Instead of “Dealing with Procurement” learn how to influence strategy and build long-term trusting relationships.  

Stay tuned for more information and our official launch date and introductory pricing! 

Don't forget to check out our customized training options as well. 

Recently our CEO, Jill Button had a chat with Sadie Buddon from Business Talk Radio.  Listen to Jill as she discusses here business ventures and where she plans to take them! 

You can listen here

Here's Your Diploma-Now, Go Fight COVID!

Our CEO Jill Button has recently been a guest host for the podcast "We As Women, Start Talking".

Most recently Jill had the pleasure of speaking with Mackenzie Standfield a recent grad of Ontario Tech University.  

Mackenzie was working toward becoming a Registered Nurse (RN), when she was thrust into her first nursing role in the midst of a pandemic. Mackenzie and Jill talk about the shock of her first role, her fearlessness in jumping in despite the unknown. Protocols she has to follow to protect her patients and of course her family at home. Does she regret her decision to be come a nurse, knowing what she knows now? Finally they talk about a hobby initially taken up as a stress relieving outlet and how that turned into her first business “KenzKrochet” and her unexpected path to becoming a young entrepreneur.

Check out the podcast here:

Spotify

Buzzsprout

Apple Podcast

Follow Mackenzie on Instagram @kenzkrochet

ProcurePro - Did You Know? 

Did You Know ... 

A Negotiations Strategy is your licence to negotiate?

A great negotiation strategy is specific and unique. It includes critical terms and goals specific to the supplier AND client. It takes into consideration unique leverage points, drivers and motivation of each party.

Interested in learning more about what a great negotiations strategy looks like? Contact us today!
ProcurePro would love your feedback!
 
Are there Procurement and Supply Chain topics you would like to see more information and articles on? 
 
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Questions?
 
Please email us at info@procurepro.ca or visit our website. We're always happy to talk or answer any questions you may have about procurement, competitive bids, negotiations and more.
Call us at: 416-505-8698
 
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