Strategic Sourcing in the Summer
It’s finally here, the summer of 2020! – Cue singing…. Summer, Summer, Summertime – sing it, DJ Jazzy Jeff & The Fresh Prince!
The world has changed, and we’ve changed with it. So are you ready yet to take a summer vacation? Or are you focusing on executing new strategic plans to ensure your corporation’s success?
Either way, find out what’s heating up for Strategic Sourcing and Procurement this summer!
A Procurement Picnic
The world has seemingly turned upside down for the first five months of the year (not only for procurement and strategic sourcing), so what’s left to do? Have a picnic of course! Now that we can finally go outdoors and enjoy the fresh air, let’s celebrate!
Since we’ve been locked up with no end in sight, most meetings, conferences, and events have turned virtual. This means any organization that initially planned to have a webinar, virtual conference, or meeting is ahead of the curve (ahem, Procurement Foundry, and their virtual conference).
It also means the demand for a software system (outside of zoom) for live streaming executive events is surging. With few barriers to entry and so many players in the market for av production and streaming, the buyer has the advantage.
So if you are in the market for a new live streaming / av platform, negotiation power is in your hands!
And as the lock-downs and city re-openings continue globally, the travel industry will hopefully begin to bounce back. Hotels, travel agents, airlines, and other cities and businesses reliant on tourism have recently taken a hit. But don’t get excited just yet.
For the end consumer – you might be able to find some fantastic deals. From a corporation standpoint, don’t get too excited. These industries have been hemorrhaging billions of dollars in the past few months.
I just read an intelligence report saying that they won’t be offering any deep discounts or perks – mainly the airlines. With a projected yearly loss from IATA.org of almost $100B with a -23% margin, they are doubtful to dig deep to offer additional pricing concessions.
The good news is that they are planning to increase flights in mid to late summer. With that, once again, we are going to see an increase in corporate traveling. So hopefully, with this increase, some of the furloughed workers in that industry will be recalled. Business travel will especially be reliant on travel agencies to help guide them.
And when they are, you can rest assured they will be getting loads of questions and calls about PPE Travel Kits and traveling in this new era. I know a lot of different companies are trying to stay ahead of the curve by ordering branded kits for their employees, but I don’t think it will stop there.
There are sure to be new travel policies in place when the workforce returns, so be prepared to deal with new restrictions and policies.
A Strategic Sourcing Sizzler
A lot is heating up this summer in strategic sourcing, including new businesses and acquisitions. I’m sure there are going to be a few surprising sizzlers out there, by the time school is back in session. But until then, here’s what is firing up the summer grill season.
From one of my favorite Procurement Peeps (Kelly Barner) – her company – Buyers Meeting Point just announced the acquisition of MyPurchasingCenter. It’s a website designed to provide procurement professionals with the information required to keep their companies competitive in a dynamic global marketplace.
Also, heating things are Daniel Barnes and his new site – World of Procurement. Just starting this new forum and podcast, he’s been like a thrown a gallon of lighter fluid and set his site ablaze. So watch out for lots of exciting content here!
I was lucky enough to be part of one of his first podcasts, so check it out!
Now on to something I think will be sizzling for the summer, born from the COVID-19 outbreak.
Leave to the suppliers to figure out a cool new tool to add to your key chain that will help reduce your exposure to germs in opening doors, entering in pin codes, and more (picture to the right)! Not to mention, you can slap your company’s logo on it. You’ll have a great new promotional piece everyone will want! (I know I do!)
Thanks to my favorite promotional supplier – JR Hart for finding and sourcing this (please reach out to him if you are interested)!
A Category Management Menagerie
In the spirit of sharing, I’ve got a couple of strategic sourcing webinars/events I’m attending and a few I am also speaking at!
6/25 – ProcureconMarketing Virtual (Registration Link)
Although they may be holding a live conference (hopefully) at the end of the year in Seattle, I’m looking forward to this virtual event. Being able to pop in and out is a fantastic thing for a free conference!
7/15 – Marketing Procurement Day (ANA.net) – I’m actually on the panel for an in-house agency and can’t wait to speak for the first time for ANA!
This virtual half-day conference will focus on the value and positive contributions of marketing procurement and cover topics such as transparency, production management, agency relationship management, and more.
( And even if you aren’t a member you can join for a small fee.)
7/16 – Procurement Leaders – A webinar that I’m a part of and super excited about. I will be sharing the spotlight with the famous Sarah Barnes-Humphrey from Let’s Talk Supply Chain! We will be talking about personal branding for women procurement leaders!
(I will update with the link as soon as I get it!).
I’m also looking forward to a new podcast coming out with Dani Hoi! If you don’t know her, you should! She’s a Podcast Host and Producer at Spend Culture Stories Podcast. If you haven’t heard of them, it is a female-hosted and produced podcast that helps finance leaders learn the tactics, strategies, and processes to build a proactive Spend Culture.
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