Tag: Suppliers
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Standardizing Services: The Case for Assigning Item Numbers to Non-Material Purchases
Item numbers can be so powerful. An item number for a part provides a common spec/description, a way of tracking a part across time and different suppliers, and increases the efficiency of a supply chain. Item numbers, also known as part numbers, material numbers, SKUs, catalog numbers, and inventory IDs (among other names) are a… Read more
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Short-Term Tariff Strategies to Keep Procurement Costs in Check
I try to stay off of bandwagons. But (you knew that “but” was coming, didn’t you?) I was at a client’s site this week reviewing category strategies, and of course the subject of trade tariffs came up. Then on a call with a different client this week, someone brought up their use of “tariff forms”… Read more
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Supply Chain Pitfalls that are Holding Your Business Back
I haven’t been in supply chain management as long as some, but I’ve been around long enough to have some observations on common errors supply chain practitioners make. Some are things many professionals can do better (such as continually learning) and some are very supply chain specific (such as managing by category). Here are my… Read more
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Why Every Business Needs a Supplier Manual (And How to Create One)
Does your business have a supplier manual? If not, do you feel like you struggle to communicate with your suppliers and hold them accountable? A Supplier Manual is one of those things every company should have, but many don’t. One of my first ever tasks for a client was to build them a supplier manual,… Read more
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Smart Payment Terms: More Than Net 30 vs. Net 45
One of the first places company leaders go looking for savings is supplier payment terms. While this seems simple, payment terms are more complicated than they first appear. Payment terms usually appear in the contract or even as part of the purchase order terms, if a company has written agreements with suppliers. Today we’re going… Read more
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Tail Spend: What It Is and Why It Matters for Your Procurement Strategy
In a deep dive training into Sourcing with a client recently, I mentioned the phrase “tail spend” and was met with a few blank looks. Tail spend is one of those procurement terms that we don’t realize is jargon, and this was a group of people new to the profession. So today’s article we’ll cover… Read more
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How a Supply Chain Geek Sources a Live Christmas Tree
Because this week is Christmas and this post will publish on Christmas Eve, let’s talk about sourcing a live Christmas tree as a supply chain professional. Now, true to form, this post is coming too late to do anything about it this year, which is appropriate for the topic. We’re always getting requests to purchase… Read more
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Perfect Timing: Mastering RFP Open, Close, and Bid Durations
In running a Request for Proposal (RFP), timing matters. This includes when it opens, how long it lasts, and when it closes. Today we’ll talk about RFP timing, including opening, running, and closing for the best bid results. We’ll also cover sealed vs. unsealed bids and communicating timelines. Opening the RFP When considering when to… Read more
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Do You Have Vendors or Suppliers?
Language matters. Early in my supply chain career, my supply chain leader sat across his desk from me and told me, “Vendors sell hot dogs. Suppliers are partners.” I think I was implementing a supplier scorecard program at the time and was constantly referring to our suppliers as vendors. Since that moment, every time someone… Read more