I bumped into an old colleague last week and we soon started talking about our respective ‘war stories’ – one of which I became fascinated with and want to share with you today. Mike was completing due diligence on a potential acquisition for one of his clients and was looking into the supply chain contracts… Continue reading A Little Mistake That Cost a CFO £15m and Why I Suspect You May Be In Danger of Repeating It…
Be a Hero, for the right reasons… I was with a client earlier in the week and he was explaining how in parts of his organization, the procurement team were seen as hero’s when they were able to procure ‘failed components’ quickly, thus minimising service interruption. In another part of his organization, where the procurement team… Continue reading Are the days of the Procurement Super-Hero eventually over….. I fear not!
So, I’ve put it out there. My Big Hairy Audacious Goal. Over the next 10 years, the sole focus for me is to help my clients to cumulatively deliver an additional £1bn profit. In each of the next 10 years, I will be driven to help organisations embrace the philosophies of the COST Optimisation Formula, ensuring that… Continue reading £1bn additional profit in 10 years!
As companies are seeking to move beyond procurement into fully deployed supply chain systems, there are significant opportunities to widen their margins by improving efficiency in their procure-to-pay cycles for many of their contracted services. We typically find that major challenges where field associates are working from manual or electronic systems, requisitioning onsite services for… Continue reading 8 steps to deliver margin gains by improving your P2P process
“It’s all about the numbers.” This was the catchphrase of a CEO that I did some work with recently. He would explain that as a CEO of Private Equity backed business, he had to have absolute confidence in the numbers because if he failed to deliver them, he’d be out! “And I don’t miss my… Continue reading “It’s all about the numbers.” The 4 key numbers that all CxOs need to be aware of, but many aren’t!
Back in 2013, Nick Martindale published an article in Raconteur (Part of The Times newspaper) entitled “Top 5 Challenges Facing Purchasing – key trends are set to influence procurement over the next 12 months” Given that it is almost 2 years since this was published, I thought that it would be good to look back… Continue reading Top 5 challenges facing procurement
I have long held the belief that business can get significantly greater value from their procurement activities and by definition, their procurement teams. Historically, the profession has been driven by transactional behaviours, whether that is the number of procurement projects completed or the volume of tenders managed. More forward thinking procurement organisations have developed closer… Continue reading Building a dynamic new procurement profession
Spendmatters have been running a series of articles looking at what key figures in the industry believe to be their top 10 commandments of procurement. This made me think about what I would consider to be the essential elements of effective procurement performance. It goes without saying that I absolutely believe that the top four… Continue reading The Essential Ten Commandments of Procurement
When looking for efficiencies and cost savings, the first place most companies tend to look is to their suppliers, working on the assumption that if we can negotiate better prices, then our costs will fall. Although this is certainly one lever that should be assessed, I believe in the old saying – “get your own… Continue reading Are you leaving ‘Money on the Table’ with your Procurement activities?