Analyst Insight: Today's strategies for managing suppliers are incomplete. Too much emphasis has been placed on using power to gain leverage over suppliers. But this strategy doesn't work in every situation and care has to be taken to architect the right kind of relationship. Power stymies the development of truly collaborative and strategic relationships. These relationships can produce outcomes well beyond what one firm can do by itself. - Karl B. Manrodt, Professor of Logistics and Supply Chain Management, Georgia College & State University
The corporate payments world has experienced a significant evolution over the past decade. This now allows procurement to be a key contributor of top line revenue growth as well as traditional bottom line savings.
World-class procurement organizations now deliver services at 17 percent less cost than typical companies while offering improved effectiveness, largely by becoming more customer-centric, according to research from The Hackett Group Inc.