OMNIA Partners Blog

Strategic Sourcing Stage 1: Properly Aligning Goals

July 27, 2017 / by Joe Ptak posted in Strategic Sourcing

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This is a six-part series unpacking the stages of true strategic sourcing.

The means to achieving success in the procurement world have drastically evolved over the years and now hinge on one’s ability to strategically source. Modern businesses demand optimal supply options for the best attainable value from a holistic standpoint. Merely analyzing price or top level attributes is no longer enough to separate from the competition.

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Sourcing Strategies for a Volatile Metals Market

May 17, 2017 / by OMNIA Partners posted in Manufacturing, Procurement, Strategic Sourcing

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At the recent Spring 2017 Prime Advantage Conference, Lisa Reisman of MetalMiner gave a Metals Outlook presentation on how procurement should approach the metals market and all of its fluidity. Reisman contends that most forecasters are notoriously inaccurate and that metal production and consumption numbers are largely useless to metal buying organizations. These numbers aren’t very actionable and fail to correlate to the timing of purchases. The chances of hitting a bullseye when prophesying based off of these figures is extremely small.

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6 Stages of Strategic Sourcing

August 2, 2016 / by Dan Grant posted in Procurement, Strategic Sourcing

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Strategic sourcing can make or break your business and finding the right suppliers will require research, meeting with the vendors, and even a certain amount of trial and error. In order to foster the best strategic sources more quickly, there are some general steps that will outline the path to follow:

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Only Focusing on Price Will Make You Broke

July 26, 2016 / by Joe Ptak posted in Supply Chain, Procurement, Strategic Sourcing

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I used to have a roommate who thought he was a really savvy shopper. He'd come home with a 50-count bag of frozen chicken breasts because "it was such a steal." But I always thought the purchase was quite short-sided because he only focused on the volume he was getting for his buck, completely ignoring total cost of ownership. Time and time again I'd watch him throw out much of the uneaten chicken, because um, who in their right mind has the stomach for 50 frozen chicken breasts? How's your price per unit now buddy? Not to mention it wasn't fresh meat so he was consuming an inferior product. And he was ignoring the amount of energy being gobbled up by that behemoth bag in the freezer, as well as how that space could have been used for something else.

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5 Steps to Strategic Supplier Relationships

July 20, 2016 / by Mike McDonald posted in Procurement, Strategic Sourcing, Buying Groups and Group Purchasing Organizations

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Refining strategy is a never-ending process. Once you get a project, a relationship, a product line to lift-off, there will always be room for improvement and opportunity to tinker with its underlying strategy. When it comes to sourcing, sure we may be getting the job done, but are there areas that can be enhanced or further developed? We don’t just want suppliers who meet requirements or who are merely “good enough.” We strive for true partnerships, mutual benefit and shared skin in the game. We want vendors who can help take us to performance and end products that smash our goals and expectations. So, how do we get there?

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That Isn't Strategic Sourcing

January 14, 2016 / by OMNIA Partners posted in Procurement, Strategic Sourcing

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People in procurement use the phrase "strategic sourcing" frequently. It means using a fact-based approach for optimizing an organization's supply base to improve the overall value proposition. With this definition in mind, let's walk through some traditional procurement behaviors to see where they may be lacking the strategic component.

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Unlock the Benefits of Your Supplier Relationship

November 10, 2015 / by OMNIA Partners posted in Supply Chain, Strategic Sourcing

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If you desire more innovation from your suppliers, you need to be willing to knock down your walls and collaborate to make this happen. Supplier Relationship Management (SRM) is a journey where you set the course. There needs to be a solid organizational reason to pursue a deeper connection with a supplier. Understanding this goal before you start your process is the key. However, you don't want this type of relationship with every supplier. Many suppliers just need to deliver the product at the negotiated time. The suppliers in this category solely need to be held to the agreed upon metrics to be deemed a success.

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Strategic Sourcing in the New Economy

October 29, 2015 / by Joe Ptak posted in Procurement, Strategic Sourcing

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"The procurement world has changed."

So said Karl B. Manrodt, Ph.D. of Logistics and Transportation at Georgia Southern University, at the Prime Advantage 2015 Fall Conference, held in Glendale, AZ, last week. Dr. Manrodt led a stirring discussion with Members and Suppliers on harnessing the potential of various sourcing models in modern procurement. Here are some of the key takeaways from his presentation:

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Don’t Try This Alone

October 13, 2015 / by Mike McDonald posted in Manufacturing, Strategic Sourcing, Buying Groups and Group Purchasing Organizations

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Most big decisions in life are best suited for some level of consultation. Decisions like: Which college is the best fit for me? Can I really afford to buy this house? Should we have a kid? All should be decided on with more than just you in the room. The same rings true for running a business. You may have the world’s greatest idea and business plan, but if you’re going to execute, you’re going to need some help. And if you want to make it big, you’re going to need a lot of help.

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