Chief Procurement Officer Summit 2013 Brad Douglas
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Chief Procurement Officer Summit 2013 Brad Douglas

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Effective Supplier Management: Interview with: Brad Douglas, SVP Procurement & Supplier Management, SunTrust Bank, the Chairperson of the marcus evans Chief Procurement Officer Summit 2013, on ...

Effective Supplier Management: Interview with: Brad Douglas, SVP Procurement & Supplier Management, SunTrust Bank, the Chairperson of the marcus evans Chief Procurement Officer Summit 2013, on effectively managing suppliers.

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Chief Procurement Officer Summit 2013 Brad Douglas Chief Procurement Officer Summit 2013 Brad Douglas Document Transcript

  • Effective Supplier Management How could third party suppliers be This will eventually swing back to one managed to that extent? of value and partnership. The beginning of effective supplier That is cumbersome and adds an extra management is ensuring there are level of complexity. To be able to effective strategic sourcing processes discern precisely what they do involves in place, which go through the reporting from the supplier, making necessary due diligence when choosing occasional site visits, testing for a partner to begin with and having the quality control, performing mystery correct service level in the agreement. shopper exercises, and so on. This will foster a better understanding between the parties. This will eventually force businesses to question what they do in-house versusInterview with: Brad Douglas, SVP what they outsource, which gets usProcurement & Supplier back to the genesis of the make or buyManagement, SunTrust Bank decision. Risk cannot be avoided, so companies need to discern and decide what level“As the sourcing function has evolved of risk they are comfortable with, and Outsourcingfrom being one that was not build a program around that. That is aconsidered strategic to having a seat key attribute for putting together aat the table, I do not believe that the proper supply management program. will becomerisk management component hasnecessarily caught up with that. That What does a comprehensiveis going to become ever more critical supplier management program more of ato Chief Procurement Officers look like?(CPOs) as they need to decide whatlevel of risk they are willing to take Comprehensive supplier management balancing acton,” says Brad Douglas, SVP puts the onus of managing theProcurement & Supplier Management, supplier back into the business. That isSunTrust Bank. the SunTrust methodology. This means the business has to step up,The Chairperson of the marcus evans exert more control and perform moreChief Procurement Officer Summit rigor, according to the corresponding2013, in Atlanta, Georgia, April 22-23, risk that a supplier presents to theDouglas gives his take on what results company.in effective supplier management. What trends should CPOs prepareWhy is effective management of for?suppliers critical? As the sourcing function has evolvedIn the financial services industry, there from being one that was notis ever increasing governmental considered strategic to having a seatregulations dictating that we need to at the table, I do not believe that themanage our third party suppliers risk management component hasalmost to the same extent that we necessarily caught up with that.would do our own staff. Knowing Regulations will continue to increase,exactly how they engage with our so outsourcing will become more of aclients, following up on consumer balancing act, with companies havingcomplaints and measuring instances to decide what risk they are willing toare all critical components. However, take on.most business units are typically of themindset that if a supplier is performing Right now, in many industries, thea task, it is out of sight, out of mind. pendulum is too far on the risk side.
  • About the Chief Procurement Officer Summit 2013 The Finance Network - marcus This unique forum will take place at The Ritz Carlton, Buckhead, Atlanta, Georgia, evans Summits group delivers April 22-23, 2013. Offering much more than any conference, exhibition or trade peer-to-peer information on show, this exclusive meeting will bring together esteemed industry thought leaders strategic matters, professional and solution providers to a highly focused and interactive networking event. The trends and breakthrough Summit includes presentations on streamlining the purchasing function, supplier innovations. performance management, procurement technology and talent retention. www.cpo-summit.com Please note that the Summit is a Contact closed business event and the Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits number of participants strictly Division limited. Tel: + 357 22 849 313 Email: press@marcusevanscy.com For more information please send an email to info@marcusevanscy.com All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.comAbout marcus evans Summitsmarcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discussstrategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity toindividually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings.For more information, please visit: www.marcusevans.comTo view the web version of this interview, please click here: www.cpo-summit.com/BradDouglas