5 End of Year Reminders from and for Procurement Professionals


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Procurement Professionals, be they purchasing officers, marketing decision makers or resource managers, can use these simple reminders to re-align for the year to come.

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5 End of Year Reminders from and for Procurement Professionals

  1. 1. 5 END OF YEAR REMINDERS FROM AND FOR PROCUREMENT PROFESSIONALS Compiled by Dr. Augustine Fou Hollis Thomases
  2. 2. 1. TRIPLE BID EVERYTHING “While this may seem obvious, getting multiple bids and proposals for every project gets you more than just better prices; it can give you new ideas, additional questions you didn’t think to ask, better ways of measuring performance, etc.” - Procurement Manager 1
  3. 3. 2. “PROVE IT” TO ME “If they say they do great SEO (search engine optimization), make them prove it by showing you the keywords that they actually rank for or that they have helped clients rank for.” - Sourcing Executive, CPG
  4. 4. 3. YOU GET WHAT YOU PAY FOR “Paying the lowest price may not always be the best idea, especially when it comes to strategy. I would say, pay more upfront to get the strategy and plan correct, then get the best price for the production work that comes after.” - Procurement Manager 1
  5. 5. 4. MEASURE WHAT MATTERS “Our CFO is not going to be happy when you tell him about how people felt about your brand; you need to show what actions the customers took and if those actions translated into sales. Everything else is frivolous.” - Strategic Sourcing Professional
  6. 6. 5. TEST-AND-LEARN BEFORE YEAR-END “Sometimes we have funds left over. Instead of wasting it on buying more impressions or giving it back, we can set up a few small pilot programs for test-and-learn. Based on actual metrics, we can hit the ground running in Q1 by simply scaling up the one that worked best.” - CMO
  7. 7. DIGITALLY MATURE COMPANIES OUTPERFORM EVERYONE ELSE “A report released by Capgemeni Consulting based on years of joint research with the MIT Center for Digital Business found that digitally mature companies are, on average, 26 percent more profitable, have a 12 percent higher market capitalization, and get 9 percent more revenue from current assets . The advantage is there in every industry.” BusinessInsider, Nov 5, 2012 Report Source: Capgemeni Consulting, Nov 2012
  8. 8. DIGITAL MATURITY BY INDUSTRY High technology Banking Insurance Travel/Hospitality Telecom Retail Consumer Goods Utilities Manufacturing Pharmaceuticals Source: Capgemeni Consulting, Nov 2012
  10. 10. DR. AUGUSTINE FOU – CHIEF DIGITAL STRATEGIST 10 “I help clients leverage digital tools and techniques to create sustainable competitive advantage.” FORMER CHIEF DIGITAL OFFICER, HCG (OMNICOM) MCKINSEY CONSULTANT CLIENT SIDE / AGENCY SIDE EXPERIENCE PROFESSOR AND COLUMNIST ENTREPRENEUR / SMALL BUSINESS OWNER PHD MATERIALS SCIENCE (MIT '95) AT AGE 23 ClickZ Articles: http://www.clickz.com/author/1151/augustine-fou Slideshares: http://www.slideshare.net/augustinefou LinkedIn: http://www.linkedin.com/in/augustinefou acfou@mktsci.com
  11. 11. HOLLIS THOMASES – CLIENT DIGITAL ADVOCATE In 1998, multi-time award-winning entrepreneur Hollis Thomases founded Maryland-based Web Ad.vantage, providing strategic digital marketing and advertising solutions. In 2013, Hollis became a sole practitioner focused on client advocacy – ensuring clients were educated and aware of the pitfalls and missed opportunities that the digital marketplace can provide. In January 2010, Hollis authored the book, “Twitter Marketing: An Hour a Day,” by John Wiley & Sons, and has been a columnist with Inc.com, Social Media Marketing Magazine, and ClickZ. Hollis also frequently speaks at industry conferences and association events. Hollis Thomases graduated from Cornell University with a BA in Social Relations. You can find her in the Twittersphere @hollisthomases, on LinkedIn, by email or by old-fashioned phone: +011-484-6796364. 11