Strategic Sourcing: The Performance Improvement Road Map
The exciting workshop done by The Shelf Procurement Solutions Ltd. (TSPSL) was hosted by experts in various fields relating to Supply Chain Management. In a dynamic conversation among these experts, the spotlight focused on redefining Strategic Sourcing as well sharpening Negotiation tactics in the ever-evolving Supply Chain landscape. The exchange of insights and ideas was sparked by the panel discussion which provided actionable strategies and best practices for the attendees from different industries to enhance procurement performance within their organization.
A Timely Discussion on Procurement Challenges:
The workshop came at a point where the President of Jamaica Manufacturers and Exporters Association (JMEA) pointed out in a 2022 Jamaica Information Service article, that businesses across the Caribbean continue to struggle with supply chain disruptions, shipping logistics and shortages on essential items like cans, glass bottles and plastics. These challenges, coupled with inefficiencies in public and private procurement processes, have made it increasingly difficult for businesses to operate smoothly. Recognizing the need for collective problem solving, TSPSL brought together procurement experts, researchers, and industry leaders to share insights on navigating these complexities.
Practical Procurement Strategies:
Procurement expert and Director of TSPSL, Sandre Lowers, captivated the audience with his extensive knowledge of supply chain management, optimization, and ethical procurement practices. Mr. Lowers also took a hands-on approach guiding participants through Advanced Contract Negotiation techniques, based on prior training offered e.g. to 275 Procurement Managers and Directors from (June to August 2023). Through engaging discussions and case studies, participants gained useful insights into enhancing the effectiveness and explored ways to strengthen supplier relationships and improve procurement processes that left procurement professionals equipped with strategies they could apply immediately in their organizations.
The Science behind Negotiation Tactics and Procurement Strategy:
Negotiation is an art! It involves two or more parties engaging in discussions to arrive at a mutually beneficial agreement. Renowned researcher, trainer, and lecturer Dr. Noel M. Cowell who has over 30 years of experience designing and teaching courses for government workers, business executives, labour unions and university students, brought an extensive examination of the legal and behavioural facets of procurement. Dr. Cowell’s session covered Negotiation techniques in public and private procurement.
Looking ahead:
A major takeaway from the workshop was the need for greater collaboration among procurement professionals across industries. Participants engaged in interactive discussions, case studies, and networking sessions, exchanging ideas on how to navigate supply chain uncertainties and improve procurement efficiency. The professionals underscored that Strategic Sourcing extends well beyond immediate cost savings while also emphasizing on building long-term partnerships and enhancing risk management in sourcing. Another highlight included the importance of Sustainable and Ethical Sourcing. This refers to the process of acquiring goods and services while considering its effect on the environment, society and economy. The incorporation of this promotes corporate social responsibility. These approaches can empower organizations to create resilient supply chains that align closely with broader business objectives.
For more detailed insights on a practical approach to implementing a strategic sourcing plan, check out this course by The Shelf Procurement Solutions Ltd. (TSPSL): Getting it Right – Strategic Sourcing Insights | theshelf