Our clients are constantly challenged to find more/new value with the same (or sometimes fewer) resources.
They watch Sourcing savings diminish over time and these savings often have to be reevaluated or restated.
Can we stop this cycle and create a sustainable renewable benefit on each transaction with a supplier? If so, how does Procurement accomplish this?
The answer is "Yes". There is a renewable solution. The Procurement team must align with a new stakeholder, Treasury. Together, Procurement and Treasury can build an annuity-based value that recurs and compounds in perpetuity. And the best part, realizing this value stream is relatively easy and does not require massive infrastructure investments.
Jim Wilson is a Senior Consultant with Nitor where he works with clients to understand and implement Procurement, Working Capital, and Treasury solutions. Prior to this role, Jim worked in Finance, Accounting, Treasury, and Risk Management for several fortune 500 companies.
Nitor is the leader in source-to-pay transformation with a single focus – empowering clients to achieve source-to-pay excellence. Nitor has a dedicated focus on spend management and delivers services across the source-to-pay spectrum. Our strength is in our breadth and depth of experience. Our team of spend management experts help companies from every vertical develop category management strategies, deliver complex sourcing initiatives, implement new technologies and transform their entire procurement process.