Many procurement organizations want to innovate and drive increased value for their internal stakeholders, and the enterprise. Unfortunately, a key limiter to achieving these goals is a lack of sufficient investment in the skills to better understand those stakeholders and how to effectively negotiate for their priorities.
Danny Ertel joins Dawn Tiura, the President and CEO of Sourcing Industry Group (SIG), on the Sourcing Industry Landscape podcast to explain how procurement and supply chain teams can do more for the organization by aligning with the businesses that they support instead of acting as the “procurement police” and focusing primarily on enforcing their mandate. He shares insights based on his extensive experience as a negotiation and supply chain adviser and trainer, including:
- How to define what success looks like in your negotiations, and what you’re trying to accomplish
- Strategies to achieve cost reduction targets through collaborative problem-solving with your suppliers
- Whether it makes sense to renegotiate or exit an agreement when the context a long-term deal changes significantly
- How digital transformation (automation and artificial intelligence) impacts how procurement adds value
- Mindset changes needed to be a better strategic partner to the business and to our preferred suppliers