Bulk Edible Oil Blog

How To Set Goals For Yourself and Your Purchasing Department For 2017

Posted by Hannah Broaddus

Last year, I ran a half marathon. But I didn’t just go out and do it. I made a 16 week plan of the runs that I was going to do every day, and how I was going to build up to my 13.1 mile finish.

Professional goals are no different than personal goals like these, but professional goal setting often falls by the wayside. It’s important do strategic goal setting, both for your job and for your department -- especially if you manage other people.

Your professional goals also need a plan-- a course of action, or a list of small daily steps you’re going to take to help accomplish these goals. Here’s how to plan for improvement in 2015.

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The Most Important Information To Include On Any Industrial Food Purchase Order

Posted by Hannah Broaddus

Your order to any supplier is, at the very least, a gentleman’s agreement on both sides. Of course, to be able to get just what you’re looking for, you’ll need to make sure that you include all of the necessary details.

When’s the last time that your ordered a shirt on Amazon and you didn’t have to specify the size, or your shipping address?

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5 Tips On Procurement Negotiation (From The Psychology Experts)

Posted by Hannah Broaddus

Most jobs require at least a little bit of negotiations skills.

Procurement personnel, however, live in the world of negotiation day in and day out. Many of the most impactful moments of their careers involve negotiation. To be able to do their jobs well, these skills must be utilized on a daily basis.

To help you do negotiation better, here’s 5 tips (based on real psychological research) to help you do it best and get what you want.

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5 Basics Your Procurement Team Should Be Doing

Posted by Hannah Broaddus

In most organizations, procurement is recognized as a fundamental part of business and the most effective way to maintain long-term cost control.

The procurement department is usually thought of “the ones who purchase goods and services”, but really, their function is much more important than that. They are a window into understanding what’s really going on in your every day business operations.

Ernst & Young, a business consultant and knowledge provider, maintains that there are 5 basic things that you should expect from your procurement team. If you don’t have these basics, they argue, there is a good chance that money is being left on the table, strategic business decisions may be made in isolation, or you may not be utilizing the full potential of your procurement team.

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The Top 5 Challenges For A Chief Procurement Officer

Posted by Hannah Broaddus

Steve Trainor, the Managing Director of Xchanging, a procurement outsourcing provider recently did a survey of CPOs across the world.

In the process, he found that “reducing spend with third-party suppliers, driving down the cost of procurement, managing supply-led risk and harnessing true innovation from the supply base remain the most significant business objectives that the CPO must address.”

He also detailed five other challenges that procurement managers commonly come up against, which I’ve outlined below.

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The Value Of Having A Career Mentor

Posted by Hannah Broaddus

The value of having a mentor is undeniable.

Mentors help with career and personal development in the long-term, and act as role models who have been there and done that.

A recent Harvard Business Review Article ‘CEOS need Mentors Too’ points out junior to mid-level employees who have undergone mentoring advance more quickly, earn higher salaries, and gain more satisfaction in their jobs than those who have no mentors.

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The Best Advice From A Collection Of Procurement Mentors

Posted by Hannah Broaddus

Recently I asked a fun question to procurement professionals on Procurious, an online procurement network:

What is the best thing your procurement mentor taught you?

Think of your favorite mentor in the procurement arena over the course of your career. What did they teach you? How did they encourage your career to grow? What were they like? How did they set a good example for you?

The answers that I received were not only engaging and inspiring, but also included lots of useful career insight that I thought would be great to share.  

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Don’t Confuse A Purchasing Average With A Demand Forecast…

Posted by Dan Kiefer

This article was originally published on the K3S Blog and is shared with permission by the author. 

Somebody once told me that if you’re feet were in a fire, and your head was in a freezer, on average your body temperature would be about right.

But it wouldn’t begin to tell the story of what was going on or your comfort level.  Averages can be misleading.

I was recently planning a trip to Las Vegas. 6 months ahead of time, I looked up the average temperature to get an idea of what I should expect.  For February, the average high is 70 degrees. However, the record high is 90 and the record low is 16!  When it came time to decide whether to pack shorts or jeans a parka, I needed something, far more accurate than the average temperature.

So as the trip approached, I switched from simply looking at the average temperature to the weather forecast. Why? Because weather forecasts factors in much more than a simple average.  

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Social Procurement: What It Is and How You Can Implement It

Posted by Hannah Broaddus

“Social procurement is a way of being a good business and doing good business”.

Ever heard of “social procurement”? Maybe not. I hadn’t.

But if you’re in the natural or organic foods sector, chances are that you’re already doing it.

Social procurement is all about making procurement choices that do social good. Choosing supply options that make the world better — not just make your company money. It’s often considered to be a cross-over with marketing and PR, because of the positive brand perceptions that often accompany it.

So how can you make smart social procurement decisions to help grow your business, all while making the world better?

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Defining Trust (And How Your Ingredient Suppliers Need To Earn It)

Posted by Hannah Broaddus

Trust is a major factor when choosing suppliers, as well as deciding to stay with them for years. In fact, trust, follow through and understanding of your industry were some of the top factors you all shared when choosing and staying with your suppliers.

I’ve been intrigued by this insight, that I wanted to dig deeper. On Procurious, I recently asked a question of your procurement peers:

So how do you define trust? And what components of trust are most important when it comes to setting up your supply chain?

The answers I got back on the definition of trust were interesting and perceptive. Best of all, they told the story of HOW all of your ingredient suppliers need to PROVE their trust to you as a customer.

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