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Building Strong Partnerships - The Key to Our Success. Hello Friends, Colleagues, Procurement Professionals & Leaders, Today, I want to share a crucial aspect of our business that has significantly contributed to our success: building strong relationships with our suppliers. In an age where supply chains can make or break a business, understanding & valuing our suppliers as key partners is essential. Here’s why it’s so important: ■ Effective Communication: Open and ongoing communication helps us understand mutual needs & expectations, ensuring we're always aligned. ■Transparency: By being transparent, we build trust that paves the way for more meaningful collaborations & innovative solutions. ■Mutual Respect: Treating our suppliers with genuine respect fosters a positive working environment & solidifies long-term partnerships. The benefits are clear: ●Better negotiations lead to outcomes that favor all parties. ●Enhanced supply chain reliability keeps our operations smooth & efficient. ●A resilient and responsive supply chain ensures we stay competitive in a fast-changing market. Let’s keep pushing the boundaries of what we can achieve by working closely with our suppliers. Regular engagement allows us to understand their capabilities & challenges better, creating win-win solutions that benefit everyone involved. Here’s to making every partnership count! I'd love to hear from you: How do you think we can further enhance or improve our procurement & supply chain resilience? Share your thoughts and let's discuss innovative strategies! #SupplyChainManagement #Procurement #ProcurementStrategies #SupplierRelationships #BusinessResilience #StrategicSourcing #SupplyChainInnovation #PartnershipSuccess #BusinessStrategy #procurementleaders #procurementprofessionals

Building Strong Partnerships - The Key to Our Success. Hello Friends, Colleagues, Procurement Professionals & Leaders, Today, I want to share a crucial aspect of our business that has significantly contributed to our success: building strong relationships with our suppliers. In an age where supply chains can make or break a business, understanding & valuing our suppliers as key partners is essential. Here’s why it’s so important: ■ Effective Communication: Open and ongoing communication helps us understand mutual needs & expectations, ensuring we're always aligned. ■Transparency: By being transparent, we build trust that paves the way for more meaningful collaborations & innovative solutions. ■Mutual Respect: Treating our suppliers with genuine respect fosters a positive working environment & solidifies long-term partnerships. The benefits are clear: ●Better negotiations lead to outcomes that favor all parties. ●Enhanced supply chain reliability keeps our operations smooth & efficient. ●A resilient and responsive supply chain ensures we stay competitive in a fast-changing market. Let’s keep pushing the boundaries of what we can achieve by working closely with our suppliers. Regular engagement allows us to understand their capabilities & challenges better, creating win-win solutions that benefit everyone involved. Here’s to making every partnership count! I'd love to hear from you: How do you think we can further enhance or improve our procurement & supply chain resilience? Share your thoughts and let's discuss innovative strategies! #SupplyChainManagement #Procurement #ProcurementStrategies #SupplierRelationships #BusinessResilience #StrategicSourcing #SupplyChainInnovation #PartnershipSuccess #BusinessStrategy #procurementleaders #procurementprofessionals

I’ve heard CEOs say, ‘Our procurement is fine, no need to change.’ Whenever I hear that, I think: 'fine' probably isn’t enough. Top procurement talent brings advanced negotiation skills, market insights, and strategic sourcing capabilities. They don’t just save money; they create value. The procurement teams that are crushing it, aren't settling for 'fine... What steps will you take to elevate your procurement team?

Want to accelerate your portfolio companies’ growth? Let's discuss how we can transform your supply chain into an engine for profitable growth. Reach out to schedule some time as we head to the Los Angeles area on August 15th! Forsyth Advisors - strategic sourcing & procurement #PositiveEBITDAGrowth

💡 𝕆𝕟𝕖 🗝 𝕋𝕚𝕡 𝕗𝕠𝕣 𝔼𝕗𝕗𝕖𝕔𝕥𝕚𝕧𝕖 ℙ𝕣𝕠𝕔𝕦𝕣𝕖𝕞𝕖𝕟𝕥: ℂ𝕝𝕖𝕒𝕣 ℂ𝕠𝕞𝕞𝕦𝕟𝕚𝕔𝕒𝕥𝕚𝕠𝕟 In the fast-paced everyday hustle of procurement, maintaining clear communication channels with your suppliers is crucial. This practice ensures transparency, fosters trust, and builds stronger, more collaborative relationships. When both parties are on the same page, it leads to smoother operations, timely deliveries, and mutual growth. During my career in procurement, I’ve found that regular updates, open dialogue, and proactive problem-solving with suppliers make a significant difference. It’s not just about the transactional aspect; it’s about 𝕔𝕣𝕖𝕒𝕥𝕚𝕟𝕘 𝕡𝕒𝕣𝕥𝕟𝕖𝕣𝕤𝕙𝕚𝕡𝕤 that 𝕥𝕙𝕣𝕚𝕧𝕖 on mutual respect and shared goals. What’s your top tip for procurement success? Let’s learn from each other and elevate our procurement practices together!👇🏻 #ProcurementTips #BestPractices #Collaboration #SupplyChain #SupplierManagement #Transparency #ProcurementSuccess #StrategicSourcing #BusinessGrowth #ProcurementLeadership

I took some time off a few weeks ago and spent quality time with my family. This period turned out to be quite reflective, prompting me to ponder over my procurement career. It’s been a journey filled with numerous highs and a few lows. However, I noticed that certain pet peeves have remained consistent over the years. Though I’m generally an optimist, I feel the need to vent this time, because I believe there’s room for improvement. So, let’s dive into my top three procurement pet peeves: ❶ Cultural chauvinism Some colleagues forgo local and regional expertise because they ‘know best’. They know best how to waste time and money before we can get things going, that’s for sure. ❷ Incessant haggling At some point, the price is the price. Unreasonable negotiations on price make it seem like value isn’t as much of a priority as beating your partner is. ❸ Zero-hour dumping Procurement professionals can seem magical – but we aren’t, unfortunately. We cannot create dollars from concept notes within 24 hours if we've been left out of the process until the eleventh hour. Do you relate to any of these? This is my starter for ten, so let me know what you would add to this list, below. #Procurement #SupplyChain #Leadership

Ever wondered how game theory shapes negotiation strategies in procurement? In this discussion, Zoe Pangalos and Rajiv Gupta dive deep into the strategic psychology behind decision-making in procurement. By understanding how buyers and suppliers interact, you can anticipate moves, making it easier to create win-win scenarios. At one point they reference the Prisoner's Dilemma to illustrate the complexities of negotiation in procurement. This classic scenario highlights the tension between cooperation and self-interest. When both parties choose to cooperate, they achieve the best overall outcome. However, if one party betrays the other while the other cooperates, the betrayer gains a significant advantage. This dilemma serves as a reminder of the importance of building trust and aligning interests to foster collaborative relationships in procurement negotiations.     Key takeaways include:   • Leveraging game theory to anticipate and influence negotiation outcomes. • Building long-term relationships by aligning stakeholder goals. • Using data to craft smarter, more strategic deals. • The psychological dynamics at play in negotiation, offer a fresh lens on decision-making. The video can be found here: https://lnkd.in/eAXXVQdV Procurement League #NegotiationSkills #GameTheory #ProcurementStrategy #SupplyChain

Everyone these days is taking steps to deal with longer lead times and rising material costs. The question is: How intentional are your steps? #intentionalleadership #supplychainexcellence #materialcosts

What I Wish I Knew Years Ago: The Strategic Role of Procurement and Cost Savings in Business Growth When I first started at Kinkisharyo, my primary focus in purchasing was simple: get prices lower. Like many in the field, I saw procurement and cost savings as purely financial tasks. The goal was to drive costs down, and while I made an effort to build relationships with vendors, these relationships were not my primary focus. The process was largely transactional, and while this approach did achieve short-term cost reductions, it didn’t contribute to long-term growth. As time went on, I began to realize that I wasn’t fully leveraging the potential of my vendor relationships. Without a strategic approach, these relationships were limited, and the vendors weren’t true partners in the process. It became clear that if I wanted to forge long-term, mutually beneficial relationships, I needed to shift my focus from purely transactional interactions to more strategic partnerships. This shift in mindset changed everything. By working more closely with vendors and involving them in our goals, they began to work with me to optimize the sales process to better meet our company’s needs. This collaboration brought greater value to the company—not just in terms of cost savings, but in the overall quality, efficiency, and innovation of the products and services we procured. Looking back, I wish I had understood earlier the strategic importance of procurement and cost savings. These functions are not just about managing expenses; they are critical drivers of business success. By fostering strong partnerships with vendors, you can unlock new opportunities for growth, innovation, and long-term value. If you're in procurement or cost management, remember this: it's not just about the numbers. It's about building partnerships that drive sustainable success. Follow me for more insights on procurement, leadership, and creating efficiencies in your business. Let’s grow together! #Procurement #CostSavings #BusinessGrowth #StrategicPartnerships #Leadership #Efficiency #ProjectManagement #ContinuousLearning #BusinessSuccess #RelationshipBuilding

𝑺𝒆𝒄𝒓𝒆𝒕𝒔 𝑻𝒐 𝑺𝒖𝒄𝒄𝒆𝒔𝒔𝒇𝒖𝒍 𝑪𝒂𝒕𝒆𝒈𝒐𝒓𝒚 𝑴𝒂𝒏𝒂𝒈𝒆𝒎𝒆𝒏𝒕!!! Reflecting on my career, I remember one of the biggest challenges I faced was transforming our vendor relationships. It was clear that without strong, sustainable partnerships, our category strategies would fall short. Early in my role, I encountered a situation with a key supplier where trust was low, and communication was practically non-existent. Every negotiation felt like a battle, and we were stuck in a cycle of short-term thinking. I realized then that we needed a different approach - one that was less about hard negotiations and more about collaboration. So, I began by having honest conversations with our suppliers. I took the time to understand their business challenges, their goals and what success looked like for them. It wasn’t just about what we needed but about finding mutual benefits. By shifting the focus from transactions to relationships, we started to see real change. Over time, these efforts started paying off. We built stronger, more resilient partnerships that optimised costs and enhanced our supply chain’s reliability and innovation along with managing risks. Trust became our most valuable asset. I believe that becoming a top category manager isn’t just about technical skills; it’s about 𝒑𝒆𝒐𝒑𝒍𝒆 𝒔𝒌𝒊𝒍𝒍𝒔, 𝒆𝒎𝒑𝒂𝒕𝒉𝒚 and a 𝐠𝐞𝐧𝐮𝐢𝐧𝐞 𝒄𝒐𝒎𝒎𝒊𝒕𝒎𝒆𝒏𝒕 𝒕𝒐 𝒄𝒓𝒆𝒂𝒕𝒊𝒏𝒈 𝒗𝒂𝒍𝒖𝒆 for all parties involved. What’s your secret to successful category management? #CategoryManagement #Sourcing #Procurement #SupplyChain #Leadership #consulting