If you subscribe to Inside Supply Management magazine, turn to page 37 of this month’s issue (July 2005).

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There, you’ll find a quote from me answering the question “What’s most critical when adapting to a new spend or commodity area?”

I reply with a 4-step process that I’ve successfully used. I won’t duplicate the article here, but here is the outline of the process:

1. Analyze transaction data

2. Engage key stakeholders in the sourcing process (a strategic sourcing best practice)

3. Consider future demand forecasts

4. Benchmark externally

The article contains more “meat” on what each step involves.

I welcome you to post your comments on the article here. Just click the comments link below.

Charles Dominick, C.P.M., SPSM
Next Level Purchasing, Inc.

Charles Dominick, SPSM, SPSM2, SPSM3

Charles Dominick, SPSM, SPSM2, SPSM3 is an internationally-recognized business expert, legendary procurement thought leader, award-winning entrepreneur, and provocative blogger. Charles founded the Next Level Purchasing Association in 2000, oversaw its incredible growth, and successfully led the organization to its acquisition by the Certitrek Group in 2016. He continues to blog and provide advisory services for the NLPA on a part-time basis as he incubates his upcoming business innovations. Charles is also the co-author of the wildly popular, groundbreaking book, "The Procurement Game Plan: Winning Strategies & Techniques For Supply Management Professionals."

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