I hope that you have enjoyed the article “The 25 New Rights of Purchasing, Part III.”
To those of us who have been in the profession a while, this edition really cements the fact that many more aspects of purchasing have come to the forefront in recent years compared to the mid-90’s (when I began my purchasing career). For example, while Rights #12 (ethics) and 13 (supplier support) were certainly near top-of-mind for any strategic purchasing department back then, very few of us were spending much time thinking about the other three Rights from this edition: environmental responsibility, risk management, and (supplier) financial stability.
Back then, “go green” was not the mantra it is today. Sure, risk management was a concern, but it was addressed mostly by dual sourcing and not the thoroughly-developed risk mitigation plans that are common now. And, with the economic growth during that period, we didn’t see supplier insolvencies the way we have for the past decade.
Stay tuned as we hit the last of the “25 New Rights of Purchasing” in the next two months.