Towards more effective sourcing and supplier management |
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| Institution: | 1. Darden Graduate Business School Administration, University of Virginia, Charlottesville, VA 22906-6550, USA;2. Ernst & Young, LLP, Baltimore, MD, USA;3. Department of Sociology, University of Virginia, USA;1. Department of Industrial Management, Alborz Campus, University of Tehran, Tehran, Iran;2. School of Industrial Engineering, College of Engineering, University of Tehran, Tehran, Iran;3. Driehaus College of Business, DePaul University, Chicago, USA;1. Department of Industrial Economics and Technology Management, Norwegian University of Science and Technology, Trondheim, Norway;2. NTNU Sustainability, Norwegian University of Science and Technology, Trondheim, Norway;1. Department of Mathematical Sciences, United States Air Force Academy, United States;2. Department of Marketing and Logistics, University of North Texas, United States;3. Department of Operational Sciences, Air Force Institute of Technology, United States;1. ?stanbul University, Faculty of Economics, Department of Business Administration, Central Campus, 34116, Beyaz?t, Fatih, ?stanbul, Turkey;2. Do?u? University, Faculty of Engineering, Department of Industrial Engineering, Dudullu Campus, Esenkent Mh, Nato Yolu Cd No:265, 34775, Ümraniye, ?stanbul, Turkey;1. Farmer School of Business, Miami University, Department of Marketing, 3057 Farmer Building, Oxford, OH 45056, United States;2. University of Tennessee, Department of Marketing and Supply Chain Management, SMC315, Knoxville, TN 37996, United States |
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| Abstract: | While most acknowledge the cost savings associated with more efficient buying, lower purchase costs alone are not an adequate measure of world-class procurement management. To focus solely on cost savings, we believe, falls short of excellence in sourcing and supplier management. Firms that buy “smarter” achieve lower costs and leverage supply market opportunities to accomplish corporate goals. While the importance of cost savings is acknowledged, this paper argues that other “above the line” metrics deserve attention. This paper accomplishes two related goals. First, 10 principles that lead to effective sourcing and supplier management are presented and discussed. Second, a set of parallel data is used to add credibility to our normative presentation. The findings suggest that high performing supply chains do, in fact, support the tenets of more effective sourcing and supplier management. Implications for managers are presented as well. |
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