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In Profit from the SourceBCG Authors Issue a Wake-Up Call to CEOs Who Marginalize Their Suppliers and Procurement Function, Warning, “You’re Taking an Existential Risk with the Future of Your Company”
BOSTON, June 27, 2022 /PRNewswire/ — Suppliers are the keys to corporate success not only now—in the midst of a global supply chain crisis, rampant inflation, and energy shortages—but also in the future. However, if CEOs are to maximize the value of these external providers of goods and services, they need to undertake a radical transformation of their business by putting suppliers at the heart of their company and empowering their procurement function, which owns the corporate relationship with vendors.
That is the view of four Boston Consulting Group (BCG) partners, whose convention-busting new book, Profit from the Source: Transforming Your Business by Putting Suppliers at the Coreoffers CEOs a blueprint for how they can transform their company by extracting extraordinary value from their suppliers.
In their book, published by Harvard Business Review Press, Christian SchuhWolfgang Schnellbächer, Alenka Triplatand Daniel Weise seek to overturn the traditional view of business leaders that suppliers are peripheral contributors to corporate success and that procurement is largely an administrative capability that focuses narrowly on delivering cost savings.
To make their case for radical change, the BCG authors point to research from Harvard Business Schoolwhich shows that prior to the current global supply chain crisis, CEOs spent an average of just 1% of their time with suppliers. According to the authors, this lack of attention makes no sense: “Given that spending on suppliers—the job . ..
Full story available on Benzinga.com
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