How do you develop and maintain your sourcing skills and knowledge?

I realised the importance of continuous learning and not stopping at any stage of your career, almost 8 years before. Ever since I started attending supply chain forums, that helps to make connections with thought leaders in various industries. Then I came across BLUE OCEAN Corporation, a Dubai based Institute and world leader in Providing training and consultancies in Supply Chain. I am actively associated with them for many years and honestly gained huge knowledge in all aspects of Supply Chain that includes Strategic Sourcing Procurement and supply chain management The contents in each of their courses are very systematic and yet ahead of time.

One thing I've found very helpful is the importance one need to place on continuous improvement. Pursuit of certifications and joining professional associations and communities, create that avenue for networking, gaining insights from industry experts, staying updated on latest trends, and insights of technological advancements.

Actively participate in your local professional body, whether that is the Chartered Institute of Procurement and Supply or the Institute of Supply Management. Get involved, attend events and get qualified! For some aspects of procurement, such as negotiation, you need regular training and opportunities for your performance to be assessed to maintain the skills - it isn't just something you naturally have but must be learnt and practised. Familiarise yourself with the latest procurement tools and platforms, including AI-based solutions, e-sourcing, and supplier relationship management (SRM) systems. Get a mentor to help you on your journey.

Continuous Learning: Stay curious and commit to continuous learning. Diversify Your Sources: Get information from a variety of reputable sources to avoid biases and get a well-rounded perspective. Critical Thinking: Develop critical thinking skills to evaluate information for accuracy, relevance, and reliability. Networking: Connect with professionals in your field to exchange knowledge and stay informed about industry trends. Online Courses and Workshops: Take advantage of online courses and workshops to enhance your skills and knowledge in specific areas. Professional Development: Attend conferences, webinars, and other events related to your field to stay updated on the latest developments.

* Continuous Learning: Stay updated with industry trends, regulations, and best practices through seminars, workshops, webinars, and online courses. Join professional associations and networks related to procurement and sourcing. * Networking: Build relationships with peers, mentors, and industry experts. Attend networking events, conferences, and forums to exchange ideas and learn from others' experiences. * Supplier Engagement: Engage with suppliers regularly to understand market dynamics, innovations, and challenges. * Cross-Functional Collaboration: Collaborate with other departments like finance, logistics, and operations to understand their requirements and align sourcing strategies with overall business goals.

Leveraging technology is a great way to enhance the sourcing skills and to work efficiently and stay ahead of games. However it needs suppliers participation to make it work effectively. Collaboration with stakeholders is another important factor in using technology in sourcing.

Certainly! Leveraging technology in sourcing skills within real-world projects can lead to significant improvements in procurement and supply chain management. For instance, e-sourcing platforms streamline bidding processes, facilitating supplier selection and cost-effective procurement in manufacturing projects. Artificial Intelligence aids in demand forecasting, ensuring materials are readily available, reducing project delays in construction endeavors. Blockchain technology enhances transparency and traceability in logistics projects, assuring product authenticity and quality. Additionally, cloud computing provides a collaborative, remote work environment ideal for global projects.

By using & Leveraging new technologies, Tasks can easily improve which took lot of time by approaching conventional method. one can utilize various tools to improve your sourcing performance and outcomes, such as E-sourcing SAAS platforms, AI & ML driven platforms, analytical tools etc. In A nutshell, Technology can help you save time, money, and effort by enabling you to perform tasks more efficiently and effectively.

Developing and maintaining sourcing skills through technology is crucial. Stay informed about procurement trends and emerging technologies. Utilize e-procurement platforms and software for efficient supplier management. Master data analytics for cost analysis and supplier performance evaluation. Stay connected with supplier networks and industry forums. Building expertise in e-sourcing, e-auctions, and supplier relationship management tools is essential. Continuous learning and adapting to the latest procurement technology ensures competitiveness in this field. Consider obtaining relevant Procurement certifications to validate your expertise in modern procurement practices.

Stay updated on technological advancements relevant to sourcing. Explore the latest sourcing tools, e-procurement platforms, and data analytics solutions. Embrace technology to automate routine tasks, analyze market trends, and enhance the efficiency of your sourcing processes.

Soliciting feedback from peers, supervisors and stakeholders is a great way to measure progress when it comes to honing sourcing skills. After completing a tough negotiation, it is a good practice to debrief on the outcome to see what could have been done better. Lessons learnt are a great way to get better in preventing the same mistakes and improve oneself.

Other feedback options is conducting thorough market research can help identify potential suppliers, evaluate their capabilities, and assess market dynamics that might impact sourcing decisions.

Without feedback there is the risk of assuming that everything is fine - no news is good news. But is it really? A procurement manager could have a passive mindset and be extremely backwards of giving bad news, quite possibly in workplace where any negative connotations lead to retaliation. Feedback will come from the results, so there should be SMART performance metrics agreed at the outset. However, just going into a managers office and casually asking 'how am I doing', especially in the early stages of employment, could give an insight. It really does works both ways.

Seeking feedback from stakeholders is essential for continuous improvement in sourcing. Engaging with internal customers, suppliers, managers, and peers provides diverse perspectives that can highlight both your strengths and areas for growth. Regularly soliciting input allows you to gauge satisfaction levels and understand how your sourcing activities impact their needs and expectations. This feedback can help you set clear goals and measure your progress over time, ensuring that you’re aligned with the overall objectives of the organization. Additionally, using feedback as a benchmarking tool against industry standards can help you identify best practices to adopt.

-Might be helpful to know more about specific sector via your current vendors by knowing their competitors. -Visiting roadshows/exhibitions related to industry of your area is a plus to exploring more sources and keep them in database. -Using a variety of searching explorers. -Participate in procurement platforms/groups that combine sellers & suppliers.

I have found over the years that far too many "buyers" are fond of the big stick approach... "We have the money and you do what we want!".. Time and time again with an open book policy, not only do you get what you need, but the supplier is more open to helping in your hour of need.. Bad buyers create bad memories! It's not all about the $$$s on the check, but a good solid relationship that is gained with trust, understanding and empathy with the end result for all.... And in the words of Forrest "That's all I have to say about that!"...

To enhance sourcing skills, experimenting with innovative methods is crucial. Exploring new strategies using creative thinking, design thinking, agile methods, or lean principles fosters value creation, risk reduction, and effective problem-solving. Collaborating with suppliers, customers, and partners in co-creating and co-delivering sourcing solutions further expands knowledge and capabilities.

Depending on the sourcing manager’s (or sourcing specialist's) remit, specific functions may require additional specialisation, knowledge or experience, e.g. transformation and change management, processes or system capability, contract management, stakeholder relations management, negotiation, user training, stakeholder education, supplier relations and management, high value or complex procurements, etc.

Learning & Development is broader than Training. ? TRAINING: ?? Long list of skills & trainings. ?? We need to choose. ?? Diversity of content & format. ? LEARNING & DEVELOPMENT: ?? It starts with the individuals - SELF ?? Know & assess ourself ?? Build from the strengths ?? The skills of the future are different ?? Learning is a mindset ? ?? Development is about TEAM. ?? Team diversity ?? Develop an "agile" mentality ? ?? Challenge is to extend dvpt. & growth to an entire ORGANIZATION. ?? It’s about CULTURE ?? Walk the talk from line managers ?? Communication & branding on social networks. ?? Dedicate 10% of their time to special projects.

Experimenting and innovating in sourcing can lead to significant improvements and efficiencies. Applying creative thinking or design thinking principles encourages you to explore unconventional solutions and challenge existing practices. Using agile methods allows for flexibility and responsiveness, enabling you to adapt quickly to changes in the market or stakeholder needs. Lean principles can help you identify waste in your sourcing processes and streamline operations, ultimately driving greater value. Collaborating with suppliers and internal stakeholders fosters a co-creation environment where everyone contributes ideas & solutions. This partnership approach not only enhances the sourcing process but also builds stronger relationships

You can find courses for sourcing topics and subjects from the following institutions and organisations: Universities and Business Schools: Many universities offer supply chain and procurement courses as part of their business programs. Professional Associations: Organizations like the Institute for Supply Management (ISM) and the Chartered Institute of Procurement & Supply (CIPS) offer training and certification programs. Online Learning Platforms: Websites like Coursera, edX, Udemy, and LinkedIn Learning provide a wide range of courses related to procurement and sourcing. Corporate Training Programs: Some companies offer in-house training or access to external courses for their procurement professionals.

In manufacturing, continuous learning about supply chain trends, quality control, and industry standards can significantly impact sourcing decisions. In vendor management, attending workshops on negotiation strategies, performance evaluation, or dispute resolution can help enhance your skills in managing supplier relationships. By keeping your knowledge up-to-date, you can make informed sourcing decisions that align with the evolving needs of your projects and organizations.

Professional association membership can be useful in keeping up to date with related learning and being exposed to the latest innovations. These can vary from procurement and supply-focused memberships to governance associations.

In my experience, staying ahead in sourcing requires continuous learning: 1) Market Trends: Regularly monitor industry publications, attend conferences, and network with peers to stay updated on market trends and emerging technologies that could impact sourcing strategies. 2) Supplier Innovation: Engage with existing and potential suppliers to understand their latest innovations and capabilities, potentially leading to new sourcing opportunities. 3) Regulatory Changes: Proactively stay informed of changes in regulations and compliance requirements to ensure your sourcing practices remain compliant and ethical.

It is very important to learn throughout. About new categories , new tools, new perspective. One should learn from stakeholders, suppliers as well as from new technology to understand holistically.

One important aspect to consider is the value of cross-functional collaboration. Sourcing is not an isolated function, and collaborating with professionals from other departments, such as engineering, finance, or legal, can provide a more holistic perspective on sourcing decisions. This cross-functional approach can lead to more comprehensive and well-informed choices in procurement, reducing the risk of misunderstandings and conflicts down the road. Additionally, it fosters a culture of knowledge sharing and cooperation within an organization, which can be highly beneficial in addressing complex sourcing challenges.

To maintain and enhance procurement skills, it's essential to stay updated with industry trends, obtain professional certifications, network with other procurement professionals, seek mentorship, seek feedback, stay updated on technology, and collaborate with other departments. Staying updated on procurement technologies can streamline processes and improve efficiency. Networking, seeking feedback, and staying updated on technology can also help identify areas for improvement. Ultimately, a combination of continuous learning, hands-on experience, and industry connections is crucial for a successful procurement career.

Stay Agile: the procurement landscape evolves rapidly. Be open to change, adapt to new technologies, and embrace innovative solutions. Remember, procurement is not just about cost reduction; it’s about creating value across the supply chain.

-Assess Current Skills Begin by evaluating your existing knowledge and competencies through self-assessment tools, feedback , or certification exams. This helps identify strengths and areas for improvement, guiding your learning goals. -Continuous Learning Take advantage of online courses, webinars, podcasts, or reading industry white papers. You can also be included in professional associations and networking groups. -Apply your Knowledge Take on challenging projects where you are able to apply your sourcing skills. -Tracking Progress Keep track of your achievements and areas needing improvement - Stay update Seek out industry trends and market changes to ensure your skills remain relevant.

Apart from compliance with good practice, proper probity and strategic objectives, the sourcing manager is in a unique position to leverage her/his knowledge to introduce policies that ensure efficiencies (meeting standards and quality objectives with lowest possible involvement of resources); as well as encouraging innovation.