CORE Exam Dumps : Supply Management Core Exam

Soliciting cross-functional input when developing a category management plan is crucial because it ensures that the plan considers the perspectives and requirements of various stakeholders and functional areas. This collaboration helps in creating a comprehensive and effective plan that addresses the needs of the entire organization, leading to more sustainable and long-term solutions.

References

CIPS (Chartered Institute of Procurement & Supply). Cross-functional Team Collaboration in Category Management.

ISM (Institute for Supply Management). Benefits of Cross-functional Teams in Supply Management.

Cost Savings Reporting: Accurate cost savings reporting is essential for demonstrating the value that supply management brings to the organization.

Alignment on Definitions: When the executive team and internal stakeholders are aligned on the definitions of cost savings, it ensures that the reported savings are understood and accepted across the organization.

Value Demonstration: This alignment shows that supply management is effectively contributing to the company’s financial performance and strategic goals.

Other Considerations: While auditability, baseline adjustments, and risk management are important, the primary reason for alignment is to clearly demonstrate the value added by supply management.

References

ISM Professional Series: Cost Management

CIPS Knowledge on Financial Management in Procurement

The best course of action for the university is to conduct an RFx (Request for Proposal/Information/Quote) stating the new requirements and including migration costs in the evaluation criteria. This approach ensures a comprehensive evaluation of both the new and existing suppliers based on the updated requirements and all associated costs, including migration. It allows the university to make a well-informed decision based on a holistic view of costs, benefits, and potential risks, ensuring transparency and competitiveness in the selection process.

References:

CIPS (Chartered Institute of Procurement and Supply). (2021). Procurement and Supply Chain Management.

Kraljic, P. (1983). Purchasing must become supply management. Harvard Business Review.