PSC LIVE London Global Summit – Sourcing Strategies Panel
During The Strategic Sourcing Panel (Sponsored by Focal Point) at Procurement & Supply Chain LIVE London Global Summit, experts from the procurement and strategic sourcing sector shared their insights on optimising sourcing practices.
Quentin Remy, Amanda Winterflood and Matthew Buckingham brought diverse perspectives from their roles at MCI, Hotel Chocolat and Focal Point, respectively. They explored the impact of strategic sourcing on business resilience, innovation and cost efficiency.
Distinguishing sourcing from strategic sourcing
Opening the session, Neil Perry poses a question on the critical differences between sourcing and strategic sourcing, with each panellist offering unique insights.
Quentin Remy highlights how strategic sourcing at MCI leverages global buying power and centralised expertise across 60 offices worldwide.
For Quentin, the role of strategic sourcing is to streamline complex event and hotel procurement for international clients, especially in highly regulated fields like medical and pharmaceutical conventions.
Matthew Buckingham notes that strategic sourcing impacts a company at a fundamental level, affecting decisions that can alter the business itself.
He illustrates this with an example from the freight industry, where the selection of the right supplier is critical to a company’s operations and profitability.
Simple sourcing, in contrast, is transactional, fulfilling specific needs without long-term impact on operations. Amanda Winterflood observes that strategic sourcing introduces an element of surprise and discovery, as it often involves diving deep into the supplier base to uncover opportunities that align with evolving business needs.
Aligning sourcing with business goals
For sourcing to add value, it must align with broader business objectives, the panellists agree. Amanda outlines the importance of understanding an organisation’s immediate needs - whether it’s to improve cash flow, increase earnings, or secure stable supply.
At Hotel Chocolat, Amanda’s team evaluates these priorities to develop sourcing strategies that support the company’s expansion plans.
Quentin discusses MCI’s approach to achieving ‘better, faster, cheaper’ results through strategic sourcing.
By restructuring its procurement hub, MCI optimised cost savings and increased client acquisition, creating a virtuous cycle of value.
Matthew adds that strategic sourcing today must go beyond cost-saving to address risk management and ESG requirements. He points out that procurement now plays a more significant role in shaping a company’s reputation and brand value, contributing to top-line growth alongside the traditional bottom line.
Innovative methods for achieving cost savings
Matthew highlights how digital platforms are revolutionising procurement, particularly for tail spend. He explains how automated systems allow procurement teams to bypass time-consuming RFP processes for routine purchases, enabling faster and more cost-effective sourcing.
For instance, automated sourcing platforms can instantly route requests to pre-vetted suppliers and handle negotiations.
“This type of technology is making it easier to find reliable options, and it ensures cost efficiency by preventing adhoc purchases that lack oversight,” Matthew remarks.
Amanda, however, defends traditional methods, describing her use of tools like the Kearney purchasing chessboard to visualise strategic levers and involve stakeholders in cost-saving initiatives.
She shares how Hotel Chocolat’s procurement team moved from a fixed to a flexible energy contract, saving the company £2m (US$2.5m) despite initial projections of a 54% price increase.
This proactive shift illustrated how adapting procurement practices to current market conditions can yield substantial savings and mitigate financial risks.
Quentin echoes the value of long-term relationships in sourcing, particularly in the events industry.
Through years of close collaboration with major hotel chains, MCI has developed partnerships that benefit clients with significant cost savings and preferred access to venues.
Quentin stresses: “When people come together, magic happens,” highlighting the importance of human connections in sourcing and procurement.
Strategic sourcing success stories
The panellists each share success stories that illustrate the transformative impact of strategic sourcing.
For Amanda, a major accomplishment was guiding Hotel Chocolat to a flexible energy contract just before prices spiked, a decision that preserved resources for other initiatives and established the procurement team’s credibility within the company.
Quentin reflects on MCI’s role as the official housing agency for COP26, held in Glasgow in 2021.
MCI was tasked with coordinating hotel accommodations for international delegates, requiring a sourcing strategy that prioritised sustainability and met stringent UN standards.
MCI assessed nearly 200 hotels based on environmental criteria, setting a new precedent for sustainable sourcing in event planning. This approach integrated the United Nations Sustainable Development Goals into the hotel selection process, offering participants the option to choose sustainable accommodations in line with the event’s purpose.
For Matthew, the power of strategic sourcing came to light during the early days of the Ukraine conflict, when global corn supplies were disrupted.
The company he was advising used AI-driven predictive analytics to identify a corn starch supplier before shortages became critical. This quick response allowed the company to secure a vital supply and maintain production efficiency amid an industry-wide shortage.
Addressing the complexities of new market entry
When asked about how strategic sourcing can support business expansion into new markets, the panellists note that identifying and establishing relationships with local suppliers is paramount.
Matthew emphasises that near-shoring and on-shoring are gaining traction as companies look to reduce logistics costs and environmental impact.
He stresses that digital platforms can expedite the process by helping companies map out potential suppliers and conduct initial due diligence well before launching in a new region.
Amanda supports this, adding that in-person visits are invaluable in establishing reliable sourcing relationships.
Quentin agrees, stating that on-site visits allow MCI to assess venues’ quality and fit, which is crucial for events that require seamless logistics and guest experience.
Future opportunities and challenges in procurement
As the session wraps up, the panellists discuss the ongoing evolution of procurement as a strategic function.
Matthew highlights the growing demand for procurement teams to demonstrate their value through metrics that extend beyond cost savings.
“Procurement now has the power to influence the top line as well as the bottom line,” he remarks. Amanda notes that procurement’s role is set to expand as companies emphasise ethical sourcing and ESG initiatives, further integrating procurement into corporate strategy.
The panellists conclude by affirming the potential of strategic sourcing to drive resilience, sustainability, and value across industries.
As procurement continues to evolve, the panellists’ insights provide a blueprint for companies seeking to elevate their sourcing practices to meet today’s challenges.
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