Of all the countless things Henry Ford gave the manufacturing industry, one quote stands out as particularly relevant today: "Be ready to revise any system, scrap any method, abandon any theory, if the success of the job requires it."
As IndustryWeek's Supply Chain Advisor, Paul Ericksen, sees it, this is the basis for all evolution in business. And therefore, he adds, it should be the basis for evolution of the purchasing function as well.
The problem, however, is that purchasing strategy is essentially the same today as it was over a century ago when Ford uttered this advice—even while every other manufacturing system, method and theory has evolved dramatically and continuously around it.
It's time for a change. It's time for a whole new purchasing paradigm.
This is exactly what Ericksen takes on in the first chapter of his new book, "Better Business: Breaking Down the Walls of the Purchasing Silo."
He joined us for this special edition of the IndustryWeek Video Chat series to dive into this chapter and the driving forces behind the movement to finally move purchasing into its rightful place as a key strategic function of the business.
If you would like to purchase a copy of "Better Business: Breaking Down the Walls of the Purchasing Silo," you can do so here.
Paul will be back with us again next month to continue the discussion with chapter 2, "The Importance of Properly Focused Purchasing performance Metrics.