Episode #24 - 5 Best Practices to Turn Procurement into a Pillar of Financial Stability

EPISODE

Host: Daniel Casselli, President at BuyQ

Connect with Daniel on LinkedIn 

School / Organization: BuyQ

Website: https://buyq.org/

EPISODE SUMMARY

In this episode, Daniel Casselli shares five best practices to turn procurement into a pillar of financial stability. He emphasizes the importance of procurement in a challenging financial environment and highlights the four core pillars of procurement excellence: strategic sourcing and cost management, policies, compliance and risk management, technology and data, and stakeholder engagement and communication. The five best practices include revisiting the purchasing policy, listening to the data story, developing collaborative supplier relationships, standardizing and consolidating when applicable, and measuring performance and iterating.

EPISODE TAKEAWAYS

• Procurement is crucial for financial stability in a challenging financial environment.
• The four core pillars of procurement excellence are strategic sourcing and cost management, policies, compliance and risk management, technology and data, and stakeholder engagement and communication.
• Revisit the purchasing policy regularly and iteratively to reduce the total cost of goods and services and create institutional knowledge.
• Listen to the data story by analyzing procurement data to identify opportunities for cost savings and process improvements.
• Develop collaborative and accountable supplier relationships by setting clear expectations, shared goals, and mutual accountability.
• Standardize and consolidate where applicable to drive value and provide consistency in procurement processes.
• Measure performance and iterate by tracking key performance indicators and gathering feedback to make informed decisions and drive continuous improvement.

RESOURCES

Edunomics Lab: https://edunomicslab.org/

5 Best Practices to Turn Procurement into a Pillar of Financial Stability

CHAPTERS

00:00 Introduction and Background

01:54 Why Procurement Matters in a Challenging Financial Environment

04:37 The Four Core Pillars of Procurement Excellence

07:28 Best Practice 1: Revisiting the Purchasing Policy

10:21 Best Practice 2: Listening to the Data Story

14:29 Best Practice 3: Developing Collaborative and Accountable Supplier Relationships

20:40 Best Practice 5: Measuring Performance and Iterating

25:33 Conclusion

ABOUT OUR HOST

Daniel Casselli is a life-long learner whose passion for education has driven his professional endeavors. He is a former classroom teacher and youth ministry director whose entrepreneurial spirit landed him in the world of education technology. At EVERFI Inc., Daniel helped run the business development efforts for EVERFI’s Financial Education Program and the company was eventually sold to Blackbaud for $750M in 2021. Shortly before EVERFI’s acquisition, Daniel joined Class Technologies as one of the earliest sales hires and went on to lead K12 Enterprise Sales and helped the company land its first 100+ K12 customers across public, charter, and private schools. Daniel brings his unique experiences to BuyQ where he is focused on growth, operational excellence, business strategy, and client satisfaction. He is a graduate of Grove City College where he studied Religion and History. 

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