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Collaborative relationships evolve cost savings into value creation

Cost savings has been a focus in the contract packaging industry for many years.

Pw 2771 Collaboration Illustration R

The question is: Have we been doing this so long that we are on the down side of the curve relative to cost savings? Are we trying to “get blood out of a rock?” While many opportunities exist within the industry to improve efficiencies and further drive costs from the system, overall, many companies are experiencing diminishing returns, given the achievements of years past. If we are experiencing reductions in percentage savings generated, perhaps it’s time to begin to seek the next horizon for improvement on a parallel path. Based on the information shared below, it sounds like it may be time to make a concerted effort to “jump the curve” and evolve beyond our current approaches.

Value Creation conference

In September 2010, the Foundation for Strategic Sourcing held the Value Creation through Collaboration conference to explore ways not just to reduce costs, but also to create value. The question is, how do we progress beyond current methodology to a level where value is actually created through collaborative relationships? A number of provocative presentations were made, and the highlights are noted below.

• Alan Day, managing director of State of Flux, is a global thought leader in Supplier Relationship Management (SRM), the practice of establishing programs to create value with suppliers. Day has collected data to demonstrate a competitive advantage to be gained from working collaboratively with suppliers. In fact, leaders are receiving considerably more benefits than followers are. There are a number of examples in a variety of industries. Leaders put more into people and skills than followers do, and executive sponsorship is key to success.

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List: Digitalization Companies From PACK EXPO