New book advocates turning procurement into "supply entrepreneurship"

To best prepare for changes in procurement spending in the coming decade, supply chain executives should become "supply entrepreneurs," say McKinsey consultants Peter Spiller, Nicolas Reinecke, Drew Ungerman, and Henrique Teixeira in their new book, Procurement 20/20: Supply Entrepreneurship in a Changing World.

The authors describe how megatrends transforming business over the next decade will change purchasing and procurement practices. They then outline how procurement organizations can prepare for and respond to those trends. Among the topics they discuss are ways to orchestrate relationships along the supply chain, extract value through new technologies, and use analytics to convert supply-base data into business opportunities.

The book draws on McKinsey research, including more than 1,500 global procurement studies and an in-depth examination of more than 700 organizations. The authors say the research validates certain best practices in procurement that consistently lower costs, identify growth opportunities, and help insulate companies from such hazards as weather events, price shifts, and the complexities of environmental and regulatory issues.

Published by Wiley, the hardcover edition of the book sells for $40. It is also available as an e-book for $19.99.