Since the beginning of the pandemic, EBG have considered what is happening with buyer-supplier relationships. For years now EBG have shared and focused on ways to collaborate. To ensure both parties in business relationships are equals. That win-win and common desired outcome are the driving forces in as many business relationships as is possible.
Then came a pandemic. Disrupting supply chains, cutting supplies, keeping people apart. Sending many businesses into paths where the very existence and what to produce and sell is questioned. Short and long term.
EBG have shared the Vested business model and methodology for several years. It was a while though and the question came to mind – what happen to win-win when a global crisis hits the market? EBG are thrilled to share a session with Kate Vitasek, Faculty – Graduate and Executive Education, University of Tennessee & Author, educator and architect of the Vested business model at Sourcing Outlook! Few people are as inspirational and can explain future ways of collaborating as to the point.
On October 8th we will find out and You can join where ever you are. Sourcing Outlook will be an entirely online experience – enabling peers and experts from across the globe to come together. Even though we cannot meet in person, we can meet online. We can exchange first hand experiences and we can network and discuss from behind our desks.
Join us on October 8th to take part in the below session:
How are your supplier relationships and contracts holding up – are you reaching your desired outcome?
It is reasonable to think that many businesses have found that alone is not strong. That during the pandemic supply chains have been heavily stress tested. Entire product lines have been cut, re-designed and even re-modeled. How can you adjust if your contracts mainly focus on who’s to blame when something goes wrong and not on what your common desired outcome is?
As the need to be agile, to be innovative and to adapt to a possible new normal. Suppler relationships and collaboration will be in focus. But how? How do you start thinking and acting differently? Here you will get some food for thought and practical advice!
EBG have shared the Vested model framework and principles over the years. Now it will be interesting to learn from Kate Vitasek. How the win-win based, trust focused business model and methodology are holding up during a global crisis.
For those of you who do not know what Vested is, this will be explained too. From a Harvard Business Review article written by Kate and others we read “When Dell and FedEx reached their breaking point, they chose to abandon their existing contracting process and create a formal relational contract that specified desired outcomes and defined relationship-management processes at the operational, management, and executive levels. In the first two years, Dell and FedEx were able to reduce costs by 42%, scrap by 67%, and defective parts per million to record-low levels. Both companies now consider the contracting approach a best practice and have applied it in other relationships.”
What was the breaking point? How did they and other companies change their mindset and ways of working? How do you evaluate which of your contracts should be re-visited and re-aligned?
Join Sourcing Outlook today to find out more!
About Kate Vitasek
Kate’s current passion is the pioneering work she’s leading in Vested and Vested Outsourcing at the University of Tennessee. Vested stems from award-winning research by the University of Tennessee funded by the United States Air Force to find a “better way to outsource.”
The Vested® business model allows companies to focus on desired outcomes and shared values to create an arrangement that is mutually beneficial for each. Rather than the “What’s in it for Me” mentality of traditional agreements, Vested’s “What’s in it for We” mindset invests both parties in the success of each other’s overall business, which in turn strengthens the sense of partnership and encourages a more lasting relationship. By sharing expertise and aligning their goals, both parties are able to drive innovation, adapt to changing needs, and mitigate risk while working towards mutual success. Many well-known companies have adopted a Vested framework, including Microsoft, McDonald’s, and Procter & Gamble.
Vested is part of a book series published by Palgrave Macmillan. It has also been featured in more than 300 articles in traditional media outlets such as Forbes, Business Week, CIO Magazine, NRP, and The Wall Street Journal, as well as in numerous trade publications like Globalization Today Magazine, Outsource Magazine, SupplyChainBrain.com, Warehousing Forum, Supply & Demand Chain Executive, Logistics Viewpoints, and IT Business Edge.com.
Vested was named one of “Outsourcing’s Top 2012 Trends” by Globalization Today, one of the “Top 50+1 Most Influential 2011 Trends” by The World Trade Magazine, and one of the “Tops Trends in IT Services” by Vanguard Marketing International, Inc.
About Sourcing Outlook
Business relationships have never been more important. Internal and external. How can we learn from each other during a pandemic stopping us to meet in person? We meet online.
Not “just” to listen – but to also discuss with each other. To connect across the screens via which we log on. There are so many competences and EBG are working hard to enable face to face interaction and discussions!
