Friday, September 3, 2010

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In This Issue ...
  • August Non-Manufacturing ISM Report On Business®: NMI at 51.5% — Read more.
  • Latest JPMorgan Global PMI: Global Report on Manufacturing — Read more.
  • Customer Relationship Management: Strategies for Becoming a Valued Business Partner — Read more.
  • Apply Now for Sixth Annual ISM R. Gene Richter Awards — Read more.
  • Managing Supplier Risk for Competitive Advantage — Read more.
  • "The Negotiation Process" — ISM's Online KC Special (Expires September 30) — Read more.
  • Now Available — CPSM® Bridge Exam Diagnostic Practice Exam, Web version — Read more.
  • It's Easy to Subscribe to the Just in ETime Newsletter — Read more.
  • Term of the Day — Read more.
  • Contact Us — Read more.

August Non-Manufacturing ISM Report On Business®: NMI at 51.5%

Economic activity in the non-manufacturing sector grew in August for the eighth consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business®.

The report was issued today by Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management™ Non-Manufacturing Business Survey Committee; and senior vice president — supply management for Hilton Worldwide. "The NMI (Non-Manufacturing Index) registered 51.5 percent in August, 2.8 percentage points lower than the 54.3 percent registered in July, indicating continued growth in the non-manufacturing sector but at a slower rate. The Non-Manufacturing Business Activity Index decreased 3 percentage points to 54.4 percent, reflecting growth for the ninth consecutive month, but at a slower rate than in July. The New Orders Index decreased 4.3 percentage points to 52.4 percent, and the Employment Index decreased 2.7 percentage points to 48.2 percent, reflecting contraction after one month of growth. The Prices Index increased 7.6 percentage points to 60.3 percent in August, indicating that prices increased significantly in July. According to the NMI, nine non-manufacturing industries reported growth in August. Respondents' comments continue to be mixed about business conditions and the state of the overall economy."

To read the entire release, click here.

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Latest JPMorgan Global PMI: Global Report on Manufacturing

Global Manufacturing PMI Eased to 9-Month Low in August, as Sector Recovery Slowed Further

PMI data signaled that the recovery in global manufacturing production extended into its fifteenth consecutive month in August. However, there were further signs that the upturn in the sector was losing momentum, reflecting slower growth of new orders and a waning boost from inventory rebuilding.

The JPMorgan Global Manufacturing PMI™ fell to a nine-month low of 53.8 in August, down further from April's near six-year high. The PMI has remained above the 50.0 no-change level for fourteen months running.

For the complete JPMorgan release, click here

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Customer Relationship Management: Strategies for Becoming a Valued Business Partner

As a concept, customer relationship management (CRM) has been around for a long time. But, it has taken on an increased level of focus for many procurement groups around the globe as the function continues to grow from tactical support groups to strategic business partnerships. In turn, developing and managing relationships with internal customers has become critical. Companies are starting to put CRM-related goals into their procurement team's objectives, and some are even creating stand-alone CRM functions within procurement.

The end goal of any procurement group is to partner with internal businesses and work to get the most value out of each dollar the company spends. A strong partnership will ensure that procurement's goals and objectives are directly tied to the organization's goals and objectives. Relationships with key individuals must be developed and cultivated to develop that partnership dynamic.

This recent ISM article outlines strategies which individuals at all levels within procurement can use to become valued business partners.

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Apply Now for Sixth Annual ISM R. Gene Richter Awards

Institute for Supply Management™ (ISM) is inviting entries for the sixth annual ISM R. Gene Richter Awards for Excellence in Supply Management. The award competition was created to honor the vast professional contributions of R. Gene Richter, who was a pioneer in the field of supply management.

The ISM R. Gene Richter Awards for Excellence in Supply Management are open to supply management departments of all sizes and geographic locations, both domestic and international. ISM is accepting entries through an online submission process from July 1 — September 17, 2010. Entries should address big challenges for which new solutions have had wide organizational and/or supply chain impact. Multiple entries are welcomed in one or more of the following categories: Process, People, Organization/Structure, Technology and Sustainability.

For full category descriptions and information on how to apply for the 2011 awards, visit the ISM website. For the 2011 awards, the project/initiative must either (1) have been completed and/or implemented or (2) have measurable outcomes within the date range of October 1, 2007 through September 30, 2010.

An application fee of US$1,000 per organization is required for 2011 award applications. Organizations that submit multiple applications will only be charged this fee once, regardless of the number of applications submitted. The application fee will be used to build the R. Gene Richter Scholarship Fund.

Richter award recipients will be notified in January 2011 and will be honored at an awards dinner on Sunday, May 15, 2011 at the ISM Annual International Supply Management Conference and Educational Exhibit in Orlando, Florida. Winning organizations agree to present a Conference session describing their project. The 2011 award winners will join an esteemed group of previous winning organizations, including: Alltel Wireless; BP p.l.c.; DaimlerChrysler; Fluor-Hanford; HP; Johnson & Johnson; KLA-Tencor; LG Electronics; Lockheed Martin Aeronautics Company; Masco Corporation; Pfizer Inc; Rockwell Collins; Royal KPN Telecom; and the U.S. Postal Service.

Questions regarding the awards may be directed to Terri Tracey, CAE, at 800/888-6276, extension 3071 (or, for callers outside the United States, +1 480/752-6276, extension 3071), or by e-mail .

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Managing Supplier Risk for Competitive Advantage

Losing a critical supply source can mean the difference between life and death for an organization. Research shows that large organizations face a major supply disruption every four to five years. Rapid, unpredictable increases in input costs can quickly cause problems in a previously predictable and healthy profit and loss. Missed sales, lost market share, and derailed growth and profitability plans can be impossible to recover from. And with global bankruptcies on the rise, the risk of supplier failure is increasing. Organizations that do well in managing this risk can maintain and even strengthen their competitive position. The key is to stay ahead of potential problems by taking a proactive rather than a reactive approach.

The Boston Consulting Group surveyed 43 senior procurement and supply chain executives on the supplier risk management (SRM) practices of their companies, then followed up by conducting in-depth interviews. The respondents represented a wide range of industries, including retail, consumer packaged goods, engineered products, industrial goods, automotive, defense, technology and education.

Based on this research, a recent article by ISM reveals three distinct SRM models — each with its own set of best practices — and five key success levers.

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"The Negotiation Process" — ISM's Online KC Special (Expires September 30)

Negotiation is a process, not an event. It consists of many steps or stages. Each one has its own critical importance, and all are relevant to the overall success of those involved.

"The Negotiation Process" (Course #3955) touches on all of these and focuses on the required preparation, the key elements in every negotiation, the management of the actual meetings and the completion phase. Key negotiations concepts targeted in this course include:

  • Introduction to the negotiation process
  • Preparing for a negotiation
  • 3 key elements in negotiation
  • Conducting the negotiation
  • Completing the process

With no time away from work and no travel costs, you can show your employer that you're serious about your career. Available to both members and non-members, ISM Knowledge Center Specials run only for a limited time. When you see the "KC Special" Icon, follow the link and register right away.

Members pay $97.50 for this course through 9/30/10. (Regular member price is $195.) For non-members, the price is $147.50 through 9/30/10. (Regular non-member price is $295.) Attendees will earn seven CEHs.

More information and registration is available online.

Or, call ISM Customer Service at 800/888-6276 or 480/752-6276, option 8.

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Now Available — CPSM® Bridge Exam Diagnostic Practice Exam, Web version

Created just for current C.P.M.s with a bachelor's degree, the CPSM® Bridge Exam Diagnostic Practice Exam, Web version, is one of the most sought-after CPSM® study tools. It helps you focus your study efforts by identifying any areas of supply management that need strengthening. You get a sample test for the CPSM® Bridge Exam with a scoring chart and correct answers, including justifications and references. To be used with the CPSM® Study Guide.

Content in the Web Diagnostic Practice Exam is equivalent to the print version. However, the Web-based version more closely simulates the test-taking environment.

Remember, the CPSM® Diagnostic Practice Exam works in conjunction with the CPSM® Study Guide and the ISM Professional Series. This allows you to study effectively and efficiently in the areas you need to strengthen the most. The CPSM® Diagnostic Practice Exam tells you exactly where to find the explanations in the in the CPSM® Study Guide, the ISM Professional Series and a few other resources.

CPSM® Bridge Exam Diagnostic Practice Exam, Web version (CPSMDK_EB)
US$69/ISM members: US$49

Other available CPSM® Diagnostic Practice Exams:

CPSM® Bridge Exam Diagnostic Practice Exam, Print Version (CPSM_BDK)
US$69/ISM members: US$49

CPSM® Diagnostic Practice Exam, Print Version — Exams 1, 2 & 3 (CPSM_DK)
US$99/ISM members: US$79

CPSM® Diagnostic Practice Exam Set, Web version — Exams 1, 2 & 3 (CPSMDK_EP)
US$169/ISM members: US$129

CPSM® Diagnostic Practice Exam, Web version — Exam 1 (CPSMDK_E1)
US$69/ISM members: US$49

CPSM® Diagnostic Practice Exam, Web version — Exam 2 (CPSMDK_E2)
US$69/ISM members: US$49

CPSM® Diagnostic Practice Exam, Web version — Exam 3 (CPSMDK_E3)
US$69/ISM members: US$49

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  • First, log into the ISM website using your username and password.
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If you have any questions or encounter any problems, please contact RaeAnn Slaybaugh.

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Term of the Day

Today's ISM Term of the Day is: ESTABLISHED MARKET PRICE.

Definition: A current price, generated in the usual course of business between buyers and sellers free to bargain, which can be substantiated from sources independent of the seller.

A different Term of the Day is posted on the ISM Home Page each day — seven days a week. The Term of the Day is taken from the ISM Glossary of Key Supply Management Terms.

ISM members can access the online Members Only Glossary which includes terms from the private, public, and various industry sectors, and from a wide variety of sources. The Glossary can be browsed alphabetically, or searched by keyword.

To access the online Glossary, click here.

If you are not a member but would like membership information, click here.

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Contact Us

Questions/Comments? Contact RaeAnn Slaybaugh.

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