Have you ever wondered how procurement functions?" In this episode, Ann Carter, CPO at Dexcom shares insights about how procurement functions, an inside view on how decisions are made, what is needed to create strong supplier partnerships and the value of being trustworthy and  how to make the right connections inside a procurement organization.  Ann is a member of HerCsuite™ and this program is an excerpt from her presentation for Coffee Talk. Take a break today and listen to host Natalie Benamou and Ann Carter as they discuss  "Everything You Ever Wanted to Know About Procurement but Were Afraid to Ask". Purchasing is generally responsible for spending more than 50 percent of all the revenues the firm receives as income from sales. More money is spent for purchases of materials and services than for any other expense, and the spend in services is rapidly increasing. Procurement manages direct and indirect materials. Procurement Responsibilities>> Strategic sourcing >> Cost Management >> Supplier Management >> Contract management. >> Supply management  How Are Decisions Made?>> Online research for a service. >> Industry knowledge from colleagues. >> Category manager and buyer put together a Request for Quote (RFQ). >> Buyer and category manager create a Bid List. >> Bid list partners do their analysis of the bid quote package. >> Category manager and buyer will do an RFQ response analysis. >> Information is entered into a sourcing forum. >> Supplier negotiates contract. Key to success-demonstrate trustworthiness, bring value, and be proactive and supportive. Thank you to Ann Carter for being a speaker and guest for HerCsuite™! Connect with Ann Carter on LinkedIn Natalie Benamou is the Founder of HerCsuite™, an all-in-one membership platform that gives women a mentoring and advisory framework to achieve success in every phase of their careers.  Members feel more optimistic, experience greater job satisfaction and have improved work-life balance.  You are invited to Join HerCsuite™ today to and discover how you can advance your career inside a supportive community. Join HerCsuite™ and receive 50% off our next event with code: EVENT50 Have a question? Reach out to Natalie at HerCsuite™or send a text to 224-209-6424. LinkedIn: Natalie Benamou | HerPower2 Lead | HerCsuite™ This podcast is sponsored by Aaptiv, our favorite health and wellness app with over 3,000 videos. Listeners can get your free 30-day trial here. Credits: Thanks to Julie Deem and the Business Podcast Editor for editing our podcast! --- Send in a voice message: https://anchor.fm/hercsuite/message