The World Federation of Advertisers (WFA) has formed a Global sourcing Board that aims to drive a shift from savings to value. Its 12 members, some from the world’s biggest advertisers, have produced a new paper: Project Spring: Revolutionising the perception and contribution of marketing procurement.
The report was triggered by WFA research in 2018, which found that although 87% of respondents could not imagine a world without marketing procurement, 92% felt that the way marketing procurement is perceived by their organisation could be improved.
One of the aims is to produce a procurement metric that drives meaningful changes within the industry, such as a metric assessing the compliance to human rights within the whole supply chain or the amount of supplier diversity spending.
WFA marketing sourcing lead Laura Forcetti (left) says : “The future of sourcing is in adding value beyond savings. It should be not just a business partner that shares objectives with colleagues but also a source for growth within the organisations. It can only be these things if there is a shift from a primarily savings outlook to a value creation approach.
“Project Spring brings together the best thinking on marketing procurement and should be an essential handbook for all practitioners, whatever the size of their organisation.”
On agencies the report says “a well-managed agency is an obvious competitive advantage for clients and is a mirror of a successful marketing procurement function, able to orchestrate top-level enterprise discussions.
“Investing more time in Supplier Relationship Management programs to unlock value will demonstrate to marketing counterparts that the team wants to help them get better outcomes from their agency partners.”
The full report is here.