Harnessing the Power of Brand Value in Procurement with Rachel Hassall

Introduction

In today’s competitive market, understanding the value of procurement is crucial for the success of any business, especially in the Consumer Packaged Goods (CPG) industry. In a recent podcast episode of the Product & Packaging Powerhouse, Megan Young Gamble sits down with Rachel Hassall, VP of Procurement at Harvest Hill Beverage Company, to delve into the importance of procurement, the challenges faced, and the strategies that drive success. Here are five key takeaways from their insightful discussion.

1. The Journey from Packaging to Procurement

Rachel Hassall’s career trajectory showcases the importance of adaptability and open-mindedness. Starting in packaging engineering and transitioning into procurement allowed her to blend technical expertise with strategic sourcing skills. This diverse background equipped her with a holistic understanding of the supply chain, emphasizing the value of cross-functional experience in enhancing procurement strategies.

2. Building Resiliency in Procurement

One of the significant challenges in procurement is building resiliency within the supply chain. Rachel emphasizes the importance of having a robust resiliency plan that prioritizes understanding the entire supply chain, identifying critical components, and qualifying secondary vendors during the development process. This proactive approach ensures that companies are better prepared to handle disruptions and maintain continuity in their operations.

3. The Role of Relationships in Procurement

Despite advancements in technology and the rise of AI, the cornerstone of effective procurement remains strong relationships with vendors. Rachel highlights that the ability to cultivate and maintain these relationships is a key differentiator in the procurement field. Good relationships not only facilitate smoother negotiations but also ensure that vendors are willing to go the extra mile during challenging times.

4. Aligning Sustainability with Procurement

Sustainability is a growing priority for businesses today. Rachel stresses the need for companies to clearly define what sustainability means to them and to integrate these goals into their procurement strategies. By aligning sustainability initiatives with procurement processes, businesses can ensure that their operations not only comply with regulations but also resonate with consumers who prioritize environmental responsibility.

5. Strategic Negotiations and Value Creation

Successful procurement is not just about cost-cutting but about creating value. Rachel advises that during negotiations, companies should be descriptive rather than prescriptive with their vendors, allowing them to propose the best solutions to meet the company’s needs. This approach fosters innovation and enables vendors to contribute more effectively to the company’s goals.

Conclusion

Procurement is a critical function that can significantly impact a company’s success. From building resilient supply chains to fostering strong vendor relationships and aligning with sustainability goals, effective procurement strategies are essential for creating value. Rachel Hassall’s insights provide a roadmap for businesses looking to optimize their procurement processes and drive long-term success. By embracing these principles, companies can navigate the complexities of the modern market and achieve their strategic objectives.

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