23.05.2016

The Importance of Doing a DD Process

The Importance of Doing a DD Process

Procurement Professionals need to be whiter than white. Our characters and our function need to be unimpeachable for us to gain and keep the trust of our stakeholders, our organization and the world at large.

In the film, The Taking of Pelham 123, John Travolta’s baddie faces off to Denzel Washington’s “gooddie”. I use the word in inverted commas as we find through their negotiations that DW had taken a bribe from a manufacturer for making a purchasing decision go in their favor. People got killed and hurt because of this decision. In this instance DW was a key stakeholder and not the Lead Procurement guy on this, but if the Procurement guy did their Due Diligence Process properly or at all, they would have (maybe) picked up on the fact that the supplier’s goods were defective thereby saving countless lives down the track. The downside is we would not have had another brilliant movie with DW and JT. See it if you haven’t done so already.

Back to the process of Due Diligence (DD). The DD Process needs to be as detailed as possible as its purpose is to uncover and solve as many potential failures/issues and bear traps on both sides of the table. Like the Weighted Scoring Matrix, it should have all the pertinent areas of investigation that each of the key stakeholders need to inform their decision. Also, like the WSM, ask your stakeholders to draft some of the "must haves" so that they can feel and be part of the process. This is a step that cannot be overlooked if everyone is to own the decision.  

 The DD, as part of the Procurement Toolkit, it is worth its weight in gold.

We are a Global Procurement, Supply Chain and Business Consultancy specialising in Supplier Vetting and Management, Business Analytics, Business Interpretation and Translations, Contracts Management,…

Media

do you need video/photo content?

Do you need video and photo content to market your brand or organisation?ever bought something online without viewing a…
Marketing & PR

Why Blog Anyway?

Blogs are great for your business' online presence. I could end this entry right there because that sums everything up…
Retail & Services

Delta Mesh Chairs for the home ( or the workplace)

If you are still working at home or in fact being asked to go back into the office, then make sure that you have a good…

More Articles

Legal

Mitigating Inheritance Tax

Inheritance tax (IHT) is payable on death or at certain stages during lifetime. For the purposes of this article we…
Financial Services

What’s the difference between saving and investing?

From an early age, we’re used to the idea of saving up for something special. We have piggy banks to incentivise us…
Information Technology

Does your company do something innovative?

Hello! We are Counting King R&D Consultants and we are on the hunt for Manchester based businesses who have creating…

Would you like to promote an article ?

Post articles and opinions on Manchester Professionals to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.

Find the right professionals in Manchester

View The Full Index

Search By:

Submit your Enquiry here

Enquiry Details

Contact Details