The business world is populated with an overabundance of buzzwords. Some have their fleeting 15 minutes of fame while others seem to endure as overused or misused terms. Perhaps one of the most overused and misused terms in business today—and it has enjoyed that status for quite some time—is the word strategic. As it relates to supply management and procurement, strategic is misused in at least two respects:
1. Form over substance: Simply adding a few bells and whistles to conventional purchasing ...