New technology, competitive drive and the desire to upend the status quo to influence innovation and enhance value are important characteristics for sourcing and procurement professionals in today’s world. As the digital transformation continues to accelerate at an unprecedented and exciting pace, SIG wants to recognize the change makers, movers and shakers who show innovation, leadership and transformation in areas critical to the sourcing industry.
This week, SIG announced the finalists for the inaugural Future of Sourcing Awards taking place at the Fall Global Executive Summit in Rancho Mirage, California, on October 17. A panel of 14 senior executives judged nominees in eight team categories and two individual categories. The teams and individuals listed below demonstrated ingenuity, initiative and innovation and showed the greatest achievements in terms of fundamentally changing the nature of their business and/or industry.
Please join us in congratulating the 2018 Future of Sourcing Awards finalists!
Here at the SIG headquarters, we’re working hard to provide you with an exciting line-up of fall events and thought leadership. Whether you plan to spend July taking some much-needed time off or your goal is to wrap up some big projects, SIG is here to support you in your day-to-day responsibilities. Register for one of our upcoming webinars that cover today’s latest trends in the industry or listen to our thought-provoking podcast on your commute or a work trip.
You can stay up-to-the-minute with all things SIG by following us on Twitter, LinkedIn and Facebook. Here’s what’s happening in July:
CPO Virtual Forum
On July 19, senior procurement executives are invited to join SIG and Oliver Wyman for an exclusive CPO Virtual Forum. CPO Virtual Forums are one-hour, single-topic sessions in which CPOs gather online to openly discuss their most pressing issues. Facilitated by Oliver Wyman, the forum will generate actionable next-steps to discuss during the CPO Roundtable held at the Fall Global Executive Summit in Rancho Mirage, California, October 15-18.
This interactive presentation will be delivered in an open-mic, collaborative format via WebEx that will not be recorded to ensure candid conversations. The topic for this Virtual Forum will be "Procurement Rebranded: Leveraging the Wisdom of Brands to Produce a Star Function." Visit our website for the full session description and to register, but you must hurry – space is limited!
In an increasingly crowded global marketplace, it can be hard to stand out. Back in the day, competition came from companies that looked just like yours. That is no longer the case. With an always-online hyper-connected economy, your competition could come from an industry so far removed from the one that you are in that it hardly makes sense…and yet if you aren’t watching, your business can find itself on the precipice of being made redundant by a company you never saw coming. (Think Uber to cabs or AirBnB to hotels…or even more recently Amazon to grocers.) It is not at all far-fetched…and with artificial intelligence and other forms of digitization, who knows what the future holds?
Frankly, it shouldn’t be surprising that some of the best ideas may come from outside your industry…that’s one of the concepts that SIG holds dear. During a plenary Summit session, we had everyone work with the people at their table to discuss a challenge that one person at the table was facing. Because the tables were random and the people at those tables represented different positions and industries, the results provided some breakthrough moments with complete out-of-the-box thinking.
"April hath put a spirit of youth in everything" -- William Shakespeare
It's the start of another new quarter and many teams are reinvigorating their strategies to make bigger and better gains in Q2. The economy is also making gains – the latest ADP National Employment Report data show that private sector companies added more workers in March than initial forecasts predicted.
At SIG, we’re charging into Q2 with a renewed sense of optimism, excitement and momentum to tackle obstacles and challenges with transformational approaches that we learned at the SIG Global Executive Summit in Washington, D.C. Here's what SIG delegates need to know this month.
FUTURE OF SOURCING AWARDS
SIG CEO Dawn Tiura recently announced the inaugural Future of Sourcing Awards to recognize and celebrate individuals and organizations that show innovation, leadership and transformation in areas that are critical to the sourcing industry. This event will bring together some of the brightest minds, the best insights and the most relevant topics to create a truly remarkable experience.
2018 is already shaping up to be a busy year for SIG and we don't anticipate slowing down. In fact, we're accelerating!
SIG INNOVATION ACCELERATOR
SIG recently announced the launch of the SIG Innovation Accelerator (SIA), which offers a portfolio of services to help develop and improve the innovation pipeline for Source through Supply Chain (SSC) and related functions.
The SIA was created to help SIG’s buy-side companies--and ultimately other Fortune 500/Global 1000 companies--capitalize on their combined knowledge, experiences and buying power to facilitate innovation and improve profits while simultaneously reducing risk for both buy-side companies and product providers.
Becoming an SIA Colleague is the first way for a provider to participate in and benefit from SIA’s services. Benefits of becoming an SIA Colleague include:
Eligibility to nominate a product for review and consideration for SIA’s Acceleration Program
Opportunities for product focus groups with procurement executives to get feedback on product and marketing/sales strategies
Discounts for online certification programs or courses offered by SIG University
A Leadership Council comprised of approximately 24 CPOs and select other executives from SIG’s buy-side member companies will lead SIA's initiatives. All of SIG’s buy-side members are eligible to participate in various SIA activities and benefit from its services. SIA is managed and staffed by SIG and Creatze, which is led by SIG’s founder and former CEO Barry Wiegler.
SIG’s Fall 2017 Global Executive Summit in Carlsbad, California is less than two weeks away! That means it’s time to kick things into high gear and prepare yourself and your team for the most innovative and thought-provoking sourcing event of the year.
With more than 350 delegates in attendance, numerous educational sessions and workshops, plus plenary sessions, speed networking, CPO and student programs, and a golf tournament, there is a lot to prepare for! Navigating such a vast event may seem overwhelming at first, but don’t fret. I’ve outlined four tips that will have you walking into the Summit like a seasoned vet.
1. Plan Your SIG Summit Agenda
One thing you’ll want to do before you depart for Carlsbad is to create your Summit agenda. This fall, with 100+ speakers, 50+ educational sessions, panel discussions, networking receptions, keynote presentations and fun entertainment, there is a lot to do in just four days! Even if you’re a longtime Summit attendee, planning your agenda goes a long way. To make this easy on delegates, we’ve created a schedule planner tool on our website, visit the Summit sessions page, and next to each session you’d like to attend, click the “add to my schedule” button in the orange title bar. Then, you can view your complete agenda by clicking the “View My Schedule” link at the top of the page. From there, you can print out or save a copy of your customized agenda.
I recently finished two-and-a-half days at Singularity University’s Global Summit (not to be confused with our own SIG Global Summit!). It was an incredible, mind-blowing, education-packed few days. Singularity packs their event with high-energy speakers who speak passionately on their area of expertise. I heard presentations on virtual reality, augmented reality, healthcare, leadership, socially responsible business, entrepreneurship, the future of work and so much more. The presentations covered a wide variety of topics, but they all had one thing in common…they all made you think about the possibilities…they all challenged the status quo…and they all embraced the concept that disruptive technologies are changing our world exponentially.
No session covered this better than keynote David Roberts whose core message was that slight variations in key assumptions could have a HUGE impact on our future. In his impassioned, funny and moving presentation Roberts connected the dots on some of the most exponential technologies our world has seen by asking everyone to consider some “what ifs” in life. His enthusiastic presentation and challenging questions inspired me to dig further.
What if…your phone was smarter than you? In 2013, Gartner predicted that by 2017 smart phones would, in fact be smarter than humans. Are they? Artificial intelligence (AI) has certainly progressed to such a point that you might argue that they are. In an article and related research, Gartner presented four phases of cognizant computing:
Today is my birthday. As commonly happens on birthdays, we tend to reminisce over the past year(s). And because so much of our life is spent working, this is where my reminiscing takes me because I get to work with my best friend for a company I love, not only because I get to work from home, but because it’s existence is what I dreamt of many years ago when I was younger and (more) clueless. Yes, I know… it sounds corny, but it’s true. After all, it was a little less than 15 years ago that I landed in the sourcing world working for a small supply chain management and procurement solutions provider, Enporion. I had no clue what acronyms like SCM, VMS, P2P, RFP, or SOW were, nor this strange idea of “Reverse Auctions.”
I have such fond memories working at Enporion, but anytime I tried explaining my job to family or friends I got that “deer in the headlights” stare and I felt like I was a part of some small secret society. Back then, Mary Zampino (fellow SIG-let) and I had virtually no resources available to us on how this whole “procurement” thing worked. We tried to come up with best practices, templates, and other tools to make our sourcing clients jobs easier and offer them the most process improvement and cost savings possible. We dreamed of creating a knowledge library of resources that we so desperately needed ourselves so that others wouldn’t have to work so tirelessly to do their jobs.
It was recently announced that full tests of driverless cars will take place on UK roads (including motorways) within the next two years. The UK is lagging in this area behind some other countries, especially the USA, where the likes of Google have been taking automated cars out on public highways for several years. However, it's another landmark for technology which looks set to utterly transform human transportation over the next couple of decades.
At the same time, as I walk along my local High Street the windows of employment agencies are plastered with signs calling for drivers - of vans, minibuses, HGVs; indeed, one agency has only these jobs on display.
Obviously, any transition to automated vehicles (especially the large ones on which the logistics industry relies) will take time (how much time has yet to be seen, and many issues remain to be decided before the shift can fully take place); however, it seems both interesting and unsettling that anyone approaching an employment office wondering which roles might be most in demand would come away with his or her thoughts pointed towards an industry on the verge of radical transformation involving the eventual removal of exactly those roles currently being yelled for.
A couple of weeks ago, I published a blog entitled ‘Automation and the Human Touch’, looking at some of the challenges the automation revolution is set to throw our way regarding future employment opportunities and the education and training of our next generation(s). That blog provoked some very interesting thoughts from readers:
Of the many laws that affect the international outsourcing space, one of the most important must be that of diminishing returns. At its heart outsourcing is about efficiency – a provider can only offer a decent value proposition, and turn a profit, if it can achieve a desired output more efficiently than can a would-be buyer of its services – and yet there’s only so much money in the hypothetical pot to invest in driving efficiencies: as a very basic example, if one can spend $x to achieve 10% savings, by the fifth investment of $x the savings made are only around 60% of what was achieved with the first tranche. The returns diminish. After a while, it becomes less and less worthwhile to invest $x in that project, when the same amount put into another deal can yield significantly more.
Finding the right balance between investment and returns (and knowing where is the line beyond which further investment will yield returns too paltry to justify) is vital in any business, but especially one as efficiency-based as outsourcing, where relationships have historically often featured buyers demanding constant and consistent efficiency gains and savings – and, moreover, where the necessary investments in technology and people can be gigantic. Hence the desire on the part of providers to share the value gained by any given investment across as many clients as possible – and the complications resulting from buy-side demands for bespoke work and customisation without a simultaneous understanding of why this of necessity means higher costs, which need to be passed on somewhere, somehow…