SIG University Certified Sourcing Professional (CSP) program graduate Constance Bryant shares an honest account of how the change from a grassroots process to a more sophisticated tool for a Source-to-Contract process went for her and her organization.
The hardest part of showing value to an organization is debunking the myth that the traditional role of Procurement is to procure goods and services. We must have practical E-sourcing tools that allow us to be efficient. This will enable the organization to truly understand how the role of Procurement is evolving and the importance of the terms and conditions put into place to mitigate risk for the stakeholder and the organization. And we must create policies and processes that provide the guidelines to regulate sourcing activities. Based on this revelation, we must clearly and effectively communicate change as it happens.
When I began working with my organization, we needed an E-sourcing tool to manage our process, identify the correct stakeholders, and provide timely updates. We also needed formalized procedures. And our policy needed to be more robust to provide clear guidance. It also lacked consequences for rogue procurement purchases. At that time, we managed our process through email and Excel spreadsheets. It could have been more effective, and the stakeholders demanded more transparency, a written procedure, and an E-sourcing solution.
Constance Bryant, Procurement Consultant, BlueCross BlueShield of Tennessee
SIG University Certified Sourcing Professional (CSP) program graduate Kaila Flynn shares how this course has challenged her thinking and understanding of sourcing in order to develop a better understanding of the sourcing and procurement world.
Kaila Flynn, Sales Executive, Sourcing Industry Group
SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate Dallin Ingalls shares the inherent value that is associated with a strong third-party risk management framework.
Dallin Ingalls, Engagement Manager for Supplier Risk Management, Zions Bancorporation
SIG University Certified Sourcing Professional (CSP) program graduate Yukta Ramanan shares her unique perspective of ethical business and sourcing practices from the next generation of sourcing professionals.
My name is Yukta Ramanan, and I'm 17 years old. Now you may be asking yourself: why is a teenager training to receive a Certified Sourcing Professional (CSP) credential? The question is entirely valid. Unlike most people taking this course, I have little experience working professionally within the field of sourcing. What I possess, however, is a uniquely Gen Z perspective on the future of sourcing, and my motive for taking the CSP course was to learn how to bring my vision to fruition.
The Sourcing Industry Group's CSP training taught me a great deal about business finance and strategic value chain analysis. A lesson I found particularly eye-opening was centered on ethics within supply chains. A business must define company-specific ethical standards to decide on a moral issue. Determining what is ethical, which varies broadly, usually follows five approaches.
Yukta Ramanan, Executive Director, Youth for Ethical Sourcing
So how do you get from tactical procurement metrics to more powerful spend/supply measures that help build new capabilities and favorably impact critical business outcomes?
We have mentioned some of the more expansive sets of metrics that organizations use to measure several areas:
● Spend/cost management and savings
● Supplier/supply performance
● S2P process metrics for process performance
● Underlying capabilities in talent management, digital, etc.
● Stakeholder-specific metrics related to the above
In this third installment, we’ll dive a little deeper into some example metrics, but the first order of business is to provide a framework giving the backdrop on the KPIs and use it to hone in on metric types before listing individual KPIs.
Pierre Mitchell, Chief Research Officer, Spend Matters
This month we begin to build back stronger with leadership insight, industry research and webinars to keep you up to date.
Executive Leadership Education
Executives are invited to attend SIG’s next CPO & Executive Roundtable on February 24 for open-mic discussions on executive leadership and education, continuity of leadership and what skills the leaders of the future must develop.
For procurement leaders, there’s a lot more to do. And more questions than answers.
Get a big leg up with the GEP Outlook 2021 Report — featuring eight critical leadership themes that will help you navigate uncertainty and thrive in the new normal. Published annually, the GEP Outlook Report is a trusted strategic guide for thousands of procurement leaders across the world. Get your complimentary copy today.
Procurement is a business function that offers so much in the way of value. However, its not always easy to showcase the full spectrum of what procurement provides to other teams or get the necessary buy-in from sponsors or stakeholders to support procurement activities. In fact, one of the common pain points for procurement practitioners is the ability to align finance.
Finance is a critical business function. So much of what guides operations is based on the bottom line and therefore it is absolutely essential that procurement align with finance. Without this collaboration, procurement teams will struggle to gain credibility within an organization and will be less able to contribute to the overall success of the business. In order for procurement to truly be successful, it needs to align with finance. Here are some tips for helping achieve alignment between finance and procurement.
Develop a reporting structure that promotes collaboration
Reporting is essential for keeping different departments aligned. It’s only logical that the department in charge of managing money and the team that handles buying should coordinate. To really make the most of your collaborative efforts, try syncing on reporting structure to increase adoption. Ideally, procurement would actually fall under the purview of finance wherein the CPO reports directly to the CFO to increase that alignment. Benefits include:
2020 was a great year for thought leadership sharing as everyone suddenly experienced the same issues all at once. Many of the innovations and trends we saw emerge will continue to be essential as we move to 2021. To keep you informed, we bring you a round-up of the top webinars of the year!
5 Procure-to-Pay Trends to Watch in 2020
With the new year upon us, it’s the perfect time to take a look at look at the future of procure-to-pay (P2P).
The State of Procurement’s Value Measurement: Evolution and Best Practices
Today, successful value measurement in procurement requires understanding the mindset of stakeholders and leveraging the trove of procurement data that's available.
Industry-leading procurement technology has one job: providing a robust yet easy-to-use system for transforming needed goods and services into value for a company so that it can excel at its own business.
Coronavirus Town Hall - Leveraging the Power of Procurement to Address COVID-19
Leaders in the business and nonprofit space share how organizations can -- and should -- bridge the gap between businesses and beneficiaries for the wellbeing of the world.
For those who work in any area of the supply chain, diversity is a word that comes up often. Supplier diversity or diversity in contracting are programs that can be either mandatory (i.e., requirement to fulfill state or federal contracts) or voluntary (i.e., procurement/social responsibility strategy).
Whether your organization chooses diverse suppliers for advocacy and social responsibility reasons, to comply with state or federal regulations, or to simply meet your stated requirements and work scope, the benefits of supplier diversity can have lasting impacts on your community and your organization.
Starting a Supplier Diversity Program (SD Program) in your organization requires input and collaboration from various stakeholders at all levels. The SIG Resource Center has a wealth of information to help you begin the process to implement an SD Program, including how to make the business case to internal stakeholders, best practices and benchmarking studies from your peers.
Mary Zampino, Senior Director of Global Sourcing Intelligence
“Resilience is accepting your new reality, even if it's less good than the one you had before. You can fight it, you can do nothing but scream about what you've lost, or you can accept that and try to put together something that's good.” – Elizabeth Edwards
When I was a kid, we never said the word resilience, but we did use the word tough. Being tough is just what we need right now; toughness is our ability to spring back, even when the world around us crumbles (think COVID-19). Our resiliency grows every time we flex – just like a muscle in our body. Developing a resilient procurement team likely means you are “starting over” – or creating a fresh start in some areas of your procurement ecosystem. If you’re feeling stuck or unsure where to start, you aren’t alone. Below are five ways that Procurement can help improve business resiliency:
 (1)_15.png?HORhLjb1ioiQc75bLINg_7iGdxDngxkw= "Understanding The Importance Of Outsourcing")
_17.png?v3BvIwCfwdonr63KqzoCY_z9Q3v0__ko= "The Inherent Value of Third-Party Risk")
 (1)_5.png?AV4_zqRw14Hk8Nk0TmOTL4M29EeBWAG2= "The Ethics of Business: a Youth Perspective")
 (1).png "This Month at SIG – February 2021")
 (1).png "How to Align Procurement with Finance")
.png "The Top Webinars of 2020")
Clearly and Effectively Communicating Change
SIG University Certified Sourcing Professional (CSP) program graduate Constance Bryant shares an honest account of how the change from a grassroots process to a more sophisticated tool for a Source-to-Contract process went for her and her organization.
The hardest part of showing value to an organization is debunking the myth that the traditional role of Procurement is to procure goods and services. We must have practical E-sourcing tools that allow us to be efficient. This will enable the organization to truly understand how the role of Procurement is evolving and the importance of the terms and conditions put into place to mitigate risk for the stakeholder and the organization. And we must create policies and processes that provide the guidelines to regulate sourcing activities. Based on this revelation, we must clearly and effectively communicate change as it happens.
When I began working with my organization, we needed an E-sourcing tool to manage our process, identify the correct stakeholders, and provide timely updates. We also needed formalized procedures. And our policy needed to be more robust to provide clear guidance. It also lacked consequences for rogue procurement purchases. At that time, we managed our process through email and Excel spreadsheets. It could have been more effective, and the stakeholders demanded more transparency, a written procedure, and an E-sourcing solution.