SIG University Certified Sourcing Professional (CSP) program graduate Krollus Asaad shares how important it is to find trust in your procurement team and your business.
Krollus Asaad, Co-Op Procurement Analyst, The Bank of New York Mellon
Mandatory enforcement of human rights, environmental due diligence and even data privacy are a few examples of the regulatory challenges procurement faces in managing complex global supply networks.
I could also talk about the negative impact that a failure to address these regulatory conditions can have on an organization's brand as a company and employer. Of course, it's not exactly a revelation that negative press regarding regulatory violations will certainly impact your image with the public, e.g., your customers. However, did you realize that in a highly competitive job market, "58% of candidates surveyed said they consider a company's social and environmental commitments when deciding where to work." This mindset isn't just a checkbox sentiment: "55% said they would choose to work for a socially responsible company, even if the salary was less."
While employee attraction and retention are not often discussed in the same breath as ESG regulatory compliance – at least not enough, it is yet another indication of the expanded importance and impact of getting ESG right. In other words, people are taking this seriously.
We will specifically get into the critical aspects of identifying and managing compliance risks in your supply network, focusing on the following four Learning Objectives:
Recently, SIG had the pleasure of hosting ProcureAbility experts David Latten of Logitech, Chris Shaffer of EyeCare Partners and Adrian Dragomir of REI for the December CPO & Executive Virtual Series. It was a very engaging discussion with many thought-provoking takeaways. Let's get into it!
David Latten, Head of Procurement and Supplier Diversity & Equality at Logitech International, opened the day by discussing his organization's supplier diversity initiatives. Logitech refreshed the program in 2020 and has since expanded exponentially. For example, previously, Logitech had no Black-owned businesses within its supply chain. and have since vastly grown their vendor base to include more diverse suppliers. Logitech has a goal of having a world-class supplier diversity program in place by 2026. As he stated, " Logitech's core value is equality, and your suppliers should reflect that".
Adrian Dragomir, Head of Procurement at REI Inc., was next to present as he looked at how layoffs have affected his team, the challenges of balancing the new players in the company and how to interact with them. Adrian's approach is to let partners know that they exist to help you, not here to do your job. He then discussed how his team is now like "wolves on prey" after adjusting to the changes. Finally, he explained why it is important to take into consideration all aspects of a company when making decisions related to staffing and personnel changes. When it comes to talent, Adrian says the most important thing for his team members is to get the job done.
Chris Shaffer, Sr. Director Procurement, Facilities & Biomedical Support at EyeCare Partners, closed the discussion by outlining his team's goals for 2023. He listed them out as:
SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate Kyle Smith discusses the benefits of a strong third-party risk management team and what it can do for your organization.
Preparing for the challenges on the horizon with a host of resources to get a jump start on 2023!
A Flexible (and Fast!) Way to Get Certified Now
Did you miss our 2022 open cohort start dates? We have fast-track and self-paced options for all programs if open cohort semester timings do not work for your schedule! Have a large group from your organization interested in taking the program together? We also offer closed cohorts for groups of 20 or more that can start when it is best suitable for your team, and volume discounts are available!
Join Dylan Alperin, Head of Professional Services, Keelvar and Magnus Bergfors, Director of Product Marketing, Keelvar as they discuss the rise of the automation revolution and CPO insights and 2023 priorities Keelvar’s 2023 Voices of Sourcing Survey.
Supplier.io’s 5th State of Supplier Diversity Report revealed big changes in the primary drivers of supplier diversity. More and more companies see programs as a core component of their company culture, and executive and board support is at an all-time high.
Recently, SIG had the pleasure of hosting ProcureAbility experts Conrad Snover and Darshan Deshmukh for the December CPO & Executive Virtual Series. It was a very engaging discussion, with many thought-provoking takeaways. Let’s get into it!
Conrad, CEO at ProcureAbility, kicked off the exclusive event by explaining the team's research methodology. ProcureAbility regularly conducts research to identify future-looking trends and innovations in procurement. Their in-depth process for identifying the five bold predictions for 2030 consisted of a team of experts who hypothesized on emerging trends and then conducted in-depth research to validate that analysis. The team formulated their predictions for procurement in 2030 based on that data. Then finally, they surveyed CPOs to get feedback on those predictions, which led us to procurement on the brink of transformation.
ProcureAbility's Five Bold Predictions for the Future of Procurement
Whenever we face a crisis, our attention is understandably focused on finding a solution as quickly as possible. We, in essence, become "locked in the moment" because the fallout of inaction is usually significant.
However, in our hasted energy to resolve a problem, we tend to lose sight of why we are in this situation in the first place. In other words, there is a bigger picture beyond our narrow scope of immediate impact, and we need to recognize its importance.
I like to think of it as the slow-leak tire syndrome. You have a tire with a slow leak and must repeatedly pull into a service station to fill it to the proper inflation rate. Is it an inconvenience-absolutely, but is our frequent station stops enough of a hassle to prompt us to either repair or replace the tire?
When I was originally asked to write this article on the disruptive impact a potential West Coast port workers' strike would have on supply chains, the slow-leak tire analogy immediately came to mind.
A Long Time in The Making
The contentious situation we are now facing at this and other ports in North America has been brewing for some time, pre-dating the COVID-19 pandemic.
“The path to gender equality does not involve stickers pointing out that a product has been made by a female entrepreneur. Women are not a charity group. If we want to help women in business, let’s close the pay gap and remove the glass ceiling – and then let products designed by women rise or fall on their own merits, by the realities of business.” – Diana Sz
The above quote is an excerpt from an article I read regarding Walmart’s “commitment to source $20 billion of goods by 2016 from women-owned businesses in the U.S.”
The program or initiative, launched with much fanfare in 2011, achieved the $20 billion objective within the expected five-year period. One would think that this would be a cause for celebrating the progressive practices on the part of corporate procurement departments.
Facilitated by the inclusion of product labels informing the consumer that a woman owns the company behind the product they are buying, Pamela Prince-Eason was a champion of the Walmart initiative. The Women’s Business Enterprise National Council CEO, Prince-Eason, believed that the “new labeling will give people a reason to feel good about the company they’re buying from.”
In short, it was a noble plan to achieve meaningful results for everyone to feel good. I know you are waiting for the other shoe to drop in the form of a but – and there is a but,
The Bigger Picture
Don’t get me wrong when I say things like a drop in the bucket regarding the achievement of the $20 billion goal. Such a lofty amount isn’t exactly pocket change.
Preparing for the challenges on the horizon with a host of resources to get a jump start on 2023!
December CPO & Executive Virtual Series
SIG's CPO & Executive Virtual Series is an opportunity for the most senior procurement executives to gather with their peers in an interactive virtual environment to discuss their most pressing issues. On December 7, don't miss ProcureAbility leaders Darshan Deshmukh and Conrad Snover as they explore 5 bold predictions for #procurement in 2030!
Join us for this collaborative and very personal conversation!
Join Coupa Software experts Ayush Sharma and Dr. Jeffery Collins on the challenges of sourcing in the current inflationary environment—and what's coming in 2023!
Supplier.io’s 5th State of Supplier Diversity Report revealed big changes in the primary drivers of supplier diversity. More and more companies see programs as a core component of their company culture, and executive and board support is at an all-time high.
ProcureAbility is pleased to publish its Bold Procurement Predictions for 2030 Insights Series to help Chief Procurement Officers make sense of it all, highlighting the new practices likely to become common by decade’s end including advanced crowdsourcing, procurement technology acceleration, cognitive computing, hyper cybersecurity, and virtual organization design.
In This edition, ProcureAbility continues its ‘Bold Procurement Predictions' Insights Series – the product of extensive research and input from a think tank of experts in the supply chain field – with a look at the rapid technology acceleration expected in the procurement practice by decade’s end. Chief Procurement Officers are already re-evaluating processes, with nearly one in four reporting that digital transformation is a strategic initiative in 2022.1 The majority of mid- to large-size organizations report using e-procurement and e-sourcing software, and we predict use will grow exponentially in the coming years. Artificial intelligence, machine learning (ML), and predictive analytics will replace human efforts for most administrative tasks. These seismic shifts in procurement technology stack will have a significant impact on how teams conduct business. Here are a few of the emerging technologies we expect to gain mainstream acceptance by 2030:
Procurement Teams are Expanding Their Tech Footprint1
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 (1).png?urXsitXC_CHk6ZZl1UsH7oXFUCKW2qcu= "Recap of CPO & Executive Virtual Series with ProcureAbility")
 (1).png?55Ov1NrFRJVg_eZxkzMMz_ocoXREYR67= "When it comes to the contention between management and the port workers, addressing the latter's fears regarding job loss is the real supply chain disruption for which we have to find a solution. Until we do that, we will likely be having this same discussion with the next global crisis.")
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 (1).png?hv4rQa0LYqSBiuXc3I60d_by8IxBrpC2= "“5 Bold Predictions” Insights Series (3 of 6) – Procurement Technology Acceleration")
The Art of Establishing Trust
SIG University Certified Sourcing Professional (CSP) program graduate Krollus Asaad shares how important it is to find trust in your procurement team and your business.