As we brace for 2022, the future of procurement is here. We have a host of resources, insights and events to help you deliver on procurement 3.0
December Microlearning by SIG University
On December 8, experts from Majel Partners, Elizabeth Zucker and Angela Easterwood, will share an approach to identifying and selecting the best-fit KPIs for supplier relationship management strategies. That session will be followed by SIG University Faculty and Global Procurement Executive, Tom Ciardiello, who will lead an exciting deep-dive discussion on being an effective communicator.
Join your sourcing, procurement, and risk management colleagues in this two-hour interactive virtual environment to be challenged with topics related to our industries!
Did you miss our 2021 open cohort start dates and can't wait for 2022? 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!
As the need for change and innovation continues to grow, companies are rapidly shifting focus towards outsourcing as a solution to assisting in digital innovation.
For many US companies, understanding the total cost of IT talent services has always been challenging, and is even more concerning now as budgets and resources continue to tighten during the COVID-19 crisis. Here are my thoughts on what to consider as you source IT talent and how to drive the “true India costs” that so many US firms are looking to take advantage of now.
Impact of Uncertainty
Many companies experienced an unanticipated disruption due to the Covid-19 crisis. Project timelines had to be extended, delivery negatively impacted and enterprise control compromised. While there’s no doubt that the pandemic has had an impact in some shape or form on all businesses, we have not seen a significant disruption with our clients at SMC Squared, in part due to the business continuity plans that were already set in place.
Continuity plans are a basic deliverable from the time of initial setup with SMC Squared and are essential for every global office. All SMC Squared global employees are provided with secure laptops and remote connectivity as part of our continuity plan if the office is not accessible. This was tested for our clients prior to COVID, so when Prime Minister Modi announced the shutdown with short notice, all of our employees had their laptops with them, including those who may have traveled home to their native places over the weekend. Therefore, despite the continued uncertainty of the pandemic, the change has had a minimal impact on work capacity.
Steven Stephan, SVP of Global Services & Co-Founder of SMC Squared
As we charge forward into 2022, procurement’s value proposition to the organization continues to grow. We have a host of resources, insights and events to help you deliver on procurement's new future.
November SIGnature Events
After an amazing Global Executive Summit, the SIG team is hard at work to bring you our next in-person event of the year, our SIGnature Events. SIGnature Events are powerful one-day meetings in which buy-side practitioners benchmark with other organizations and network with colleagues facing similar issues. Delegates will learn and network throughout the day, then wind down the afternoon with a happy hour, casual one-on-one discussions creating long-term collegial relationships.
Today, organizations need a scalable solution that enables global enterprise-wide workforce planning, a future-proof supply chain, improved compliance, better supplier management, an innovative way to engage talent, and data-driven decision-making in a way that hasn’t been possible before.
Procurement is entering a new era of increasing complexities in which traditional measures of success such as cost savings are no longer the sole focus.
Instead, and as reported in the Deloitte 2021 CPO Survey, "changing business dynamics and increasing layers of complexity" and corresponding "expectations" are transforming the way the industry thinks and acts.
For example, new and more challenging areas such as "climate change, geopolitical stability," and "increasing societal expectations" are now part of the new equation.
The introduction of these emerging variables is causing organizations to re-examine their digital transformation strategies, including how Artificial Intelligence (AI) can help them address the industry's challenges.
The SIG Survey
In 2021 SIG surveyed 100 procurement professionals from Fortune 500 and Global 1000 organizations on digital transformation and AI in procurement.
Based on the results, it is clear that those responding to the survey believe that "procurement's priorities lie with how AI technology can streamline the roles and processes to deliver meaningful and sustainable results."
Unfortunately, and despite the opportunity for more significant gains, the survey reports that "several obstacles" make it difficult for organizations to "bridge the divide" between the promise of digital AI and the realization of its optimal benefits.
Crossing the Divide
Understanding the importance of AI and identifying the challenges with realizing its potential to redefine and empower procurement to achieve critical objectives is the first step to crossing the aforementioned divide.
Mary Zampino, Vice President – Content, Research & Analytics
Kristen Jordeth is the Director of Procurement Product Strategy at SAP. At SIG's Fall Global Executive Summit, Kristen will highlight how the ability to survive future disruptions will be dependent on a companies ability to manage and respond to real-time risk information about third parties transacting with the business.
What is your role and what are your day-to-day responsibilities?
I am the Director of Procurement Product Strategy focusing on future innovations within Supplier Management and the SAP Business Network. My day-to-day responsibilities are to ensure our solutions are addressing the future needs of our customers.
What does Procurement 3.0 mean to you?
Procurement 3.0 means to make the day-to-day procurement process more efficient, transparent and streamlined. Removing tactical procurement that is traditionally done in a spreadsheet or via lots of paperwork and replacing it with technology.
How have you and your team innovated through Procurement’s new “seat at the table”?
Procurement’s new “seat at the table” has validated the need for intelligent enterprise solutions. With Procurement now involved in executive planning, it is important for the procurement processes to connect to all other business processes. At Sapphire this year we announced the SAP Business Network which brings together our SAP Ariba Network, SAP Logistics Network and SAP Asset Network together to expand transparency and enable stronger collaboration.
It’s hard to believe that we are making the final turn into 2022. It has been a wild year, with the Procurement function emerging to the forefront of the business from the pandemic. Procurement 3.0 is here and we continue to lead the conversation.
SIG Global Executive Summit
The SIG team is in overdrive to bring you our first in-person event of the year, the Global Executive Summit. Delegates should come prepared for a state-of-the-art experience that immerses them in industry trends, best practices, innovations and solutions that are shaping high-performance teams and best-in-class procurement organizations.
There’s still time to register for the Fall Global Executive Summit. To learn more about the Summit, check out the Summit website and share it with your team to plan your trip.
Revolutionizing the MRO Supply Chain – The 20 Year Dream That Is Now Achievable with Buyerquest
For Asset Intensive companies, getting a handle on vendors, assets and parts has been a huge problem from a cost, risk, and performance standpoint. Fragmentation and manual processes are time-consuming and limit the opportunity to use business intelligence to deliver new opportunities for success, growth, and innovation in supplier partnerships.
Join this session to learn Skookum’s story, a 30-year leader in Facilities Management and Logistics Support, and their experience solving these problems through digital solutions that revolutionized their MRO supply chain, making a 20-year dream a reality.
As access to COVID-19 vaccines increases and covid variants become increasingly concerning, companies around the world are actively discussing how to build a hybrid work culture, somewhere along the continuum of fully returning and fully remote, with many options in between.
After a year of working from home, the employee mindset has shifted with many people discovering that they enjoy the additional flexibility to balance their family lives while others are “Zoom fatigued” and eager to get back to the office for face-to-face interaction and personal growth. The answer probably lies in a range of options and the phasing of return to office (RTO), creating the “new normal”.
At SMC Squared we’re actively discussing and preparing for RTO for our own teams and guiding many clients. The goal is to continue to maintain a safe environment for an engaged and highly productive workforce. I’ve challenged our management team to rethink how we listen, remain flexible, and importantly retain our employees. We are working to ensure they feel safe returning to the office while also maximizing their opportunities for career growth, collaboration, and mentorship.
It’s not going to be easy as the workplace mindset has rapidly shifted over the last year. Companies must define what a hybrid working model means for them while putting in place different options to balance the needs of the organization and of their people. In addition to the internal challenges, organizations face external factors such as vaccination availability, COVID-19 caseloads, work-life balance, and the highly active and competitive job market.
Patricia Connolly, CEO and Co-Founder, SMC Squared
I often say one of the most satisfying things about my work in procurement is experiencing the diversity across our client base. At WNS Denali, we support Procurement teams across all industries and regions. The way we partner with each client is unique and because each organization has its own challenges specific business objectives, we strive for total business alignment. That requires embracing all the nuances.
With a business-aligned approach, we dive into the core of what makes each client tick. What are the business’s main priorities and what is driving growth? What do stakeholders care about most? What is the business culture like? How are end-users influenced and inspired to drive compliance?
Not surprisingly, we see some notable trends within industries. Across our high-tech industry clients, whether they be software developers, high-tech manufacturing firms, data centers, or other high-growth, innovative organizations, a few key themes influence the solution model:
Alpar Kamber, Executive Vice President & Head Procurement Services, WNS Denali
As we head into the fall of 2021, we prepare for procurement 3.0 with a host of exciting resources, industry research and webinars to elevate you in your role.
September 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 September 15, Nitin Khorana, Vice President from Icertis, will explore maximizing supply chain potential with contract intelligence, followed by topic-based discussions on digitalization within procurement and sourcing.
Join us for this executive-level conversation with actionable takeaways.
How to Align Procurement with Third-Party Risk for Successful Vendor Management
One of the biggest challenges that procurement teams face is aligning risk objectives with the rest of the organization. In fact, most companies struggle with ensuring that their risk management processes aren’t perceived internally as a roadblock, slowing down procurement and innovation.
In this webinar, Bryan Littlefair, CEO of Cambridge Cyber Advisers and past Global CISO of Vodafone Group and Aviva, will share his experience designing third-party risk management programs that align with procurement.
Recently, SIG had the pleasure of hosting a panel of Everest Group experts for the July CPO & Executive Virtual Series. The panel included Vice President, Sourcing and Vendor Management, Amy Fong, Chief Research Officer, Michel Janssen, Everest Group Partner, Jimit Arora and Pricing Assurance Partner, Rahul Gehani. It was a very engaging discussion that lasted nearly two hours with tons of excellent takeaways. Let’s get into it!
Trends of the 2020 & 2021 Service Provider Wages
The focus of the meeting was BPO and IT services and the industry trends related to the supply market and successful buy-side organizations. Jimit Arora kicked the roundtable off with the findings from 2020 and early 2021 regarding the rates of IT and BPO services. One of the major points of emphasis was the renegotiating of rates after the dust settled from 2020.
Many of the suppliers realized that the previous rate discounts that were granted during the work-from-home scramble weren’t sustainable. As Jimit stated from Everest Group’s findings, “we are seeing situations where suppliers are going back to their clients saying, Hey, we need to re-up these rates, right?”
A major reason for this change is due to the inflation of the labor market. The question many companies are asking themselves is “how do you get your resources for what you need to accomplish at the correct pay rate, while still making it feasible to where people want to work versus just going on unemployment”. This issue is causing a constraint in general on the market and the talent pool that's available right now. And this remains true whether you view this from a United States perspective or an offshore international perspective.