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.
If you’re a procurement technology provider familiar with SIG and the Global Executive Summit this fall, we hope you’ve also heard of us at Spend Matters.
If not, we won’t fault you.
Spend Matters is the leading global procurement technology media, analyst and research firm. Combining daily news coverage with subscription research, deep technology analysis, and one-to-one advisory services, Spend Matters provides meaningful insight and tailored solutions for procurement buying organizations, consultants, investors and solution providers.
Each year, Spend Matters releases the annual ‘50 Procurement Providers to Know’ and ‘50 Procurement Providers to Watch’ lists. The lists are made up of — you guessed it — 100 vendors determined by the entire Spend Matters analyst team to represent the best of the commercial providers that serve enterprise-level procurement organizations. Plus, the ‘Future 5’ list — 5 outstanding procurement technology startups with innovative technology prowess, momentum and staying power.
This year marks the sixth annual release of the ‘50 to Know’ and ‘50 to Watch’, and we are beyond thrilled to be doing it LIVE in conjunction with the SIG Global Executive Summit. The lists will be published on Tuesday, October 12. Any vendor present at the Summit who is also on one of the lists will receive their award plaque (in person!) from Spend Matters. We’re excited to pose for photos with those vendors present and share the good news all over Spend Matters social accounts.
Morgan Zombolas, Marketing Engagement Manager, Spend Matters
Whether your company’s focus is to build smart applications or update mobile apps for end-users, to increase intelligence using advanced algorithms, or to look at opportunities to automate internal operations to drive high-value outcomes, there’s no denying that digital plays an increasing role in everyday operations of companies across all verticals and sizes.
As companies worldwide push to drive digital transformation, procurement leaders are being challenged to strategically influence spending, amidst a global climate full of talent scarcity and the need for immediate cost optimization.
Through a strategic partnership with Fossil, we helped the executive leadership team to increase quality, productivity and utilization as they moved from working with a 300-person offshore team to a 180 person Global Insourcing Center “GIC” team through our unique offshore model.
A US-based, vertically integrated global retail and manufacturing company that specializes in a diverse portfolio of lifestyle accessories. This industry powerhouse operates an extensive brand portfolio and a wholesale distribution network across 150 countries and 500 retail locations.
The company had an extensive outsourcing presence in India for years but recently had been adversely affected by cost overruns, under-performing contractors, and poor resource management processes. All were creating a significant drag on productivity and profitability and distracting from the core focus of being a fashion trendsetter and market innovator.
The objectives established for the outsourcing operation were not in dispute. The culprit was the deteriorating execution. The company wanted to regain control in its approach to outsourcing.
After extensive evaluation, the company partnered with SMC Squared to strategically “right-source” the execution.
Patricia Connolly, CEO and Co-Founder, SMC Squared
Empathy is the way to build trust. And the strongest, most productive relationships are built on trust. It’s certainly that way in our personal lives. So it stands to reason that it’s the same with professional relationships. Yet, too often, empathy is left out of the equation when identifying and implementing solutions in the business world in general and in procurement specifically.
That’s not good because, as we all know, strong stakeholder and supplier relationships are the bedrock of a successful Procurement Ecosystem. That’s why the more I’ve learned about the concept of Design Thinking the more I am convinced it can be a game-changer for procurement.
Design Thinking Isn’t a Strategy, It’s a Mindset
What is Design Thinking? Well, it’s not a new concept. It’s been around since at least the 18th century. But its wisdom is just now being embraced by procurement teams, so it feels new.
Basically, Design Thinking involves a different mindset for how to define and solve problems and it begins with empathy for the end-user. The process starts with really listening to and understanding the biggest challenges and pain points for your stakeholders. The idea of putting yourself in their shoes, so you can be sure you are addressing their true needs and not what you think they need.
Design Thinking is a highly creative and iterative process that encourages a lot of experimenting and prototyping. The goal is to fail fast to learn even faster. When you put together a prototype and test it out, your end-users provide feedback for what works and what doesn’t in an iterative feedback loop. The end result, in theory, yields greater stakeholder alignment, better adoption rates, and demonstrates procurement’s strategic value to the business.
Greg Anderson, SVP, Sales North America, WNS Denali
This month we kick-off SIG’s Procurement Technology Summit, have a host of exciting industry research and training to keep you up to date with Procurement’s rebirth.
Procurement Technology Summit
The 2021 Procurement Technology Summit will pioneer a new era for sourcing leaders and their teams to transform the future of procurement. Come prepared to engage and learn from the brightest industry experts, connect through AI-powered speed networking, and experience live solution deep-dives from best-in-class providers.
This year’s agenda includes a really unique line-up of keynote speakers who are covering key Procurement topics like design thinking, diversity & inclusion, the future of technologies and building a high-performing team.
We’re inviting SIG’s buy-side members and their ENTIRE TEAM to attend. Yes, you read that right! Whether you’re a team of two or 200, everyone on your team gets to attend for free!
The Summit will take place May 4 – 6 and will be 100% online, so you can attend sessions as it fits your schedule. You do not want to miss this event, so register today and get ready to be impressed!
Anyone that has ever worked for SIG has heard me say that if we are going to fail, fail fast. And over the years, we’ve tried and failed at more than a few things. Truth be told, I don’t mind failing as long as we use it as an opportunity to learn and grow.
Fail Fast and Learn
I learned this lesson in my earliest days with SIG in 2008. We were coming to the end of my first Summit as the CEO and it had been an amazing week. For all intents and purposes, it had gone flawlessly. The speakers were incredible…the content was cutting-edge…the dialogues were advancing the industry…the property was beautiful…and our partnership with the hotel had been nearly perfect. I could not have been more excited by the energy from the event and was looking forward to capping it off with a bang during the final night.
I knew from personal experience…and from Agi (a beloved longtime colleague who had been with SIG since it was founded) that close to half the delegates – most of them providers – usually leave before the final night’s celebration, so it was an opportunity to relax a bit more with the practitioner members.
We had a beautiful evening planned for the smaller group. Buses were available to shuttle everyone to an offsite restaurant in Newport Beach, where we had local delicacies and signature cocktails ready for all. Or so we thought.
In my excitement, I spent the entire week hyping the final evening. I mean, of course I wanted people to stay, why wouldn’t I? (Side note: now very few people leave early because the surprise entertainment is always worth waiting for, so as you plan for our next in-person Summit this fall, arrange your travel plans accordingly!)
This month we prepare for a new future in procurement, have a host of exciting industry research and webinars to keep you up to date, and we announce that registration is open for SIG’s Procurement Technology Summit.
Don't Miss These March Events
Why Does Procurement Take so Long? And How Can We Fix It?
Business stakeholders are continuously frustrated by how long procurement takes to bring suppliers on board. CPOs and senior executives are invited to join experts from App Orchid to learn innovative ideas for transforming the traditional procurement process within the organization.
Join this open discussion with Canda Rozier, CIAP, Collabra Consulting and SIG University faculty, for her take on how procurement can best achieve value beyond just savings. This is your time to "Ask the Expert" as Canda has decades of experience on both sides of the business and is ready to share her insights based on trusted and tested methodologies.
Registration is Open: SIG Procurement Technology Summit
According to industry experts, procurement as a function will change more in the next five years than it has in the last 50. Prepare yourself and your team for the future of business at the SIG Procurement Technology Summit May 4-6, 2021!
Registered buy-side attendees get FREE ACCESS to attend all keynote sessions, engage and learn from the brightest industry experts, connect through AI-powered speed networking and experience live solution deep-dives from best-in-class providers.
This month, we kick off SIG’s Global Executive Summit, introduce self-paced certification programs through SIG University, and have a host of exciting industry research and webinars to keep you up to date.
The SIGventure Returns
SIG’s Global Executive Summit is where forward-thinking procurement leaders come to experience pioneering trends grounded in today’s new realities. SIG members and buy-side practitioners can register to attend FREE. Join for a few hours daily, get work done while engaging remotely.
But all work and no play makes for a boring Global Executive Summit experience. That’s why SIG is awarding over $20,000 in prizes from our sponsors! Register to attend today so you can begin earning SIGventure Quest points for the daily prize giveaways. You could be the proud new owner of a Peloton, The Mirror, an eBike, Varidesk Electronic Standing Desk, curved monitors and lots more high-tech prizes.
Did you miss our 2020 open cohort start dates and can't wait for 2021? 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!
SIG’s Global Executive Summit is where forward-thinking procurement leaders come to experience pioneering trends grounded in today’s new realities. It provides a dedicated space for you to network with industry thought leaders, learn from different perspectives, and keep pace with emerging developments in strategic planning and procurement technology, all of which are essential to inform the way we work.
Taking place October 13 to 15, this Summit isn’t just a three-day-long webinar, it’s a live event! Everyone who attends will come away with data-backed insights and actionable resources. Sourcing and procurement leaders are continuously being shaped by new developments in contract management, remote work, sustainability, stakeholder buy-in and third-party risk management.
The keynote addresses and breakout sessions will directly address these trending topics and more:
Contract Lifecycle Management
Many sourcing bottlenecks are the result of poor contract management practices. Digitizing and automating the process, from initiation to award and renewal, can expedite the process and enhance compliance.
In my conversations with practitioners and procurement leaders, this topic comes up frequently. You can expect sessions that focus on executing complex negotiations to the role that advanced technologies like Artificial Intelligence and Machine Learning play in managing the lifecycle of contracts.