Here's your weekly update on the latest thought leadership, networking events and training with SIG.
Procurement’s Vital Role in Building a Talent Forward MSP Program
As we look into the future of contingent workforce management, and the vision of what a Managed Services Provider (MSP) solution should deliver, we must acknowledge that many of today’s MSP programs are failing to deliver on their original promise. It is time for a change.
Coupa Software commissioned Forrester Consulting to evaluate the state of services and contingent workforce management, addressing the unique set of challenges firms face, the kinds of software tools needed to support services spending, and the internal adoption and usage of these tools.
Today’s students become tomorrow’s leaders! Join best-in-class sourcing and procurement teams to proactively manage risk, utilize best-in-class methodologies and activate innovative ideas. Take advantage of a 15% discount if you enroll by March 15th. Classes start on April 15th.
Another year has rolled by leaving the same writing on the wall, only this time it’s louder and clearer: Digital transformation has well and truly arrived at procurement’s doorstep.
But up until now, it has merely received a lukewarm welcome.
In 2019, that could change. The winds of digital transformation are slowly but surely turning the wheels of procurement and savvy procurement teams are beginning to acknowledge its benefits. This is evident from how procurement teams are beginning to perceive digital transformation.
Consider this: A recent Hackett Group study titled, 2019 Procurement Key Issues, has revealed that digital transformation is a critical goal for a majority of procurement departments in 2019.
That’s because over the years digital transformation has moved its way up the ladder in the procurement department. In 2018, more than 90 percent of procurement professionals said they believed digital transformation will fundamentally shift the way procurement services are getting delivered within two to three years, according to a Hackett Group survey. Compared with 2017, this is more than a 10-percent increase.
Remarkably, the percentage of organizations that have a formal strategy for digital transformation more than doubled in the last two years, from 32 percent in 2017 to 66 percent in 2018. In the same period, the number of organizations indicating they have the resources to handle the transformation also increased, from 25 percent in 2017 to 46 percent in 2018.
This is a clear indication that in 2019 the gap between the promise of digital transformation and leveraging it to its full potential will narrow.
At the same time, the gap between CPOs who haven’t yet embraced digital transformation and high-performing procurement organizations that have already gained a first-mover advantage will widen. They’ll have a lot of ground to cover to keep pace with the latter.
Innovation and transformation were dominant themes in the industry in 2018, so it only makes sense to move forward with those concepts in 2019. This month, SIG presents a new events format to help your team cultivate innovation and foster teamwork throughout 2019, enrollment is open for SIG University’s online certification programs and we have two new webinars that will help jumpstart your 2019 goals.
Save the Date for These 2019 Events
After feedback from the SIG Advisory Board, event attendees and our delegates, this year’s SIG events will follow a new format to give you and your team a fresh perspective and space to develop new strategies.
The most transformative change is the Regional SIGnature Events, which are one-day events for executives and their teams to network, swap ideas, engage in interactive discussions, participate in training workshops, and learn from industry analysts and experts who promote innovation and work to solve key challenges in the industry. Separate, concurrent roundtables for executive-level and delegate-level attendees will put you and your team in the company of peers from that region’s Fortune 500 and Global 1000 companies.
Mark your calendar for these events that break the cycle of dry, traditional training and will get your team excited and engaged.
Earlier this year, SIG launched The Sourcing Industry Landscape with the Art of Procurement, a podcast dedicated to furthering thought leadership and conversations with innovators who embrace technology to improve, influence and inspire procurement professionals.
Delivered through iTunes, the Art of Procurement website or your favorite podcast app, The Sourcing Industry Landscape has produced over 30 podcasts this year with CPOs, CEOs, company founders, product innovators, Rising Stars, Future of Sourcing Awards winners and finalists, procurement industry titans, technologists, entrepreneurs and the list goes on. Their breadth of knowledge, commentary on the industry and, perhaps most importantly, their hindsight and lessons learned throughout their career are all laid bare in these interviews.
After sorting through a year of podcast data and analytics, we’ve compiled a list of the five most popular episodes of The Sourcing Industry Landscape and they all have a common theme: elevating the role of procurement as a value-added strategic partner to the business. Whether you’re traveling by plane, train or automobile over the holidays, or staying home wrapping presents and prepping for holiday dinners and parties, download these episodes for the doses of inspiration and motivation that will take you into 2019 with a fresh outlook on your role and the changes that are becoming possible in the industry.
And just like that, it’s nearly the new year! With a few weeks left in 2018, you still have time to achieve the professional goals you set earlier in the year. Squeeze in some last-minute training by registering for a webinar, join us as a presenter at a regional SIGnature Event or Global Executive Summit, or consider becoming a contributor to Future of Sourcing Digital.
This webinar will focus on best practices for creating and executing a business case for a Procure-to-Pay (P2P) transformation.
Utilizing a case study that highlights the “flight plan” of Curtiss-Wright, a manufacturer that traces its origins back to the Wright Brothers, webinar attendees will learn how the company transformed its P2P process to arrive at a more strategic destination after discovering imbalanced resource allocation that led to procurement resources spending 80 percent of their time on just 5 percent of the total spend.
Looking to control and optimize your services spend more effectively? Join this webinar with Coupa for a deep dive into a comprehensive solution that includes advanced services and contingent workers.
You’ll learn how the right technology can streamline your services procurement process and see firsthand how the right solution can enable you to drive more adoption, accelerate your time to value and reduce costs.
Register for your virtual seat now. Can't join at the date and time listed? You can still register to get the on-demand recording!
“Fake it ‘til you make it.” This unattributed idiom (with a nod to Aristotle) is oft-used advice to people early in their careers. But how wise is it to follow? How many people have résumés that truly portray their strengths vs. a laundry list of what they want you to believe about their abilities? How confident would any shareholder be if they believed the CEO got to the top by faking their skills rather than building them? But more importantly, is it a person’s skills that give you confidence in their leadership abilities?
If you think about the last person who truly inspired you, was it their title…or the last three companies where they worked that piqued your interest? Was it their ability to run a shareholders’ meeting, analyze volumes of data and manage their exceedingly crowded schedule that excited you? Doubt it. When you think of someone who is truly motivational, you are usually moved by the things that don’t make it on to the résumé: their heart, integrity, authenticity and ability to enroll others in their beliefs and passions. It’s not because of their title.
It’s About Mindset
Too often, CEOs have the mindset that what has gotten them here will get them there. If they have successfully led profitable companies, why would they have any reason to believe they need to evolve? When things aren’t working, it doesn’t take much convincing that something has to change. But when they are…CEOs often don’t understand the need. They have the pedigree and the track record – and past accomplishments are a good indicator of future success – so why fix what isn’t broken?
November: the last month of autumn, but the beginning of a new adventure; time to take risks and do the unexpected.
Can you believe it? November is here! And with it comes the start of the holiday season and all the festivities that come with it. Whether this month is one you love or dread, it is a time for new adventures, and those can take shape in many different forms. Create an adventure at work this month by attending a networking event, listening to success stories of industry innovators and learning the latest trends in an online webinar. Here are highlights of the adventures that await you this month from SIG.
Regional Networking Events
This month, we have regional networking events in four different cities: Toronto, Denver, Columbus and New York. Take a day for yourself and/or your team to collaborate in person with industry peers and learn best practices. Discussion topics vary for each event so be sure to look on our website for the most up to date agendas.
I’m proud to say the feedback from delegates on the Fall Global Executive Summit is some of the best I’ve received for any Summit yet. The beautiful Omni Rancho Las Palmas Resort & Spa was the perfect destination to engage with our cutting-edge keynote panelists, along with hands-on learning in how-to labs, breakout sessions and outdoor networking with a breathtaking view of the mountains. But what excited me the most at this Summit was the inaugural Future of Sourcing Awards, where we recognized individuals and teams who are making a transformative impact on the industry.
Future of Sourcing Awards
The energy at the Future of Sourcing Awards was electric! It was inspiring to be in the presence of both the titans who have helped shape the industry, the leaders who are taking sourcing and procurement to the next level, along with the up-and-coming talent that is our future.
It was my extreme pleasure to present SIG’s original founder, Barry Wiegler, with the Lifetime Achievement Award. Barry gave a moving speech and was even surprised by his daughter and grandson who flew in for the special occasion. There was barely a dry eye in the room.
Does this statement sound familiar: “We’re cutting budgets and unfortunately we need to reduce spend on professional development.” The balance of my professional career has and continues to be focused on helping teams improve productivity, longevity and deliver the right results. For more than 12 years people leaders have told me that their biggest obstacles to training their teams are that they don’t have enough time and dollars. Is this merely a symptom of a bigger challenge? Why is it that seemingly every time budgets are cut, a line item under the microscope is professional development?
In my experience, two primary reasons exist for cuts to professional development budgets. The first reason is that companies are fearful that if they invest in their employees through professional development, they will leave and go to the competition or somewhere else. Secondly, it has been historically difficult for advocates of professional development to demonstrate a return on investment (ROI).
Recent findings from a survey of chief procurement officers by Deloitte and research on professional development shed some light on those myths and support a business case for investing in your people and training them to be the best they can be.
“If we invest in professional development, people will take those skills and go somewhere else…”
Perhaps. The truth is that people will come and go at every organization; this is a reality that will always be the case. No company will ever experience 100% retention of their people. Besides, is that really what you want? The point is, worrying that you will somehow have a mass exodus of top talent as a result of investing in their professional development is unfounded.
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.