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.
Contracting is one of the most important parts of the sourcing process – this is one of the final steps in the process before (or in parallel with) implementation and it documents all terms and conditions agreed to by both parties throughout the sourcing engagement. While it is one of the most important steps in a sourcing engagement, it can also be one of the most painful with numerous rounds of revisions and reviewing legalese that can extend out a project timeline substantially at times. As a Sourcing professional, I’ve reviewed my share of contracts ranging from one page agreements to lengthy contracts with multiple attachments and exhibits. Each contracting experience is different, some have gone smoothly and are wrapped up in a few days’ time, while others took months to come to agreement on the final language. I will highlight a few recent experiences with contracting and some of the lessons learned that can be applied to others in similar situations.
Don’t skip the contract just because of a low spend figure.
On a recent project, my team was brought in to negotiate with a local hardware store that was used regularly for as needed supplies at a local manufacturing plant. Upon further investigation, we learned that the client had already negotiated a discount structure with this supplier earlier in the year, but there was no formal documentation because the annual spend with the supplier was below the threshold when contracts are required.
A category management program can put your organization on a path to achieve better outcomes, experience greater savings and result in an increased focus on collaboration and innovation. But launching a category management program is not just as simple as flipping a switch.
Before we jump head first into creating our category management program, there are some important considerations to take into account. The Hackett Group (Hackett) and GEP recommend addressing the following four critical needs for an effective program, which are summarized below.
There’s a lot of talk regarding all the ways technology is going to revolutionize procurement. Blockchain can increase supply chain visibility, the Internet of Things (IoT) can change the way our business devices communicate with each other, etc…But what type of innovations are available at the sourcing level?
From paper RFPs to conferences, it seems the way we source business has largely remained the same. Procurement teams are limited to siloed, outdated supplier databases and incomplete business information when attempting to make business decisions. It’s expensive and time-consuming to get a holistic picture of a supplier’s business health and mitigate third-party risk. How can we adapt today’s technology for tomorrow’s sourcing needs? Here are a few innovative ways that your organization can source business:
Daryl Hammett, CSMP, CSP, General Manager/Chief Operating Officer, ConnXus
"Life starts all over again when it gets crisp in the fall." - F. Scott Fitzgerald, The Great Gatsby
It’s the beginning of a new quarter and a new season. As we set our sights on end-of-year goals and put our heads down to meet year-end commitments, don’t forget about the personal and professional growth goals you set at the beginning of this year. Whether it’s attending a conference, taking an hour out of your day to learn a new skill from a webinar or getting a much-needed dose of inspiration from a podcast, SIG has you covered.
Last Call to Register for the Global Executive Summit
SIG’s Fall Global Executive Summit is just around the corner. Sourcing and procurement professionals will convene in Rancho Mirage, California from October 15 to 18 for learning, growing and networking. If you’ve already registered for the Summit, download the SIG Events app to your mobile device or tablet to plan your schedule in advance.
For seasoned and new attendees alike, there’s lots to see and do at the Summit. Whether it’s validation that you’re managing your own projects in the right way or crowdsourcing a new idea, here’s what you can expect from this year’s Fall Global Executive Summit:
SIG’s Fall 2018 Global Executive Summit in Rancho Mirage, California, is less than three weeks away! That means it’s time to kick things into high gear and prepare yourself and your team for the most innovative and thought-provoking sourcing event of the year.
With more than 350 delegates in attendance, numerous educational sessions and workshops, plus how-to labs, speed networking, a CPO Roundtable Program and a charity golf scramble, there is a lot to prepare for! Navigating such a vast event may seem overwhelming at first, but don’t fret. I’ve outlined four tips that will have you walking into the Summit like a seasoned vet.
1. Plan Your SIG Summit Agenda with the new SIG Events App
One thing you’ll want to do before you depart for Rancho Mirage is to create your Summit agenda. This fall, with 100+ speakers, 50+ educational sessions, panel discussions, networking receptions, keynote presentations, how-to labs and fun entertainment, there is a lot to do in just four days! Even if you’re a longtime Summit attendee, planning your agenda goes a long way. To make this easy on delegates, we have a new app with a built-in schedule planner tool.
There are multiple ways to download the SIG events app to your smart device:
With the rapid acceleration of cloud software, Internet of Things (IoT) and advancements in FinTech, the financial and technology industries saw significant increases in cyberattacks over the past year. Attackers find vulnerabilities in supply chains and software, capitalize on lax security updates and use social engineering to manipulate end-users.
As hackers become more creative in their subversive techniques, businesses need to become more proactive in educating their workforce and stepping up their cyber incident response plans. Businesses should consult with their vendors, third-party suppliers and stakeholders in every business unit to ensure continuity, mitigate risk and verify that security measures are being employed and regularly updated.
Below are summarized findings from the recent NTT Security Global Threat Intelligence Report that focus specifically on the finance and technology sectors in the Americas, which account for the most highly targeted attack sectors in this region. Recommendations from the National Institute of Standards and Technology Framework are included here as well. Organizations can also look to the Department of Homeland Security’s National Cyber Incident Response Plan for guidance on dealing with and addressing cyber incidents.
Finance and Technology Top the List of Targets
Attacks to the finance sector nearly tripled, accounting for 43 percent of attacks compared with 15 percent the previous year. Attacks targeted at the technology industry sector increased to 27 percent of attacks, up from 11 percent in the previous year. For comparison, manufacturing was the most attacked sector in 2016, with 23 percent of attacks, but has since fallen to five percent of attacks in 2017.
Despite the disruptive winds of change brought by MoviePass, unexpected flops, and shifting release dates, the action in cinemas looked pretty familiar this summer.
Critics and audiences alike complain about Hollywood’s predictability, but studio heads and directors continue to rely on the same old tricks. Compare this to an inert talent manager in Procurement. Every day, these ‘directors’ are confronted with signs that their shopworn strategies need shaking up. The supply chain talent they manage to bring in-house is restless before the previews have ended. Soon, they’re making a break for the exits.
A simple reboot won’t cut it. Even in the era of digital transformation, people are still Procurement’s most valuable resource. To build the right team and reach Procurement’s potential, the function needs to fully remake its approach to casting and directing talent.
Ironically enough, this summer’s slate of retreads offers some valuable lessons in talent management. Grab a seat and check out what Hollywood’s biggest franchises can teach Procurement.
Look for Talent in Unexpected Places
One of this summer’s biggest disappointments, Ron Howard’s Solo is a case study in the law of diminishing returns. Even the promise of beloved Star Wars characters, it seems, can’t guarantee a hit. That doesn’t mean the film has nothing to offer talent managers.
The Global Executive Summit keynote speakers come from a wide range of industries to bring you well-rounded, insightful and unique perspectives on the issues and trends shaping the industry today. We are pleased to introduce our keynote speakers who will drive the conversations at #SIGFall18!
In this session, SIG CEO and President Dawn Tiura will put Coupa CEO Rob Bernshteyn on the hot seat for a grilling on the state of the sourcing industry. Rob has extensive experience running cross-functional teams and scaling companies from the early start-up phase into successful public companies. Got spend management questions? Now’s the time to ask them.
Do you ever wonder what your job will be like in 2020? Turns out you’re not the only one. Get the inside scoop from a panel of procurement executives on how to stay relevant when new technologies emerge on the scene.
Jon Kesman is the Head of Services Procurement with Allegis Global Solutions (AGS). With more than 20 years of procurement operations, sourcing and category management experience across various industries and global organizations, Jon is responsible for developing strategy, structure and operations for AGS’ procurement product. A self-proclaimed procurement geek, Jon shares what he’s learned over the course of his career, his definition of success and what excites him about the changes and development in procurement today.
Can you talk about your background and education--how did you get involved in procurement?
I actually have my degree in Purchasing and Operations Management from Michigan State University, so it’s all I’ve really known from a professional perspective. I guess I am officially a procurement geek! I started my career as a buyer at IBM. Then I moved on to procurement and sourcing consulting roles with Accenture where I was exposed to so many elements of value within this space, whether that was a full-on procurement transformation effort, or just some sourcing work to drive savings. I’ve spent over 20 years now in various procurement roles, almost evenly split between both the buy-side and the sell-side.