SIG University Certified Sourcing Professional (CSP) program graduate Anirudh Sundareshwar outlines howmanaging stakeholders is well-served via effective communication.
A generic definition of stakeholder management is “Stakeholder management involves taking into consideration the different interests and values stakeholders have and addressing them during the duration of the project to ensure that all stakeholders are happy at the end.” It is important to understand that this may not always be true, especially in projects where multiple stakeholders and personal stakes are involved.
However, it is essential to ensure that most stakeholders are happy with the project's end result or initiative you are working on. That is not accomplished only by the end result but builds up along the project's lifespan.
As we have learned, one of the most critical tenets of stakeholder management is communication. It is vital to know what to communicate to whom, when to communicate and how to communicate, especially to senior stakeholders. This is an art and not easily achievable. Even more so in the current scenario where most people work remotely and do not have the advantage of picking up cues (verbal/non-verbal) as you would have in the pre-COVID era. Stakeholder management in our world involves both internal and external stakeholders, of course.
For important initiatives, a procurement professional must invest time in building a communication strategy followed by a redesign of plans & templates to suit the virtual meeting format and eventually deploy. Since this is new to both you and the recipient, it is vital that you actively seek feedback to assess your communication effectiveness.
Anirudh Sundareshwar, Director & Head of Sourcing, BNY Mellon
It is hard to believe 2021 is at our doorstep, and while the immediate future is uncertain, the mid-to long-range outlook is virtually unknown. What we thought would be a ‘two-week’ work-from-home in March, has turned into a full-blown pandemic, and with it, the uncertainty surrounding it. Now, with a new wave of COVID-19 outbreaks breathing down our necks, tough times are here again.
As procurement professionals, we are, by nature, resilient. The toughest of times takes the strongest leadership and most innovative strategies. The pandemic and the consequences of it provided a proving ground for the often-overlooked sourcing and procurement team. Over the past year, sourcing and procurement became the lynchpin for many organizations’ survival, securing critical business and PPE-related goods and services to keep businesses afloat and employees protected. Throughout, procurement professionals were working tirelessly to create innovative cost savings and expense reduction opportunities when other departments went right to cutting staff and payroll.
At a time when the needs of the business are buoyed through critical sourcing and procurement activities, there is, perhaps, no more important function to a business.
Procurement Myth Versus Reality
Unfortunately, not everybody understands that. Many business stakeholders still think of sourcing and procurement as tactical purchasing and contract administrators, or bottlenecks that create delays in the buying process and upset suppliers. In reality, sourcing and procurement is really about negotiating critical multi-million-dollar contracts and finding the right supply chain partners to mitigate the significant risk in today’s market. Critical, not just in savings, but in the essential value and impact you have on the business.
SIG University Certified Sourcing Professional (CSP) program graduate Madison Mobley discusses how toarticulate value by utilizing hard savings, soft savings, and cost avoidance.
My first corporate job out of college was with EMC Corporation, now Dell EMC, notorious for its Sales Associate Bootcamp.
Picture seven weeks in a basement without food and water (tee hee, dead serious), and an exam every couple of days, 90% or higher to pass… Delicious.
The result? I learned how to talk technology very well – the bits, the bytes, the speeds, the feeds. And, at a time when the information age called for CIOs to reimagine how their company’s data was to be stored and protected, nothing was sexier than a storage array with fibre channel connectivity and two-factor authentication.
What’s more, I learned who best to engage at the individual contributor, mid-level management, and executive leadership levels. It was the same person(s) at every organization I prospected into 99.999% of the time for what I was selling.
Long preface short, knowing your product, knowing your ICP (ideal customer persona) and articulating that knowledge in your prospect’s “love language” made for a successful salesperson back then.
Fast forward to March 2020.
The day I joined Fairmarkit, the intelligent sourcing platform that revolutionized how all organizations buy the stuff they need (it doesn’t matter what the stuff is), I felt confident stepping into a sales role.
True, I had never sold directly to procurement people, but how different could it be?
The answer? Way different.
Madison L. Mobley, Senior Account Executive, Fairmarkit
To close out 2020, we bring you the resources to elevate to excellence for the new year.
Elevating to Excellence - People and the Business
There’s still time to register for our upcoming digital SIGnature Event on December 9. The theme for the event is People and the Business. Senior-level and above delegates will participate in an executive roundtable hosted by SAP Fieldglass to discuss managing labor spending.
Meanwhile, teams will take part in a deep-dive training session with Western Michigan University Professor Sime Curkovic and William Crane, CEO of IndustryStar, on sourcing’s critical role in accelerating innovation.
Two buy-side executive peers will open the day sharing experiences of lessons learned or stories of success. This will be followed by an interactive discussion on VUCA, an acronym that originated at the U.S. Army War College to describe the perceived state of the world at the end of the Cold War — Volatile, Uncertain, Complex and Ambiguous. Let’s come together to talk about the best technology strategies for procurement and supply chain leaders to bring to bear against VUCA as we look to 2021.
This interactive digital event will be in an open-mic, collaborative format for a personal and targeted discussion. The entire meeting will last for two hours, beginning at 2:00 pm ET.
For those who work in any area of the supply chain, diversity is a word that comes up often. Supplier diversity or diversity in contracting are programs that can be either mandatory (i.e., requirement to fulfill state or federal contracts) or voluntary (i.e., procurement/social responsibility strategy).
Whether your organization chooses diverse suppliers for advocacy and social responsibility reasons, to comply with state or federal regulations, or to simply meet your stated requirements and work scope, the benefits of supplier diversity can have lasting impacts on your community and your organization.
Starting a Supplier Diversity Program (SD Program) in your organization requires input and collaboration from various stakeholders at all levels. The SIG Resource Center has a wealth of information to help you begin the process to implement an SD Program, including how to make the business case to internal stakeholders, best practices and benchmarking studies from your peers.
Mary Zampino, Senior Director of Global Sourcing Intelligence
SIG University Certified Sourcing Professional (CSP) program graduate Katherine Smith shares how lessons in the CSP program informed her during her company’s digital transformation.
One of the many areas of the CSP program that I found to be of great relevance for my role as a Procurement Specialist at Fannie Mae was the Lesson on Artificial Intelligence. Being of an older generation, I can remember working as a manager when there were no computers. Inventories were taken manually and then extended using calculators or adding machines. It was a significant step forward when we could automate that process.
Gone are the days of spending long hours on the phone reading off SKU numbers and quantities needed when placing orders for products, such as the food and paper supply needs of a hospital foodservice department.
Katherine Smith, Sr. Contracts and Procurement Specialist, Fannie Mae
After wrapping up the 59th Global Executive Summit, we are excited to bring you even more resources and connect you with a network of people to help you be your best.
Summit Resources On-Demand
Following each Summit, we publish an anthology that provides a snapshot of every Summit presentation and also includes speakers’ contact information if you’d like to follow up with them. The 2020 Global Executive Summit hosted over 40 keynote and breakout sessions.
This is a great resource for an overview of the content to share with your team members who were not able to attend and to demonstrate key takeaways and ROI to your executive team. This is a benefit of membership, so if you’re not a member inquire today!
As we near the end of 2020, one lesson is clear: Sourcing and procurement teams equipped with advanced skills, technologies and best practices not only weathered supply chain disruptions but were able to pivot and innovate.
As we enter 2021, the rehiring wave will focus on procurement professionals with modern and diverse skillsets based on today’s best practices. Understanding the current business landscape will be essential to secure your future.
SIG University is enrolling for programs that start in January and February. The free curriculum guide will provide you with detailed information on all four programs, including strategic sourcing, supplier management, third-party risk management and intelligent process automation. Prefer to go at your own pace? Inquire about the new self-paced option.
I recently had the privilege of joining SIG’s podcast with Dawn Tiura. We had so much fun talking about diversity and inclusion (D&I) strategies, and why now is the time for organizations to start thinking about and acting on total talent diversity. Specifically, diversity across all of their workers, full-time and contingent (contractors, freelancers, and shift workers). Dawn and I are both super passionate about this topic so if you are too, take a listen.
Maybe you’re thinking, “I’ve got diversity suppliers and that’s what I’m measured on.” That’s great if you do, and the truth is diversity suppliers are absolutely critical and shouldn’t be overlooked. However, just because you use diversity suppliers doesn’t mean you are getting diverse candidates.
Many organizations spend as much as 42% of their entire workforce budget on contingent labor, and most CFO’s expect that number to increase in the coming years. In fact, by 2023, over 52% of the workforce will be made up of freelancers. So if such a significant portion of your workforce is contingent, shouldn’t you consider diversity and inclusion across all workers?
Certainly, we know it’s good for the bottom line, as evidenced by the Boston Consulting Group finding that diverse companies have higher revenue. Who can deny that revenue isn’t important? It’s what keeps everybody employed! Here are some essential points to consider:
It’s so easy to do the right thing to do for people and business. Diversity and inclusion across all worker categories can so easily be implemented. It brings value to your community, to your current and future workers and your company brand.
At the time of writing this piece, I am just one of five million people emerging from the world’s longest coronavirus-related lockdown, in Melbourne, Australia. For nearly two months, I was only allowed to leave the house once a day for essential items and required to stay within three miles of my home. From takeaway meals to IT support, to doctor’s appointments, most of the goods and services I've needed have been ordered virtually. Since COVID-19 hit, I’m amazed at how quickly the world went virtual.
Along with SAP colleagues and millions of workers globally, I’ve quickly adapted to working from home – connecting with others through virtual collaboration and networking tools. Imagine my surprise, then, when I received a notification in the mail that my driver’s license needed to be updated to reflect my correct birth date, requiring me to physically go to VicRoads, the DMV for the state of Victoria. How is it possible that under the strictest lockdown in the world, with thousands of workers operating remotely, I was still required to be physically present at the DMV to confirm my birth date and identity; especially knowing that the documents required could have easily been scanned and sent?
Before the coronavirus pandemic hit, the journey to digital transformation was underway across many industries. Whether through the purchase of large-scale enterprise resource planning (ERP) offered by companies like SAP, or through individual contracts with suppliers specializing in virtual banking, e-signatures, contracts or hiring, companies have taken steps to manage their businesses digitally. This move has paid off in the current environment.
Baber Farooq, Head of Product Strategy, SAP Procurement Solutions
With the launch of the SolutionMap Fall 2020 release, Spend Matters’ analysts have assessed 77 procurement technology vendors, adding 12 providers since our Spring 2020 update.
SolutionMap, which began in 2017, has become the definitive procurement technology benchmark due to the depth of analyst assessments, quantity of real-life customer inputs and frequency of release (twice a year) to accurately reflect vendor capabilities and market developments.
If you’re new to SolutionMap, here are the basics: