SIG University Certified Sourcing Professional (CSP) program graduate Larry Trawick shares how excellent communication is vital in ensuring success and how important it is to incorporate effective change into your sourcing practices.
Larry Trawick, Senior Sourcing Analyst, Polaris Industries
Preparing for the challenges on the horizon with a host of resources to get a jump start on 2023!
A Flexible (and Fast!) Way to Get Certified Now
Did you miss our 2022 open cohort start dates? 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!
Join Dylan Alperin, Head of Professional Services, Keelvar and Magnus Bergfors, Director of Product Marketing, Keelvar as they discuss the rise of the automation revolution and CPO insights and 2023 priorities Keelvar’s 2023 Voices of Sourcing Survey.
Supplier.io’s 5th State of Supplier Diversity Report revealed big changes in the primary drivers of supplier diversity. More and more companies see programs as a core component of their company culture, and executive and board support is at an all-time high.
"Without data, you're just another person with an opinion."
Edwards Deming, Statistician
Linda Tuck Chapman, instructor and course designer at SIG University, states that Third-Party Risk Management is a team sport. A team consists of lots of different people with lots of different opinions. These opinions might be based on the various roles and result in other goals they have. They all strive for the same overall target, a managed and their company acceptable risk, but might have a different focus. The risk analyst might be especially eager to analyze the risk deeply, and the buyer might want to focus on a fast decision to close a deal.
So, what can help turn their opinions into a decision? Or help, whoever has the right and the responsibility, help them make a decision? Of course, the answer is a high-quality database that turns opinions into facts. It is essential to ensure a high-quality database, especially in a worldwide program with different risk areas, teams, and global regulatory requirements. High quality, in that case, means (at least) that the data is accurate, that it contains all required data fields, that it has a clear structure, and that it is accessible to all relevant people while still restricting the possibility of editing the database itself (meaning strict controls).
Mona Josten, Senior Consultant, Deloitte Deutschland
SIG University Certified Intelligent Automation Professional (CIAP) program graduate Bob Lutz shares how implementing intelligent process automatation can be beneficial to your business
SIG University Certified Sourcing Professional (CSP) program graduate Sergio Mielnik shares an in-depth understanding of how supplier relationships should be managed and how improving supplier relations at different levels will create successful sourcing engagements.
Throughout the certification, a constant emphasis on supplier relationships and the guidance provided to use these relationships as drivers to successful sourcing engagements. Suppliers are critical drivers of your pricing, delivery, strategy, and forecast. I have engaged suppliers from sole-source, directed, competitive, non-competitive, and management sources. Each situation has been unique, but I have treated all suppliers with the same level of communication and collaboration.
As supply chains get tighter and more competitive, it is essential to keep those communication channels to create a personal approach rather than a solely monetary exchange approach. This does not mean you hand out the keys to your supplier, but if this could happen, you can trust the relationship developed to obtain solutions and drive success.
Managing suppliers at different levels, whether critical or non-critical, is another topic that I found interesting. The relationship between a “ma and pa” shop versus a top-tier conglomerate is not the same. Still, you must strive to find that personal connection with different types of companies, provide fairness in your approach, and understand each supplier’s competitive advantages. I have often found myself waiting in line with top suppliers, which affects our delivery and production schedules.
Sergio Mielnik, Lead Business Risk and Controls Advisor, USAA
Recently, SIG had the pleasure of hosting ProcureAbility experts Conrad Snover and Darshan Deshmukh for the December CPO & Executive Virtual Series. It was a very engaging discussion, with many thought-provoking takeaways. Let’s get into it!
Conrad, CEO at ProcureAbility, kicked off the exclusive event by explaining the team's research methodology. ProcureAbility regularly conducts research to identify future-looking trends and innovations in procurement. Their in-depth process for identifying the five bold predictions for 2030 consisted of a team of experts who hypothesized on emerging trends and then conducted in-depth research to validate that analysis. The team formulated their predictions for procurement in 2030 based on that data. Then finally, they surveyed CPOs to get feedback on those predictions, which led us to procurement on the brink of transformation.
ProcureAbility's Five Bold Predictions for the Future of Procurement
Whenever we face a crisis, our attention is understandably focused on finding a solution as quickly as possible. We, in essence, become "locked in the moment" because the fallout of inaction is usually significant.
However, in our hasted energy to resolve a problem, we tend to lose sight of why we are in this situation in the first place. In other words, there is a bigger picture beyond our narrow scope of immediate impact, and we need to recognize its importance.
I like to think of it as the slow-leak tire syndrome. You have a tire with a slow leak and must repeatedly pull into a service station to fill it to the proper inflation rate. Is it an inconvenience-absolutely, but is our frequent station stops enough of a hassle to prompt us to either repair or replace the tire?
When I was originally asked to write this article on the disruptive impact a potential West Coast port workers' strike would have on supply chains, the slow-leak tire analogy immediately came to mind.
A Long Time in The Making
The contentious situation we are now facing at this and other ports in North America has been brewing for some time, pre-dating the COVID-19 pandemic.
SIG University Certified Sourcing Professional (CSP) program graduate Mahesh Khamkar discusses the concepts of business model mapping and cost modeling and how to apply them to your business.
An excellent program has come to an end, but the concepts learned will be with us forever. All modules are equally important as part of a successful sourcing professional learning journey; however few topics I found interesting which relate more to my current responsibilities & domain are: Business Model Mapping, Cost Modelling & TCO.
Business Model Mapping: In the current role wherein I have been dealing with more than 30-40 suppliers, we never segregated them as Basic, Approved, Preferred, etc. With the deep insight provided by the SIG CSP program, we have started mapping suppliers on Sourcing Continuum based on Transactional-Relational-Investment business models.
This has further enabled us to know that few suppliers who were earlier in either Transactional or Approved Category have the potential to convert them further on Sourcing Continuum to preferred and Output/Outcome-based economic model. An example: A supplier we used to consider for regular buying of a particular cabinet is now being developed for more complex designs. The relationship model with this supplier is now more strategic as we are planning legacy products & new products jointly in a better manner. As the outcome from the supplier is more than the expectations, we are raising the bar by discussing more strategic developments with the supplier.
Mahesh Khamkar, Deputy General Manager of Procurement, Reliance Projects & Property Management Services Ltd
“The path to gender equality does not involve stickers pointing out that a product has been made by a female entrepreneur. Women are not a charity group. If we want to help women in business, let’s close the pay gap and remove the glass ceiling – and then let products designed by women rise or fall on their own merits, by the realities of business.” – Diana Sz
The above quote is an excerpt from an article I read regarding Walmart’s “commitment to source $20 billion of goods by 2016 from women-owned businesses in the U.S.”
The program or initiative, launched with much fanfare in 2011, achieved the $20 billion objective within the expected five-year period. One would think that this would be a cause for celebrating the progressive practices on the part of corporate procurement departments.
Facilitated by the inclusion of product labels informing the consumer that a woman owns the company behind the product they are buying, Pamela Prince-Eason was a champion of the Walmart initiative. The Women’s Business Enterprise National Council CEO, Prince-Eason, believed that the “new labeling will give people a reason to feel good about the company they’re buying from.”
In short, it was a noble plan to achieve meaningful results for everyone to feel good. I know you are waiting for the other shoe to drop in the form of a but – and there is a but,
The Bigger Picture
Don’t get me wrong when I say things like a drop in the bucket regarding the achievement of the $20 billion goal. Such a lofty amount isn’t exactly pocket change.
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 (1).png?urXsitXC_CHk6ZZl1UsH7oXFUCKW2qcu= "Recap of CPO & Executive Virtual Series with ProcureAbility")
 (1).png?55Ov1NrFRJVg_eZxkzMMz_ocoXREYR67= "When it comes to the contention between management and the port workers, addressing the latter's fears regarding job loss is the real supply chain disruption for which we have to find a solution. Until we do that, we will likely be having this same discussion with the next global crisis.")
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Sourcing Change Management
SIG University Certified Sourcing Professional (CSP) program graduate Larry Trawick shares how excellent communication is vital in ensuring success and how important it is to incorporate effective change into your sourcing practices.