SIG Speaks Blog

SIG Speaks Weekly Briefing - December 9

Here's your weekly update on the latest thought leadership, networking events and training with SIG.

Here's your weekly update on the latest thought leadership, networking events and training with SIG. 

Spend Matters has released Q4 Services Procurement Vendor rankings

In 2.5 years since the first release, procurement professionals have referenced Spend Matters’ SolutionMap procurement technology benchmark rankings over 112,000 times, with the Accelerator toolkit gaining rapid traction to inform procurement technology selections:

“We didn’t have enough process and technology knowledge to identify our requirements for a P2P transformation. We wanted to include enough leading practice into our phase 1 assessment, recommendation and business case…You really helped us narrow the population.” — Senior Director, Supply Market Insight

Read all about the Q4 launch here or view the free procurement tech benchmark rankings here.

Stacy Mendoza, Digital Marketing Manager

Laying the Foundation for a Vendor Management Program

A Senior IT Consultant talks about shaping a risk culture and standardizing her company's vendor review process.

While enrolled in SIG University's Certified Third Party Risk Management Professional (C3PRMP) Program, Wendy Hsu was able to immediately apply what she learned and contribute her expertise toward sourcing a third-party risk management tool to develop her organization's Third Party Risk Management Program.

In the C3PRMP program, students focus on best and emerging practices to identify, assess, manage and control third-party risk throughout the lifecycle of relationships, and learn how to align risk fundamentals and frameworks with risk culture to develop the essential tools and controls for effective governance.


In more ways than one, the learning opportunity with SIG University’s Certified Third Party Risk Management Professional (C3PRMP) program was more than coincidental. Earlier in the year, I had chosen the C3PRMP program to fulfill my 2019 Individual Development Plan objective. Little did I know that by July I would be fully engaged in assisting my manager to source a suitable third-party risk management tool and develop a project plan to implement our future Third Party Risk Management (TPRM) program. While the timing of my taking the certification program couldn’t be better, the challenges ahead of my company’s TPRM program (which will soon be called Key Vendor Management Program) couldn’t be greater given we are a young company still in the process of shaping our risk culture and standardizing our vendor review process.

Wendy Hsu, Sr. IT Procurement Consultant, Venerable

How Procurement Can Help Tackle Today’s Most Pressing Challenges

Chief Procurement Officers are driving innovation and sustainability.

The pressure for companies to solve society’s most pressing problems is growing exponentially, fueled by the gravity of looming issues such as climate change or social inequality. While the majority of companies have already defined their corporate commitment and social impact objectives, many leaders are struggling to implement strategies that actually achieve their aspirations. Considering that 78% of executives believe their companies are failing to deliver on their social impact pledges, there’s a dire need for companies to drive social innovation across each department and generate positive social change through their day-to-day operations.

Amid the changing business landscape, companies are required to achieve two core objectives: generate profits and elevate corporate social responsibility. Due to procurement’s immense purchasing power, more executives are turning to their CPOs to drive innovation and sustainability – all while generating tangible impacts that benefit the communities they operate in. Here’s how procurement leaders can achieve these objectives and simultaneously generate new business value by adding social impact into their sourcing and procurement process.

Paul Polizzotto, Founder & CEO of Givewith

This Month at SIG – December 2019

December networking and thought leadership at Sourcing Industry Group.

As the year comes to a close, it's a good time to look back at the goals you set this time last year. Whether you're on track or have a ways to go, take advantage of these opportunities to focus on your professional development. Listen to some inspiring executive advice from the podcast, take an hour to join a webinar or consider sharing your expertise at one of our upcoming events.   


December Webinars

December 4 – Services Procurement: Unlocking Value from your Invisible Workforce
Presented by: SAP Fieldglass

Services providers such as consultants and agencies account for a significant portion of workforce spend and are crucial to business performance. Yet many companies under-manage them, leaving value on the table and creating risk. For the second year of research with Oxford Economics, SAP Fieldglass takes a deeper dive into services procurement. Join us to learn how workforce leaders realize more value from these providers.

Stacy Mendoza, Digital Marketing Manager

Talking to Your Tail Spend – Chapter 4: Frameworks to Manage and Find Savings

Find savings and learn how to build a strategic sourcing framework to help you manage tail spend.

This is the final chapter in our tail spend series and we’ve covered some significant ground to understand what tail spend is, why it happens, and the potential issues with ignoring it or managing it in the wrong way. In this final chapter, we'll explore the ways you can find savings in your tail and how to build a strategic sourcing framework to help you manage it going forward.

To get up to speed, you can read the entire Talking to Your Tail Spend series on our blog:

Amy Fong, Principal - Procurement and Purchase to Pay Advisory, The Hackett Group

Change Management: A People and Culture-Driven Approach

Change management is an important part of governance.

After a reorganization within his company, a SIG University graduate applies lessons learned in the Certified Supplier Management Professional (CSMP) program to facilitate a people- and culture-driven change management approach to bring his company into regulatory compliance.

The CSMP program exposes students to leading-edge training on contract administration, compliance, risk mitigation, performance, governance operating models, talent management support, transformation and more to help companies put effective governance programs in place.


 

The Certified Supplier Management Professional (CSMP) program from SIG University discussed the importance of GR&C and provides samples of governance models with roles and authorities, its relationships, and communication structures in relation to the procurement or sourcing strategies of an organization. I was glad to see these topics discussed as it confirmed the need for reorganization within my company, which now has clearly defined roles and responsibilities between governance and third party risk management and the sourcing department. 

Change Management Theories: A Focus on People and Culture

The new governance model implemented considered internal and external factors that affect the overall operations of the organization, most importantly, the people. In order to be successful, we instituted a proactive period of transition using a systematic approach that consisted of a well-defined change plan. Our sourcing department had been resistant to change developed from the previous governance structure, making it challenging to implement new changes. Part of our strategy was to include within our change management plan early involvement of all key players and stakeholders in order to minimize the resistance previously experienced.

David E. Romo-Garza, Director of Business Risk and Controls

SIG Speaks Weekly Briefing - November 25

Here's your weekly update on the latest thought leadership, networking events and training with SIG. 

2019 Annual Default Review

Download RapidRatings' 2019 Annual Default Review to find out the top five supplier red flags and top five industries to watch out for.

SIG Partners with Spend Matters

Tap into a wealth of benchmark data to identify which procurement software provider best meets your organization’s specific technology needs with Spend Matters' SolutionMap Accelerator. SIG buy-side members receive a 20% discount.

The Sourcing Industry Landscape Podcast

Join Dawn Tiura as she interviews Givewith CEO Paul Polizzotto. He discusses how corporate social responsibility initiatives can drive business value by boosting employee morale, retention rates and investor confidence.

Future of Sourcing Articles

A lot has been written about RPA’s ability to link processes and automate services, but much less has been dedicated to the benefits of RPA from a system engineering point of view. Learn more about how RPA technology can be utilized.

Technology can be a double-edged sword when it comes to communication. It can make us more connected but in the same regard disconnected when it comes to real in-person interactions. How do we as leaders maneuver this complicated new world?

Hailey Corr, Content Manger

How much do you know about your invisible workforce?

New research presents four key actions organizations can take to better manage services providers to achieve better business outcomes, maximize ROI and mitigate risk.

Your workforce is larger than you think. Look beyond your employees and contingent workers and you’ll realize there’s another large, powerful force at play. One that probably isn’t on your radar.

Services providers, such as consulting firms, marketing agencies and IT outsourcers, play a crucial role in helping organizations get work done. They are a vital part of today’s workforce, comprising nearly one-fifth of workforce spend, and bringing much-needed skills to the table. They carry out mission-critical work, often operating at the heart of the enterprise.

In the oil and gas industry, services providers play a major role in shutdown/turnarounds, which cost millions each day and must therefore be completed as soon as possible. Many organizations rely on consulting firms to help them build and execute their strategies – particularly around digital transformation. Banks engage IT consultancies to improve their online and mobile banking platforms and call centers to support their customers.

In many organizations, services providers operate as an invisible workforce. How can management ensure that this often-unseen workforce consistently delivers maximum value? And how can organizations make sure that workers’ access to confidential data and systems is turned off at the end of the engagement?

Molly Spatara, Global VP, Brand Experience, SAP Ariba and SAP Fieldglass

Talking to Your Tail Spend – Chapter 3: The Potential Risks Lurking in your Tail Spend

Unmanaged tail spend results in significant risks to organizations.

We’ve released a series of articles to answer your questions about tail spend. We started by defining tail spend, discussed how to better work with stakeholders to manage it, and now we’re diving into the potential risks lurking in your tail spend and the problem with taking a scorched Earth approach. To get up to speed, read our prologue, Chapter 1 and Chapter 2 on what this tail spend series will help you accomplish.

What is the risk exposure in my tail spend?

Risk is an increasingly important consideration in procurement and we’re right to think about the impact of risk hidden in our unmanaged spend. The tricky thing about risk is that it can differ across companies, even within the same industry. Supplier financial risk is important to most, but what about brand risk, geopolitical risk in the supply chain, and the risk of payment fraud? Depending on the spend category, IP risk or labor practice risk may also be a consideration.

The starting point, once again, is the spend analysis, with the category manager charged with determining the highest risks for their category. If a category isn’t actively managed, it can be assigned to a risk team for a basic analysis. Given that the average company only actively monitors about a quarter of suppliers for risk, there’s a lot of unwatched suppliers even outside the long tail. Risk assessments are typically driven by supplier spend or a triggering high-risk factor.

Amy Fong, Principal - Procurement and Purchase to Pay Advisory, The Hackett Group

SIG Speaks Weekly Briefing - November 18

Here's your weekly update on the latest thought leadership, networking events and training with SIG. 

A Report on Maverick Spend

The Hackett Group conducted a survey to gain insight into the strategic importance of maverick spend reduction, understand the adoption of specific procurement practices, and differentiate how top-performing organizations approach this topic.

Managing Spend within a Gig Economy

Coupa and Forrester have come together to provide an on-demand webinar on how to better source, procure and manage your contingent workforce within your increasing external services spend.

Join SIG's B2B Private Social Network on TraDove.com

On November 20 at 1pm learn more about how to connect and collaborate with the best-suited buyers and sellers worldwide using AI technology with SIG's B2B Private Social Network on TraDove.com.

Hailey Corr, Content Manger

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