As part of Spend Matters' recently announced partnership with SIG, we’re excited to share exactly what Spend Matters brings to the table (deep insights into procurement software) and why that matters for SIG members.
Spend Matters reaches a global audience of procurement professionals and provides coverage of procurement software and services vendors across the source-to-pay spectrum and other areas, like contingent workforce and AP automation. You can find many of the key players in the Spend Matters Almanac, a directory of 500+ vendors and consultants in procurement.
Through SolutionMap, anyone doing a procurement technology selection can explore 12 categories to get a snapshot of those markets for absolutely no cost. Players are ranked in areas like Source-to-Pay (S2P), E-Procurement, Contract Lifecycle Management, Sourcing, Supplier Management and more.
SolutionMap helps procurement organizations save time in their technology RFP processes by relying on the Spend Matters analyst team, who have already assessed capabilities at a granular level, validating them through live demos. Because technology is developed and updated so quickly these days, SolutionMap is updated quarterly.
After a great week in Carlsbad, California, at the Fall Global Executive Summit last month, we are excited to bring you even more resources and connect you with a network of people to help you be your best. Take a dive into the Summit Anthology and Resource Guide to map your strategy for the coming year, catch up on some industry research, learn more about our partnerships with PeopleTicker, Spend Matters and TraDove, and check out one of the many webinars happening this month.
Summit Anthology and Resource Guide
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 2019 SIG Fall 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.
SIG’s last event of 2019 will take place in Toronto, Ontario at the BMO Institute for Learning. Delegates can expect executive roundtables (for director levels and above), deep-dive training on third party risk management, provoking general session speakers, lunch, CPO presentations, analyst overviews and more.
SIGnature Events are like mini-Summits, with ample time for networking with peers and provider thought leaders. There’s still time to register for this event, but space is limited and registration will be capped.
The Fall Global Executive Summit was one of the most well-attended Summits to date. With record attendance, compelling thought leaders, the first-ever Innovation Hall and a glitzy night recognizing the Future of Sourcing Award winners, it was one for the books! During this year’s speed networking, a whopping 207 meetings were booked and this year’s prizes for raffle winners were really spectacular, including a $5,000 donation to the winner’s charity of choice from Givewith, one of our newest social impact provider companies.
Fall Summit Recap
The general session keynotes kept audiences engaged and our thought leaders answered some really great questions from the audience. Coupa’s CEO Rob Bernshteyn talked about how data, AI and community intelligence are impacting procurement; a panel of experts from Bank of Canada, PwC, Adobe and Boeing discussed tried and true best practices to be better at your job; the panel with LeaseAccelerator on upcoming changes to leasing standards elicited lots of discussion; and Kate Renwick-Espinosa closed us out with a look inside VSP Global’s inspiring company culture and commitment to fiscal fitness.
One of the most buzzed about events at the Summit was Innovation Hall where provider companies that are utilizing AI and machine learning for everything from talent management to contract writing and negotiations networked with attendees while the Future of Sourcing Awards talks took place alongside them. It was great to see everyone’s gears turning as they talked about common challenges, potential solutions and learned more about opportunities available to them.
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.
The term “tail spend” has become a common term in procurement-speak because in our minds we like to visualize all of our spend fitting on a nice curve with suppliers on the X-axis and spend per supplier on the Y-axis, something like in Figure 1 below. The suppliers with the lowest spend are plotted to the right and we think of that as the tail. A shorter tail implies we’ve done a better job of consolidating our spend among fewer suppliers. Since supplier consolidation with the goal of cost savings was the raison d’etre of early sourcing groups, the shape of this curve feels like an indicator of success.
Amy Fong, Principal - Procurement and Purchase to Pay Advisory, The Hackett Group
Here's your weekly update on the latest thought leadership, networking events and training with SIG.
Benchmark & Optimize Your Spend Strategy
Gain exclusive access to a chapter highlight from Coupa’s annual benchmark report, where they look at 3 KPIs across the source-to-contract process to gauge your organization’s progress and optimize your spend strategy.
SIG University Certified Third Party Risk Management Professional (C3PRMP) Program graduate Cindy Lingerfelt works at Blue Cross Blue Shield of Florida. She shares what she’s learned about third-party risk management and how her small team plans to build a stronger risk culture.
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.
I work for Blue Cross Blue Shield of Florida on the Procurement team. My sub-team, Supplier Management, is small and we wear many hats. We were the first in our organization to implement some standardization for how critical suppliers were managed by developing a segmentation questionnaire to tier our suppliers and worked with business owners to get all Tier 1 suppliers on performance scorecards. Our role was to provide standard formatted scorecards with a library of the most common KPIs, stationary, QBR templates and more.
Due to an incident with a supplier, the board made a directive that supplier risk should have a more explicit focus. A new team called Enterprise Risk Management was formed within Corporate Affairs/Internal Audit to address supplier risk and closely partner with Procurement on new suppliers and manage risk with our current supplier base.
Cindy Lingerfelt, C3PRMP, Sourcing Specialist, Florida Blue
SIG is excited to present an Innovation Hall at the Fall 2019 Summit. The Innovation Hall introduces attendees to the latest tools, technologies and solutions available for sourcing professionals in one place. Plus – attendees can request meetings directly with sponsors to see their industry-leading solutions up close!
Three major trends are reshaping the industry: a major rethinking of outsourcing vs. moving in-house, advanced handwriting recognition becoming mainstream and the increased need and reliance upon data science. This article explores these trends, as well as what they mean to enterprises and their service providers.
Rethinking the Benefits of Outsourcing
Just recently, HFS research published an article on the acceleration of insourcing operations that service providers currently provide. Why is this? One of the primary reasons is the renewed interest in automation. Also, it is the perspective that with automation, reliance upon manual labor is reduced, the outsourced version of which is still the primary business model of many service providers both large and small.
Historically, if an organization wanted to rid itself of low-value, but necessary tasks or processes, the best option was always to outsource these functions to a service provider that could provide the same capability at less cost through economies of scale. With automation, there is the promise of handing over the work to “bots” that can be deployed anywhere and whose costs are not sensitive to typical wage arbitration. A bot costs the same whether it is deployed onshore or in low-cost regions. HFS calls this “going straight to digital.”
Greg Council, Vice President of Marketing and Product Management
Vision is a funny thing. Until relatively recently, humans were at the mercy of circumstance when it came to sight – if you had 2020 vision, you were lucky, but if not, you had no choice but to hope for the best. Then, glasses, telescopes and microscopes were invented. Then, flashlights. Suddenly, we could see very near and very far, and even in the dark. With the right tools, our world was transformed.
Similarly, visibility in business is transforming with technology. In the past, we used notebooks and spreadsheets to transfer information. Today, we’ve seen customer relationship management (CRM), enterprise resource planning (ERP), and human capital management (HCM) software take off and transform the level of visibility within the business, allowing for unprecedented impact. Now, it’s Sourcing’s turn to transform and break free of spreadsheets and cumbersome legacy tools.
VSP Global Looks to Transform Sourcing
At VSP Global, the largest not-for-profit vision benefits provider in the United States, this sourcing transformation was a key priority. VSP serves over 77 million members by focusing on quality and affordability in eye care insurance, high-quality eyewear, ophthalmic technology and connected doctor-patient experiences.
To continue delivering the best results for their members, VSP Global set out to transform the way it approached the procurement process to drive better business outcomes, increasing stakeholder collaboration and visibility across the enterprise. The procurement team aligned on prioritizing four specific processes:
Stan Garber, President and Co-Founder at Scout RFP