Spend Matters has just released its 7th annual “50 Providers to Know/50 Providers to Watch” lists. Each year, Spend Matters’ technology analysts assess the capabilities for an array of companies across 13 market sectors and releases its lists of 100 vendors in the industry. These represent the best-in-class companies you need to know about as well as the up-and-coming, growing firms to keep your eye on.
Providers to Know
Among this year’s vendors are 11 companies that have earned the “50 Providers to Know” distinction each of the seven years the lists have been published! These include Accenture, Achilles, Basware, Beeline, Coupa (including Trade Extensions and Spend 360), Deloitte Consulting, GEP, Insight Sourcing Group (including SpendHQ), Ivalua, Jaggaer and The Hackett Group. These vendors sit alongside AppZen and Rosslyn Analytics, which are brand-new “to Know” companies for 2020.
Providers to Watch
Eight vendors jumped from the Watch to the Know list in 2020, they are Agiloft, Celonis, ConnXus, Lease Accelerator, MBO Partners, NPI, Per Angusta and Tipalti. More than half of the “50 Providers to Watch” list represents new honorees, with 34 new companies included, four of which are start-ups featured on the 2019 Spend Matters “Future 5” list — Bid Ops, Fairmarkit, Negotiatus and SupplyHive.
What is your role and what are your day-to-day responsibilities?
I am responsible for marketing the Seal technology used by many Global 2000 companies to gain insight into both their buy-side and sell-side contracts. This means having a good understanding of the needs of our customers, being attuned to the areas in which our technology can help them and deliver the assets that they can use to evaluate whether Seal is right for them. This can be in terms of white papers, web copy, webinars and so on.
What is something that you wish more people knew about sourcing and procurement?
Clearly, I am motivated to see more and more organizations experience the value they can gain by having a deeper understanding of their contracts, identifying obligations they have, opportunities for revenue recovery or simply understanding whether they are tight with regulations like GDPR. All of these are about gaining insight to aid decision-making. Contract analytics is being adopted by forward-thinking procurement functions across financial institutions, energy companies, telcos, process and discrete manufacturers, indeed, across nearly every industry. My role is to help more companies understand the power of contract analytics.
In today’s current pandemic, companies are looking to their contracts to see if there is language which might give them a respite out of trying to meet their obligations to their customers across the supply chain – this is usually referenced in the force majeure clauses but also needs to take into account business continuity provisions and termination rights. This is one area where the power of contract analytics can be engaged.
Business today isn’t business as usual, as the COVID-19 pandemic impacts organizations and supply chains across the globe. And in uncertain times such as these, leaders in every industry and business function must step up. New leadership skills and traits will be necessary to ensure business continuity, and to inspire teams to work together to support each other and remain productive.
We recently interviewed Dawn Tiura, President and CEO of Sourcing Industry Group (SIG). Dawn will be presenting a thought-leader keynote titled “Leadership in Uncertain Times” at Ivalua NOW, the premier virtual event for procurement leaders, on May 5. During our interview, she shared with us her thoughts about how leaders must draw on different skills and traits when unexpected circumstances arise, and how the COVID-19 pandemic is inspiring them to employ different leadership styles to unite and motivate employees.
Today, procurement leaders have a seat at the table in e-staff meetings. How has the role changed over the past few years?
It’s changed dramatically. In the past, we were seen as overhead, not as a strategic partner. Procurement teams were just buyers who delivered what other departments told them to buy. Organizations viewed procurement as the bottleneck between what they wanted and when they received it. In reality, procurement sees all the waste and redundancy that exists in the supply chain, and has a significant impact on a business’s bottom line.
Aurelie Teyssier, Sr. Director of Marketing, Americas
As a procurement professional, you know that talent in procurement has been a hot topic in recent years. Here at WNS-Denali, we have seen more organizations grapple with talent issues, so we decided to dive deeper into the key talent concerns for retail companies at SIG’s Global Executive Summit last fall.
The all-star packed panel with procurement leaders from some of the largest retail brands in the world came together to such questions as:
How does your hiring profile differ now and why?
Where are you finding your talent?
What are you looking for in new hires?
Specialist or generalist, which is a better hiring strategy for your team?
Even if you work at a company beyond the retail industry, these questions and the learnings from the panel still apply to your company. As you strive to gain a competitive advantage and influence more spend strategically, refreshing your approach to talent can make a big impact. Below are the top seven creative hiring strategies that came from our panel of retail experts.
Hire from within
This classic retail trick applies to all industries. Promoting from other areas of business up into a corporate role brings a wealth of knowledge and perspective on the core business and ability to relate to stakeholders. Most importantly, it will add a level of credibility to your procurement team.
David Gonzalez, Director, Procurement Services, Denali - A WNS Company
SIG University Certified Intelligent Automation Professional (CIAP) Program graduate Daryl Hammett discusses the three key questions organizations should ask when framing technology decisions in procurement functions to best suit their business needs.
While legacy resource planning systems are key to all global supply chains, they are also cumbersome, expensive and not designed to support the type of relational data businesses deal with to drive decisions.
Procurement organizations are thinking more often about innovating old processing systems. What areas have inherent risks in innovating? To what degree do we change? How do we manage it? Who do we get involved? A lot of attention is focused on getting the results from innovation and change, especially those associated with people. Most companies have implemented procedures to manage and grow innovation, but I believe one of the most under-analyzed risks in innovation, and one that could be the biggest threat going unaddressed today, is the risk of group think in implementing change in procurement teams.
Outlined here is information about the upcoming changes and benefits of your C3PRMP designation, as well as a profile of our students.
What is different about SIG University’s C3PRMP program in 2020?
In January, the duration of SIG University's C3PRMP program was extended from eight weeks to 10 weeks. Multiple-choice review questions at the end of each module will test all students’ knowledge and require a minimum passing score of 80%.
Members of the Global Association of Risk Professionals (GARP) will continue to earn 20 Continuing Professional Development (CPD) credits, GARP’s highest award for a continuing professional development program.
No one could have predicted that the start of Q2 would be quite like this. As the world works to flatten the curve of the COVID-19 pandemic, businesses will come to rely on procurement more than ever. This month, SIG is providing free access to a selection of business continuity resources for all readers, along with more information on earning a professional certification that will increase your value during these uncertain times, plus there's an exciting update on the Procurement Technology Summit and more.
Business Continuity Resources for Sourcing and Procurement
The SIG Resource Center has thousands of tools and templates for SIG members to use and reference, but since knowledge sharing is of critical importance right now, SIG is offering free access to the below resources to all readers, regardless of membership status. These can be used to help you and your teams ensure business continuity and plan for future crises that may arise.
Like most of you, when I try to fall asleep and clear my mind, I can't help but dwell on these questions. The world has proven itself to be very small and more interconnected than we might have realized. I also feel that this is a test of leadership as well as a test of people's character.
Impacts on the Gig Economy
4. Do you think about the gig workers and what this might mean to the future of the gig economy?
5. Will people drop the flexibility they once craved for more traditional employment that has PTO, sick time, health insurance and other benefits?
6. Do you think that when half of the workforce embraced the gig economy for flexibility and the thrill of ever-evolving work experiences that they thought about what a pandemic means for them or not being able to file for unemployment?
7. Will we think about localizing and diversifying more of our supply chain to protect against the risk of a future pandemic?
8. Will companies retreat to adding costs to their supply chains by adding inventory to protect against risk, or will we learn to open our inventory to share with other companies?
Impacts to the Government and the Economy
9. In the future, who will you trust to lead you?
10. Have you gained or lost trust in the government or the media; and did it change once the pandemic got closer to home?
11. Do you ever think that people were maybe overreacting, or did you hold firm in your urge to protect every human life, the economy be damned?
12. Do you ever wonder about all the self-employed small businesses and get stressed trying to think of a way they can survive?
13. Once the government started talking about “the cure being worse than the virus,” did you capitulate, if even for a minute?
I recently went back to read an article that I bookmarked a while back on the predictions for 2020. Forget self-driving cars and flying cars; Popular Mechanics magazine predicted in 1951 that every family in the 21st century would have at least one helicopter in their garage. They also predicted in 1957 that every road and street would be “replaced by a network of pneumatic tubes,” and your car would only need enough power to get from your home to the newest tube.
Dave Evans, the chief futurist for Cisco Visual Networking, actually predicted in 2012 that he'd be out of a job by this time because, as he forecasted, everyone would be able to predict the future themselves.
Automating Everyday Tasks
I wasn’t alive when Popular Mechanics made its predictions, but I was alive for the statement by Dave Evans. What I know for sure is that while his prediction for companies to make data-informed decisions is slowly coming to fruition, we are far off from a world without futurists. What amazes me is that most automation predictions were in the form of self-driving cars rather than taking place in everyday life.
SIG University Certified Sourcing Professional (CSP)program student Kimberly Morelli works at Driven Brands. She shares how essential components such as soft skills and change management can be and how she is implementing newly polished tools and best practices to tackle organizational challenges.
In the CSP program, students focus on the hard and soft skills of sourcing, including strategic sourcing and outsourcing methodologies, as well as best practices in negotiations.
My enrollment in the CSP Program from SIG University has proven to be timely and I am excited at the opportunity to have lessons that can be readily applied to our procurement organization. I also was heartened to find emphasis by SIG on positive supplier relationships versus an adversarial stance as used to be popular. The procurement team I am on has been in a state of transformation over the past few years, shifting from transactional buying to category management with a specific focus on increasing our sourcing processes. I found the CSP program to have laid a strong framework that is applicable to my organization, both in procurement and business areas.