It’s hard to believe that we are making the final turn into 2020. It has been a wild year, with Tweet storms swinging the markets, the impacts of tariffs on supply chains and more companies than ever in the headlines for data breaches, but it has also been an exciting year. Gartner predicts that AI projects will double over the next year and IDC forecasts that global digital transformation spend will reach $1.18 trillion, a 17.9% increase over 2018.
These advancements have allowed procurement to grow from a back-office purchasing function to a strategic business partner, consulting on technology spend and adoption, supplier innovation, and increasingly, third-party risk management. With those themes in mind, we begin Q4 with the resources to help you finish out the year strong.
Fall Global Executive Summit
The SIG team is in overdrive to bring you a revamped Global Executive Summit that has a laser focus on innovation. Breakout sessions include digital transformation roadmaps, supplier relationship management and risk mitigation strategies, and the strategic sourcing success stories that will encourage and inspire you. We also have a lineup of keynote speakers who are senior practitioners and thought leaders:
The Labor Day holiday in the U.S. marks the official end of summer. Playing catch-up and circling back with everyone you got an out-of-office email from is a laborious task in the quest to achieve “inbox zero.” Hopefully you had the opportunity to hit the refresh button yourself this summer so you can approach your task list (and your goal list) with renewed energy.
This month, SIG has some exciting networking opportunities so you can benchmark with your peers and find solutions to your biggest challenges, and you have one last opportunity to upskill your team before tuition increases for our certification programs. Here’s what’s happening in September.
Last Chance for SIG University Introductory Pricing
Go into 2020 with a globally recognized certification that demonstrates your skills, expertise and professionalism. SIG University’s last semester for this year begins on September 30 and tuition rates are increasing in January. Get yourself or your team certified now at the lowest possible cost!
The programs can be completed entirely online and are available on-demand, so you don’t have to spend critical time away from the office.
Kate Renwick-Espinosa is the President of VSP Vision Care, a national not-for-profit vision company. At SIG's Fall Global Executive Summit, Kate will highlight how organizations can adopt a culture of fiscal fitness through impactful activities, engaging content pushed through a variety of communication channels, and a tighter alignment between leadership and different groups. Leveraging more than 27 years of optical and leadership experience, she’s energized by helping people see and feels fortunate to work for a company with similar “care and service” values. She’s accountable and committed to growing VSP membership and product and service offerings to meet diverse consumer needs and VSP’s client base.
Can you share a little more about your day-to-day role and responsibilities as the President of VSP Vision Care?
Helping people see is what motivates me every day. My primary focus is to help lead the direction and key efforts for the company that continue to grow and strengthen our VSP membership. This means we’re aligned and structured to be wherever the customer is making their vision care “purchase” and “care” decisions. Our product and service offerings must meet diverse and personalized consumer needs as well as VSP’s client base both domestic and international. And, they must be straight-forward and easy to use!
I also work closely with our CEO, and entire leadership team, to ensure our growing company is connected and supporting our common goals and essentials as well as delivering a consistent and competitive marketplace presence. Together we ensure that when we all show up to work that we clearly understand where we’re trying to get to and how we make a difference. Collectively across our six lines of business, we’re delivering the kind of personalized eye care experience that creates members for life!
Alex Saric is Chief Marketing Officer at Ivalua and has spent over 17 years of his career evangelizing Spend Management, shaping its evolution and working closely with hundreds of customers to support their Digital Transformation journeys. As CMO, Alex leads overall marketing strategy and thought leadership programs. At SIG's Eastern Regional SIGnature event on September 12, Alex will show you how to map a path that allows you to rapidly progress to best-in-class procurement to establish a competitive advantage in your company. He began his career in the U.S. Army Cavalry, leading tank and scout platoons through two combat deployments. Alex holds a B.S. in Economics from the U.S. Military Academy at West Point and an international M.B.A. from INSEAD.
How should success be defined when it comes to digital transformation?
The temptation, and what we see most often today, is viewing it as performance on a set of metric benchmarks. Falling in the top quartile or top 20% of metrics, like percent under management and a level of touchless invoicing can qualify companies as best-in-class, which is often viewed as a success. These metrics are good to track and work toward, but they should be interim objectives on a longer journey. If those are your goals, you are on a path to mediocrity, not toward being a strategic value driver.
Over a career spanning more than 30 years, Steve has held senior procurement and operations positions with large and small, public and private, and for-profit as well as non-profit organizations. He joined College Board in 2016 after serving as Vice President of Global Sourcing at National Geographic Society, and prior to that, as Vice President of Supply Chain Management at Vertis Communications, a national printer of advertising circulars and direct mail promotions. Hughes started his purchasing career at Hallmark Cards in Kansas City following five years of military service as a U.S. Army officer at Fort Bragg, NC with the 82nd Airborne Division, where he completed 40 military parachute jumps.
What are some examples of the challenges and rewards you experience as CPO of the College Board?
As a CPO, the perception in most organizations I have been a part of is that Procurement is a bureaucratic bottleneck which stakeholders try to go around or engage only as necessary to get tactical transactions processed. The challenge I have faced over and over again, including at the College Board, is transforming the way all levels of the organization think about the procurement function from being a shared services cost center to a strategic resource for the organization that optimizes the value we receive from our supply chain.
While there are rewards in seeing an organization gradually change it perceptions of the procurement function, the greatest reward is the privilege of developing a team of procurement professionals who ultimately make that transformation happen through their efforts to build collaborative relationships with stakeholders.
New technology, competitive drive and the desire to upend the status quo to influence innovation and enhance value are important characteristics for sourcing and procurement professionals in today’s world. As the digital transformation continues to accelerate at an unprecedented and exciting pace, SIG wants to recognize the change makers, movers and shakers who show innovation, leadership and transformation in areas critical to the sourcing industry.
This week, SIG announced the finalists for the second annual Future of Sourcing Awards taking place at the Fall Global Executive Summit in Carlsbad, California, on October 16. A panel of senior executives judged nominees in eight team categories and two individual categories. The teams and individuals listed below demonstrated ingenuity, initiative and innovation and showed the greatest achievements in terms of fundamentally changing the nature of their business and/or industry.
This month, SIG announces the finalists for the Future of Sourcing Awards, you’ve got one more shot to earn a sourcing, supply chain or risk management certification in 2019, and SIG CEO and President Dawn Tiura needs your help with a tail spend question.
If you’re looking for an excuse to escape the summer heat, SIG has some ways to help you bide the time inside with video-based learning, industry research, webinars and Career Network updates.
There’s still time to enroll in one of SIG University’s certification programs that can be completed on-demand in five, eight or 12 weeks. Our certification courses will expose your team to leading-edge training in strategic sourcing, third party risk and supplier relationship management. SIG University faculty are practitioners who hold senior leadership positions in the sourcing space and the courses are structured for a variety of learning styles.
To enroll yourself or your team, download the course catalog to get started.
For 14 years, Zycus and Ardent Partners have captured the experiences, performances, perspectives and intentions of procurement executives. This report includes benchmark statistics, analysis and recommendations that procurement teams can use to better understand the state of procurement today, gain insight into best practices, benchmark their performance, and improve their operations and performance.
It’s hard to believe that we’re already halfway through 2019! Take a moment to reflect on the goals you set for yourself at the beginning of the year. Whether you’re on track to accomplish those goals or have some catching up to do, SIG is here to help you close out Q2 with opportunities to win a professional award, join a webinar from the comfort of your desk and get the presentation anthology from our latest Global Executive Summit.
Awards Deadline Extension
Due to heightened interest in the second-annual Future of Sourcing Awards, the deadline to submit a nomination has been extended to June 7. You can nominate yourself or your colleagues for an individual award or submit a nomination for a team award in one of eight categories.
This month our clocks spring forward and we gain an extra hour of daylight. To make the most of that extra hour, consider attending a networking event, thought leadership webinar or exploring SIG’s new partnership with Everest Group that brings delegates proprietary research, insights and analysis. Ready to get started?
Midwestern Regional SIGnature Event
March 6 Minneapolis Central Library
The Midwestern Regional SIGnature Event takes place at the beautiful Minneapolis Central Library on March 6. The event includes a great lineup of speakers from BB&T, Best Buy, Everest Group, Ontala and Virtual Operations who will present on topics that include third-party risk management, artificial intelligence in procurement, sourcing transformation strategies and how to buy digital platforms for your enterprise.
The event will begin with an executive roundtable for director-level and above delegates, while their teams take part in a training workshop on the fundamentals and frameworks of third-party risk management with risk expert Linda Tuck Chapman, who created the Certified Third Party Risk Management Program for SIG University.
To learn more about the day’s events, speakers, who should attend and to register you and your team, visit our website.