automation

This Month at SIG – April 2021

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

This month we host our April SIGnature Event, have a host of exciting industry research and training to keep you up to date, and registration is open for SIG’s Procurement Technology Summit.


Geofencing of Employees, Onshoring and More - The New Normal

There’s still time to register for our upcoming digital SIGnature Event on April 21. The theme for the event is The New Normal. Senior-level and above delegates will participate in an executive roundtable hosted by Oliver Wyman to discuss energy transition and sustainable procurement.

Concurrent to the Executive Roundtable session will be an interactive panel discussion on Diversity & Inclusion, hosted by Janice Green, President & CEO , Women’s Business Enterprise Council Pacific (WBEC Pacific) .

Registration is Open: SIG Procurement Technology Summit

Prepare yourself and your team for the future of business at the SIG Procurement Technology Summit May 4-6, 2021!

Registered buy-side attendees get FREE ACCESS to attend all keynote sessions, engage and learn from the brightest industry experts, connect through AI-powered speed networking and experience live solution deep-dives from best-in-class providers.

Desmond Williams, Digital Marketing Coordinator

This Month at SIG – March 2021

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

This month we prepare for a new future in procurement, have a host of exciting industry research and webinars to keep you up to date, and we announce that registration is open for SIG’s Procurement Technology Summit.


Don't Miss These March Events

Why Does Procurement Take so Long? And How Can We Fix It?

Business stakeholders are continuously frustrated by how long procurement takes to bring suppliers on board. CPOs and senior executives are invited to join experts from App Orchid to learn innovative ideas for transforming the traditional procurement process within the organization.

Procurement: More than Savings

Join this open discussion with Canda Rozier, CIAP, Collabra Consulting and SIG University faculty, for her take on how procurement can best achieve value beyond just savings. This is your time to "Ask the Expert" as Canda has decades of experience on both sides of the business and is ready to share her insights based on trusted and tested methodologies.

 

Registration is Open: SIG Procurement Technology Summit

According to industry experts, procurement as a function will change more in the next five years than it has in the last 50. Prepare yourself and your team for the future of business at the SIG Procurement Technology Summit May 4-6, 2021!

Registered buy-side attendees get FREE ACCESS to attend all keynote sessions, engage and learn from the brightest industry experts, connect through AI-powered speed networking and experience live solution deep-dives from best-in-class providers.

Desmond Williams, Digital Marketing Coordinator

This Month at SIG – February 2021

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

This month we begin to build back stronger with leadership insight, industry research and webinars to keep you up to date.


Executive Leadership Education

Executives are invited to attend SIG’s next CPO & Executive Roundtable on February 24 for open-mic discussions on executive leadership and education, continuity of leadership and what skills the leaders of the future must develop.

GEP Outlook 2021 Report

For procurement leaders, there’s a lot more to do. And more questions than answers.

Get a big leg up with the GEP Outlook 2021 Report — featuring eight critical leadership themes that will help you navigate uncertainty and thrive in the new normal. Published annually, the GEP Outlook Report is a trusted strategic guide for thousands of procurement leaders across the world. Get your complimentary copy today.

Your Digital Procurement Expertise Checklist

The average working day in procurement will change more in the next five years than it has in the last 50. Are you prepared for digital procurement?

This checklist will help you identify your strengths and weaknesses and find the right way to start a digital transformation of procurement. 

Desmond Williams, Digital Marketing Coordinator

Artificial Intelligence Can't Replace Human Interaction

Automation within procurement systems have developed.

SIG University Certified Sourcing Professional (CSP) program graduate Katherine Smith shares how lessons in the CSP program informed her during her company’s digital transformation.


One of the many areas of the CSP program that I found to be of great relevance for my role as a Procurement Specialist at Fannie Mae was the Lesson on Artificial Intelligence. Being of an older generation, I can remember working as a manager when there were no computers. Inventories were taken manually and then extended using calculators or adding machines. It was a significant step forward when we could automate that process.

Gone are the days of spending long hours on the phone reading off SKU numbers and quantities needed when placing orders for products, such as the food and paper supply needs of a hospital foodservice department. 

Katherine Smith, Sr. Contracts and Procurement Specialist, Fannie Mae

Successful Digital Transformation Requires an Inspection of all Business Processes

Procurement organizations are uniquely positioned to drive their companies' innovation agenda because no other function can “serve as the window to the outside world.

At the time of writing this piece, I am just one of five million people emerging from the world’s longest coronavirus-related lockdown, in Melbourne, Australia. For nearly two months, I was only allowed to leave the house once a day for essential items and required to stay within three miles of my home. From takeaway meals to IT support, to doctor’s appointments, most of the goods and services I've needed have been ordered virtually. Since COVID-19 hit, I’m amazed at how quickly the world went virtual.

Along with SAP colleagues and millions of workers globally, I’ve quickly adapted to working from home – connecting with others through virtual collaboration and networking tools. Imagine my surprise, then, when I received a notification in the mail that my driver’s license needed to be updated to reflect my correct birth date, requiring me to physically go to VicRoads, the DMV for the state of Victoria. How is it possible that under the strictest lockdown in the world, with thousands of workers operating remotely, I was still required to be physically present at the DMV to confirm my birth date and identity; especially knowing that the documents required could have easily been scanned and sent?

Before the coronavirus pandemic hit, the journey to digital transformation was underway across many industries. Whether through the purchase of large-scale enterprise resource planning (ERP) offered by companies like SAP, or through individual contracts with suppliers specializing in virtual banking, e-signatures, contracts or hiring, companies have taken steps to manage their businesses digitally. This move has paid off in the current environment.

Baber Farooq, Head of Product Strategy, SAP Procurement Solutions

SIG Speaks to Amanda Slevar, SAP Fieldglass

If you can partner with a technology provider who understands the intrinsic value of time, in addition to your savings and adoption goals, you’re on the way to scale a program, and automate the repetitive tasks that are a time drain on your human capital.

 

Amanda Slevar is a Manager of Presales for SAP Fieldglass. She brings over 15 years of contingent labor management and services procurement expertise to prospective customers to designs solutions to fit their current needs, and build toward an innovative future program. Amanda is a featured presenter at SIG’s Global Executive Summit which takes place this month. The Global Executive Summit is free to all qualified buy-side practitioners and sell-side members.


What does it mean to “future proof” your external workforce management?

To me, this comes down to three core areas: People, Process, and Platform and they are all incredibly dependent on each other for success. Starting with people, if organizations are really serious about strategically managing their external workforce, they understand that people are core to making sure the experience and adoption of the program is successful. Whether that is through an internal center of excellence or via a 3rd party MSP to manage, having the eyes, ears, and hands, to be able to react to changes and growth opportunities that are going to arise with any program from the most newly deployed to a fully mature global installation.

Secondly, having a clear and simple process for procuring external talent is key to adoption, which fuels growth organically. I have had the benefit of seeing many programs start out small in scope, and through the simplicity and ease of a process that was executed begin to expand and grow just because they delivered a delightful experience, and other parts of the business want it too! No forceful, mandated rollout, just a great solution that delivers value to its end users.

Amanda Slevar Manager, Customer Success, SAP Fieldglass

SIG Speaks to Canda Rozier, Procurement Evangelist

Canda Rozier is the Owner/President at Collabra Consulting

What is your role and your day-to-day responsibilities?

I have been CPO at several global companies, where I had responsibility for all procurement, sourcing, P2P automation, as well as global real estate and facilities. I’m currently the President of Collabra Consulting, providing support to clients for procurement, sourcing, cost reduction initiatives, vendor risk management, advisory projects and interim leadership.

What is something that you wish more people knew about sourcing and procurement?

It’s exciting! Sourcing and procurement are mission-critical business activities and done well, they can provide significant bottom-line impact, strategic support, and risk and governance controls to a company.

Canda Rozier, Owner/President, Collabra Consulting

Get Ready for the New Normal

While automation may reduce the need for some jobs, it will also introduce jobs that we have not even imagined.

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.

Dawn Tiura, President and CEO, SIG

Why the Sourcing Status Quo Is No Longer an Option

Half of all procurement organizations will have near-real-time procurement analytics.

According to Gartner’s latest predictions, in just four short years, half of all procurement organizations will have near-real-time procurement analytics – will yours be one of them?

While we can argue the probability of this claim (along with the debatable prediction that we will see a large rise in voice-command PO processes), there is certainly no denying that the way companies do business is changing. Between hyper-automation, machine learning, and a renewed focus on user-centric design, we can now access and influence limitless channels in a matter of seconds. With this massive influx of new data and opportunities for connection, sourcing and procurement must adapt to the rapidly evolving market or risk falling behind.

Like Sales with Customer Relationship Management (CRM) platforms or Human Resources with Human Capital Management (HCM) solutions, modern sourcing organizations need technologies that will empower them with visibility into their processes, proactively manage projects and mitigate risks, and generate actionable insights based on real-time data.  

Why Digital Transformation is Mission-Critical for Your Business

Implementing new technology can seem daunting, but with an effective change management strategy, you’ll find that the benefits far outweigh any costs. If you’re still on the fence about adopting modern solutions, here are five benefits your organization is missing out on by continuing with its current processes. 

Chris Crane, Co-Founder, Product, Scout RFP, a Workday company

RegTech and the Role of Third-Party Risk Management

As risk and compliance management professionals look to RegTech companies to assist with their legal, regulatory and compliance mandate, it’s important to have a solid third-party risk management program in place to make risk-informed decisions for the extended enterprise.

In highly regulated industries, there are seemingly endless regulatory and compliance requirements and activities, and they often are inseparable from the underlying risk management activities themselves, including those for third parties.

Since the 2008 financial crisis, the U.S. has arguably become the most complex and costly jurisdiction for regulatory compliance. An article published by World Economic Forum on enterprise risk management points out that banks are “less experienced with non-traditional threats such as cyber risk, strategic risk, operational risk, regulatory risk and legal risk. Making matters trickier, these risks aren’t easily quantified.” The authors also note that “the growth in such risks is virtually unprecedented in the history of banking. This puts a premium on firms’ abilities to make connections and to recognize the complex whole is far greater than the sum of its parts.”

The financial services sector leads the pack in terms of the amount of regulation it is subject to, including the compliance challenges, regulations and laws in near and far-flung jurisdictions, as well as the cost and complexity of compliance, risk management and governance practices. This sector is not alone is the endless struggle to balance costs and compliance. Healthcare, oil and gas, and the tech sector are also struggling with the cost and complexity to managing sector-specific risks and compliance.

>>More from Linda Tuck Chapman -- Third Party Risk Management: An Opportunity for Procurement<<

Linda Tuck Chapman, President, Ontala Performance & Education Solutions

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