contract negotiation

This Month at SIG – September 2021

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

As we head into the fall of 2021, we prepare for procurement 3.0 with a host of exciting resources, industry research and webinars to elevate you in your role.


September CPO & Executive Virtual Series

SIG's CPO & Executive Virtual Series is an opportunity for the most senior procurement executives to gather with their peers in an interactive virtual environment to discuss their most pressing issues. On September 15, Nitin Khorana, Vice President from Icertis, will explore maximizing supply chain potential with contract intelligence, followed by topic-based discussions on digitalization within procurement and sourcing.

Join us for this executive-level conversation with actionable takeaways.

 

Power Hour Webinars

How to Align Procurement with Third-Party Risk for Successful Vendor Management

One of the biggest challenges that procurement teams face is aligning risk objectives with the rest of the organization. In fact, most companies struggle with ensuring that their risk management processes aren’t perceived internally as a roadblock, slowing down procurement and innovation.

In this webinar, Bryan Littlefair, CEO of Cambridge Cyber Advisers and past Global CISO of Vodafone Group and Aviva, will share his experience designing third-party risk management programs that align with procurement. 

 

Desmond Williams, Digital Marketing Manager

This Month at SIG – August 2021

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

As demand continues to rock supply chains, we prepare for the future of procurement and risk mitigation with a host of exciting resources, industry research and webinars to elevate you in your role.


August Microlearning by SIG University: Contracting and A Holistic Approach to Risk Management

On August 4, University of Tennessee Faculty, Graduate and Executive Professor Kate Vitasek, and CEO of Commercial Officers Group, Jim Bergman, will explore key concepts around contracting in the new economy. That session will be followed by SIG Hall of Famer and Faculty Member, Lawrence Kane who will join negotiation expert and commercial contracting coach, Jeanette Nyden for a deep-dive discussion on a holistic approach to risk management. 

Join your sourcing, procurement, and risk management colleagues in this two-hour interactive virtual environment to be challenged with topics related to our industries!

 

Power Hour Webinars

Demystifying eAuctions – How to Source Smarter, Faster and Better

eAuctions are a great method for helping firms maintain speed to market in an economic environment riddled with scarcity, increased sourcing risk and complexity. The problem? Despite the many benefits that eAuctions offer, they are a grossly misunderstood and underutilized strategy. 

In this webinar moderated by SIG, GEP’s Director, Marin Aravind and Senior Associate, Lavanya Krishnan, will demystify eAuctions and share best practices that enable procurement to function as a profit center by improving cost visibility, driving incremental savings, enhancing compliance and optimizing efficiency.

Desmond Williams, Digital Marketing Manager

The Importance of Supplier Governance Programs

governance programs for procurement

SIG University Certified Supplier Management Professional (CSMP) program graduate Adrienne Westerfield outlines how supplier governance programs and relationships are extremely beneficial to all stakeholders involved and can help drive business success.


What is a governance program? During the SIG University Certified Supplier Management Professional (CSMP) program, while learning unfamiliar governance terminology, I realized I had been involved with creating and establishing various types of governance throughout my career. Supplier governance is a relationship or framework that is mutually agreed upon. Both the company and the supplier benefit from this relationship. The framework can be at a corporate, business unit or contract level depending on the needs and value sought by both parties.

If it is an established relationship that has never been formalized, adding governance will ensure contract compliance. It will mitigate risks for both parties while making sure the objectives of the relationship are met. Over time, the goals for each company may change so that the structure can be re-evaluated accordingly and adjustments made to align with a new direction or specific initiatives. A more structured governance framework will also define the roles and responsibilities for teams, departments and individuals at each company, which will mitigate the risk of any tasks remaining incomplete or done incorrectly.

Adrienne Westerfield, Contract Administrator, Louisville Gas & Electric Company (LG&E)

This Month at SIG – July 2021

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

As we close out the first half of 2021, we prepare for the future of procurement with a host of exciting industry research and webinars to make your role easier.


July CPO & Executive Virtual Series

SIG's CPO & Executive Virtual Series is an opportunity for the most senior procurement executives to gather with their peers in an interactive virtual environment to discuss their most pressing issues. On July 21, A panel of experts from Everest Group will explore maximizing savings and innovation from IT and BPO Service Providers, followed by topic-based discussions on contracting models and cost savings in 2021. 

Join us for this executive-level conversation with actionable takeaways.

 

Power Hour Webinars

Elevating The Role of Sourcing and Procurement

As a 40-year Procurement leader, Steve Kesinger knows a thing or two about the daily struggles of procurement departments. The former Nordstrom Chief Procurement Officer and LogicSource Procurement Council member has hands-on experience managing large, complex teams responsible for managing over $2B+ in annual spend, resulting in a unique perspective on what Procurement teams need to succeed.

In this session, Steve will be joined by LogicSource Managing Partner, Sam Vail, and Sourcing Industry Group President and CEO, Dawn Tiura, to share the insights he has harvested from his decades of experience both as a CPO and also in his current advisory role helping early-stage technology companies build business models that will resonate with Fortune 1000 procurement leaders.

Desmond Williams, Digital Marketing Manager

An Open Letter to Procurement Sales People Who Want Their Products Bought

Best in class procurement people are astute in finance, law, analytics, project management, sales, negotiation, ethics, executive address, total cost of ownership, and return on investment.

SIG University Certified Sourcing Professional (CSP) program graduate Madison Mobley discusses how to articulate value by utilizing hard savings, soft savings, and cost avoidance.


My first corporate job out of college was with EMC Corporation, now Dell EMC, notorious for its Sales Associate Bootcamp.

Picture seven weeks in a basement without food and water (tee hee, dead serious), and an exam every couple of days, 90% or higher to pass… Delicious.

The result? I learned how to talk technology very well – the bits, the bytes, the speeds, the feeds. And, at a time when the information age called for CIOs to reimagine how their company’s data was to be stored and protected, nothing was sexier than a storage array with fibre channel connectivity and two-factor authentication.

What’s more, I learned who best to engage at the individual contributor, mid-level management, and executive leadership levels. It was the same person(s) at every organization I prospected into 99.999% of the time for what I was selling.

Long preface short, knowing your product, knowing your ICP (ideal customer persona) and articulating that knowledge in your prospect’s “love language” made for a successful salesperson back then.

Fast forward to March 2020.

The day I joined Fairmarkit, the intelligent sourcing platform that revolutionized how all organizations buy the stuff they need (it doesn’t matter what the stuff is), I felt confident stepping into a sales role.

True, I had never sold directly to procurement people, but how different could it be?

The answer? Way different.

Madison L. Mobley, Senior Account Executive, Fairmarkit

Drive Savings with Contract Negotiation Best Practices

Best practices in contract negotiations

SIG University Certified Sourcing Professional (CSP) program student Jessica Maki works at Driven Brands. She shares what she’s learned about contract negotiation and how she is implementing newly learned best practices and techniques to score bigger wins and drive more savings for her company.

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.


Negotiation planning plays a big part in the procurement industry. Procurement is always looking for the best price, best supplier performance and cost savings for the organization. In SIG University’s Certified Sourcing Professional program, I learned several key factors when it comes to negotiating with suppliers including preparation, best practices, and what to do versus what not to do. Throughout my experience as a procurement specialist, I’ve learned to apply these important techniques during the negotiation process, and it has helped me become a more confident negotiator. 

Jessica Maki, Procurement Analyst, Driven Brands