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.
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.
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!
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.
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.
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.
Around the world, new regulations about the collection and usage of personal data are changing workflows for major organizations. Following the passage of legislation like General Data Protection Regulation (GDPR) in the EU and the California Consumer Privacy Act (CCPA), businesses are auditing privacy practices and creating much stricter guidelines when they select partners and vendors.
With tighter regulations about the way consumer data is collected and used, organizations have to increase scrutiny for every party that has access to personal data. The entire system is only as secure as the weakest part, so it’s more important than ever to vet external parties and maintain visibility into their data practices. Here are eight vital steps organizations can take to ensure that vendors aren’t jeopardizing data privacy compliance.
Step 1: Audit Your Existing Data Privacy System
Before you do anything else, examine what’s currently in place to understand the changes that need to be made to maintain compliance with new regulations. You want to avoid reinventing the wheel and make adjustments without slowing down the business or adding risks.
After that self-examination, conduct the same check on your network of vendors. It’s imperative that you have a 360-degree understanding of vendors’ business practices and overall reliability before entering or continuing business relationships.
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
Adopting digital transformation (DX) leads to significant growth for organizations when compared to their lagging peers, according to McKinsey and Company research. McKinsey suggests that there are five approaches to plan for and incorporate into any digital transformation (DX) project: ensuring lean process design, digitizing the customer experience, selective process outsourcing, incorporating analytics to aid with decision-making and using intelligent automation for non-core human tasks.
These five approaches make sense; however, there are many speed bumps along the way that will amplify the risks of any DX undertaking. The reality is that few organizations are ready to attempt such an endeavor. The obstacles are enormous. Mapping and documenting processes, culture and change management, access to data science skills, access to the data itself, and managing many moving parts of an implementation are just a few of the complex tasks that an organization must tackle.
As a result, these capability problems have led to a change of thinking both on the part of enterprises and by the organizations that provide services to them. It is critical to examine the key challenges along with potential strategies to resolve these problems.
Greg Council, Vice President of Marketing and Product Management
With the evolution of procurement and the shift from a reactive, “three-bid-and-buy” scenario to more advanced means of sourcing, Category Management often is a concept best placed at the latter end of the spectrum. This makes sense because if you still quote products and services on an as-needed basis, you likely haven’t introduced the concept of collectively sourcing all spend within the category or subcategory. That reactionary approach may be the result of several things -- lack of support from the business, a misunderstanding of Procurement’s role, an inadequate process or workflow, or a combination of all of the above.
On the other side, many organizations have Category Management structures in place, or at least claim to. From my experience, an organization saying it has a framework for Category Management and an organization actually having such a framework are two very different things. More often than not, organizations will either employ a homegrown version of the methodology or leverage something that’s really not like Category Management at all.
Category Management can be approached differently based on several factors, including the industry you are in, whether you are service or product focused, what model of procurement you apply (centralized, decentralized, or center led), what drives the most spend in the organization and so on. As a result, I don’t think there is a strict rulebook on how to apply Category Management to your business.
While no two organizations will approach Category Management the same, these best practices should help any organization ensure their unique methodology is effective.
Jennifer Ulrich, Associate Director, Source One, a Corcentric Company
Given the intensity with which companies today are focusing on innovation and profitable growth, it is imperative that procurement teams drive strategies that support enterprise-level business goals. Beyond traditional sourcing approaches, strategic category management delivers a collaborative way of developing solutions that support both business and category objectives. Category management maximizes category value to the organization, delivering on critical parameters such as total cost of ownership, risk and performance, to name a few.
While procurement organizations around the world realize the significance of building an advanced category management program, getting there isn’t simple. In a number of organizations today, category management is still at a nascent stage, perhaps indicating that though there is an organizational structure for category management, it is not quite aligned with the business strategy. For many though, exhausted sourcing strategies turn out to be their biggest hindrance.
To address this issue, GEP and SIG have teamed up for a webinar with Biju Mohan, vice president of GEP Consulting, to discuss the latest trends influencing strategic category management program design and implementation by global, market-leading procurement organizations.
Key topics include:
Edie Sachs, Senior Marketing and Content Manager, GEP
A CFO-CPO relationship, like any other, is not perfect and is often rooted in a lack of trust and miscommunication, which, at times, makes it seem beyond repair. The CPO promises savings and talks about adding value, but the CFO only sees costs and finds the P&L showing increased spending. This obvious gap between what procurement claims and what finance sees deepens further because the language and terminology used are not aligned. As a result, misunderstanding and communication breakdowns happen.
Before exploring how to make the relationship between procurement and finance work, it is crucial to note how procurement has evolved from having the penny pincher reputation to becoming the heart of supply chain management. Organizations are now starting to see it as a key driver for competitive advantage. With various value-adding superhero functions, it has emerged from being just a cost-cutting function to having its own voice with a newfound organizational influence and corporate visibility. Mastering its potential and knowing its strategic and critical contribution will ensure a competitive advantage in today’s dynamic global business landscape.