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.
This is the final chapter in a four-part series on procurement KPIs. Catch up on part 1, part 2 and part 3.
One of the goals of a business is to have as much spend (with a capital “S” for all expenditures: CapEx, OpEx and COGS) under management as possible. And that goal should be extended out to supplier spend, where procurement wants to have as much supplier spend influence as possible.
That way you know what you’re spending on suppliers (and the pricing component of that, of course), what you’re getting from those suppliers (i.e., supplier performance), and how well you’re spending in terms of applying best practices and tools/intelligence to the process (e.g., proactively guiding stakeholders and minimizing maverick spend).
Pierre Mitchell, Spend Matters’ Chief Research Officer
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.
Just last month, when thousands of people took time away from their day-to-day, to gather to focus on Sustainable Procurement at the 2021 Sustain event. There was an air of anticipation, with a whiff of panic. The 5000+ registrants and 3000+ attendees (over twice the number from last year and ten times the number just five years ago) are a testament to how Covid and all the calamity of 2020 has moved the supply chain into a very bright spotlight. A year as disastrous as 2020 demands a deep strategic rethink of how we approach, value, build and optimize our value chains, with an ESG/Sustainability lens.
Procurement, supply chain and sustainability leaders alike are groping for guidance on how they can rebuild better and more resilient supply chains in the face of such massive uncertainty. There is a visceral passion and ambition by the sustainable procurement community to reinvent. But along with this spirit was an unsettling mix of uncertainty, anxiety, and trepidation about HOW to do it right.
Four Ways we Must RETHINK Supply Chain
We see four key factors that we must RETHINK about supply chain sustainability, which sets a framework and direction for launching or accelerating a sustainable procurement program to meet the needs of the New Normal.
2020 created a unique situation for businesses and significant learnings from the unforeseen circumstances of the pandemic. 2021 will be the year these learnings are put into action. Internally, this may mean updates to standard operating procedures, workflows and other processes to better prepare for the unforeseen. The explosion in online training and the expected increase in budgets will offer more opportunities. Businesses with a well-trained workforce will have a competitive advantage.
Training is perhaps more critical in 2021 than in years’ past. It is well known that a comprehensive training and development program empowers employees and improves retention. According to LinkedIn’s 2020 Workplace Learning report, 51% of learning and development experts will be launching upskilling programs while 43% will be reskilling their teams. So much has been learned across industries, disciplines, etc, that it will be critical for not only the Procurement organization to be an active participant in training but Marketing, Accounting, Manufacturing, Supply chain, etc.
Streamlined Procurement can be Part of the Solution
Across organizations, departments are being challenged to do more with fewer resources. As a result, finding the time to participate in training sessions becomes more difficult. Establishing a priority for what training is most important becomes a challenge. Finding ways to make company-wide processes easier lowers the burden on the individual department in 2 ways. First, simpler technology or processes eliminates the need for formal training sessions, and an easier process saves time and encourages user engagement.
There’s a lot of talk regarding all the ways technology is going to revolutionize procurement. Blockchain can increase supply chain visibility. The Internet of Things (IoT) can change the way our business devices communicate with each other. But what type of innovations are available at the sourcing level?
From paper RFPs to conferences, it seems the way we source business has largely remained the same. Procurement teams are limited to siloed, outdated supplier databases and incomplete business information when attempting to make business decisions. It’s expensive and time-consuming to get a holistic picture of a supplier’s business health and mitigate third-party risk.
How can we adapt today’s technology for tomorrow’s sourcing needs? Here are a few innovative ways that your organization can source business.
Mobilize Your Supply Chain
I believe the key to sourcing success lies in mobilizing supply chains. Right now, supplier data is locked down in many different places that don’t communicate with each other. A large organization may have supplier data separately located throughout their ERP and CRM systems, accounting and legal departments, and Excel files floating around from supplier diversity programs, in addition to their procurement arm.
Teams are often tasked with managing legacy Electronic Data Interchange (EDI) systems with high overhead costs and systems that are unable to effectively manage the dynamic nature and sheer abundance of today’s business data. Traditionally, supplier information has been limited to line items such as name, tax ID, quantity and price of a sourced product, and remit-to-pay.
Daryl Hammett, CSMP, CSP, C3PRMP, Global Head of Lead Management and Operations Amazon Web Services (AWS)
SIG University Certified Sourcing Professional (CSP) program graduate Kevin Schofield details why business leaders need to maximize communication within the company while focusing on strategic and sustainable sourcing to further educate team members on process controls and root cause analysis.
Merging the focal points of a diverse corporate system with the outside world's needs while managing a profitable business is always a challenge. Given the additional issues with value stream, inventory management, and transportation in the era of globalization during a worldwide pandemic make it even more challenging. Corporate leaders need to maximize communication within the company using new and different platforms while focusing on strategic and sustainable sourcing to further educate team members on process controls and root cause analysis.
Streamlining with Effective Communication
The first step in developing a more efficient and effective business is better managing people and communication. By clearly laying out responsibilities and dividing our individual and group tasks, we can more easily interweave those lines with other groups and branches. One of the issues in defining supply chain duties is developing a logical means of resupply and inventory management. Because each separate project has long been viewed as an “island” unto itself, the build-up and inventory waste that comes with it have grown.
If the supply chain team can be seen as a series of bridges between these islands or a fleet of ferries, companies will save millions in unnecessary waste. Using the techniques we discussed in the course, you can create a corporate system to increase teamwork and present ideas to management in ways that they will accept and benefit from.
Kevin Schofield, Manager of Supply Chain Management, ONEOK
With the passing of the year, 2020 became more than a hindsight. We saw the emergence of human resilience and world leaders stepping up to shape a sense of leadership in young minds – be it in the area of politics, entrepreneurship or grassroots movements.
Many equate the COVID-19 pandemic to the 1918 Spanish flu. I see the similarities, but the impact today is much larger. Some basic statistics: Worldwide population in 1918 was ~1.8b, compared to ~7.8b in 2020 (4x larger). On mobility, estimates place ~23.5m travelers arriving on U.S. shores in 1918-19, compared to ~79.3m in 2020. Travel and military embankments were at close quarters in 1918, with distancing, tracing and lockdowns more the norm in 2020. On communication, wireless communication was the novel technology in World War I, limiting civilian communication to letters, postcards, newspapers, and some telephone and radio. Today, social media and the internet are primary communication modes today, with hand-held devices now reaching the farthest corners of the world.
With all this evolution in the area of mobility and communications, one would expect the mobilization of essential goods and services, inter- and intrastate communications, interlaced with the very basic of humanity, would be the norm of trade policies and corporate goals.
Padmini Ranganathan, Global Vice President, Product Strategy, SAP Procurement
I recently had the privilege of joining SIG’s podcast with Dawn Tiura. We had so much fun talking about diversity and inclusion (D&I) strategies, and why now is the time for organizations to start thinking about and acting on total talent diversity. Specifically, diversity across all of their workers, full-time and contingent (contractors, freelancers, and shift workers). Dawn and I are both super passionate about this topic so if you are too, take a listen.
Maybe you’re thinking, “I’ve got diversity suppliers and that’s what I’m measured on.” That’s great if you do, and the truth is diversity suppliers are absolutely critical and shouldn’t be overlooked. However, just because you use diversity suppliers doesn’t mean you are getting diverse candidates.
Many organizations spend as much as 42% of their entire workforce budget on contingent labor, and most CFO’s expect that number to increase in the coming years. In fact, by 2023, over 52% of the workforce will be made up of freelancers. So if such a significant portion of your workforce is contingent, shouldn’t you consider diversity and inclusion across all workers?
Certainly, we know it’s good for the bottom line, as evidenced by the Boston Consulting Group finding that diverse companies have higher revenue. Who can deny that revenue isn’t important? It’s what keeps everybody employed! Here are some essential points to consider:
It’s so easy to do the right thing to do for people and business. Diversity and inclusion across all worker categories can so easily be implemented. It brings value to your community, to your current and future workers and your company brand.