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:
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.
January saw record low temperatures all over the country and February shows no signs of easing up! Make the most of your time inside by getting caught up on the latest industry research from the experts at GEP, Coupa, Forrester and RapidRatings. Or if you’re itching to get outside the office, consider attending the Executive Immersion Program in New York City on February 7.
Executive Immersion Program with Morgan Lewis
Morgan Lewis Offices, New York City February 7
The powerhouse team from Morgan Lewis Law will be holding a masterclass on contract drafting, complex negotiations and artificial intelligence in sourcing. Morgan Lewis Partner Edward Hansen draws from his years of experience to discuss the principles of contracting and how to negotiate a transformational deal. You can expect controversial topics and lively discussions.
This interactive masterclass will include direct examples from experienced and innovative industry leaders who focus on information technology-enabled transformation as well as customer and vendor outsourcing deal management. This workshop is specifically designed for business leaders, practitioner sourcing professionals, and in-house counsel who work together to create value for their organizations.
Addressing the Services Spend Management Challenge
Coupa Software commissioned Forrester Consulting to evaluate the state of services and contingent workforce management, addressing the unique set of challenges firms face, the kinds of software tools needed to support services spending, and the internal adoption and usage of these tools.
Another year has rolled by leaving the same writing on the wall, only this time it’s louder and clearer: Digital transformation has well and truly arrived at procurement’s doorstep.
But up until now, it has merely received a lukewarm welcome.
In 2019, that could change. The winds of digital transformation are slowly but surely turning the wheels of procurement and savvy procurement teams are beginning to acknowledge its benefits. This is evident from how procurement teams are beginning to perceive digital transformation.
Consider this: A recent Hackett Group study titled, 2019 Procurement Key Issues, has revealed that digital transformation is a critical goal for a majority of procurement departments in 2019.
That’s because over the years digital transformation has moved its way up the ladder in the procurement department. In 2018, more than 90 percent of procurement professionals said they believed digital transformation will fundamentally shift the way procurement services are getting delivered within two to three years, according to a Hackett Group survey. Compared with 2017, this is more than a 10-percent increase.
Remarkably, the percentage of organizations that have a formal strategy for digital transformation more than doubled in the last two years, from 32 percent in 2017 to 66 percent in 2018. In the same period, the number of organizations indicating they have the resources to handle the transformation also increased, from 25 percent in 2017 to 46 percent in 2018.
This is a clear indication that in 2019 the gap between the promise of digital transformation and leveraging it to its full potential will narrow.
At the same time, the gap between CPOs who haven’t yet embraced digital transformation and high-performing procurement organizations that have already gained a first-mover advantage will widen. They’ll have a lot of ground to cover to keep pace with the latter.
It's the first full week after the holidays and you've undoubtedly got a full inbox and busy schedule. Here's a run-down of the resources, events and deadlines that help SIG delegates do their jobs better.
New York City Executive Immersion Program
When: February 7, 8:30 a.m. - 4:30 p.m.
Where: Morgan Lewis Offices, New York, New York
Our Executive Immersion Program agenda topics include contract drafting, negotiation techniques and automation in sourcing. This program is highly interactive and your team will come away with immediately implementable takeaways. Register in advance to attend.
Buying Technology in a Time of Disruption -- Ed Hansen, Partner, Morgan Lewis
In this workshop, paradigms will be discussed that leverage the “business value–deal process–negotiation–contract” connection; encourage sourcing, technology, and business alignment; and improve deal ROI, while minimizing and managing the risks that matter most. This program will be presented against the backdrop of complex ITO and BPO, digitization, automation, and the move to new delivery models, such as DevOps and hybrid cloud.
Here at the SIG headquarters, we’re working hard to provide you with an exciting line-up of fall events and thought leadership. Whether you plan to spend July taking some much-needed time off or your goal is to wrap up some big projects, SIG is here to support you in your day-to-day responsibilities. Register for one of our upcoming webinars that cover today’s latest trends in the industry or listen to our thought-provoking podcast on your commute or a work trip.
You can stay up-to-the-minute with all things SIG by following us on Twitter, LinkedIn and Facebook. Here’s what’s happening in July:
CPO Virtual Forum
On July 19, senior procurement executives are invited to join SIG and Oliver Wyman for an exclusive CPO Virtual Forum. CPO Virtual Forums are one-hour, single-topic sessions in which CPOs gather online to openly discuss their most pressing issues. Facilitated by Oliver Wyman, the forum will generate actionable next-steps to discuss during the CPO Roundtable held at the Fall Global Executive Summit in Rancho Mirage, California, October 15-18.
This interactive presentation will be delivered in an open-mic, collaborative format via WebEx that will not be recorded to ensure candid conversations. The topic for this Virtual Forum will be "Procurement Rebranded: Leveraging the Wisdom of Brands to Produce a Star Function." Visit our website for the full session description and to register, but you must hurry – space is limited!
In many places, the summer months tend to be quieter than the rest of the year. Take advantage of this “down time” to stay up to speed. Check out the upcoming networking events and webinars, download the SIG Global Summit Presentation Anthology for all the trending topics from the Spring Global Executive Summit, and meet the prestigious panel of judges who will help determine 2018’s Future of Sourcing Awards.
PROFESSIONAL DEVELOPMENT OPPORTUNITIES
SIG is hosting three exciting events in May on the east and west coasts. Pencil in these professional development and networking events to get up to speed before the third quarter sets in.
Join fellow CPOs in New York City for engaging discussions led by executives from Deutsche Bank and Guggenheim Partners, and a keynote presentation on the Transformation Journey for the Mayor's Office of Contract Services in the City of New York, by Ryan A. Murray, First Deputy Director of the Mayor's Office of Contract Services.