Buyers Meeting Point procurement by Kelly Barner

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Capt. Sully Sullenberger on Crisis Leadership (Revisited)

Capt. Sully Sullenberger on Crisis Leadership (Revisited)

“There’s a false dichotomy between cost and safety. Are we willing and able to account for the many costs of not having a quality operation: lack of cooperation, poor leadership, waste, and incidents and accidents? If we really and truly account for them, then safety can pay for itself. Getting it wrong is more expensive than doing it right the first time.” – Capt. ‘Sully’ Sullenberger

 

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Best Procurement and Supply Chain Webinars 6/6 - 10

Best Procurement and Supply Chain Webinars 6/6 - 10

The events count is back up as we return to a full five day workweek, and the calendar looking forward shows no evidence of a quiet summer! Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.

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Best Procurement and Supply Chain Webinars 2/29 – 3/4

Best Procurement and Supply Chain Webinars 2/29 – 3/4

There are two points worth noting in this week’s calendar. The first is the leap year giving us one last day in February. The other is that time is running out to secure a spot at the 2016 CPO Rising Summit being held in Boston on March 29th and 30th. Click here for more information and to get the Buyers Meeting Point discount code to save $250 on your registration fee.

 

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Best Procurement and Supply Chain Webinars 12/14-18: Another Year of Webinars Comes to a Close

Best Procurement and Supply Chain Webinars 12/14-18: Another Year of Webinars Comes to a Close

Believe it or not, this is likely to be the last week of webinars for 2015. Another year come and gone. Take a look at my recommendations below to sneak in one last opportunity to learn before the year slips away altogether. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.

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Webinar Notes: Supply Chain Risk Management: How to Turn Worst Practices into Best Practices

Webinar Notes: Supply Chain Risk Management: How to Turn Worst Practices into Best Practices

These webinar notes are from an October 8th webinar on ‘Supply Chain Risk Management: How to Turn Worst Practices into Best Practices’ hosted by SIG and presented by Rolf Zimmer and Laura Enny at riskmethods. The webinar can be viewed on demand here.

The event opened with a look at what riskmethods considered to be the top megatrends: globalization, outsourcing, digitization, and climate change. Running through all of these trends is the changing role that suppliers, and therefore the supply chain as a whole, plays in our ability to understand complexity and the elevated risk levels and additional risk types it leads to.

Procurement has a tendency to think of supply chain complexity as improving the flow of goods, services, funds, and information between suppliers or tiers of the supply base. Although this expanded perspective is an improvement over where we have been in the past, it is still too simplistic. As Zimmer pointed out in the webinar, supply chains are not just lines from point A to point B, but complex networked structures where half of all disruptions take place beyond the first tier of the supply base.

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Best Procurement and Supply Chain Webinars 10/5 – 10/9: Getting out ahead of challenges and opportunities

Best Procurement and Supply Chain Webinars 10/5 – 10/9: Getting out ahead of challenges and opportunities

This week I’ve picked two Finance-oriented events and one on supply chain risk. All three of them allow procurement to look outside the box of their own environment for ways to positively impact the enterprise as a whole. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.

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Webinar Notes: The Dawn of Risk Management: Harnessing the Power of Watson

Webinar Notes: The Dawn of Risk Management: Harnessing the Power of Watson

These notes are from a June 23, 2015 webinar hosted by Sourcing Industry Group and presented by Louis Ferretti, a Project Executive at IBM. While only SIG members can view the recording on demand, you can catch Ferretti at their Global Executive Summit in October.

I knew I wanted to attend this event as soon as I heard Watson, the artificial intelligence computer that competed against two of the best ever Jeopardy! contestants in 2011 and won, would be featured. If that kind of AI could be applied to supply chain risk management, just think of what might be possible! In this case, IBM presented from the buy side perspective, although many companies are familiar with them on the sell side. Watson was applied in the management of IBM’s own spend.

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3 Things that Keep Global Procurement Execs Up at Night

3 Things that Keep Global Procurement Execs Up at Night

If there was any doubt that managing the supply chain is also an exercise in managing risk, just ask someone who works in procurement – particularly the world of direct procurement. These professionals patrol the front lines of the manufacturer-supplier relationship, overseeing their company’s purchasing activity, executing purchase orders, and working with multiple stakeholders to ensure the right materials make it to the right place at an optimal cost.

It would seem procurement leaders thrive on a steady diet of pressure and caffeine. But even the most experienced professionals have their limits. Several experts weighed in on the topic this spring at the University of Tennessee Supply Chain Forum.

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3 Reasons Why You Should Consider Dual Sourcing Your Product Or Service

3 Reasons Why You Should Consider Dual Sourcing Your Product Or Service

We’ve all heard the saying, “Don’t keep all your eggs in one basket.” Choosing to dual source a category means using two (or more) suppliers to provide identical copies of a product or service. Many companies choose to dual source a product to maintain quality levels of service to their customers and mitigate potential supply chain issues.

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Book Review: Logistics and Supply Chain in Emerging Markets

Book Review: Logistics and Supply Chain in Emerging Markets

Logistics and Supply Chain in Emerging Markets (Kogan Page, 2014) by John Manners-Bell, Thomas Cullen, and Cathy Roberson adeptly captures the interconnectedness of global economies and commercial activity while also studying a number of countries and industries independently.

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Who is not being honest in your supply chain?

Who is not being honest in your supply chain?

There is a famous children’s story about Pinocchio. Whenever he would lie, his nose would grow longer.

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The weather and your supply chain

The weather and your supply chain

Mother Nature has shown her fury with the 7 feet of snow that has fallen on Buffalo, NY this past week. It is an epic storm that just kept dumping snow on the region. At one point there was 130 miles of highway shutdown for several days. There were tractor trailers stranded and many deliveries that did not occur. You can bet that many supply chains were impacted. Even when the roads did open up again, it was for essential vehicles only. Something tells me that your shipment was probably not considered essential to the National Guard.

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What do you do just in case?

What do you do just in case?

 We have a small closet at home in a spare bedroom that acts as our overflow pantry. It is not anywhere near as organized as the picture above. In some ways it is our ‘just in case’ inventory. Usually it is stocked with staples that were on sale so we got two. Some of it however is ‘just in case’ we want to bake a cake or cookies or had an urge for some salsa and chips. This past Halloween we bought candy for 200 and only had 30 visitors. Oops!! I am sure it will get consumed somehow!

 

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Building Stronger Supply Chain Relationships

Building Stronger Supply Chain Relationships

The saying goes that you know who your friends are when the going gets tough. Those are the ones that show up when there is work to be done, visit when someone is sick, or to just be around for support. That is a test of a strong relationship.

 

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Webinar Notes: Risk Management as a Team Sport: Who Are the Players and What's Your Game Plan?

Webinar Notes: Risk Management as a Team Sport: Who Are the Players and What's Your Game Plan?

This week’s webinar notes are from a July 31st event hosted by ISM and presented by LexisNexis. The event is available on demand on ISM’s site. If you are interested in more on the topic, LexisNexis has made available a white paper and accompanying infographic titled “Leveraging Market Intelligence to Better Manage Supply Chain Risk.

The presenter, Eric Walsworth, LexisNexis’ Director of Supply Management, illustrated each of his points about risk management by drawing comparisons to the 2014 World Cup in Brazil. I won’t embarrass myself by trying to recreate any of that – if you’re interested in the soccer angle you’ll have to watch the webinar on demand.

Walsworth took a need – risk management - that is overwhelming for many procurement teams and broke it down into very clear phases and efforts. Although each of these elements is important to a supply risk management effort, they must all work together in order to be effective. Additionally, although the following seem to be a linear process, they must all be executed in parallel.

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Six Trends of Supply Chain Finance

Six Trends of Supply Chain Finance

How an organization manages its money is critical. That is nothing new. However, there are trends in procurement influencing how that is done.

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Book Review: Supply Chain Risk

Book Review: Supply Chain Risk

 

Supply Chain Risk, by John Manners-Bell, provides a structured look at risk by establishing a series of intersecting dimensions. First the author outlines external risk categories: Environmental, Economic, Societal, Security, and Technological. Each has several sub categories that provide additional detail and clarity. Then he delves into a number of industry sectors to consider their resiliency factors and concerns: Automotive, High tech, Consumer goods/retail, Food, Fashion, and Pharma/healthcare.

The coverage from both perspectives is equally detailed and illustrated with numerous case studies. In their intersection, for instance where Economic risks intersect with the Automotive industry, any supply chain professional will find the information they need to quickly come up to speed on key areas of concern as well as strategies for assessment and mitigation.

 

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Webinar Notes: RAGE Frameworks Real Time Intelligence for Supplier Risk

Webinar Notes: RAGE Frameworks Real Time Intelligence for Supplier Risk

Editor's note: Buyers Meeting Point would like to thank partner and colleague Jeanette Jones of Cottrill Research for this week's webinar notes. The original posting can be viewed on the Cottrill blog. For our readers without a background in etymology or taxonomies, an ontology is the study of categories of bring as well as their interrelations. In a procurement context, this can most clearly be seen in spend analysis through the category structure and hierarchy used by the company to group and organize transactions.

 

There are many articles and reports about using Big Data for supplier risk, but there is still confusion about what Big Data is and how exactly one moves forward. Tom Fishburne at marketcartoonist.com succinctly sums it up with this gem, “many companies struggle with small data, let alone big data.”

 

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Webinar Notes: Improving Supplier Risk Management in the Age of Big Data

Webinar Notes: Improving Supplier Risk Management in the Age of Big Data

“Risk management is not a purchasing initiative. It’s an initiative and philosophy that has to be embraced by the entire organization.”

-- Rose Kelly-Falls Senior VP Supply Chain Risk, Rapid Ratings and event panelist

This week’s webinar notes are from a February 13th webinar hosted by IASTA and featuring a panel of speakers. An on demand version of the event is available on their website.

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Webinar Notes: Big Trends and Predictions 2014

Webinar Notes: Big Trends and Predictions 2014

This week’s webinar notes are from a January 23rd event presented by Ardent Partners, and sponsored by Puridiom and BravoSolution. An on demand version of the event is available through Puridiom's site.

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