Buyers Meeting Point procurement by Kelly Barner

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2016 Nobel Prize for Economics Goes to: Contract Theory

2016 Nobel Prize for Economics Goes to: Contract Theory

I live in the Boston area, so when the 2016 Nobel Prize for Economics was awarded to Dr. Bengt Holmstrom, a professor at the Massachusetts Institute of Technology, and Dr. Oliver Hart, a professor at Harvard, it made a considerable splash in the local news. I love economics in action, so I started reading more - but I never expected to find contracts as the center of their work.

Each of the newly selected Nobel laureates has a different area of focus, but both are relevant to procurement and supply chain professionals.

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In the Shadow of the Revolution

In the Shadow of the Revolution

With the first (annual?) Procurement Revolution under our belts, Phil Ideson and I have spent the last few days looking back on everything that was shared, asked, and exchanged.

By all measures, the Procurement Revolution was an unmitigated success. Over the course of 5 days, 40 Revolutionaries delivered 5 live webinars and over 50 unique pieces of audio, video, and written content. We were able to cover a wide range of topics, including competitive advantage, globalization, autonomous cars, and digital commerce. Each piece was created as something fresh and new – shared just because it could be rather than because it was commissioned or promotional. The resulting Twitter discussion, using the hashtag #ProcureRev, created over 1.7 MILLION impressions.

 

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Recommended Procurement Webinars for October 10-14

Recommended Procurement Webinars for October 10-14

This week, my recommended procurement webinars are all about doing MORE. More categories managed, more results, and more visibility into the supply chain. Click on the title of each event below to view the full description and register or visit the BMP events calendar to see what’s on tap for the rest of the month.

 

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Book Review: Tomorrow Today

Book Review: Tomorrow Today

“Because technology has become an extension of the knowledge worker’s business and personal life, it has become apparent that to separate the two is not just pointless, it is impossible.” (p. 15)

 

Tomorrow Today: How Ai Impacts How We Work, Live And Think
(And It’s Not What You Expect) by Donal Daly, CEO of Altify, is exactly my kind of book. Not only does it discuss recent developments in automation and AI and illustrate their impact on business and society through recent news stories, it is so full of enthusiasm for the future that it must have been written by someone with a background in sales.

Targeted at ‘knowledge workers’, this book addresses the challenges and opportunities faced across functions – sales, marketing, procurement, finance, etc. Will the rise of the machines eliminate the need for professionals who see themselves as strategic and value oriented today? Will humans and AI (Augmented rather than Artificial using Daly’s definition) settle into a kind of symbiosis that harnesses the advantages of each into a powerful combined capability? These questions – which might be dark and intimidating in a different context – are addressed head on and without hesitation.

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Best Procurement and Supply Chain Webinars October 3-7

Best Procurement and Supply Chain Webinars October 3-7

And… just like that… it’s October! In the shadow of The Procurement Revolution the calendar looks a little light this week. That being said, there are two interesting webinars taking place. Click on the title of each event below to view the full description and register or visit the BMP events calendar to see what’s on tap for the rest of the month.

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Can Real Human Beings Be Good at Procurement?

Can Real Human Beings Be Good at Procurement?

This guest post is part of The Procurement Revolution. To share your thoughts or join the conversation, use #ProcureRev on Twitter or use the comment functionality below.

 

I'm Ovidiu Slimac and I am from Timișoara in the western part of Romania, a beautiful town which was just declared the European Cultural Capital for 2021. 

 
I have worked in procurement for 15 years now. And yes, I'm human. I'm a human being. And if we believe what the researchers and scientists say, all of my purchasing activities and buying decisions are made with an emotional input – even the ones I made for my company. The question is: does being human disqualify me as a good procurement professional?

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Registration Now Open: The Procurement Revolution Live Sessions

Registration Now Open: The Procurement Revolution Live Sessions

There are just days to go before the start of The Procurement Revolution, the 100% virtual, global, onlie, free event September 26-30. While a lot of the content will be available on demand and at your convenience, there are live daily sessions (webinar-style) that will provide you with the opportunity to engage in discussion with our Revolutionaries.


 

Take a moment now to register for all of our live sessions:

 

How Can Procurement Become a Competitive Advantage?

Monday, September 26th, 11am – 12pm ET

Join Joanna Martinez, Kelly Barner and Philip Ideson in this interactive Q&A led webinar as we discuss what procurement can do to make our profession a competitive advantage.

 

Is Stakeholder Alignment the Key to Procurement's Survival?

Tuesday, September 27th, 12pm – 1pm ET

Join Greg Tennyson, Joe Payne, Kelly Barner and Philip Ideson in this interactive Q&A led webinar as we discuss if stakeholder alignment is the key to procurement's survival - and if so, how can we become better business partners.

 

Supplier Intelligence in the Age of Social Media

Wednesday, September 28th, 12:30pm – 1:30pm ET

Join Dr Jim Narus, Dr Michelle Steward, Kelly Barner and Philip Ideson in this interactive Q&A led webinar as we discuss the role that social media plays in how procurement professionals access intelligence and interact with each other.

 

Why Changing Your Mindset is Crucial to be Successful in the New Age of Procurement

Thursday, September 29th, 11am – 12pm ET

Join John P. (Jack) Miles, Kelly Barner and Philip Ideson in this interactive Q&A led webinar as we discuss why a change in mindset is crucial to be successful in the new age of procurement.

 

Hype, Reality and the Future of Procurement

Friday, September 30th, 10:30 - 11:30am ET

Join Derk Erbe, Vice President of HfS Research, with responsibility for covering the Procurement industry, Kelly Barner and Philip Ideson in this interactive Q&A led webinar as we separate the hype from the reality as we consider the future of procurement.

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Best Procurement and Supply Chain Webinars 9/19 - 23

Best Procurement and Supply Chain Webinars 9/19 - 23

Below are my recommendations for this week’s best webinars. Just a reminder that September 26th is the start of The Procurement Revolution: a 100% free, online, global, interactive event designed to get the procurement community to Stand Up, Speak Out, and Drive Change. Click on the title of each event below to view the full description and register or visit the BMP events calendar to see what’s on tap for the rest of the month.


 

Blockchain: New Capabilities for Digital Transformation (ASUG)

September 21st, 10am ET

If you’re not familiar with Blockchain, it is the underlying technology behind digital currency - like Bitcoin. Wait! Don’t dismiss this event just because you don’t envision supporting Bitcoin as an accepted currency in your next RFP. There is a whole world of fintech (or financial technology) innovation taking place, and it will affect your business more – and sooner – than you might think.

 

Manage What Matters: The Pareto Principle, ABC Analysis and How to Manage by Exception (Supply Chain Brain)

September 21st, 1pm ET

Most of us use the Pareto Principle, more commonly known as the 80/20 rule, on a regular basis. And while it rarely goes beyond a rough rule of thumb, is has so much more potential. For instance, as Supply Chain Brain will discuss in this webinar, it can be combined with ABC analysis to improve inventory management.

 

How to use people data to improve recruitment and retention (Rosslyn Analytics)

September 22nd, 11am ET

With contingent workforce, managed services, and hybrid staffing models growing in popularity, it can be hard to tell where HR ends and procurement begins. If that is going to be the case, deciding which model is best for each skill, headcount, or talent need is a perfect application for the analytics technology and expertise procurement has built up over time.

 

CLICK HERE TO VIEW THE FULL EVENTS CALENDAR

 

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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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Are You Ready for The Revolution?

Are You Ready for The Revolution?

It seems like only a few weeks ago that Phil Ideson (Art of Procurement) and I first resolved to lead a global, virtual, multimedia, interactive event designed to help professionals the world over make a change - but we’ve actually been hard at work since late winter. As we work our way through the last two weeks before The Procurement Revolution becomes a reality, the time has come for everyone else to start getting ready too.

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Best Procurement and Supply Chain Webinars 9/12 - 16

Best Procurement and Supply Chain Webinars 9/12 - 16

After a drought last week, webinars are back with a vengeance! There are 9 this week and 12 already scheduled for next week. Having so many events to choose from doesn’t necessarily make it easy to pick just a few to recommend, but it does ensure that if you make the time you will learn something new. Click on the title of each event below to view the full description and register or visit the BMP events calendar to see what’s on tap for the rest of the month.

 

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Webinar Notes: The Supply Chain in Action

Webinar Notes: The Supply Chain in Action

This week’s webinar notes are from a September 8th webinar sponsored by APICS Southeast and presented by Melissa Wright, VP of Supply Chain at Prayon Group. The event is available on demand on YouTube.

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Best Procurement and Supply Chain Webinars 9/5 - 9

Best Procurement and Supply Chain Webinars 9/5 - 9

If you take a look at the Buyers Meeting Point events calendar for this week, there is nothing going on. None of our usual hosts or organizers have anything planned. While that makes sense given the Labor Day holiday in the US and Canada, not having any events to look forward to would be too much to bear! So we looked to our friends at Webinara to see what they might have listed and found some great webinars to recommend! Click on the title of each event below to view the full description and register on Webinara.com or click here to visit the BMP events calendar to see what’s on tap for the rest of the month.


 

NextGen Enterprise IT Solutions – A Panel Discussion

September 7th, 11am ET

Procurement has more than enough experience with different IT trends and models – Cloud, SaaS, hybrid, mobile – to recognize that managing the needs of everyone in the enterprise and leveraging the advantages of all models requires a great deal of planning and strategy. In this panel format webinar, leaders from Cygnet Infotech and some of their industry colleagues will discuss opportunities such as IoT, Data Science, Virtual Reality & Augmented Reality enablement for Hybrid Ecosystems with extremely enriched customer experience

 

Case Study: The Supply Chain in Action

September 8th, 12n ET

Sometimes the best events are the ones you never expected to find – including this webinar from APICS and Prayon Group about how the Georgia-based operation of a global phosphate producer went from being “dead and buried” to becoming a successful 38 year old startup – all thanks to practical applications of supply chain principles. For all of the discussion of transformations, we rarely hear about one, let alone one as wildly successful or with as much at stake as at Prayon. In this webinar, Melissa Wright, Prayon Group’s VP of Supply Chain, will explain how moving from survival mode to transitioning of MRP and inventory processes & procedures to sustainable performance enabled the company to become recognized as a regional economic force.

CLICK HERE TO VIEW THE FULL EVENTS CALENDAR

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Best Procurement and Supply Chain Webinars 8/29 – 9/2

Best Procurement and Supply Chain Webinars 8/29 – 9/2

We’re officially making the transition to September this week, although most of the events take place before we’ll need to turn the page on our calendars. 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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Procurement’s (Not so?) Finest Hour

Procurement’s (Not so?) Finest Hour

Procurement is undergoing a transformation, moving away from process and price and towards undertaking initiatives that demonstrate value for the business. Therefore, when the opportunity arises for procurement to demonstrate its value, you would expect them to seize it in both hands… or maybe not!

We want to share with you a real life situation undertaken this month. We have removed the names of those involved to limit embarrassment; both company names are fictitious, but the scenario is real.

 

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Best Procurement and Supply Chain Webinars 8/22 - 26

Best Procurement and Supply Chain Webinars 8/22 - 26

The following events are the ones I recommend attending this week out of all the webinars taking palce. 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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Book Review: Building Effective Value Chains

Book Review: Building Effective Value Chains

A value chain is the overall set of internal and external resources – human, physical, financial and informational – that require to be marshalled and managed in order to achieve the objectives of any organization. (p. 2)

Building Effective Value Chains: Value and Its Management by Tom McGuffog provides an almost completely unexpected perspective on the meaning of value and value chains as well as how they should be nurtured in a variety of contexts. I chose the word ‘nurtured’ deliberately; McGuffog makes the point that this book is for “students” in a wide range of disciplines extending far beyond a corporate setting. The attention he pays to humanity and the “value of human life” in his discussions of value and values is so compassionate that I found myself wondering if McGuffog had switched places with Gyöngyi Kovács, Karen Spens, and Ira Haavisto who edited Supply Chain Management for Humanitarians how the two books might have turned out differently.

 

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Best Procurement and Supply Chain Webinars 8/15 - 19

Best Procurement and Supply Chain Webinars 8/15 - 19

Clearly webinar hosts see the end of the summer vacation season on the horizon – this week’s investment in topics and speakers communicates to me that they expect engaged audiences. Don’t miss out! 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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Nearshoring: Why Now? - Warnings

Nearshoring: Why Now? - Warnings

As we covered in Nearshoring: Why Now?, outsourcing production operations to Mexico (or nearshoring) offers a number of tangible and intangible benefits over traditional “low-cost” country sourcing. Take China as a prime example: with labor rates in China, on average, exceeding those in Mexico since approximately 2013 and holding an advantage in productivity per worker, Mexico is increasingly becoming a hub for U.S.-based companies looking to transplant their supply chain operations. In moving operations closer to home, many companies are either fully or partially outsourcing manufacturing to suppliers in Mexico and in some cases, even placing full production facilities in that country. Sourcing suppliers in Mexico, however, is not without its obstacles: challenges that can quickly halt nearshoring operations for unprepared companies.

 

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The Great North/South Divide

The Great North/South Divide

The principle of a North/South divide has been around for as long as mankind has organized itself into societies. It is a term often used within politics to define the ‘North of the country from the South’. It doesn’t matter if you are referening to the USA, UK, or India, the statement is still applicable. It works on the principle things may be considered different between two groups, thereby creating a barrier to collaboration.

The key to the model is achieving the right perspective. For example, we may embrace a North/South divide within our countries yet still passionate about being part of the same country. Overcoming the divide requires a common agenda, one that everyone can get behind regardless of which side of the divide they are from.

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