Special thanks to longtime BMP friend Charles Dominick, SPSM3 of theNext Level Purchasing Association for this guest post.
As a procurement professional, you need to be good at finding suppliers who work out as good or better than you predict.&n...bsp; As a procurement leader, you need to be good at finding employees who work out as good or better than you predict. In this post, I’ll share some traditional and not so-traditional ways to find high-potential procurement talent.
If you’re looking for something new to get you through the dog days of summer, check out this week’s schedule of procurement and supply chain webinars. Click on the title of each event below to view the full description in our events calendar and to ...connect to their registration pages.
The Logistics and Supply Chain Toolkit by Gwynne Richards and Susan Grinsted is an instructional book based in reality, free from assumptions and pretense but full of real world applications. The toolkit concept, one that is continued throughout the ...book, spotlights process and analytical assets that are described by the authors as including “guides, frameworks, models, quick calculations, and practical ideas.” The topics covered in the book range from an essential review of Incoterms to a more advanced discussion of Decision Matrix Analysis.
Procurement professionals are traditionally known for being more reserved than our colleagues in other disciplines (ahem… sales and marketing). And while there is nothing wrong with that, it does mean that we let opportunities to celebrate our collea...gues and accomplishments go unrecognized.
Procurify recently announced the launch of the Global Procurement Awards (GPAs). As they say in their official press release, “The GPAs were created to recognize and celebrate those committed to excellence in the procurement profession.”
There are several awards categories and candidates can nominate themselves or another. The application is mercifully brief – leaving no reason not to throw your hat in the ring for a little recognition and an opportunity to share with colleagues.
Some of you may be aware of smart contracts. They are a new approach to contracting which uses technology to execute and enforce the negotiated terms. In this article we explore what the future of contracting may look like with smart contracts.
What ...is a Smart Contract?
In essence it is the creation of a contract using computer code rather than the written word. The computer software is then used to enforce and manage the contract, enabling both parties to utilise the contract as a living breathing document.
“’Smart contract’ can refer to any contract which is capable of executing and/or enforcing itself.”
“…more than 70% of the top 1,000 companies around the world will have adopted supply chain finance programmes within the next couple of years.” (p. xiii)
Financing the End-to-End Supply Chain, by Simon Templar, Erik Hofmann, Charles Findlay, is an ed...ucational investment that many procurement and supply chain professionals will benefit from. Despite being one of the top ‘up and coming’ professional topics, there is still a lack of solid understanding in the professions that will be required to see supply chain finance programs through.
I came to this review with just enough knowledge to be dangerous – and enthusiastic. In my opinion, supply chain finance is the ‘Robotic Process Automation’ (RPA) of 2016. BY 2017, SCF will be a regular part of corporate conversations across industries and geographies.
This week combines virtual and in person events. Monday through Thursday is #ProcureTech2016 hosted by Spend Matters. If you’re there, go see BuyerQuest at booth #13 and enter to win a copy of Procurement at a Crossroads. I’ll be serving as the virtual facilitator for ISM-New York’s annual meeting on Wednesday. If you’re looking for something a bit more virtual… we have you covered there, too. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.
Continuous cost reduction in the manufacturing industry is a supply chain best practice, but all too often it is mistakenly seen as unsustainable by strategic sourcing and procurement departments. For many companies the question is, ‘how can I reduce costs while limiting the impact on quality?’ Before jumping right to substituting materials, there are other options for delivering cost savings - yes, even over time.
It’s a busy week in procurement with eight webinars on the calendar. I’m recommending two about intelligence and a third about the strategic positioning of suppliers. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.
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.
It is my distinct belief that as corporate objectives become more general, functional silos dissipate, and millennial professional habits lead to increased talent rotation, the information and skills required by successful individuals and organizations will be broad in nature. Most of the books I review on an annual basis are procurement or supply chain related. That being said, competitive advantage is not discipline specific. In that spirit, I am actively pursuing opportunities to bring general thought leadership to Buyers Meeting Point. Starting… now!
The Industries of the Future, by former State Department Senior Advisor Alec Ross, is a compelling exploration of the conditions businesses and countries need to optimize in order to be successful in the decades to come. It borrows extensively from his time traveling the world in the federal government’s service, which means that his examples are unexpectedly diverse and shared in such a way that is only possible when the author has experienced something first-hand.
We have another ProcureCon event running this week – this time in Orlando, FL. For anyone not traveling to the Sunshine State, there are a full DOZEN webinars being held, half of which are on Thursday. I’ve recommended four below and provided my reasoning. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.
“In other words, an effective management of a firm’s digital supply chain will have a positive impact on productivity and growth; ignorance will very likely result in the loss of competitive advantage and have a detrimental effect on performance.” (e-Logistics, p. 4)
This week starts multiple weeks of ProcureCon events – in Toronto this week and in Orlando the week after that. Follow @ProcureCon on Twitter if you’re interested in the goings on. From a virtual standpoint, there are two worthwhile events taking place – see why I think so below. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.
This week’s webinar notes are from a February 3rd webinar hosted by SAP Ariba and presented by Ed Cone at Oxford Economics and James J. McDonald and Luisa Gonzalez at COACH. The event is available on demand here.
You’ll have to act fast to catch the best event of the week – taking place at 11am EST on Monday. If you happen to miss that, there are two others taking place, both on Wednesday afternoon. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.
Every interaction a company has with its suppliers can set off an endless series of tactics and countertactics. It's like a wrestling match. Both sides invest so much time and effort in trying to anticipate the next steps by the other that the focus is turned away from the best interests of their organizations. This comes especially true during the negotiation phase of the procurement process.
Negotiations between buyers and suppliers have traditionally assumed a zero-sum outcome: Each party does not benefit except at the expense of the other. The end result of this tactic/countertactics spiral is a combination of inefficient decision-making, obscured visibility, and contentious working relationships.
Last week I spoke with Donna Wilczek, Coupa’s VP of Strategy and Product Marketing, about the mid-January announcement that Coupa had acquired Contractually, described in the press release as “a cloud innovator based in Vancouver, Canada that helps reduce businesses’ reliance on antiquated processes or inadequate technology tools to version control or redline contracts.”
We kick off the month of February with a strong, diverse week of webinars. The three that I have chosen to recommend have their finger on the pulse of procurement: 3rd party risk, the future of procurement, and BPO. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.
This week’s webinar notes are from a January 27th event hosted by BravoSolution and presented by Sigi Osagie (author of ‘Procurement Mojo’) and Peter Smith (Managing Director, Spend Matters UK/Europe). Once the event is available on demand, it should be available here.
In the first part of this two-part series, I established the reasoning behind establishing a diverse supply chain in the nontraditional sense. Emphasis on maintaining a supply chain that is diverse in geographical location, capabilities, and overall corporate values is vital in maintaining supply chain resiliency, sustainability, and adaptability. To achieve a supplier mix that fits these goals, the right questions must be asked during an internal supplier rationalization process, overtaking the traditional values of an RFx.
This week we have three ‘what to expect in 2016’ type webinars plus a bonus one that takes a practical look at contract law and managing risk in the supply chain. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.
“The benefits of the global connectivity achieved by both ocean and air transport reach practically every type of modern industry and business and are an essential ingredient of the global supply chain.” (Aviation Logistics, p. 1)
This week's events are all either panel or multi-speaker presentations. That means that by investing a single hour, you get to hear from multiple experts on a topic of your choosing. Not only that, you get to hear them interact and discuss the varying perspectives brought to the table. Click on the title of each event below to view the full description in our events calendar and to connect to their registration pages.
Dr. Tom DePaoli recently released Avoiding a Supply Chain Apocalypse. It is a collection of the best advice he has to give on topics ranging from relationships to negotiation to Kaizens and storytelling. Since I’ve read all of Dr. Tom’s books, I consider it something of a personal challenge to uncover the material he has added – either because the focus of the book is different or because professional priorities continue to change over time.
Like Dr. Tom’s other books, this is for professionals that don’t have the time (or desire) to lose themselves in a 300-400 page book of polished academic theory. His sections are short and to the point and draw in material from third party sites as well as his other writing. You can read one or two sections as time allows and not have any trouble picking up in a different place the next time you sit down.