When you just look at a purchase from a pricing perspective, it would be reasonable to think that purchasing products directly from the manufacturer be an effective way to reduce unnecessary overhead and markup costs. While I generally find this to be true in practice, if it were that black and white the large number of distributors thriving in today’s markets would cease to exist. Manufacturers and distributors each have strengths and weaknesses, but in a strategic purchasing landscape you do not always need to choose between the two. In fact, developing a balanced relationship with manufacturers AND distributors often proves to yield the most value, particularly with high volume purchases.
Recommended Procurement Webinars for October 16-20: Extended supply partners, Supply chain risk ROI, the High-end gig Economy
This is an incredibly busy week for procurement and supply chain webinars! The end of 2016 is filling up fast. In fact, there are only really 7 weeks left in the year once you subtract the weeks of Thanksgiving and Christmas. Click on the title of each webinar 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.
You’ve invested a lot of time and money. You may even have staked your reputation on backing a supplier. So when is it time to replace them?
At a recent executive meeting, the subject of incumbent suppliers arose. The conversation reflected on both the personal and business investment that can occur when a supplier is selected, from a business stakeholder and a procurement perspective.
The following is the transcript from a recent BMP Radio interview with Brian Seipel and James Patounas, both from Source One. If you would like to listen to the podcast, please click here.
In addition to the webinars I’ve recommended below, ProcureCon Pharma is running in Philadelphia from Wednesday through Friday. If you’re going, be sure to stop by and say hello to our friends SAP Ariba, Source One, and tealbook! Click on the title of each webinar 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.
This week our recommended procurement webinars bring us three ideas: supplier prequalification, the bullwhip effect, and finance transformation. 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.
“Buyers have a privileged position within companies and are exposed to innovative ideas from suppliers often developing their own sense of curiosity. Although not all buyers have realized it yet, they are expected to contribute to the innovation process.” (p. 25)
Confessions of a Professional Buyer: The Secrets About Selling & Purchasing Services, by Hubert Lachance, is something like a survival guide for suppliers dealing with procurement – and vice versa. Lachance has over a decade’s worth of experience managing indirect spend for a multi-national CPG company, and he applies that experience to help all buyers and sellers work together more productively.
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.
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.
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.
“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.
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.
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?
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
“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
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.
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.
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.
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
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.