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How Procurement Can Re-invent Itself In The Workplace (Procurify)

This podcast was published on January 24, 2020 by Procurify.

This interview is taken from an episode of the Spend Culture Stories podcast. In this episode, Kelly Barner from Buyer’s Meeting Point chats with us on the new role of the procurement executive, and how procurement can reclaim itself as a key function in an organization. She explains the hilarious and shocking stories behind how the role of procurement is behind everything that we see. 

Click here to listen to the podcast interview or read the transcript.

Case Files: Digital Transformation at Ford Motor Company

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“Our process was about intentionally forgetting how we had done business in the past. The Ford team wanted to leave our legacy baggage at the door and start over based on industry standards, best practices, and the P2P capabilities that existed - not only from a procurement process perspective - but also for our requisitioners, our tax team, receiving organizations and accounting. We took a comprehensive view (beyond procurement) to ask how we could streamline, simplify and leverage technology to do so?"

Lisa Smith, Former Global Director, Global Purchasing Business Transformation Management at Ford Motor Company

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Procurement’s 2020 Challenge: Improving P2P by Investing in the “P” and the “P” (Determine)

This content was originally published on the Determine blog.

If procurement wants to succeed in 2020, we need to measurably improve all of procure-to-pay (P2P). Of course, in order to do that, we have to improve how the company purchases goods and services and also how it handles supplier payments. While that seems logical and straightforward, most procurement teams neither procure nor pay. What we are left with is a situation where we need to empower those who will ultimately carry out the work.

This is a classic management situation. A team leader can only increase their impact so much without achieving scale, delivering a multiplier effect by supporting and incentivizing the actions of others. What can procurement do to make distributed buyers (procure) and accounts payable (pay) more effective? We can provide them with the information they need, coherent processes and fully rounded supplier understanding.

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What’s Trending In Procurement And Supply Market Information And Research Offerings (Cottrill Research)

This content was originally posted on the Cottrill Research blog.

The advancement of technology is pushing us forward and allowing for more laser-focused insights, obtained more quickly and efficiently while utilizing greater volumes of data brought in from varying sources.

The notable growth in the upgrades and offerings covering contract management and negative company event detection remind us, even in this age of digital transformation, that traditional areas of concern for procurement, such as risk management, contract adherence, and supplier diligence continue to be highly critical.

What’s especially interesting is to follow the various strategic directions taken by information vendors as they update their offerings. Regardless of how the data is used it all comes back to the unforgiving importance of utilizing quality data. Quality data quickly turns into poor data if it is not either purged or updated continually.

With that understanding, the supply market intelligence information and research resources listings in ProcureSearch have just been updated. Our review process revealed a few trends we feel are worth additional consideration. ProcureSearch’s coverage focuses on third party content providers and excludes offerings from broader supplier and procurement management providers.

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