Buyers Meeting Point procurement by Kelly Barner

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New Report Download: Business Performance Benchmark Study 2017

In these turbulent times we all need a view into the future. And no one function – sales, marketing, procurement, operations, IT, etc. – can do it alone. 

In the final months of 2016, Buyers Meeting Point partnered with Altify and IDD Consult and to run the Business Performance Benchmark Study. Thank you to everyone who participated. This study explored strategic considerations for 2017, and the results – now available as a comprehensive whitepaper – will better inform procurement’s outlook and shape our thoughts for the new year.

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Breaking News: Buyers Meeting Point Owner Kelly Barner Branches out as Director of Intelligence for Palambridge

For immediate release: PALAMBRIDGE DISRUPTS PROCUREMENT AS USUAL WITH STRATEGY ON-DEMAND

 

Today, Philip Ideson (Art of Procurement) and and I announced that we have founded a new entity to meet the strategic needs of forward-thinking procurement leaders. Palambridge brings procurement experts, technology, and intelligence together and makes them available on demand via a virtual platform.

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Reinventing Professional Engagement in a Digital Economy

Technology has changed our world so much, and become so ubiquitous, that we often find ourselves pressed to be more specific. We use terms such as platform, digital, and automation to describe the ways we access and leverage data to improve business results. These same advantages have also changed how we connect with one another – allowing networks and skills development to span the globe in an instant. Technology is no longer a sideline issue for competitive enterprises. It is the foundation that all value is created upon.

Procurement is not immune to any of these changes. In fact, we often find ourselves on the front lines – experimenting with the newest ways to communicate with suppliers, create and store intelligence, and sustain relationships with our colleagues.

This March, the ISM Tech conference will drive procurement-centric thought-exchange about what’s new, what it all means, and how we can make technology work for us. Buyers Meeting Point recently had the opportunity to speak with M.L. Peck, Chief Content & Engagement Officer for ISM, about the current state of affairs in procurement with regard to technology, skills development, and cutting edge innovation.

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The ‘Goldilocks Zone’ for Spend Analysis Success

Also called the habitable zone or life zone, the Goldilocks region is an area of space in which a planet is just the right distance from its home star so that its surface is neither too hot nor too cold. -- How Stuff Works

Procurement organizations have a tendency to push for absolutes through process and technology. Our metrics are set up on a scale where we are incentivized to push ourselves closer and closer to 100%. We want to bring as much spend under management as quickly as possible. Our procure-to-pay technology­—including the availability of data and its analytical capabilities—is expected to deliver visibility in “real time.” Likewise, more categorization granularity is associated with better understanding and improved decision making.

These goals are admirable, and they serve as evidence of procurement’s desire to create maximum value for the organization. At the same time, such absolutism may unintentionally lead us to work against ourselves. We could be insisting upon perfection before getting to work when seeking to provide coverage or visibility that is “just right” would be a better approach to measurable results.

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