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.
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.
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.