Running a procurement or supply chain organization poses unique leadership challenges. These organizations are constantly “fighting fires,” handling unique crises, and influencing a broad network of people - internally and externally.
In addition to the events listed below, we also get one other fantastic gift this week – we FINALLY get to turn the calendar from April to May. I can’t think that I’m the only person that is past ready to bid farewell to April 2020 forever.
If you are planning your schedule further ahead, I recommend “Contract Management Tips to Prepare for the Next Global Pandemic!” from IACCM and ContractPodAI on May 5th.
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It is spring, and there’s something in the air… it’s not quite romance, but there will be plenty of drama with two examinations of the procurement finance relationship on Wednesday. If you’re looking for an alternate subject, consider the role of millennials in supply chain or sourcing optimization. Click on the title of each webinar below to view the full description and register.
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As we prepare to celebrate the 4th of July in the United States, we have a lot to be grateful for. We are grateful for the simple things like peak of summer traditions: fireworks, grilling, and parades. We are also grateful that in the many years since the Declaration of Independence was signed our relationship with Britain has improved. We’d be awfully sorry not to be able to work with our British colleagues and partners.
All that being said, is the 4th of July a reason to be grateful for procurement? Absolutely. Procurement played more of a role in the American Revolutionary War than most people probably realize.
This week's Wiki-Wednesday topic is the Pareto Principle - also known as the 80/20 rule. Many of us use it all of the time, but do we really understand the implications of the distribution principle? I'm sure I hadn't fully thought about it until reading up for this weeks' posting. Other things I did not know about the primciple are that it was incorrectly attributed to early 20th century economist Vilfredo Pareto because he observed that 20 percent of the landowners in Italy owned 80% of the land. (He also noted that 20% of the pea plants in his garden produced 80% of the peas...)
Effective this month, Buyers Meeting Point will start covering the release of the ISM Non-Manufacturing Report on Business. The report is released the first week of every month for the previous month. This month’s report can be found here.
If you have never read the report, it can take some adjustment. We are going to boil each report down to the basic and most useable components. I also recommend reading the ISM Report on Business Brochure.
I've always thought of Knowledge Management systems as databases full of documents. Unwieldy, outdated, only updated when your boss reminds you that participating will be part of your annual review cycle. As it turns out, most of what we already do can be worked into a knowledge management program - we just have to be deliberate about where information goes. The other take-away isn't a new one, but it seems to be one of the hardest ones to maintain. At the end of a project, it is important to download and record your experiences and lessons learned - for yourself next time or someone else down the road.