It truly is an exciting time to be involved in the supply chain industry. Over the course of 2016, technological advancements in the field of robotics will continue to reshape manufacturing and warehouse facilities.
Based on what I saw at some of the events I attended in 2015, I believe picking bots in large warehouses will become a reality, sooner rather than later. Additionally, the migration of supply chain planning into the Cloud will continue to expand and the implementation of advanced analytics to successfully plan across all supply chain functions will experience an upward trend.
Furthermore, companies will have to get creative with their methods for increasing transparency across their value network. However, in order for companies to be successful, the 4 important T’s of transparency must be fulfilled:
The topic must have traction within the organisation,
Internal and external trust must be established,
Appropriate supplier training programs should be in place, and
Today’s available technology needs to be implemented.
Next to all of these leading topics, I expect some of the biggest ideas to be aimed at solving the “last mile” logistics problem. Over the last few years we have seen several last mile logistics providers introduce their innovative approaches to solving the problem (Doorman, Roadie, Deliveroo, etc.).
I expect the fight for control of this market to continue, and as a result of the high level of competition, we will continue to see new, innovative problem-solving methods.
Thinking differently about procurement starts with talking differently. If growth companies want to succeed then they need to change their vocabulary, starting by introducing the term ‘Spend Management’.
Read Tyler’s thoughts on when to buy your first ERP system here.
When should a growing company start building its procurement infrastructure? When you reach about 100 employees, or when you buy your first ERP system, whichever comes first. Not many companies have the foresight to do this. The common wisdom is that you bring in procurement at about 700-900 people. That’s too late.
In my experience one thing that keeps companies from starting as early as they should are the “P” words: Procurement; Purchasing; Process; Policy. Not only do these words define the function too narrowly, they’ve also become synonyms for bureaucracy and red tape.
People at small, entrepreneurial companies recoil when they hear these words. We need to rethink how procurement is positioned so companies can embrace it early on, and in a positive spirit, well before chaos ensues. That starts with changing the way we talk about it.
Call it Spend Management
Don’t get me wrong. I’m in procurement and I love the field. But this vocabulary is not just off putting, it’s inadequate for what the profession does today. The classical understanding of procurement is contract negotiations – leveraging a company’s size and buying power to get discounts and save money.
That’s not a bad thing to be known for, but it’s understandable why somebody with that classical understanding working at company of a couple hundred people would say, “We don’t need procurement yet.” They can’t yet buy on a massive scale, and at that stage revenue is far more important than savings.
What people outside the profession don’t realise is the extent to which the function has been growing in responsibility and strategic importance over the past few decades. However, we still haven’t communicated clearly about the nature of the role, its importance and how it fits in the organisation.
Procurement should really be joined at the hip with finance, but ask five different finance professionals what encompasses procurement, and you’ll get five different answers. If our closest ally in the organisation doesn’t fully understand the role, we clearly need to do a better job communicating what it is we do.
Procurement today should ideally encompass five or six functions: strategic sourcing, contract negotiation and management, workflows for buying, supplier information management, and the handoff to accounts payable and the ERP system. Continuing to call all of that procurement really doesn’t do it justice. Spend Management is a much better term.
Think More Broadly
It’s not the sexiest term, but it does imply a broader function that’s squarely aligned with finance. Even employees at a small company will recognise the need to manage spending. Maybe if it’s presented that way, we can start sooner, and with greater focus and intention.
A small company may not be ready to negotiate big contracts, but they do need to buy things and pay bills, so they set up an AP department and processes for paying people. Whether they realise it or not, they’re already laying down the foundation for their Spend Management infrastructure.
At about 100 people, someone needs to start planning how that’s going to scale and start laying the groundwork. If you walk in at 100 people and start using the ‘p’ words, it would actually create a barrier to starting. But if you wait much longer than that, the first job is to jump in and stop a fast moving train. When that’s a company’s first introduction to procurement, it only serves to reinforce any negative impressions they may already have.
Don’t Wait to Build
Once those impressions get culturally ingrained, it’s an uphill battle to change that perception. Yet that’s what happens all the time. The vocabulary and, by extension, the whole profession has become synonymous with bureaucracy, and no small company wants anything to do with bureaucracy.
This is holding companies back from proactively building out spend management as part of an efficient, effective corporate finance infrastructure. You’re going to build infrastructure around marketing, sales and delivering your product or service.
There’s a one hundred percent chance you’ll also need to build infrastructure to support spending money as the company as it grows. Yet most companies wait until things are really broken and people are complaining, and then the whole thing is really painful. If you start early you have a chance to set up a system that works smoothly from the get go.
Be the Change
Change has to start with those of us in the profession. We can talk more broadly about what we do. We can talk about ‘buying guidelines’ instead of ‘purchasing policies’ and ‘simple steps to getting what you need to do your job’ instead of talking about the ‘procurement process.’ Neutralising these defensive barriers helps people realise, “Oh, okay, these are ways that I can get what I need to do my job in an easier way.”
Small companies may not be ready for concepts like category management and contract negotiations, but they need help buying things, designing workflows and finding automated tools. They may be able to do some simple sourcing for volume discounts, and there are usually all sorts of unmet needs. It’s at that point you need to bring someone in to address them with an eye to the bigger picture of building a scalable spend management program that’s integrated into the corporate finance system.
There are lots of ways to approach it, and lots of conversations we could be having, if we don’t let the ‘P’ words get in the way.
According to the experts, procurement recruitment can sometimes be like finding a needle in a haystack. But what are the trends in this area in the coming years?
One of the key topics at the Big Ideas Summit 2016 was people, and more specifically, how to attract and retain the best talent in procurement. Our experts and influencers discussed a number of ideas and concepts procurement could consider. You can read all about them here.
However, we also wanted to hear what the Procurious community thought were the Big Ideas in procurement recruitment, now and in the coming years. Here is what they had to say.
Specialist roles – Procurement needs to consider promoting the profession as an exciting career path to non-procurement professionals already in relevant commercially focussed roles. For example, finance and legal (great for contract management), and possibly agency recruiters specialising in procurement.
Commercially focussed accountants are highly numerate, analytical and offer great business partnering skills, and, in some cases, they are supporting sales teams with commercial analysis of bids and tenders. In house legal advisors are often partnering with Procurement overseeing contract terms, and could transition well to contract management roles.
Procurement recruitment consultants are generally great at negotiating, building relationships, are equipped with sound knowledge of the profession, and maintain strong soft skills all round. (I’ve know of a couple of recruiters who have made a career change to Procurement!).
The challenge will be getting CPOs and Procurement Heads to think outside the norm of recruiting just from our profession. Non-procurement pros are not typically thinking about procurement as a career change. But if we promote it on both sides this could change!
Senior and Exec Leadership Roles – Procurement should be recruiting for senior and executive leadership capability, rather than technical expertise. We have a great recent example in Australia, where Qantas has appointed a new CPO, Lisa Brock.
Lisa previously occupied executive roles with Jetstar as Chief Commercial Officer, and previously with Qantas in Strategy and Corporate Development, and she has a background in Corporate Finance at Ernst and Young.
She knows the business, is highly people focussed, is a great change agent, is financially literate and has built strong relationships across the organisation at a senior level. Perhaps this is easier to achieve with internal leaders with a proven track record of leading cross functional teams.
Succession Planning – Succession planning is crucial for future leadership capability. There is a lot of material out there on this topic but it is relevant. The point to be made is around the changing demographics of the workforce, and the fact that Millennials now make up a significant number of the workforce. They generally want faster career progression and development opportunities.
If we want to retain outstanding talent then it’s necessary for CPOs to actively identify a strong bench of potential leaders, and to actively provide opportunities that will enable a future leadership development path to those who are capable of attaining it.
Anna del Mar, Head of Learning & Development, Future Purchasing
With enormous pressure on businesses to streamline their operations and find ways of driving performance in increasingly competitive environments, the need to improve capability and maximise returns from L&D investment is critical.
A leading private equity firm confirmed to us that more than 75 per cent of value creation in their portfolio of companies comes from operational performance improvement.
Procurement has a large contribution to make to any performance improvement programme and increasing capability is often a critical step achieving this.
The procurement recruitment market remains increasingly challenging, and finding people with both the technical and change management skills to create performance improvement is often likened to ‘finding a needle in a haystack’. Future Purchasing is not a recruitment agency and as such we cannot comment on the state of the recruitment market. We can however, observe the methods our clients are deploying to get the best talent.
We have seen three interesting trends:
1. We are seeing some organisations recruit from other functions, and train individuals in Procurement approaches. The behavioural skills required to drive change and implement real category management are so important and less easy to learn than procurement process skills. Whilst that can work in some cases, in practice the value of real experience in commercial scenarios cannot be underestimated.
2. Finding people who will drive real change can be made much easier by using Network Analysis. This approach lets recruiters assess the level of connectivity and impact people have across the networks in which they work. Those people who are well networked, are often well suited to change management roles, as it is their natural tendency to drive change.
3. Thirdly we see procurement organisations recruiting excellent skills from other markets, in particular central Europe. One leading CPO who has outsourced transactional activities to Poland sees this location as a real talent pool for the rest of the global team.
Food for thought!
Tell us what you think about the future of procurement recruitment on Procurious. Even although the event itself is over, there’s still time for you to get involved with the Big Ideas Summit 2016. Visit theBig Ideas Summit website, join ourProcurious Group, and Tweet your thoughts and Big Ideas to us using#BigIdeas2016.
In the coming weeks, we’ll be sharing exclusive and unique thought leadership, Big Ideas, and discussion that will shape the future of procurement. Don’t miss out – get involved, register today.
Ed Cross, co-founder at Odesma, and Anya McKenna (of Market Dojo) ponder the neanderthalic and stone age ways of B2B software…
The peculiar thing about business technology is that generally it is not very easy to use. I might exclude here email, but the rest of it seems to need a training course and some sort of super user, or a training provider (or even worse a consulting firm) to come and show you how or work it for you. Whereas the most used technology that we interact with outside of work generally does not require any support.
The irony here is that business technology came first, and the use of technology first appeared in the office, long before we all had tech at home or on our person. Yet, it remains unintuitive, expensive, and, as a result, does not get utilised fully or at all by a lot of people at work.
Compare this to B2C technology, how hard is it to work? ebay for instance. Or Facebook. Or even Candy Crush. The simple answer is they are intuitive, straightforward and certainly do not need any training or consulting support to get the benefit of them. In fact even Generation X (us older types) can work them on any number of portable or fixed lumps of technology. And a lot of them are free to the user.
Where Did it all Go Wrong?
So what’s gone wrong? For this, we’ll let Ed share an anecdote from 1999. While working for PwC, I presented to a local CIPS event in Staffordshire on e-commerce. This topic was perceived as very much the new kid on the block, and a whole host of new tech start ups were receiving incredible valuations.
At this session I laid out the view of the future described by the firm, ignorant to the nay sayers. In fact there were quite a few in the audience, most notably those with a few more years under their belts than me. One or two challenged my hypothesis on the topic.
I later left PwC to set up a Private Equity backed branch of a US e-Sourcing firm Sharemax. A year or two later the dot.com bubble had burst and I was back in Consultancy, and the nay sayers were proven right.
So, what was, or still is, the problem? From an historic perspective the leading market insight companies and so forth, focused heavily on functionality, as did many buyers of solutions. And ignored the user experience, the maturity or demographic of the population expected to use the technology.
Many people in senior or middle management positions did not grow up with computing technology, and when making selection decisions, focused on elements outside of ease of use, and considered technology against an historic understanding – one where tech is always hard to use.
They therefore condoned supplier behaviour where training and consulting support were deemed acceptable costs of enablement. And this thinking has not much changed, given the demographics of leadership.
Of course, the existing providers have not been driven to step up, because the customer has not demanded it of them. Whilst in the B2C arena the demographic is younger. The expectation is of instant gratification, solutions that are compelling, easy to use and free or very low cost. With Generation Y coming through in business we expect the current issues are about to change.
So why have B2B software providers not followed the B2C route, and provided better, more compelling solutions to pull procurement out of the stone age? You’ll have to wait for the next part of our series to find out.
Likes, retweets and the #BigIdeas2016 hashtag being spread far and wide – taking a look at how the Twitter-verse reacted to Big Ideas 2016.
Whether you chose to follow the Big Ideas Summit 2016 on Procurious, or via one of our other social media channels, we hope you got just as much out of the day as we did in London.
The Big Ideas Summit was positioned as a digitally-led event, enabling us to include the global procurement and supply chain community in the day, even although we couldn’t have everyone in London (as much as we wish we could!).
Following the huge success of the event on Twitter last year, we were eager to find out just how far our conversations, learnings, interactions and Ideas reached. And we couldn’t have predicted just how widespread the Big Ideas conversation went.
Once again, we’ve been overwhelmed by the response from our followers. So, thank you, and here are some figures showing just how much you helped us spread the word:
Hashtag: Our #BigIdeas2016 hashtag was picked-up and mentioned 1,500 times throughout the day.
In total, tweets relating to the event were served to a potential combined audience of over 5 million people worldwide!
This map shows where the #BigIdeas2016 hashtag was being used worldwide:
If you’re not following us already, come and find us using @procurious_ and help to continue the conversation! We’ll be continuing to share your Big Ideas, and all the key thoughts and ideas from the Summit in the coming weeks.
We’ve also put together a sample of the tweets from April 21st which mentioned the Big Ideas Summit, and used the #BigIdeas2016 hashtag. See what influencers, thought-leaders, commentators, and fellow procurement professionals made of the day’s events.
There are almost certainly introverts in your procurement team – whether it be yourself, your boss, or your colleagues, a third to half of the population are introverts. Susan Cain’s game-changing book The Quiet Revolution champions the introvert cause and goes into detail about how workplaces are designed to benefit extroverts – but what about introverts in Procurement?
What is an introvert?
First up, it’s important not to confuse introversion with shyness. Shyness is about fear of social judgement, while introversion is about how you respond to stimulation. In Cain’s words, “Extroverts crave large amounts of stimulation, while introverts feel at their most alive, most switched on, and at their most capable, when they’re in quieter, more low-key environments.”
We all fall at different points on the introvert/extrovert spectrum, but 21st-century workplaces are predominantly designed for extroverts and their love of stimulation. A culture that celebrates action over contemplation, open-plan offices, constant noise, and (worst of all) endless group-work, means introverts are often forced to pass as extroverts in the workplace rather than be themselves.
Groupthink versus creative solitude
“Groupthink” means that we can’t be in a group of people without unwittingly aping their belief. Groups follow the opinion of the most dominant or charismatic person in the room, even though, as Cain emphatically states, there is zero correlation between being the best talker and having the best ideas. This reveals a serious flaw in the way workplaces, schools and even the legal system (think about what happens in the jury room) see group-work as the best way to get positive results.
Solitude is essential to creativity and productivity. Team members should be able to generate their own ideas by themselves, free from groupthink, then come together as a team to talk them through, while ensuring no single person dominates the discussion. Cain points out that collaboration is important, but we need to recognise that freedom, privacy and autonomy matters.
Rather than constant group-work, workplaces should encourage casual, chatty, café-style interaction where people can share their creative ideas. In Cain’s words, “we need to work together, but the more freedom we give introverts to be themselves, the more likely they are to come up with solutions to unique problems”.
Introverts make better leaders
In a culture that prizes extroversion, introverts are routinely passed over for leadership positions, despite the fact that they make the best leaders. Here’s why they’re a better choice for leadership roles:
introverted leaders are generally more careful and are less likely to take outsize risks
introverts are much more likely to let employees run with their ideas, whereas extroverts can’t help but put their own stamp on things
people recognise that introverts step up because they are driven to do what’s right, rather than because they enjoy directing others or being in the public eye.
What does this mean for Procurement?
As most CPOs would agree, Procurement is a “people skills” job. This means that alongside core skills such as supply market research, analysis, category and contract management, introverted Procurement professionals must be comfortable with networking, influencing, stakeholder engagement, supplier relationship management and negotiation. The best advice is to play to your strengths rather than try to be something you are not.
Extroverts love negotiating, – the thrill of the contest, thinking on their feet and coming out on top – but having to negotiate can make introverts very uncomfortable. Again, it’s not about shyness, but rather about finding yourself in a high-stimulus environment, with pressure, fast decisions, and no time to reflect in solitude to come up with creative solutions. Here are some suggestions for introverts to overcome their fear of negotiation by playing to their strengths:
1. Does the negotiation really have to be live? Carrying out a negotiation by email may be slower, but will allow you to make considered decisions rather than blurting out a rash offer in a moment of high pressure.
2. In a live negotiation, use the power of silence. A meaningful pause can make the person across the table so uncomfortable that they start to gabble to fill the silence.
3. Plan ahead. Use your solitary time to do your research and plan so thoroughly for the negotiation that you will be prepared for anything.
4. Listen. Have you ever had one of those conversations where the other party knows what they want to say and doesn’t appear to listen to you at all? Introverts make much better listeners because they don’t feel the need to dominate the discussion. Active listening makes people feel valued and will enable both parties to find common ground.
Susan Cain has a powerful message that resonates not only with introverts, but will be enormously valuable to extroverts who want to understand how to help their introverted colleagues thrive. Attendees at ISM2016 will learn how to create a better workplace Yin and Yang between introversion and extroversion, and join Cain’s Quiet Revolution.
Time is running out to register for the biggest and best supply management conference on earth – ISM2016 – from May 15 to 18 at the Indianapolis Convention Center. More than 100 breakout sessions will feature some of the BIGGEST names in supply management, including Apple, Google and Coca-Cola. Get all the information you need to register on the ISM website.
In our online world, where knowledge and information is at the touch of a button, it pays to share. And it’s time for procurement to share in order to demonstrate the value it brings to the organisation.
Sometimes the biggest and best ideas are the simplest ones. Whether it’s a new way of looking at an old problem, or just showing others how to take the first of many steps, the simplest ideas often have the power to cut through the noise and change the way people think.
This is my big, simple idea: the procurement profession needs to share.
Have you ever looked into how Google works? The search engine performs approximately 100 billion searches per month through over 60 trillion individual pages. Google navigates the web by ‘crawling’, or following links from page to page, sorting the pages and keeping track of it all in the 100-million-gigabyte ‘index’. As you search, algorithms work in the background to understand what you want and pull relevant documents from the index.
Results are then ranked using over 200 factors, including site quality, spam removal, freshness and user context – all in 1/8th of a second. Google is becoming incredibly sophisticated, taking keywords into account as part of a wider interpretation of the data on your website, to form its own conclusion about what your site actually delivers.
I found this out, predictably, through a Google search. My point is that as the amount of web content and chatter about procurement grows exponentially all over the world, we need to keep in mind that the language we use matters.
The profession has to optimise the picture that is being painted about procurement because the more positive words and imagery that are put out there, the more we will be discovered and our value understood.
The good news is that influential advocates for the profession are doing exactly that – in the past 48 hours we’ve had positive keywords and phrases used to describe procurement (here on Procurious and elsewhere) including:
Thinking the unthinkable
Leadership in the digital age
Unleash the superhero
Changing the business model
Collaborating to inspire
Think about what would mean when a newly-minted CEO, who wants to understand what we do, takes the time to Google ‘Procurement’ and sees overwhelmingly positive language like this in their search results. That CEO can’t help but be inspired and energised by the hype and positivity around procurement.
Forget re-branding – focus on reinforcing the value of procurement
There’s been some discussion recently about re-branding procurement, abandoning the title of CPO and adopting language such as ‘Commercial Operations Director’, or even ‘Chief Relationship Officer’. Further down the chain, only one-third of 99 different job titles used by procurement professionals include the term “procurement”.
In my opinion, re-branding procurement is a distraction, especially since we’ve made enormous progress in educating businesses about what procurement does. Rather than having to re-educate the C-Suite about what a Commercial Director or Chief Relationship Officer does, that energy could be better spent actually showing people what we have and can achieve.
In line with why we created Procurious to begin with, we know that the procurement and supply chain profession has struggled to overcome outdated stereotypes, so it’s time we join forces to become collectively valued. By empowering future procurement leaders, we can change the face of the profession from the inside out, rather than worrying about the label itself.
Share, share, SHARE!
Procurious Founder Tania Seary shares her Big Idea for 2016
Modern wisdom has it that if you don’t exist on Google, you don’t exist at all. If we can’t collectively raise our voice and optimise procurement through positivity, then there is a real danger that the CPO role will become increasingly irrelevant and, eventually, forgotten.
So, how do we go about it? Through constant positive reinforcement. The more positive stories, photographs and other uplifting imagery out there, the more it will help us. Specifically, you can:
Share your social media profile, your business photo and broadcast your everyday successes.
Ask questions and share what you don’t know – without sharing the things we’re concerned about, there can be no action built and no moving forward.
Give knowledge back to enrich the wider community – everyone has something valuable to share.
Share your vision for the profession, and most importantly, your big ideas.
Let’s stick with the label we’ve got and continue to build upon it, because the momentum is with us as a profession. Remember, the more we flex our collective muscle, the stronger we become. My call to action to all you avengers, rock-stars and superheroes out there is to get behind one word – and that word is “procurement”.
It all started so well. You went into it with high hopes, and it seemed like a match made in heaven. You’d told your friends, you’d even told your mum and of course she’d told her friends. But then…nothing. They never call, they never write. Those potential employers can be every bit as heart-breaking as the “ideal” match that you thought you’d made through Tinder.
Coping with rejection is an inevitable part of the job hunting process and because it can feel both painful and humiliating you need to remember to deal with it properly.
Rejection can happen at any stage of the Tinder or job hunting processes. Although it’s tempting to try to spare your own feelings by quickly saying “plenty more fish in the sea” and moving swiftly on, it’s a much better idea to sneak a peek through your fingers and try to work out what went wrong.
Saying the Right Things
If your Tinder profile is fundamentally pictures of you with your friends, you may think “I look sociable, that’s great” but your prospective dates may be thinking “who am I supposed to be looking at?” Similarly with CVs, a lot of people talk about the projects that they’ve worked on, and what the team did, without saying what they personally achieved. It’s important to stand out so that people can see you. Otherwise you may simply get a Swipe Left – CV in the bin.
If you’re getting a lot of rejections without meeting anyone, go back and see if what you’re saying about yourself is really selling you as well as it could be.
On the other hand it may be that you’ve not quite tried hard enough. Maybe some of your Tinder photos are blurry, or taken from a bad angle, or in harsh lighting. Similarly, your CV may be littered with spelling mistakes, or grammatical errors or written in an ugly font (Times New Roman for CVs? No!). So, do the painful thing and try to find what you’re doing wrong.
One advantage that job-hunters have over Tinder-users is that if they don’t hear back they can always try again. If you’ve applied for a job but not heard back, then why don’t you look again at the job spec, reconfirm that your CV really is a good match and that it’s well-presented, and then ask the potential employer for their comments.
Your CV may have been lost amid a mass of applications, and if you show the initiative and enthusiasm to follow up then you are much more likely to at least get a response.
Be on the Level
Now let’s say your prospective date/employer likes what they see and invites you to chat over a coffee. You’ve told them that you’re a highly-skilled tennis coach/brain surgeon/fighter-pilot but when they meet you they discover that, well, you’re just not.
No-one likes to feel misled and a potential employer is going to be every bit as disappointed as a potential date to find out that you’ve lied to them. The subsequent rejection is your fault, not theirs. In future, you need to focus on being the great person that you are, and not trying to pretend to be someone else.
Let’s assume you’ve got to that meeting and it seems like everything went swimmingly. The body language was there, the personal chemistry was right. It feels like you’re both exactly what the other person was looking for. But then the communication stops – no more friendly messages, no more wooing. It seems that you’ve been dropped like a hot potato.
It could be that the other person hasn’t made up their mind yet, or needs to meet other people first, so if you’ve not heard anything for perhaps a week it is entirely fair for you to make contact. No news is not always bad news. You don’t want to seem like a stalker of course, but you do want to express your interest.
Don’t be Disheartened
And this is a good point to remind you that when you are the one holding the balance of power, as a potential employer or a potential date, the right way to deal with people is to be nice. If you’re going to reject someone, be polite, be clear, and don’t waste their time. Karma will reward you.
Sometimes you’re going to do everything right and it’s still not going to work. Unfortunately that’s just life. You can be the perfect person in every way but it may turn out that your prospective date simply clicks that little bit better with someone else.
It’s the same when you’re job hunting. You may completely fit the bill but if a prospective employer meets someone who brings an additional skill which the employer hadn’t even thought that they needed…well, there’s nothing you can do about that.
Sometimes when they say, “it’s not you, it’s me”, that’s true – you couldn’t have done anything differently. So when that happens, brush yourself down, remind yourself that you’re fabulous, and get back out there.
Did you fall asleep or oversleep? Get caught in a meeting? Or did you just forget it was on (we hope not!)? To help you catch up, we’re recapping Big Ideas 2016 – and what a day it was!
The team at Procurious HQ would just like to say a quick thanks to everyone who took part in the Big Ideas Summit 2016, both in London, and around the world. We were blown away by the conversation, discussion and interaction last week’s Summit, and are looking forward to sharing even more with you in the coming weeks.
Where were you last Thursday? Did you join in with the discussions and conversation online? While we prepare all our influencers’ videos and content to share soon, we’ve pulled out some of the key moments and are recapping Big Ideas 2016 just for you.
We got started early, setting the scene and introducing our early arrivals to our digital delegates and social media audience.
To provide the context for all our conversations over the course of the day, Barry Ward, Senior Procurement Brand Manager at IBM, spoke about external change, market disruptions and the three key calls to action that CPOs must take notice of.
Nik Gowing then scared the life out of us talking about the cataclysmic potential of Unthinkable Events.
Having talked about the findings of his excellent ‘Thinking the Unthinkable‘ study, our delegates were invited to think about their unthinkables, and share them with the rest of the room.
As everyone settled back down again after our morning interlude, Paul Markillie opened our eyes to the potential of the disruptive mega-trends that will change the way supply chains are designed and operated.
Paul talked about new materials being used in the manufacturing process, how BMW are leading the way in this field with their manufacturing process for the i3 model, and how 3D Printing is finally coming of age.
The audience were then treated to an insight of a revolution currently taking social media by storm. Elizabeth Linder used her wealth of experience to build on the concept of the Conversational Century.
Needless to say, it got people thinking, and more than a couple of senior procurement leaders in the room considering how their teams could be leveraging social media more effectively.
Probably the keynote with the most profound human and empathetic impact of the day came from Lucy Siegle. Lucy pricked our social consciences while discussing the impact that supply chains, particularly those in the fashion industry, were having on a global population.
From consumer behaviour, to the forgotten people in supply chains, Lucy got us all considering what we individually and collectively could do to make a real difference in the world.
Lucy was joined on stage by Peter Holbrook, CEO at Social Enterprise UK, and Timo Worrall, of J&J, to discuss social and sustainable procurement.
It was a fascinating discussion and generated some great takeaways for our procurement leaders. Take a look here at some of the topics our experts discussed.
Fancy yourself as a Chief Spend Officer? If Gabe Perez and Coupa have their way, then procurement’s remit could expand to include all organisational spend. Here are a few top insights from his session.
Online collaboration is something all the members of our next panel know about in great detail. Martin Chilcott, founder of 2degrees, Chris Hancock, founder of Source2Fund, and our very own Procurious GM, Lisa Malone, discussed the power of online collaboration in procurement.
Next up, procurement heavyweight and ISM CEO, Tom Derry. Tom talked about how ISM are helping procurement professionals equip themselves for the future by ensuring that they have the right skills. The ISM Mastery Model has already helped train over 60,000 procurement professionals, and it certainly felt like there were a few more converts in the audience!
Tom was then joined by two heavy hitters in the UK CPO recruitment space in Lucy Harding and Lee Gudgeon to discuss what skills procurement leaders need to succeed in the future.
Big Data, predictive analytics and forecasting will enable procurement to be more agile in a volatile environment. This was the view of Chris Sawchuk, the Hackett Group, during the final keynote of the day.
Finally, we asked some senior procurement leaders to tell us what they thought procurement’s blind spots were, and how they should be dealing with them.
There were some great, tough questions from the audience, and from our social media audience, producing some great insights for our delegates to take away.
The day itself may now be over, but the debate and discussions are still being amplified online. You can see all our content from the day on the Big Ideas Summit website, plus check out all the conversation from the day on Twitter too.
You can find all our Periscope recordings of the keynotes and panels in the Big Ideas 2016 Group, as well as accessing our Digital Goodie Bag, which all our sponsors have contributed to.
Plus we’ve just started to release our first few videos from the event, in which our thought leaders shared their own Big Ideas. You can find them in the Learning hub on Procurious.
And if that’s not enough reading material for you, here’s a handy list of related stories you might have missed on Big Ideas 2016:
The Big Ideas Summit 2016 global brainstorm lit up social media, bringing together a global community to advance discussions on ‘uber-ization’, cognitive procurement and more, as well as setting a courageous agenda for the future.
Expected to handle cataclysmic events and act with extreme agility, today’s procurement executives must be brave and bold. Indeed, Being courageous is now the defining characteristic of successful procurement leaders, according to the influencers who spoke during Procurious’ second annual Big Ideas Summit on April 21, 2016.
The unprecedented digital think-tank event connected these presenters with Procurious’ 14,000+ members, crowdsourcing everyone’s big ideas for the future of the profession.
Sponsored by Coupa, The Hackett Group, IBM, and the Institute for Supply Management® (ISM®), the event sparked vigorous discussion on Procurious.com, the leading online community for procurement/supply management professionals.
Delegates watched live footage, and posted and tweeted under the #Bigideas2016 hashtag, reaching a potential audience of over one million individuals. Among the big ideas that influencers shared:
Preparing for “Black Swans”
In a year racked by political and economic volatility, Former BBC anchor Nik Gowing challenged delegates to prepare for the next “black swans” (unknown cataclysmic events) that threaten their supply chains.
Barry Ward, Senior Brand Manager, IBM, urged them to use Cognitive Procurement technologies to predict these crises, which could throw their market caps into a downward spiral.
Uber-ization Sparks Innovation
Gabe Perez, Vice President of Strategy and Development, Coupa Software, encouraged procurement leaders to drive more innovation and value by replacing RFP processes with an Uber-like open network model.
How else can procurement leaders accelerate innovation? Christopher Sawchuk, Principal and Global Advisory Practice Leader, The Hackett Group, laid out an agility model enabled by the right culture, talent and leadership, risk forecasting and planning, automation, outsourcing, and more.
Driving Social Outcomes
Procurement leaders’ opportunity to do social good was another hot topic. Journalist Lucy Siegle, co-founder of The Green Carpet Challenge, called attention to abuses in the fashion industry supply chain, and the iconic brands who are tackling it.
Peter Holbrook, CEO of Social Enterprise UK, discussed the transformational ‘Buy Social Corporate Challenge‘, through which ten major global organisations will spend £1 billion with social enterprises by 2020.
Open and Connected
With the pervasive use of the Internet and social media, especially among the Millennial generation, leaders such as Tom Derry, CEO of ISM®, advocated a more open communications approach. Walking the talk, his organisation recently made its comprehensive Mastery Model – a blueprint for lifetime success in supply management – freely accessible over the Internet.
“The procurement profession must share, share, and share online to build our collective muscle, amplify attention to our impact, and tackle our thorniest issues together,” said Tania Seary, founder of Procurious.
The global brainstorm continues on Procurious, where members can view more Big Ideas Videos and articles from the speakers, submit their own videos, tweet using #BigIdeas2016 @procurious_, ask follow-up questions on the Procurious Discussions Board, claim their Digital Goodie Bags, and invite friends to participate.
We’ve been keeping an eye on the top headlines in procurement and supply chain this week…
More supply chain leaders are making the move to CEO
Supply chain leaders who have stepped up to CEO include Tim Cook of Apple, Mary Barra of General Motors and Brian Krzanich of Intel.
Kevin O’Marah comments that supply chain leaders have CEO-level skills including balancing risk and opportunity, fighting the near-term battle with an eye on long term strategy, and focusing on profitable growth.
CPOs think like engineers, but also like salespeople. Like CEOs, they’re able to communicate and influence to get the job done.