Barclays CPO: You’re In The Driver’s Seat, So Take The Wheel!

Don’t just come along for the procurement ride! If you want to make it big as a CPO, you’ve got to get in the driver’s seat and take the wheel!

Career Boot Camp 2017 launches on 4th September, featuring podcasts  with 5 global CPOs. Sign up here (It’s FREE!)  

What are today’s CPOs looking out for in the high performing procurement leaders of tomorrow?

Accepting change is good. But it’s even better if you can embrace it and drive it!

Barclays CPO, Al Williams, is certainly looking for more in his hires than a simple willingness to tolerate change. If you’re in the driver’s seat, you’ve got to take the wheel and drive the agenda!

On the fifth and final day of Career Boot Camp, Al discusses how procurement can generate value, how the function should be positioned within an organisation and how he encourages his hires to think about positive change.

And, if you’re in the market for some new shining stars, find out what you can do to make procurement a preferred and enticing destination for the next generation of professionals!

Five days, five CPOs, five fifteen-minute podcasts to help you upgrade your procurement career. 

Featuring tips and guidance from the best in the business, each of our  CPOs will dedicate their week to coaching you on becoming the best procurement leader you can be!

On Day 5 of Career Boot Camp we hear from Managing Director and CPO Barclays Al Williams.

Need a little convinving before you sign up? Check out our teaser trailer below to hear what Al had to say in reponse to our quick-fire questions.

Grabbing The Wheel

What attributes is Al Williams looking for in high performing procurement leaders?

“We’ve been building out a new leadership team in our procurement organization so I’ve had an opportunity to interview and select people, both with internal, internal within the organization and external. And some of the things I’m looking for, in addition to what I just talked about around innovation and problem solving and that kind of thing, is their ability and their willingness to embrace change. Not just manage it and tolerate it but they actually drive it, right?

“I want leaders who are in the driver’s seat, sort of pushing the agenda, and not just along for the ride, and certainly not those that feel like they’re victims and end up kind of victims as a part of a larger process. Deriving, embracing and driving change. I would also say a collaborative approach is very important and it’s collaborative in two dimension from both inside the organisations and outside the organization and in the market.

“It’s very important that we’re not the land of no, especially at a leadership level.  I think people want to be a part of an organisation like that, that’s a problem solving and collaborative team.”

What’s Procurement’s Position?

How should procurement functions position themselves within larger organisations? It’s a question that all senior procurement leaders are asking themselves. For Al, the answer is three-fold.

“One is we need to make sure that we’re positioning procurement as a strategic, value-adding player in the business, and not transactional. If we act transactional, and behave transactional that’s how the business will treat us, and that’s how we’ll be perceived by the business.

“Second is of course making sure that we align to the key business metrics or the key business outcomes that are important to the overall business strategy. And that would include things like financial metrics. That may be, if you’re a public company, [understand] what are the key things that are important to drive profitability and align determined outcomes to those. I would say the same thing from a risk perspective as well, aligning to the organisational risk tolerance, risk temperament and any metrics that are associated with that. So that’s an important positioning.”

And thirdly?

“Procurement used to be consultative, it needs to be in a position of influence, it needs to be helping the business, it needs to be sharing perspective, market knowledge, helping shape strategy, at least from a spin perspective for the business. When I talk about helping the business, a good example is policy compliance. We tend to have to be the communicator of, and sometimes the police of, certain policies in our businesses.

“I think it’s very important that procurement is positioned as ‘Hey, we’re here to help you be compliant to the policies and to help sort of maneuver you through the mirage of steps and checks that need to happen'”.

Listen to Al’s full podcast when you sign up to Procurious. Career Boot Camp 2017 launches on 4th September, featuring podcasts with 5 global CPOs. Sign up here (It’s FREE!) 

Already a member of Procurious? You’re automatically enrolled for Career Boot Camp! Click here to listen to Al’s podcast in full.

Let Them Eat Cake With Co-op CPO

“Procurement talks too much about procurement. You don’t tell them what the recipe is. You just show them what the cake is going to look like!” 

Career Boot Camp 2017 launches on 4th September, featuring podcasts  with 5 global CPOs. Sign up here (It’s FREE!) 

Rigid processes can inhibit procurement’s ability to advance efficiently but there are ways to prevent them from getting in your way.  Fabienne Lesbros, CPO The Co-operative Group,  has some welcome advice on the subject, advising procurement pros to quit with the procurement jargon and cut to the chase!

And, if you’ve ever assumed that today’s CPO’s followed a clear and well-crafted career plan, think again! Fabienne explains how her ascent to the top went a little differently in today’s Career Boot Camp podcast!

Five days, five CPOs, five fifteen-minute podcasts to help you upgrade your procurement career. 

Featuring tips and guidance from the best in the business, each of our  CPOs will dedicate their week to coaching you on becoming the best procurement leader you can be!

On Day 4 of Career Boot Camp we hear from The Co-operative Group’s CPO, Fabienne Lesbros.

Need a little convinving before you sign up? Check out our teaser trailer below to hear what Fabienne had to say in reponse to our quick-fire questions.

Let Them Eat Cake!

We were interested to find out how Fabienne manages the restrictions of rigid processes. How can procurement pros prevent them from getting in the way and slowing the team’s agility?

“I would say think about the process that you use normally, what’s your best-in-class way of doing it? And then think about, Well actually what do I need? What’s the 80:20? What makes sense from a commercial point of view and what would make sense in that business particular case?  Cut to the chase, and get to the same results, because I’ve seen too many times teams taking months. They could have done it in two weeks. So it’s doing this 80:20 pragmatism. And also never talking to a budget-holder about the process, because that is the best way to set him off!

“A salesperson doesnt tell you his sales technique he just sells you the stuff. Procurement talks too much about procurement; you have to give them the cake. You don’t tell them what the recipe is. You just show them what the cake is going to look like!”

Losing the procurement jargon!

Continuous development is key for procurement professionals. What key skills does Fabienne recommend procurement focus on to help the function’s evolution?

“I think the technical skills are a given. But I think what’s missing a lot of the time with procurement people is the communication skill. People do not know not understand that they shouldn’t be talking about procurement, number one!

“Bring it back to a business conversation. No one really understands what procurement does. We are already in the position where it’s tougher, so you have to really work on that. You cannot wing it in meetings.

“I see too many people coming in, they haven’t prepared, they start to mumble and that’s it – you’ve lost your audience. You have to be precise, relevant, prepared and you have to add value.

So ask yourself, “Does this conversation add value? What do I want from it? What do I want that stakeholders should get from it as well?

“I think  procurement professionals don’t communicate well enough and this is why they don’t sell themselves enough either, because we do not sell ourselves or sell our successes in the same way that sales or marketing would. It’s very natural to them, they don’t even realise they’re doing it. But everybody knows about their existence in the company. No one ever knows about the system in procurement, because no one knows how to communicate it properly.

In short, Fabienne advises that we quit with all the procurement jargon. “That is where you lose your audience totally, because they won’t understand it.”

Listen to Fabienne’s full podcast when you sign up to Procurious. Career Boot Camp 2017 launches on 4th September, featuring podcasts with 5 global CPOs. Sign up here (It’s FREE!) 

Already a member of Procurious? You’re automatically enrolled for Career Boot Camp! Click here to listen to Fabienne’s podcast in full.

Crank It Up A Notch With AstraZeneca’s CPO

You don’t always have to reach for the stars in procurement! Sometimes it’s ok to crank it up one notch at a time. AstraZeneca CPO, Dapo Ajayi, explains why. 

Career Boot Camp 2017 launches on 4th September, featuring podcasts  with 5 global CPOs. Sign up here (It’s FREE!) 

We’d never say it’s a bad thing for procurement pros to forever shoot for the stars. Especially when it comes to innovating with suppliers. But don’t be underestimating those smaller successes and achievements!

Dapo Ajayi, CPO AstraZeneca wants to remind you that it’s ok to crank things up one notch at a time! Smaller ideas carry a lot of weight through building trust, improving collaboration and creating opportunities for greater change further down the line.

In her Career Boot Camp podcast, Dapo also discusses what business acumen means to her in the context of procurement, how to better align procurement with business stakeholders and offers guidance on how to become a CPO.

Five days, five CPOs, five fifteen-minute podcasts to help you upgrade your procurement career. 

Featuring tips and guidance from the best in the business, each of our  CPOs will dedicate their week to coaching you on becoming the best procurement leader you can be!

On Day 3 of Career Boot Camp we turn our attentions to AstraZeneca’s CPO, Dapo Ajayi.

Need a little convinving before you sign up? Check out our teaser trailer below to hear what Dapo had to say in reponse to our quick-fire questions.

Crank It Up, One Notch At A Time

It’s understandable that procurement pros would want to impart huge change in their organisations. But to achieve big, you sometimes have to be realistic and start small, allowing the more subtle changes you make to accumulate into something bigger.

“I don’t want to leave listeners with the view that innovation and new ideas is about the big, massive opportunity in change,” says Dapo.  “I think that you can be just as successful in terms of bringing in some of the smaller ideas, the smaller innovations, that maybe just move the organisation a notch as opposed to the big-step change. I think both have a place in the modern corporate environment.

“Sometimes the small steps are the way in which you build the trust and you begin to build the relationship as collaboration, of idea generation, which maybe then lead to the bigger idea, the bigger opportunity further down the line.”

What Does Business Acumen Mean For Procurement Pros?

“Business acumen is the way in which an individual approaches their role. They view themselves as leaders, leaders of the business, and don’t just see themselves as an enabling function that’s just there to meet the needs of a particular set of stakeholders. They feel ownership for the business agenda.”

For Dapo, business acumen is very much about  understanding the core of the business, and its priorities. “What’s really important for me,  in terms of procurement professionals, are those  who are agile enough to consider how their procurement agenda is relevant to the business agenda. Those who can translate “procurement speak” to business-relevant language. That, to me, is business acumen.

“It may be that talking about the unit price saving is not going to engage a stakeholder, but talking about how you can simplify or reduce the lead time will.  This, at the end of the day, might also result in a price reduction or a savings in procurement speak. It achieves all the objectives. But it’s just not the place to start!”

“The other thing, for me, is individuals who demonstrate an enterprise mindset. I feel that procurement is uniquely placed to be able to make connections. Quite often, you can see individual business units and individual functions, trying to solve a problem.

“In procurement, you suddenly find that, actually, you’re not on their own. There are multiple parts of the business all trying to address the same challenge. Elevating that to maybe an enterprise challenge and enterprise issue and looking at an enterprise solution as opposed to just a solution to a function A or function B I think is really important.”

Listen to Dapo’s full podcast when you sign up to Procurious. Career Boot Camp 2017 launches on 4th September, featuring podcasts with 5 global CPOs. Sign up here (It’s FREE!) 

Already a member of Procurious? You’re automatically enrolled for Career Boot Camp! Click here to listen to Dapo’s podcast in full.

“I Just Don’t See How Blockchain Can Apply To My Business”

Blockchain naysayers are echoing the words of short-sighted CEOs in the early 1990s who refused to recognise the disruptive potential of the Internet. American Blockchain Council Executive Director Jack Shaw demonstrates why businesses need Blockchain as a cornerstone of their digital transformation strategies.

Business Technology Futurist Jack Shaw is a keynote speaker at Procurious’ upcoming Big Ideas Summit in Chicago. Register now as a digital delegate.

Very few procurement functions are not currently going through some sort of digital transformation. Typically, the transformation includes building digital tools to enhance customer engagement, robotic process automation for rules-based activities, the use of big data and analytics to bolster decision-making, IoT integration, moving your business to the cloud, and – for some – bringing cognitive computing on board.

What’s missing from this daunting to-do list? The integration of Blockchain technology.

Jack Shaw explains why Blockchain needs to be a fundamental part of every business’ digital strategy: “Blockchain is unique among emerging technologies. Other technologies, such as IoT, can be extremely powerful as a ‘point solution’. This means they apply at a particular point in the business process, or even at a particular geographical location in the supply chain, to increase accuracy and speed.

“Blockchain, however, provides the infrastructural glue that ties these disparate technologies together into a single, coherent business ecosystem. You can have thousands of participants accessing timely, shared data, which allows you to step back and think about how the whole system can work more effectively.”

Two exciting benefits Blockchain technology will bring to the supply chain

Speed: Shaw talks about the incredible increase in speed of international trade transactions that Blockchain can deliver. “When I spoke at a global big data conference in China recently, a delivery of cotton from Houston U.S.A. had arrived at the local Chinese port three days earlier. With an international shipment like that, the paperwork involved normally takes around 10 days to settle. However, this particular shipment had been arranged with Blockchain and scanning technology, and it took a mere 10 minutes in total.”

Validation of providence: Supply chain professionals know the importance of transparency when it comes to sourcing products. Even if your first, second or third-tier suppliers seem legit, there’s also the risk that something illegal exists further down your supply chain, such as conflict minerals or modern slavery. With Blockchain, every step of the products’ lifecycle can be tracked and validated, all the way back to the extractive industries. As Shaw says, “Lack of visibility will no longer be an excuse.”

Cybersecurity and Blockchain technology

While it isn’t a magic bullet for cybersecurity challenges, Blockchain creates a level of trust that’s well beyond anything that has existed previously. Transactions are readily accessible (and transparent) for those who are authorised to see it, and un-hackable by those who aren’t. Not only are financial transactions more secure through Blockchain technology; it’s also very powerful for protecting data.

Shaw cautions that hackers could still find their way in by feeding incorrect data through in-house systems. “In a way, Blockchain will step up the requirement for improved data integrity. Technology such as cognitive computing only works if the data is valid.”

The Internet of Things (IoT) is another frontline for cybersecurity. “How do you know that the data you rely on to make decisions is actually from a particular device, and that it hasn’t been hacked or spoofed? Blockchain can provide an immutable record that uniquely identifies a data-providing ‘thing’ to ensure that you know your information is coming from that source.”

Shaw gives the example of odometers, where unethical car dealers can hire digital hackers to alter the mileage. Bosch has recently integrated Blockchain technology with odometers which upload digital readings hourly. “You can extend this concept across big data, analytics and cognitive”, says Shaw. “It only works if the data is valid, and Blockchain is one way to ensure that.”

Blockchain technology will be one of the many disruptive forces discussed on 28th September at the Big Ideas Summit in Chicago. Register now (it’s FREE!) as a digital delegate to access all the news and content from the event.

Why Vodafone’s CPO Is Locking Up His Data Scientists!

If you’ve got a data rockstar lurking somewhere in your procurement team- hold on to them tight! They could be your most valuable asset…

Career Boot Camp 2017 launches on 4th September, featuring podcasts  with 5 global CPOs. Sign up here (It’s FREE!) 

When you’re the CPO of a global business, it certainly helps to be passionate about procurement! Fortunately, this doesn’t seem to be a problem for Vodafone’s CPO, Ninian Wilson.

He’s passionate about his people, the digital revolution and innovation and he’s got some invaluable advice for Procurious members on fostering all three in big companies.

He might be managing a spend of €22bn, but he’s still found the time to partake in this week’s Career Boot Camp, sharing his words of wisdom with the next generation of procurement superstars.

Five days, five CPOs, five fifteen-minute podcasts to help you upgrade your procurement career. 

Featuring tips and guidance from the best in the business, each of our  CPOs will dedicate their week to coaching you on becoming the best procurement leader you can be!

On Day 2 of Career Boot Camp we turn our attentions to Vodafone’s CPO, Ninian Wilson.

Need a little convinving before you sign up? Check out our teaser trailer below to hear what Ninian had to say in reponse to our quick-fire questions.

Lock up your data scientists

Procurious was interested to learn how Ninian has seen procurement skill-sets evolve over time. One thing’s for sure, when it comes to valuing procurement skills in his new hires, Ninian  knows exactly what he’s looking for.

“I think it’s constantly evolving. I think one very common skill from when I joined; we were looking for just super great negotiators.

“I think that’s changing now and I think as we move more and more digital, we’ll even be trying to hire some data rockstars, which we call them, and people that aren’t quite data scientists, but very close to it. Those who understand how data is structured and understand how to manipulate it, how to present it, how to get insights from data and information. That skill base is changing a little.”

Businesses are gaining access to more and more data than we could ever have imagined and, as Ninian explained, procurement needs to be able to structure it, stream it and gain insights from it.

“We’ve got one of our young staff here, he’s absolutely fantastic, and he is a data scientist.” Ninian continues. “He’s helping us on our process analytics, pointing out where we’ve got poor process, which is impacting how people work with the Supply Chain and the business. He’s a very valuable asset and there’s not many of them around so I’m not going to say his name!”

110 per cent behind cross-cultural working

Perhaps one of the reasons Ninian is able to innovate so readily at Vodafone is the incredible diversity within the business.  “We’ve got tremendous cultural diversity in our business. I absolutely love working in a diverse company. We’ve got 50 different nationalities here in the Vodafone procurement company.  And obviously with 26 operating companies throughout the world, the opportunity to experience different cultures and to work with people from different cultures is always there at Vodafone and one of the key strengths that we have, not just a multinational corporation, but we’ve got real local roots and local perspectives in terms of how we do business. I think there’s a lot of value in that for a lot of large organisations.”

How does he feel about members of his team heading off to experience working around the globe? Pretty good, it seems!

“You’d find me 100 per cent, 110 per cent if I’m allowed to go over the 100, supportive of that. We’ve brought a number of people from our Indian business to the Luxembourg office to try and sort of move people around. We are also very keen on rotating staff in and out of the procurement company into different operating companies so that they can learn a little bit more about the culture, a little more about how things get done around here. Because we think it enriches the individual.

Listen to Ninian’s full podcast when you sign up to Procurious. Career Boot Camp 2017 launches on 4th September, featuring podcasts with 5 global CPOs. Sign up here (It’s FREE!) 

Already a member of Procurious? You’re automatically enrolled for Career Boot Camp! Click here to listen to Ninian’s podcast in full.

Rio Tinto CPO: How To Fail Forward In Procurement

“No one is an Olympic caliber downhill skier from the outset!” Ramsay Chu, CPO Rio Tinto. That’s why procurement pros have to learn to Fail Forward! 

Career Boot Camp 2017 launches on 4th September, featuring podcasts  with 5 global CPOs. Sign up here (It’s FREE!)  

What better way to advance your procurement career than gaining inside information from the very best in the business.

If you only knew your CPO’s top priorities, what they’re looking for in new hires or how they see the procurement function evolving, you’d be perfectly placed to dazzle them with your foresight and intuition. Sound appealing, if not a little far fetched?

It shouldn’t do because Career Boot Camp 2017 launches today and promises to deliver with insights into all of the above.

Five days, five CPOs, five fifteen-minute podcasts to help you upgrade your procurement career. 

Featuring tips and guidance from the best in the business, each of our  CPOs will dedicate their week to coaching you on becoming the best procurement leader you can be!

There are a hundred and one reasons to tune in each day this week week but Rio Tinto CPO Ramsay Chu’s podcast is as good as any.

Need a little convinving before you sign up? Check out our teaser trailer below to hear what Ramsay had to say in reponse to our quick-fire questions.

Why Should Procurement Pros Fail-Forward?

As a CPO, it’s crucial to foster an entrepreneurial spirit within your procurement team, no matter how large the organisation. Ramsay explained to us that this happens when businesses create a safe environment for their employees to be creative.

” While that seems really abstract, I think a much simpler way to do it would be to create an environment where we can allow team members the emotional safety to speak up, develop the courage to share an idea that may not be part of the norm, and, more importantly, allow them to feel comfortable to fail.

“Trying and failing is really at the core of entrepreneurship.

“We think about some of the most transformative evolutions that any of us have personally experienced in our professional or personal careers. I can tell you that it’s almost always fraught with a history of failure and that failure is at the core of developing the entrepreneurial spirit.

“To use a more personal ideology, I think it would be very much akin to skiing. The best skiers have fallen many times. No one is an Olympic caliber downhill skier from the outset. It’s not a natural or innate talent that anyone’s born with. They get better by learning, pushing themselves to the limits, oftentimes falling, picking themselves up, and moving on.

“I think the fear of failure oftentimes casts a very long shadow, and potentially impairs our ability to really think big.”

Tech skills? Pfft! We can teach that stuff!

We were also eager to pick Ramsay’s brains on the procurement talent Rio Tinto is snapping up.  As the procurement function evolves, new skillsets are required.

Ramsay acknowledged that skillsets have historically been centered around supply chain, finance, operations or engineering, all, as he describes them “technical dicisplines.”

“What we’re trying to do [at Rio Tinto]  is find people that absolutely have what I would consider more specific experience in some of the more intellectual or emotional disciplines, in the form of either liberal arts or communications. Ultimately, it’s the ability to solve problems that I think will help and drive transformation within a company. It all comes down to having the capability to engage, to understand, collaborate, more importantly, to influence.

“We’ve had some great success with people that are creative writers, a couple of people with philosophy majors, and even a couple of communications experts. We have to be focused now on behaviors, and ultimately we can teach them those technical skills. It’s very likely and possible that we can take a philosophy major and teach them supply chain. It sometimes is harder to teach somebody that’s been rooted in the engineering discipline to think differently, so to speak, or create a different behavior.”

Listen to Ramsay’s full podcast when you sign up to Procurious. Career Boot Camp 2017 launches on 4th September, featuring podcasts with 5 global CPOs. Sign up here (It’s FREE!) 

Already a member of Procurious? You’re automatically enrolled for Career Boot Camp! Click here to listen to Ramsay’s podcast in full.

The BIGGEST Mistake Leaders Make On Their Way To The Top

Procurement leaders, listen up! We hate to break it to you, but life’s not fair. And neither is your procurement career! 

Career Boot Camp 2017 launches on 4th September, featuring podcasts  with 5 global CPOs. Sign up here (It’s FREE!)

How many times have you been told about someone’s promotion and thought “how did they get that job? I would have been great for that!” Rejected and demotivated, you head home, resolute to move companies. You pour a tall glass of wine and start polishing your resume.

I’ve worked with hundreds of CEOs, CFOs and CPOs. I’ve seen people rise to the top, sink hard and fast to the bottom and flounder somewhere in between – never quite gaining the momentum required to propel an upward trajectory on their career.

From my experience, the biggest mistake people make in their quest for the c-suite is believing that the promotion process is fair.

Life’s not fair, and neither is your career…

You can do all the right things but it doesn’t mean you are going to land yourself the next big job. Corporations are complex and corporate politics are tricky, which means you’ll never really see the full picture.

You might be a rock star employee who delivered on all your KPIs, participated in “extra curricular” activities, and can boast a strong and supportive network (you even know the CEO!) but it doesn’t mean you’ll be offered your dream role.

So why do highly qualified candidates miss out on the top roles? There are a million and one reasons and you may never know the real answer. Some of the reasons for rejection will be about you, others will be about the company.

Here’s a handful of reasons why you may be blindsided:

Things that are not about you

  1. A change in strategy direction (ie. they put in a marketing person because they want “customer focus” or an IT person because they want a “technology focus”)
  2. The leadership team has changed and you are perceived as being part of the “old regime”
  3. They want to find a leadership role for another high potential employee and this is the best opportunity at that time
  4. There is a bias in the selection process. Even though companies are becoming increasingly aware of unconscious bias, it still may exist. Thirty years ago my husband participated in a leadership conference for 23 participants, 21 of whom were first-born sons, 1 female and 1 other male…which was my husband! Alternatively there may be a conscious bias to improve the diversity of the leadership team.

Things that are about you

  1. You’re not perceived as having the right level of experience (whether you do or not is irrelevant)
  2. You’re not promoting yourself enough. This doesn’t necessarily require an elaborate self-promotion campaign.It can also simply mean delivering on the basics. For example, one CFO told me he went into his internal HR system and some candidates didn’t even have their CV up to date, or a photo on fil That will make it unlikely for you to be selected. If you only do ONE thing as a result of reading this….PLEASE update your in-house profile!
  3. You’ve upset someone along the line. In hindsight, the inappropriate comment at an important executive meeting or the impromptu performance at the Christmas party may have been a career-limiting move. I actually know someone who slid down the boardroom table at a Friday night drinks, which may (or may not) have been forgotten, except that his belt buckle engraved a huge scratch from one end to the other – which was all too apparent to the Directors on Monday morning.
  4. Of course, the obvious: you just aren’t qualifi­­­­ed for the role!

It’s a long way to the top

As the famous ACDC lyrics go, “it’s a long way to the top if you want to rock ‘n’ roll” – tenacity is key. Wait patiently, which is not my strong suit, ­­­ for “your time”.

There is a direct correlation between how quickly you bounce back from a career disappointment and how quickly you get promoted. If you’re going to thrive, you need to take a long-term view on your career and build up your career resiliency.

I’ve seen this time and time again. One of my favourite examples was a mentor of mine who was at one point in a heated competition with one of her peers for the CPO role. Unfortunately she missed out, but quickly changed her perspective, becoming the trusted 2IC to her former peer, now boss.

Within twelve months she was headhunted to become the CPO of an even larger organisation! And guess who one of her biggest fans was? Yep!The very same person she had been competing with just a year ago; former peer and now boss,the CPO. How circumstances change!

Remember your career is not a sprint, it’s a marathon. You need to build career resiliency. In the long run, your endurance will pay dividends and chances are, you’ll land the dream job when you least expect it.

Career Boot Camp 2017 launches on 4th September, featuring podcasts with 5 global CPOs. Sign up here (It’s FREE!)

 

Automation: Who Says You Can’t Manage What You Can’t See?

If your business is engaged in international commerce, you’re probably struggling to toe the line with supplier risk management. Automation, alerts, and third-party data are your best defense.

Managing supply chain risk is no walk in the park. Exogenous events like the recent terrorist attacks in Barcelona have drawn attention to the EU’s rules to combat terrorism financing through stricter anti-money laundering (AML) regulations. These rules impact many companies that are increasingly added to the law’s scope: possibly yours.

Meanwhile, modern slavery violations can surprise even the most astute contract or supply chain managers who may have unknowingly relied on invalid or falsified information. In the U.K., The Modern Slavery Act 2015 includes a Transparency in Supply Chains clause, which requires companies operating in the U.K. to address modern slavery in their supply chains. If you’re at a big company, you’re probably on the hook to comply.

Once you add in the more common types of risk, such as the financial or credit health of your suppliers, changing markets, and natural disasters, the sense of how challenging it is to manage them all—in the age of digital disruption with fast-paced change and volatility—can quickly become overwhelming.

Fortunately, there is technology and automation to help you maintain control, gain visibility into your supply chain, and mitigate much of these risks. The right technology can help you proactively steer your organization clear of minefields that can damage everything from reputation to sales. And it’s only getting better.

 Start with real-time monitoring and alerts

The first step is to identify the most likely disruptions to the supply chain, like a natural disaster or a work stoppage at a supplier’s supplier. One way to deal with this type of risk is with real-time monitoring. Real-time monitoring of your suppliers means that you can receive an alert whenever there is a potential for disruption. Such alerts can help you find an alternative source of supply, maintain production, and avoid missed deliveries or even a plant shutdown.

Real-time alerts should be an extension of an overall solution consisting of a platform and business network. This is the ideal foundation to set up, monitor, and manage a portfolio of suppliers to ensure that all essential documentation about labor practices, certifications, certificates of insurance, and so on, is in place before you start doing business.

Integrate third-party data sources

Documentation and data about your suppliers can come from many sources, not just what you gather during an onboarding, contracting, or surveying exercise. There are plenty of third-party sources that have standalone solutions and open APIs or integrations into supplier management platforms that let you address various dimensions of supplier risk and to set up corresponding alerts.

If your company is engaged in trade and has a 10,000-euro or more money transfer in any way, it will need to comply with the EU 4th AML Directive. In addition to digitally onboarding your supplier base, you may want to automate KYC / KYB (know-your-customer, /-business), AML (anti-money-laundering), and EDD (enhanced due diligence) requirements. These steps will help you comply with the directive

One provider that is using cutting edge technology like distributed ledgers is Austria-based Kompany. Their counterparty verification data allows users to streamline the supplier verification process at the point of onboarding (and continually) with up-to-the-minute alerts on any material changes to supplier vitals. Their information comes directly from the commercial registers. Kompany even includes PEP (politically exposed person) screening and sanction lists.

Who says you can’t manage what you can’t see?

Other popular sources of company and industry data include Moody’s (credit ratings), EcoVadis (sustainability scorecards and ratings), riskmethods (transparency into risk exposures in 1-n tier supply chains), and Made in a Free World (visibility into modern slavery), to name a few. These data sources can help you continuously monitor for risks and evaluate your risk portfolio during the sourcing process.

Through technology and regulatory technology systems like those described above, you can design an automated, customized, and intelligent risk management strategy. In turn, this can boost trust between you and your suppliers and you can plan more confidently in an environment full of uncertainty.