Take Some Advice From Procurement’s Top Influencers

Don’t cry because it’s over…. Smile because you can re-live all of the action from The Big Ideas Summit Chicago on Procurious! The event might be over, but you can still  register for The Big Ideas Summit Chicago to access footage  from the event. 

Last week, Procurious gathered 50 of the U.S.’s top procurement and supply chain influencers in Chicago for the Big Ideas Summit for a day of rich discussion on the trends impacting our industry.

We debated whether entrepreneurial skills are something we’re born with or something we can teach…

We learnt why procurement pros must become better intelligence gatherers in preparation for the disruptive forces coming our way in 2018…

And we discovered that it’s possible to engineer moments of serendpity to ensure we meet the right people at the right time!

Couldn’t join us on the day?

Did we slip your mind? No problem! The Big Ideas Summit itself might be over but the global brainstorm continues on Procurious. There’s heaps more content to get your teeth stuck into via the learning area and in our Big Ideas Summit Chicago Digital Delgate Group.

Here’s a taster of some the content you can expect…

Everyone’s A Little Bit Entrepreneurial

Nina Vaca, The Chairman and CEO of Pinnacle Group has experienced a roller-coaster of ups and downs in her 20-year journey from a niche IT business, that was started on her living room floor, to the workforce solutions powerhouse it is today.

She offered some fascinating insights in to her life as a successful entrepreneur and asked us to think of entrpreneurship as a continuum, and not as a noun.

Everyone, Nina believes, has a little bit of entrepreneurial skill. Whilst your position on the entrepreneurial scale whether it be 5, 50 or 100 determines your overall potential, we can all move forward in our abilities to some extent!

Nina also provided some advice on how to spot entrepreneurial qualities during an interview process. How do you identify the visionaries, the ones with fire in their belly who will galvanise the people around them. Find out more below:

Can We Speed Up Real Life?

Greg Lindsay, Futurist, Urbanist, Journalist and Author, is a firm believer in the fact that innovation is fundamentally social. Indeed, case study after case study has demonstrated that the best ideas are more likely to arise from a casual chat around the water fountain than in any scheduled meeting.

So how do we engineer serendipidous moments. Of course, as Greg acknowledged at last week’s event, this is an oxymoron. But it is possible to create the conditions for unplanned encounters with people where ideas can happen. How do you meet the person in the office you should be working with, how do you meet people in the same social speheres you are yet to encounter?

Greg’s presentation was all about accelerating the experience of life, which is all about unplanned encounters. They happen all the time anyway, so the trick is to figure out how we can bend them to our will? Learn more in Greg’s video interview:

You Have All The Info You Need. Now, What To Do With It All…?

Justin Crump, CEO at Sibylline thinks that every procurement leader needs to become a better intelligence gatherer.  Given the rate at which technology is evolving and how global events are impacting the world, it is increasingly difficult for companies to keep-up without considering risk in real-time. Intelligence about the world we live in drives business operations and the better informed we are the easier it is to drive progress.

Justin explained that procurement teams need an effective process to managing the information they have and turning it into something they can use, what he terms an “actionable insight”.

In the past it was hard to get hold of information and now we’re swamped with it with the advent of social media – the challenge is pulling it al together.  In his video, Justin offers some advice on how to do this and outlines the disruptive forces are heading our way in 2018?

Want to see more from The Big Ideas Summit Chicago.  Register now  (It’s FREE!) as a digital delegate to gain access to all of the day’s action including video interviews with our speakers and attendees. 

Don’t let your career break become a career breakdown

We know the story; a promising career comes screeching to a halt! But how do you ensure your career break is the start of something brilliant and not the car-crash it, at first, appears to be!

The first part of my professional story sounds exactly like scores of other professional women’s: college, work, apartment, graduate school (nights), wedding, better job, travel, better job, and… family!

Suddenly, the career I had been working so hard to build came to a screeching halt. I went from being the Associate Director of Consulting at Emptoris to… well I didn’t know what. My newborn daughter was completely unimpressed with my title, my two graduate degrees, or my extensive knowledge of spend management principles. I honestly didn’t know if and when I would return to the workplace, in procurement or otherwise.

Then I received a completely unexpected, unsolicited invitation to join Buyers Meeting Point. Anna was 18 months old and her little brother Timmy was expected in a few months’ time. Could I juggle two small children and a fledgling business? I labored over the decision, but ultimately came to the realisation that I might never get such as opportunity again.

I am not a natural entrepreneur!

Here’s the funny thing about that: I am not a natural entrepreneur. I know a lot of entrepreneurs. They are a very unique and amazing group of people. They have vision. They have passion. They act with confidence even when they don’t particularly feel it. They have a tolerance for risk that I can hardly comprehend. In fact, I’m such a NON-trepreneur that when I was getting my MBA at Babson College (home of U.S. News and World Report’s #1 graduate program for entrepreneurship in the nation for over 2 decades) I did not take one class in entrepreneurship. Why? I was never going to own a business… doh!

I found myself at home with 2 children under the age of 2 and no schooling in entrepreneurship building a business. As I look back 8 years later, part of me is still shocked that I made it work. I think the key was my goal: to never, ever, ever, (ever!) return to a cube again.

My kids are now 9 (Anna), 7 (Timmy), and 4 (Joseph). They are healthy, active children, and since the kitchen table is also my executive conference room, my business life and personal life often collide. If your career break becomes a brand new beginning, here is my advice for balancing family and work from the joyful chaos of a home office.

Partner with your calendar and task list

When you have a lot of disconnected moving pieces in your head, your best bet is to communicate with yourself in writing. I am disciplined about keeping my calendar(s) up to date so that podcast interviews and new prospect calls do not collide with horseback riding lessons or meeting the school bus.

The same goes for managing tasks. I am not kidding about this piece of advice: if you do not write it down, it will not happen. Period. There are daily tasks, weekly and monthly recurring writing schedules, and one-off writing contracts. They all have to be kept in priority order so that deadlines are not missed. I find it helpful to work with a hard copy to do list each day, putting work tasks alongside family ones. That way, if the vet calls while I am finishing an article, or I see a request come in from a colleague to share something on social media while I am making lunches for the next day, I can jot it down without breaking off to find my phone.

Build a network

Something I know I share with procurement colleagues working in traditional positions is that feeling of dread that arises when someone at a party asks what I do for a living. “Procurement? What on earth is that?” Sigh.

It is even more important that non-traditional professionals have a strong network of peers to lean on. The major downside of working from home is that you can feel isolated without ever being alone (not even for a second). Using Skype and social media sites to build connections and invest in peer relationships is a must. Figure out who is really a ‘friend’ and who just wants another number in their connection statistics. Make sure you reach out to people and engage with their topics on a regular basis – not just when you need something.

And… most importantly, laugh!

For years, I have scheduled calls around nap schedules, archery lessons, half day preschool, and parent teacher conferences. In the summer (when book manuscripts are inevitably due for some reason…) I keep Italian ice in the freezer because it takes my kids so long to eat it. One of my final book manuscripts received a little additional editing from Anna – she drew a shark on page 137. I have presented webinars with Joseph driving Matchbox cars at my feet and once I tripped over a Minion toy during a podcast interview. Luckily, the sound was not picked up on my microphone!

When work and home life share the same headquarters, your best case scenario is two-way immersion. I like to think that I show my children that the only thing that can hold you back in life is the limitation of your own imagination. They have been at my side (cheering!) as I brought each of my final book manuscripts to FedEx to overnight to the publisher. My husband (a hardware engineer) has been called upon more than once to work ‘IT magic’ for some accessibility or conversion effort. I get to continue working in an industry I love without being tied to a desk.

With today’s connectivity and open-mindedness about contract labor, there are very few things that you can’t turn into a career from home. If you have the determination and discipline, there is no reason that you, too, can’t say good-bye to a ‘cube dwelling’ life forever.

Keep It Cool: Four Tips For Top Negotiators

If there’s no exchange, there is no negotiation. Great negotiators know that a willingness to compromise is often the only way to avoid a stalemate.

Negotiation is increasingly prevalent in our daily lives and is a necessary part of a wide range of professions. Given the nature of the globalized and fast-paced world in which we live, negotiating has become ubiquitous in every corporate role.

Due to the step-up in challenging objectives within organizations that wish to remain competitive, fast and sound decision-making, as well as conflict resolution through negotiation, have become more important than ever.

Tips for top negotiators

Do your homework

In order to ensure a successful agreement, the negotiator must possess in-depth knowledge of whatever is being negotiated. Moreover, they must study and understand the nature of the supplier (or client) they’re negotiating with, and have a firm grasp of key dates, financial targets and any negotiation restrictions.

The other person isn’t your enemy

Importantly, you should not see the person across the table as an adversary, but as another “player” who’s trying to solve a similar problem. A negotiation is not a competition where one wins and the other loses. Always seek a beneficial agreement where both parts secure a satisfactory degree of success, particularly if you want to have a healthy, ongoing relationship. Remember, negotiating is basically exchanging. If there’s no exchange, there is no negotiation. When one party makes a concession, the other will be expected to do so as well.

Be flexible

Flexibility is paramount in order to solve eventual stalemates, and it’s important that the professional in charge of negotiations knows for sure what they’re willing to give up. A refusal to shift can lead to a failure to reach an agreement, which won’t solve anything.

Be confident

If you can demonstrate that you’re 100% confident and knowledgeable about all aspects of the negotiation, the other party will tend to be more careful while making observations, raising objections and even proposing financial targets. Misunderstandings and ambiguities can negatively affect their credibility in the negotiation.

Ask questions

Think about what you need to ask the other party, how to ask for this information, and how you’re going to apply this information to benefit your cause. 

Four ways to gain an advantage in negotiations

  1. Always take the initiative

Commonly, the one who controls negotiations from the beginning tends to control the outcome. If you let the other party begin the negotiation, you may end up relinquishing control without realizing you’re doing so.

  1.  Formalise negotiations in writing

Many negotiators make the mistake of discussing the terms and conditions of an agreement or contract without committing themselves to a written document. Make sure you want away with a formal written agreement, recording all terms in detail.

  1. Keep it cool

Regardless of stress, agendas, egos, emotions or priorities, it’s important to remain calm and stay in control. Great negotiators know how to keep a level head and find solutions to sudden obstacles.

  1. Stay on your turf

Use the “home team advantage” by scheduling strategic negotiations at your company. Being on your own turf can give you an advantage as people are generally more at ease on familiar ground.

At the end of a successful negotiation, all participants should have a feeling of accomplishment (or at least that they’ve managed to break even). This will only occur if the negotiation has taken place in a transactional manner, that is, with compromises and achievements.

Spot the Signs: 9 Ways To Identify Modern Slavery

Contrary to popular belief, the victims of modern slavery are not always hidden away in secret locations. After a 126% increase in reported slavery, Crimestoppers UK has partnered with a labour abuse authority to help the public – and supply management professionals – recognise slavery taking place in their own backyard.  

As procurement professionals worldwide move to stamp out modern slavery in their supply chains, the enormity of the challenge needs to be met with every available tool. Compliance with legislation, accreditation programs, policies and procedures are all very necessary, but so, too, is simply keeping your eyes and ears open when visiting suppliers on-site.

Crimestoppers and the GLAA (Gangmasters and Labour Abuse Authority) have released nine common signs that victims of modern day slavery share. These signs are intended to raise public awareness and encourage people to report their suspicions, but many are relevant for supply managers, too. Keep an eye out for these signs when visiting your first-tier suppliers, and encourage your suppliers to do the same with their suppliers, and so on.

Nine Signs to Spot

Victims of modern slavery may:

  1. Show signs of injury, abuse and malnourishment
  2. Look unkempt, often in the same clothing and have poor hygiene
  3. Be under the control and influence of others
  4. May have inappropriate clothing for the work they are performing, and/or a lack of safety equipment
  5. Be collected very early and/or returned late at night on a regular basis
  6. May be isolated from the local community and their family
  7. Live in cramped, dirty, overcrowded accommodation
  8. Have no access or control of their passport or identity documents
  9. Appear scared, avoid eye contact, seem untrusting

Crimestoppers’ statistics in the UK alone show a 126% increase in information received on slavery in the past six months compared to the previous six-month period. It is this general rise in slavery figures nationwide which reflects why the GLAA has recently been granted a broader remit and stronger powers to tackle labour exploitation across the economy, introducing the capacity to search and seize evidence and investigate modern slavery where it relates to labour abuse and other offences.

Emily Van der Lely, Crimestoppers Lead on Slavery, said: “It’s so awful to hear that slavery is even an issue in this day and age, but we want to reassure victims that it is an issue that is taken extremely seriously, and make it clear to perpetrators that they will be found and prosecuted.

“By launching this campaign, we will educate the public as to the signs to spot and let them know that they can take action on this horrendous crime, without compromising their anonymity.”

Paul Broadbent, Chief Executive of the GLAA, said: “The public need to understand and be aware that modern slavery is happening right now, in and around the communities they live. Exploiting someone for their labour, forcing them to work, using people as commodities – these practices are abhorrent and we need the public’s help to stamp it out..”

Common industries for modern slavery:

  • Transport
  • Warehousing
  • Agriculture
  • Construction
  • Maritime
  • Restaurants/Takeaways
  • Car Washes
  • Nail Bars

 


In other news this week:

EU Data Protection Compliance: are you prepared?

  • The General Data Protection Regulation (GDPR) will come into effect in the EU on May 25th, 2018. Under the new legislation, data subjects have the right have their data erased, obtain information about exactly what data is being processed, receive a copy of personal data concerning them, and fight decision that affect them that have been made on a purely algorithmic basis.
  • Data science company, Dataiku, has published a white paper detailing how organisations that handle big data can start on the path towards GDPR compliance.
  • The report identifies the following five critical challenges: data storage, aligning teams, accommodating data subject requests, data governance and adaptability.

Click to download the report: Five Essential Pillars of Big Data GDPR Compliance

 

Chinese Supply Costs to Rise

  • An authoritative report from The Beijing Axis titled The China Compass has recommended that organisations recalibrate procurement from China as the country shifts to higher cost and higher value-add manufacturing.
  • The report recommends organisations adapt their supply focus by shifting to tier-2 suppliers in China and tier-1 suppliers in lower-cost Asian countries.
  • China is tipped to provider higher-end solutions and technology in industries where it has gained an advantage.

 

Social Procurement Platform a World First 

  • VendorPanel, an Australian Procurement technology company, has launched an online platform called ProcureForGood to drive positive social and economic change.
  • Reportedly the first such platform of its kind, ProcureForGood brings together multiple verified social procurement databases onto one marketplace platform.
  • The platform is the result of a collaboration between VendorPanel, Supply Nation, BuyAbility (National Disability Service) and Social Traders, and is predicted to be powerful for managing the large volume of low-value procurement (under $150k) that exists within government and corporate organisations.

Visit ProcureForGood.

Image credit: Thedreambuildersproject.com