When Did Podcasting Become So Cool?

50 per cent of the population can’t be wrong, right? But just why is podcasting so popular and why do we keep listening?

By Syda Productions/ Shutterstock

In 2017, when I received a call from Colin Beattie, one of the best leadership and cultural transformation architects I know, I had no idea at all about podcasts. So when Colin told me that he had an idea for an innovative podcast format exploring leadership dilemmas, and asked if I wanted to be one of his executive speakers, it was more my enthusiasm at having a chance to work with Colin again that had me saying yes. Two great conversations facilitated by Colin with the wonderful Simone Carroll, some improvisation from the talented Rik Brown and Amanda Buckley, and two more episodes of the podcast series LeaderShip of Fools were created. From my end, I was a convert.

With the advent of digital technology, the way we work, socialise and engage has changed dramatically. So it’s no surprise therefore that the way we consume information, listen and learn has also changed. What may however be a surprise is that what we now commonly refer to as podcasting, has its origins in the 1980s. For those of us who were around at the time, we may remember it referred to as audioblogging (among other names). For its time, it was a ground-breaking way of recording and communicating information and messages. It wasn’t until the early 2000s and the introduction of the Apple iPod however, that momentum started to build around this digital platform. With a diverse library of 000’s of recordings being made available via the iPod, digital recordings became that much easier to access and started being more consistently being referred to as podcasts.

In this age of digital where only some things really stick and embed, and others join a cycle of hype before finding oblivion, what is it about podcasting that has not only endured but thrived? Nielsen estimates that in 2017, 44 per cent of Americans have listened to a podcast, with 80 per cent or more listening to one podcast each week.  If you think that sounds only vaguely interesting, and it’s simply a US-inspired phenomena, think again. According to Statista The State of Podcasting, would you have guessed that South Korea is firmly at the top of list of countries? With 58 per cent of people having listened to podcast in the last month, they are followed by Spain with 40 per cent. We Australians aren’t doing too poorly at 33 per cent, matching the US in percentage, if not in population numbers.  So irrespective of the range and location of listeners, it seems that podcasts are global and they are here to stay. Which raises the question of why exactly are we listening?

  1. Our need for connection. There does seem to be an irony here that I am very aware of. Does that really make sense? How can podcasting, a digital format helps us connect?  With over 600,000 podcasts out there, there are many topics and formats, as a well as a diversity of content. Done well, a podcast captures a conversation and invites us to be part of it. It can allow us to feel that we are listening and learning as active participants, even though we have not been there at the time. The authenticity of an open conversation, different perspectives from what we may otherwise be exposed to, and discussion that could confirm or challenge what we think we know, is a unique experience. Importantly, the challenge is non-confrontational and we give speakers a chance to explain themselves (unless we decide to pause them, or even more drastically, delete them from our library). They provoke our curiosity, and hopefully our admiration. Many times, and this has happened to me, they also provoke disbelief and ire. What? or Are you kidding me? is something I know I have said out loud while listening to more than one podcast.
  2. Interested in politics, starting a business, functional expertise, marketing, popular culture, music, crime, gardening, a discussion of your favourite TV show (yes, even if it is from the 90s and a guilty pleasure and therefore destined to remain unnamed)?  Well, you get the idea. Almost every, and any topic is likely to have a podcast associated with it. Note to readers: I have included “almost” to qualify my comment given that I am sure there will be someone out there who will be able to find a gap in the podcast market for a subject of interest. Applying a digital lens, podcasts have become a highly personalised way for us to choose what we want to consume, and how we want to consume it.  The breadth of content is extraordinary and the access to expertise so great. As someone navigating the business world whether in your own start up or in a large organisation, where else would you be able to hear about the challenges of entrepreneurship, digital transformation, leadership and customer engagement from those who have innovated, succeeded, and failed at scale? Similarly, where else would you be able to access the breadth of experiences and insights of people who are influencing the agenda on science, social justice, politics, economics and the environment be it locally, nationally or globally?
  3. If digital is redefining the idea of anywhere, anytime, then podcasting exemplifies this. Just as the options for content are endless, as a listener, I have the choice as to when and how, I listen. There are a multiplicity of listening platforms and devices; desktop, smartphone via iTunes, Spotify, Podbean. Something to suit everyone. Choices can be based on location, the time that is available and what is of interest at that particular day, week, or even moment. You can choose to be educated, entertained, moved, or inspired. Sometimes, a great podcast can achieve all of those things. There are many times that I have found myself laughing out loud as I listen to a podcast while I am walking. So a note to those who are new to podcasting; it does take a special type of confidence to walk down the street and not be disturbed by the curious looks of other pedestrians as you smile or laugh out loud. If you aren’t quite there yet, there are many other locations and time options for you to think about and get started with.

My podcast library is highly versatile depending on what I am interested in learning more about. A few current favourites from me that I am talking to friends about: npr’s Hidden Brain, Freakonomics Radio, HBR Ideacast, and of course, LeaderShip of Fools.

Great things happen when we seize the opportunity to be curious. If you haven’t become a podcast listener yet, it’s not too late to make a start. And if you have and lost some momentum, tune in to one on a topic of interest and reignite your learning and inspiration.

New Goals for Procurement – Driving Revenue Growth Through Supplier Collaboration

Procurement professionals need to think in more innovative ways about how we can drive competitive advantage and shareholder value for our organisations.

By Greg Epperson / Shutterstock

In my recent article, I talked about “the Art of Procurement”, and suggested that the time is right for procurement to move beyond our traditional focus on transactional improvement and basic cost reduction. Whilst remembering those are still important aspects of the role, we need to think in more innovative ways about how we can drive competitive advantage and shareholder value for our organisations.

Revenue growth is one key factor that determines shareholder value and organisational health generally. While profit is of course important, and the procurement goal of cost reduction plays a key role here, “you cannot cut your way to growth” (or ultimate success), as the saying goes. Growth is vital, and stock markets arguably value growth more than absolute profit levels or even margins.

So, firms can grow revenue through a variety of activities, for instance;

  • Finding new customers for existing products
  • Improving existing products (so the firm sells more)
  • Introducing new products – either totally “new”, or line / range extensions and additions
  • Improving the efficiency and effectiveness of sales and marketing activity

In every case here, it’s clear that procurement has a potential role to play. Even in terms of the “improved sales / marketing” route, there are possibilities – maybe procurement can work with the marketing team to find innovative suppliers in areas such as digital marketing? 

For one European bank, the capability of their internal procurement team has become a customer benefit that is winning new revenue.  Potential business customers – particularly small and medium sized firms who may not have much internal capability – are offered access to a set of procurement tools, templates and good practice guidance developed by the bank’s procurement team, who are also available for telephone consultation if the clients want that too. In a market where the core banking service on offer from every competitor is very similar, this has proved to be a differentiator that has won new business for the firm.

When it comes to improving existing products (or services), suppliers are often better placed than the business itself to identify opportunities. Procurement can really come into its own by supporting that supplier-driven innovation and improvement. But in many cases, it is not simply about identifying the innovation or improvement – it may well be that the firm gains revenue and advantage through the speed to market compared to the competition.  

That was highlighted in a recent webinar I enjoyed, which featured my old friend and ex-colleague Jason Busch of Spend Matters as well as KPMG and Ivalua. But the highlight was hearing from Mark Gursky, Director of the Procurement Center of Excellence at Meritor (a $4 billion global manufacturer of automotive components). He explained how procurement in that business was contributing towards ambitious targets for growth via new product launches.

The key was (and is) enabling more effective working between Meritor and key suppliers, who are supporting the drive for growth. That change in the whole working relationship between buyer and suppliers, needed to support Meritor’s goals, has itself been supported by technology (that’s where procurement technology firm Ivalua comes into the picture).

It struck me that the technology achieves two goals. First of all, to really make the most of what your suppliers can offer, you need to manage the basics of supplier management well. That means supplier master data management; spend and contract analytics; risk management and so on. Putting it simply, if you don’t have a grip on who your suppliers are, what they’re doing with you, where in your organisation they are already working, and how they are performing, then impressive sounding “supplier innovation programmes” will be built on sand.

Then, having got the foundations in place, technology can support the actual collaborative development work. Gursky talked about using the Ivalua platform to manage all the work between the firm and key suppliers. Information is captured in one place rather than emails flying around between lots of different people. Complex requirements can be quickly translated into bills of material, then suppliers can respond rapidly to requests and questions. Projects can be tracked, data and information exchanged securely between the parties, and outputs tracked and monitored via the platform. Information is easily shared, but proper controls are managed too, important when we’re talking about potentially innovative new products.

You can still access the webinar here to find out more about the Meritor story; it’s a great example of procurement looking beyond the norm, and really contributing to those wider goals such as revenue growth.  And at the Ivalua Now “Art of Procurement” conference next month, I’m expecting to hear more examples like that of procurement moving beyond our traditional heartland of cost control and transactional management.

You can book for that here, and join the firm, key clients such as Total, Suez and Deutsche Telekom (and me) in Paris for what should be a stimulating couple of days – maybe see you there!   

Ivalua are sponsoring today’s Big Ideas Summit in London. Sign up now as a digital delegate to follow all the action wherever you are in the world.  

Make 2019 The Year Your Stakeholders #loveprocurement!

If procurement stays in its traditional role within the organisation, I believe will not achieve its potential growth.

By gpointstudio/ Shutterstock

Last year we asked a group of our customers why they ‘#loveprocurement’, and the answers were really a great testament to the evolving role of procurement. Ivalua is a company that was founded to serve the needs of procurement departments. We are very passionate about what we do, but even we were astonished at the wave of procurement love which came our way when we asked the question “Why do you #loveprocurement?” Here are some of the highlights:

A business function in the midst of a huge evolution, moving from optimising costs to becoming the creator of value and growth

Most procurement leaders have focused on some element of cost reduction and this remains an important area of focus. However, we are now at a point where procurement needs to, and can, look beyond cost savings and move to planning for a seismic change. No-one wins the race by just being good enough. In business being as good as your competitors will not ensure your future success. If you do not innovate you will fade away. We asked professionals why they love their jobs so much, and many called out procurement as being a highly innovative and dynamic department, full of creative people adding huge value to their organisations. Does this sound like you?

Last year we worked extensively with The Hackett Group and they published two excellent reports,

State of Procurement Digital Transformation, Part 1: Value Drivers and Expectations and L​essons Learned by Early Adopters, Part 2.​ In these reports they talk about getting the basics right and procurement getting its house in order ie building a data centre of excellence, getting stakeholders onboard, The latest report from The Hackett Group, ​Procurement Key Issues 2019,​ shows how things are moving on this year. Procurement organisations can move beyond best in class, and clearly the will of procurement teams is there to do this. However there needs to be better alignment between procurement and its business goals. If there is a focus on analytical capabilities (which there is), there must also be teams and individuals brought in with the skills to make this happen, that is when procurement will move to the stage of offering competitive advantage, rather than just as good as the competition.

The future of our profession is not written in stone. It is because of this that it is a passionate adventure for creative people

In a recent blog, Ivalua CMO Alex Saric talks recruitment as being one of the top issues for CPOs and their Senior Directors. What is clear from the comment above, is that the procurement industry is attracting top talent. The comment was repeated by many professionals, and what comes across is that people working in procurement are going above and beyond what might have traditionally expected from this sector. Wolfgang Groening, Head of Procurement Sourcing & Vendor Management at Deutsche Telekom talks in this ​short video​ about the fact that he loves to innovate. Wolfgang in particular calls out digital innovation and how this is allowing organisations like Deutsche Telekom to proactively look for ways to bring more innovation, rather than sticking with the transactional elements of procurement alone.

Fannie Mae, like many other organisations, are recruiting procurement experts that can bring industry knowledge and market insight. These experts are addressing their organisations’ needs to know what are the key trends in the marketplace, who are the movers and shakers in the market and where is innovation coming into play. This is so far from the traditional role of procurement as we could get. Sylvie Noel, CPO of French insurance giant Covéa speaks plainly when she says that has modernised her organisation’s procurement function and that now internal stakeholders or customers now have all the information they need from procurement and they either go for it or they don’t (her words). In Covéa, people can no longer moan about the ‘procurement black tunnel’, because Sylvie has brought in a tool which enables highly skilled procurement professionals to interact seamlessly with their customers, cutting out precious time which can be spend on new product innovations.

A function which has a significant impact on the bottom line AND on the TOP line of an organisation. It is a window of innovation from the outside

If procurement stays in its traditional role, the organisation, I believe will not achieve its potential growth. If procurement is just there to be the police and control cost, then that’s not good enough. Each department in any organisation of a reasonable size is making decisions every day which cost the company money. I’ve worked in marketing for 20 years, and some of the decisions I’ve seen made, and no doubt have made myself, have not always been 100 per cent well thought out! Marketing people are creative, last minute merchants, and this can mean that you do not always dot the Ts and cross the Rs. ​Procurement’s stakeholders, like marketing, need help as they too are going through a massive digital growth curve. I should know – I am a procurement stakeholder. As my department, marketing, steps into the great digital unknown, in a market that is constantly evolving we need skilled procurement professionals to help us make decisions which will be strategic to the company, and we are looking for that expertise and partnership. We need help to look at the innovations in our sector, and strong leadership in both marketing and procurement to make sure we are embracing new technologies, spending the company’s money wisely and driving growth. In addition, marketing and procurement departments need to be recruiting the sorts of individuals who collaborate by nature, who see the bigger picture, who are able to dream big, and also keep the end goal in mind.

What is clear from our #loveprocurement campaign and the answers that you gave us is that many of you love your jobs and are really passionate about the direction in which procurement is going. You are also clear that procurement can make a huge contribution to the bottomline and growth of your organisations. Now you need to make sure that your stakeholders feel this passion and begin to feel your influence on the direction your organisations are going.

Ivalua are sponsoring Big Ideas Summit London on March 14th. Sign up now as a digital delegate to follow the day’s action wherever you are in the world.  

Procurement Pros: You’ve Got A Friend In ROI

How does an organisation know that the procurement initiatives, projects, efforts really result in a quantifiable benefit to the business?

By Mercury Green / Shutterstock

As both a former CPO and consultant, I’m often asked about the strategies I have employed to grow, reach and deliver results. Yes, I can tell you stories from past lives of wooing reluctant stakeholders and setting savings records year over year. Actually, the secret to my success in procurement is much less glamorous, and I’d like to share that with you: 

Effectively planning and prioritising initiatives and meticulously tracking ROI through a rigorous project benefit validation process and governance framework are the best ways to increase your organisation’s credibility, dependability, and recognition.

Procurement plays a critical role in the cost management of an organisation.  This is why many organisations are quick to tout the cost savings and bottom line benefits generated by procurement’s efforts. Procurement’s maturity journey, when done right, can last months to years, and often requires significant investments – consultants, technology infrastructure, headcount, and support services. How does an organisation know that the procurement initiatives, projects, efforts really result in a quantifiable benefit to the business? Furthermore, how can the organisation fully appreciate procurement’s value? When the results are not tracked, reported, and kept as the focal point, procurement’s full impact can be overlooked, or underappreciated at best.

ROI is your friend

Procurement intersects across the business’ most strategic functions: operations, finance, legal, while managing critical external supplier and partner relationships. This broad exposure is combined with well-honed skills in cost control, analytics, process, research, contracting, and negotiation, as well as a deep knowledge of the business and company culture. Yet, we are often not given the respect we deserve as a key trusted business partner. Why is that?  Procurement teams tend to sell themselves short by not forecasting ROI and tracking quantifiable benefits for all value-add initiatives.

Identifying project benefits and estimating an accurate return on investment (ROI) can be very challenging for organisations. There are several possible reasons why ROI often goes unmeasured:

Being satisfied too early

Some organisations are satisfied with the general improvement in their financial statements after formalising a procurement strategy, because now a methodology in which to quantify “savings” or “value” has been defined.  When this journey begins, controls are strengthened, initiatives are defined, “low hanging fruit” is addressed, resources are deployed, and as a result, the organisation performs better as a whole. 

Focusing on tactics

Some companies focus intensely on training resources and executing projects in the early stages of a procurement journey, and place secondary emphasis on measuring ROI, believing that the benefits will come.

Can’t find the right formula

Some companies attempt to measure ROI, yet they are unsure how to quantify project benefits generated from procurement, especially if there are multiple ways to measure a successful procurement effort. It is evident that, even considering how well-known or understood the procurement function is to the world, there is still a significant knowledge gap. How can procurement quantify project benefits and truly link them to a company’s financial performance?

The well-reported results of industry pioneers that are more mature in their procurement function, as well as the pressing need to reduce costs and improve productivity, have encouraged company leaders to push their teams to undertake even more procurement initiatives. Sometimes, after an initial burst of enthusiasm, these efforts languish over time, or procurement becomes less engaged than they once were. This can often be because benefits have not been accurately estimated or verified as impacting the bottom line. In some cases, benefits can be reconciled as tangible contributions to the income statement; but in others, benefits may not be so evident during a reconciliation process.  A critical key to success is to ensure that procurement does not miss an opportunity to bring true credibility to their efforts is to implement a process that directly reconciles project benefits to the company’s accounting and reporting systems.

The tools you need: project selection, benefit validation and governance

A strong project governance process is key to the successful project execution and results. A comprehensive project governance process encompasses how projects are identified, selected, executed and reported. However, in most project governance processes, a key element is often forgotten: benefit estimation and validation.

While most organisations recognise the value of properly vetting project ideas and opportunities prior to launching a project, many fail to follow the process religiously for every initiative. Some may launch projects before a proper prioritisation effort has taken place, or others may spend too much time in the idea generation phase. Often, organisations fail to estimate potential benefit prior to project chartering or prioritisation of projects.

Experience has shown that the pressure to get started, or to drive quick results, pushes teams to launch projects without taking the time to adequately plan or determine probable benefits. This ineffective approach to project selection and prioritisation means that projects are often executed without being fully linked to the organisation’s overall strategic goals, and as a result, too many projects are chartered, and few are completed to the company’s expectations.

Not only does a project benefit validation process help with initial benefit estimation during project selection, it adds rigor during project execution by defining project benefits with more accuracy and clarity. This facilitates credible benefit reporting, and establishes a foundation for post-project benefit reconciliation, where benefits can be reconciled to the organisation’s financial statements. Simply stated, the benefits driven by the procurement effort can now be fully understood as to their impact to the business.

A strong project benefit validation infrastructure can support the procurement function as it matures an evolves to take on more challenging value-add activities for the business. It provides not only the basis for identifying and approving projects, but also serves to maintain the momentum and retain ongoing management and stakeholder support to build the brand, extend your reach, and deliver better results year over year.

WNS is sponsoring Big Ideas Summit London on March 14th. Sign up now as a digital delegate to follow the day’s action wherever you are in the world.  

Accelerating Procurement With Contract-Centric Sourcing

Today’s procurement organisations are being asked to move faster than ever to source the materials needed by their companies. How can contract-centric sourcing help?

By Alexyz3d  / Shutterstock

Today’s procurement organisations are being asked to move faster than ever to source the materials needed by their companies.

It’s a difficult position to be in. Under the current sourcing paradigm, the multi-step process of securing the vendor is time-consuming, and even then can expose a company to risk and leakage.

But the good news is that there is another way. In this blog, I will introduce readers to what we call “contract-centric sourcing,” a new paradigm for sourcing organisations that can save millions in leakage and accelerate the buying process.

The current paradigm

The current paradigm looks something like this: first, the buyer issues an RFx, and then evaluates vendors who respond on two criteria: technical and commercial capabilities. The vendor’s technical capabilities relate to whether they will be able to truly fulfill the buyer’s needs. Commercial capabilities relate to whether the vendor’s price for its products or materials fit into the buyer’s profit models.

Choosing a vendor is a business-critical decision, as the wrong vendor can disrupt the entire supply chain, so sourcing professionals want to exercise reasonable caution when making their choice, slowing down the process.

Contract negotiations slow sourcing

Even after a Letter of Intent (LOI) is issued by a buyer, the actual contract still needs to be negotiated. At this point other departments will get involved, including legal and finance. Legal, for example, may recognise that the jurisdiction the vendor operates in requires extra anti-child-labor documentation, and insert a clause requiring that documentation.

Since it is a contract, these clauses will have to be negotiated with the vendor, who may respond by changing the commercial terms of the contract. For example, the vendor could come back and say that the extra documentation will force them to charge more for their product. This back and forth can dramatically slow or even derail the sourcing process.

Non-optimised contracts

After all this time-consuming effort to choose a vendor and then execute a contract, the contracts often return less-than-ideal results. McKinsey and Company estimates that about 3.5 per cent of spend is leaked in the source-to-settle business process. More than half of that leakage is due to noncompliance either with government regulation or internal company standards, both of which come down to a disconnected contract management process.

Using contracts to transform your sourcing process

While this way of doing business has long been accepted as the norm, the paradigm is becoming a major liability as the pace of commerce accelerates. Here at Icertis, we are focused on using digital contracts and AI-infused contract management software to transform companies’ commercial foundation. This includes putting contracts at the center of sourcing.

Contract-centric sourcing is a new paradigm that allows procurement professionals to both accelerate their buying processes while also reducing leakage.

Contracts: a third pillar of vendor evaluation 

Here’s how it works. Contract-centric sourcing introduces contracts at the very beginning of the sourcing process and makes contract compliance a third pillar by which vendors are evaluated, next to technical and commercial capabilities.

Before an RFx is even issued, buyers evaluate past contract data to map out a category strategy that will deliver the most long-term benefits to the company. This helps the buyer craft the right RFx for their business needs.

Then, as part of the RFx, the buyer presents prospective vendors, via a digital contract management platform, with all the contract language they would like the vendor to agree to. The vendor redlines the contract based on its own needs and requirements. Once all vendor bids are in, buyers are able to evaluate how much contract negotiation would be required before choosing a preferred vendor and issuing an LOI. With the help of AI, the buyers can compare vendor redlines and determine which redlines represent acceptable changes and which are red flags.

(Note: A vendor redlining a contract does not disqualify them. It simply surfaces all redlines before a vendor is selected, so that those disagreements don’t rear their head unexpectedly later in the buying process. It’s all about visibility.)

Capturing Negotiations 

Since this process is administered on a single contract management platform, all discussion between the buyer and the vendor about contract language is captured in a single place (as opposed to several lawyers’ email inboxes) for later reference both during the lifecycle of the contract and after.

Sourcing organisations that link contract management and sourcing have a huge wealth of data about a vendor’s past negotiation strategy and behavior, as well as how well they perform against contract language. This is powerful data that hasn’t been fully leveraged in the current paradigm.

The Approach of Leading Enterprises 

Leading enterprises are already adopting contract-centric sourcing. Daimler is using the Icertis Contract Management (ICM) platform to completely rethink how it manages 500,000 suppliers. Daimler officials determined contracts were the natural place to start an overhaul of the procurement system, since it is the contract that underpins the entire buyer-supplier relationship.

“The deployment [of ICM] optimises the source-to-contract process by ensuring best-in-class supplier evaluation, selection, contracting, and collaboration,” said Dr. Stephen Stathel, head of Daimler’s New Procurement System.

The business world is changing. It’s no longer enough for procurement organisations to balance risk with accelerating business; they need to find ways to reduce risk and accelerate the pace of business.

Icertis is sponsoring Big Ideas Summit London on March 14th. Sign up now as a digital delegate to follow the day’s action wherever you are in the world.  

Women In Procurement? You Better Believe It

At Procurious we want women in procurement across the globe, and from every walk of life, to be the best that they can be and reach the highest of career heights. But to dream big it’s important to have some leading lights showing you the way…

By Rawpixel.com/ Shutterstock

It’s hard to dream big and aim high without a little leading light to show you the way. Sadly, at procurement conferences women make up just 20 per cent of presenters, they represent 20-35 per cent of procurement association memberships and earn up to 31 per cent less than their male counterparts.  

And so, on this International Women’s Day, we want to show the procurement world all of the amazing things women are doing and achieving for the profession, to inspire you to do it too! 

For the past week, we’ve been running a visibility campaign – encouraging women working in procurement across the globe to share photos of themselves in order to inspire the next generation of talented women.

Check out some of the amazing contributions below and get involved here.

Bill Gorman, Portfolio Lead – Procurement and Supply Chain – Accenture and her team in Brisbane

Why is visibility important?

Visibility for women in procurement is important as we are still fighting an undertone that strong leadership can only come from men, which is absolutely not true.

There is a cultural bias that is engrained in our society’s fabric that women themselves often subscribe to – visibility for women in procurement is not external, it’s internal. The journey for true equality starts when we acknowledge ourselves.

Abby Vige, Procurement Manager – Ministry of Education of New Zealand

We might be very confident in life, but it is always easier when we see examples proving that things are achievable. Hence the importance of sharing success stories of women in Procurement to motivate women to embrace a career in this exciting, dynamic and rewarding profession.  As an African European woman working in Western Europe, for me it is even more important that black women can be inspired and encouraged to join the profession. environment. #Representation matters!

Joelle Payom,  Global Strategic Sourcing & Vendor Management Lead

Increasing the number of women in key roles increases the availability of role models. It increases identification with leadership roles and helps grow future supply. A diversity of role models expands the leadership profile, and boosts innovation.


Achieving a critical mass of 35 per cent or more women enables:


– Supportive alliances to form between women, increasing their retention
– Recognition of women for their individual talents, rather than for stereotypical attributes 
– Improved dynamics and culture of the larger leadership cohort

Karen Morley, Director -Karen Morley & Associates
Tania Seary, Founder – Procurious

Joelle Payom,  Global Strategic Sourcing & Vendor Management Lead

What motivates you to be a role model?

I like to share experiences, tools and tactics that help navigate the human experience. There is a lot of emphasis on technical skills and workplace experience but there is little insight from leadership about how they got to the place they are in now, often it’s soft skills and learnings around resilience and adaptability that lands our leaders in these roles. I like to remain open to anyone starting out in their career, pulling back the curtain and being honest about work life balance, coping mechanisms for pressure, priorisation skills and having tough conversations

Abby Vige, Procurement Manager – Ministry of Education of New Zealand
Coretta Bessi, Head of Procurement – Ausgrid

How can organisations help female employees careers’ progress more rapidly?

Starting by promoting more women at Top Management level. That’s the most powerful sign that an organization is not only embracing diversity but also fostering effective inclusion. If it happens at Top Level, it is easier to cascade down. #Lead by example!

Joelle Payom,  Global Strategic Sourcing & Vendor Management Lead
Carina Hoogeveen, Senior Director, Marketing EMEA – Icertis

Cathryn Vann, Head of Procurement – Accsys Group

Sally Lansburt, Rhylee Nowell and Pip McGregor – The Faculty

Helen Macken, Director
– Vladcat Enterprises Limited

Claire Costello Senior Director, GBS Indirect Procurement Solutions- Sourcing – Walmart and Kirsty Middlemiss Senior Manager, Procurement, Asda

Get involved with International Women’s Day 2019 

On this International Women’s Day, we’re campaigning to improve the visibility of women in procurement and supply chain management. We want to showcase some of the amazing things women are achieving for the professions and inspire you to do it too! 


1.Sign up to join the Bravo group on Procurious
2. Download your very own you can’t be what you can’t see poster from the documents tab in the group
3. Print out the poster and snap a shot of yourself 
4. Share the photo via the Bravo group on Procurious 
5. Share the photo on Twitter, tagging @Procurious_ and #IWD2019 #BravoWomen and LinkedIn. In your post, nominate a woman in procurement who inspires you and ask her to take part too! 

Want to get your wheels turning towards a supply chain career one could only dream of? Then don’t miss our upcoming Career Boot Camp with IBM – a free 5-part podcast series with some of the very best of the best. Check it out here: https://www.procurious.com/career-boot-camp-2019

How To Seize The Opportunities and Manage The Risks

Where supply chains are already complex, increased visibility throughout the supply chain and closer monitoring of risk are becoming more common…


By hybridimages/ Shutterstock

In 1992, Yoshihiro Francis Fukuyama, the American political scientist and author, published the much-praised The End of History and the Last Man, which suggested that the spread of liberal democracy and free-market capitalism meant that the final and ideal form of human government was now clear and established. He foresaw “the end of history as such.”

It’s clear that 25 years on, life has not quite worked out like that.

The world continues to be as unpredictable as ever, with the rise of unexpected leaders such as President Trump, the emergence of China as a global superpower, Brexit, wars in the Middle East, and many other developments. All we can say about the future is there is still plenty of history left to be written, and anyone who tells you they know what is going to happen is a genius, crazy, or simply a liar.

Look for opportunities

But of course, times of change bring huge opportunities, too. The digital revolution has turned industries upside down, with disruptive market entrants seizing market share. Some incumbents adapt well and others don’t. Emerging markets hold great potential, too, which many western firms have been slow to pick up on. For instance, by 2050, Nigeria will be the third-most-populated country in the world, with more citizens than the United States.

It is also amazing how rapidly the politico-economic situation appears to change today; a few weeks ago, the press was reporting that the United States and Europe were about to enter a trade war. One meeting later, all seems well again, and the “U.S. and EU reach deal to calm trade war fears,” as The Guardian reported.

Where does this apparently ever-increasing pace of change leave the procurement professional and the organisations in which they work?

I’ve previously compared Brexit to the over-hyped “millennium bug” (Y2K) and related challenges stating that unlike Y2K, where there was a defined risk and problem to solve, Brexit poses significantly more uncertainty and therefore perhaps a wider range of risks to review.

That uncertainty is central to the challenge for organisations. We know there will be issues to be faced; tax, customs, and trade complexities, for example. But it is impossible to know yet exactly how Brexit will affect the business environment at the national, sector, or individual company level. So although it might seem tempting, this is not the time for procurement executives (or indeed anyone in business) to pull the blankets over our heads and ignore the situation – the “wake me up when it’s all over” approach, we might call it. The UK was, after all, an independent nation for many, many years before it joined the EU. 

We know life will go on after March 31, 2019!

 Be prepared

Indeed, fortune favors the prepared. Scenario planning, looking at the “what if” questions, is essential for organisations that can see their business being potentially impacted by Brexit. And whatever happens, procurement or supply chain leaders, with their focus on the external world, have a particularly important role to play.

Where supply chains are already complex, increased visibility throughout the supply chain and closer monitoring of risk are becoming more common with the help of leading edge technology including blockchain and “cobots”.  Increased deployment of blockchain solutions, for example, enhances frictionless, secure transactions and smart contracts, minimising paperwork and effort to manage compliance with increased regulations. While it’s early days for blockchain adoption outside of financial services, almost all major manufacturing organisations have ongoing work in this area.

But let’s finish with two key takeaways for procurement leaders based very much on currently available technology. Both relate to areas where digitalisation should continue or even be accelerated to position the organisation well for Brexit and a period of change.

First, make sure your procurement “fundamentals” are in good shape.Digital technology provides the means to do this more effectively than ever: robust vendor master data; visibility on spend and suppliers; and accurate, relevant, timely data about spend and spending plans, suppliers, and contracts. Understanding the supply situation in its widest sense is essential if the organisation wants to be well positioned to handle future change, shocks, and opportunities.

Second, consider the specific need for supply chain risk management to be robust, effective, and dynamic. That covers not just political risks, of course, but also financial risk, reputational risk, “man-made” risk (e.g., labor disputes at supplier plants), or natural disasters. It also needs to consider multi-tier supply chain risk, not just immediate suppliers. Technology is a key enabler here, as well, but organisations need to consider skills and mindset too when it comes to effective risk management.

To sum up, while no one would pretend that there won’t be issues, problems, and costs associated with Brexit, for the UK and indeed other countries, there will be opportunities, too.

SAP Ariba are sponsoring Big Ideas Summit London on March 14th. Sign up now as a digital delegate to follow the day’s action wherever you are in the world. 

Forget Procure-to-pay – The Future Is Procure-AND-pay

How can virtual card payments improve the procurement experience?

By Gorodenkoff / Shutterstock

Traditional card-based solutions link one card to one individual. Virtual card solutions, on the other hand, link one ‘virtual card’ to one transaction. It’s a technology that has the potential to add real value to corporate payments – especially as controls on credit limit and dates of use can be set per transaction – but it’s one that is yet to be implemented across the entire corporate environment.

Integrating for efficiencies

The key to unlocking the full potential of virtual card solutions is about partnerships with existing procurement systems, especially in meeting the needs of multinationals.

“In B2B payments, we’ve had good traction for [our solution] in mid to large corporates, but utilisation for the very largest multinationals has been limited, and that’s because of their significant investments in sophisticated procure-to-pay (P2P) software,” says David Price, Managing Director of Client Coverage at Barclaycard .

Those systems allow businesses to procure in a compliant and cost-effective way, and provide a good experience for the user, except when it comes to payments.

The impact on buyer experience

Previously, procurement teams had to step outside the P2P environment to complete payment through a separate portal. Now virtual card platforms are being integrated into procurement systems including Coupa, adding ease of use and another option for users within a technology that is already trusted and familiar.

“From procure-to-pay to procure-and-pay”

“As soon as transactions are authorised, virtual card payments are triggered automatically so there’s no need to leave the environment or to process payment manually,” says David. “The common terminology is procure-to-pay; through integrations, it’s a move towards procure-and-pay.”

Integrated solutions have the potential to improve the buyer experience further, bringing additional benefits to the business such as greater efficiencies, control, data insights and cash flow flexibility.

Onboarding efficiencies

End-to-end procurement costs are often high because of bureaucracy and paperwork, with efficiency gains made elsewhere in the process lost at the point of payment. That’s especially the case in the tail-end spend of large volumes of small-value transactions. When suppliers are paid using a virtual card platform, there’s no need for a business to run lengthy due diligence checks or set them up on internal finance systems – typically saving them 3-5 hours per transaction for a new supplier.

“Virtual card platforms can help to streamline a business’ payment system.” They can also be used to make payments directly into suppliers’ bank accounts meaning they can be paid using the platform even if they don’t accept card payments.

“That’s the through the card piece in procure-to-pay that we are addressing,” notes David. “Precisionpay, [Barclays virtual card platform] helps to streamline a business’ payment system and also allows payments to be automatically reconciled to invoices and purchase orders, creating further efficiencies.

Flexible controls

Authorisations and controls are fundamental to the procurement department, as it looks to avoid uncontrolled or rogue spend. The result can be over-engineered and over-complex control policies, with a bias towards the buyer rather than supplier benefit. Such an imbalance can make it challenging for procurement to negotiate the best deal.

“Objective advice to create sustainable long-term relationships.”

“Therefore, what we suggest is adjusting your policy so that your authorisation and control strategy is reflective not just of a desire to create control but is also proportionate to the supplier you’re working with. As procurement functions start to implement appropriate, supplier centric payment strategies, that’s when some of a virtual card platform’s capability becomes even more valuable.”

Moreover, by using a virtual card solution, companies can flex cash flow, much as a consumer equipped with a credit card could. Payments made today, for instance, can be repaid as per the billing cycle, plus an additional 28 days after the equivalent of a credit card statement has arrived.

Building a strategic partnership

It’s unlikely a virtual card platform would be the right payment vehicle for all suppliers. It’s important to figure out where best to deploy virtual card technology. By analysing a client’s account payable file and understanding their business strategy, it can provide recommendations for different categories of spend and which result in the greatest benefit for the buyers, such as where to quickly drive efficiencies through volume.

Barclaycard are sponsoring Big Ideas Summit London on March 14th. Sign up now as a digital delegate to follow the day’s action wherever you are in the world.  

A Supply Chain That Never Forgets

How do you retain knowledge and talent and how do you ensure your supply chain team doesn’t forget key information?  Imagine having a supply chain that never forgets…

By Kletr/ Shutterstock

At last month’s CPO roundtable in London we discussed the importance of improving diversity and inclusion in the workplace, how to nail your next big career move and how AI is enabling supply chain professionals to add greater value to their organisations.

At this point, supply chain and procurement professionals might be getting a bit impatient with AI. We’ve all heard how this technology is poised to revolutionise the supply chain, but day to day you’re not working in R&D; you’re responsible for P&L. You need the insight across the business and with your suppliers – but don’t have a technical degree.  The obvious question you might be asking yourself is – what’s in it for me and the bottom-line performance of my business?

Roger Needham, IBM Supply Chain Consultant, led an insightful discussion on why AI does matter to supply chain and procurement professionals.

IBM’s $2.47 billion supply chain consists of a 12,000-strong supplier base across 100 countries with 150,000 contracts managed. It’s no mean feat managing the risks associated with such a large-scale operation. So when it comes to AI, Roger argues, it’s not a theoretical concept. “AI has been deployed in IBM’s supply chain over four years and it is delivering real bottom line benefit.”

“What led to AI being directly implemented within our supply chain centered around the trade lane and visible logistics elements and how these impacted the supply chain. You can set up a factory perfectly but if you can’t get the materials you need to it then it’s a completely wasted effort.”

“After a Japanese tsunami disrupted our supply lanes in 2011, we asked ourselves how to get better predictive insights of real world supply chain disruptors. IBM Watson Supply Chain is the result.” AI can help manage unforeseen disruptions by alerting key decision makers and working towards solutions.

In Roger’s experience AI can supply chain teams to learn on a daily basis and to do more with less. From concept to final delivery the platform is developing but as a minimum we have to be able to do more with the same. With AI We don’t need to hire three more people, we can do more with the five we already have. And we are learning every day how to deploy this AI into our supply chain.”

Roger outlined the four pillars of Watson Supply Chain.

  1. Identify and alert – Control towers are able to alert supply chain professionals when something goes wrong
  2. Analyse and understand – Watson is able to analyse the impact of a disruption on the business. How many orders will be affected by a tsunami in Japan and what is the value of those orders? A supply chain that can feedback that critical business data is important.
  3. Interact, Collaborate, Resolve – If there’s a challenge that needs solving, Watson can bring all the relevant people into a virtual room and resolve it quickly, also advising who should be in that room.
  4. Learn and Share – How do you retain knowledge and talent and how do you ensure your supply chain team doesn’t forget things?  If your team encounter a problem that has happened before – you won’t know to resolve it if those involved the first time around have now left the business. You’re effectively starting from scratch. Watson, on the other hand, is like an elephant – it never forgets.

“Human and machine always get a better answer than human alone or machine alone” Ginni Rometty, THINK 2018

“Watson gives the information, and the ultimate decision rests with a human being,” explains Roger. “But an issue is solved with two individuals and three email exchanges with Watson advising versus three weeks to resolve with fifteen people and dozens of emails.”

Putting the D in D and I

In today’s workforce, diversity has become a buzzword, with organisations increasingly communicating its importance through their advertising and core business values.

But what does diversity mean, why is it important, how do you achieve it and, once you have it, what do you do with it?

Joelle Payom, Global Strategic Sourcing & Vendor Management Lead explained that there is an enormous pressure for organisations to hire people that are different. But alongside that moral pressure to ‘do the right thing’ is a very strong business case.

“A UK report revealed that the British economy could be boosted by as much as £24 billion if black and minority talent was fully utilised. When you have a diversified workforce you have a broader [talent pool] who are able to bring different ways of working, different ways of dealing with issues and can provide greater innovation.”

As Joelle points out, there is no point in building a diverse workforce if it is not nurtured into being an inclusive one. “To reap the benefits of a diverse workforce it’s vital to have an inclusive environment where everyone is treated equally, feels welcome to participate and can achieve their potential”

Diversity = The What 

A mix of diverse types of people

Inclusion = The How

The strategies and behaviours that welcome, embrace and create value from diversity

“What I want people to take away is that diversity and inclusion (D & I) is not only for women or for people of different ethnicities or sexual orientation. It is for everybody. D & I, which is much more important than diversity, means that we need to provide each human being with equal treatment in the corporate world. By having an inclusive corporate environment for people we can make a change and improve the way society works.”

Being a business leader

Lucy Harding, Partner and Global Head of Practice, Procurement and Supply Chain at Odgers Berndtson led a discussion on what it takes to get to the top and the qualities that will set you apart from the pack when aiming for the C-Suite.

She advises that ambitious procurement and supply chain professionals put the business first and the function second.

“The biggest reason CFOs go to market [for a CPO or Head of Supply Chain] is because they need a business leader, not a function leader.”

They will assume you can do the mechanics of a procurement or supply chain role and will spend far less time testing these specifics, particularly given that most CFOs aren’t in a position to test technical procurement and supply chain competence. “You should know your stuff and they’ll assume that.”

What a hiring CFO really wants to know is how you’ll apply what you know to their business and how you’ll build a talented team below you. Everyone else on the shortlist will equally qualified, from a procurement and supply chain perspective, so it’s about differentiating yourself.

Lucy highlighted a further four crucial capabilities for a prospective CPO or Head of Supply Chain

  • Breath of experience – function and broader business
  • Leadership
  • Learning agility
  • Embrace technology and innovation

IBM Watson Supply Chain sponsored Procurious’ London CPO roundtable on 13th February. 

To request an invitation contact Olga Luscombe. If you’d like to read additional related content or get involved with thought provoking discussions check out the Supply Chain Pros group – a one stop shop for all your supply chain needs

84% Of CSCOs Say Lack Of Visibility Is Their Biggest Challenge

84 per cent of Chief Supply Chain Officers say that a lack of visibility is their biggest challenge.  How can AI help?

By VicPhotoria/ Shutterstock

Supply chains are the lifeblood of any business, impacting everything from the quality, delivery and costs of products and services, to customer service and satisfaction. Last, but not least, they have an impact on the company profitability.

Mastering the supply chain is a central element of the customer experience and the competitiveness of any company. However, until recently, supply chain management has been considered a support function.

Today, we are beginning to see that the trend is reversed, as supply chain management becomes more and more a strategic function. Artificial intelligence (AI) is being adopted by leading businesses, with application in the supply chain.

Supply chain organisations struggle to make sense of a sea of data, including multiple ERP & Supply Chain Systems, multiple data sources, both structured and unstructured, extensive supplier and partner networks and relationships.

How can AI augment supply chain organisations?

A smarter supply chain is critical to the success of the business. The ability to reconcile structured and unstructured data to generate insights is a hallmark of AI, machine learning and intelligence.

Let`s translate this, shall we?

  • Gaining end to end supply chain visibility across systems and data sources
  • Retrieving data up to 90 per cent faster
  • Proactively predicting and mitigating disruptions
  • Cutting disruptions by up to 50 per cent
  • Arming professionals with information needed to take action
  • Reducing mitigation time from days to minutes
  • Aggregating knowledge on SC disruptions and build playbooks

What is Watson Supply Chain Insights and what can it do for your supply chain?

Watson Supply Chain Insights is an AI-powered visibility and collaboration platform for supply chain professionals, which helps to deliver insights, predict and mitigate disruptions and retain organisational learnings. This innovative and global value proposition helps supply chain leaders drive greater visibility and mitigate disruptions.

Genesis

Continuing the work initiated by IBM’s supply chain teams, in our labs, we educate and teach Watson all the complexity and nuances of the supply chain world for different industries, so that it becomes operational and efficient as quickly as possible to help companies identify disruptions, predict impacts and consequences, and bring together the appropriate team for the resolution.

Watson infused into an Operations Center Cockpit

Watson Supply Chain Insights has the ability to collect and exploit structured and unstructured data relevant to the supply chain; whether the data is inside the company, such as ERPs, logistics systems, stocks, or outside the ecosystem.

What about external data?  Smarter supply chains leverage social networks, road traffic, weather forecasts or regulations.

Partner with Watson in the Resolution Rooms

Resolution Rooms allow supply chain professionals to deal with the uncertainties that inevitably occur in all Supply Chains. Concretely, when a hazard is observed or predicted, the solution generates a virtual work environment that brings together the experts of the extended enterprise. These experts define the solutions together whether it’s alternative sourcing, reorganisation of the production line or a replacement carrier. All these resolutions are documented, which on the one hand constitutes a real digital “playbook” and contributes to learning. and knowledge of Watson. Thus, progressively, Watson is able to recognise the various hazards, to bring together the relevant experts, and even to directly propose suggestions for resolution by supporting them.

In 2018, this success prompted us to market this solution created by IBM for its own needs. The solution has been packaged under the name of Watson Supply Chain Insights, and is already deploying to customers in France and across Europe.The adoption of AI in the Supply Chain is a journey and Watson Supply Chain Insights is here to accelerate this adoption.

For more on the IBM supply chain story, take a peek here.

Author : Yassine Essalih – Cognitive Supply Chain, Client Solution Professional