All posts by Procurious HQ

The Big Ideas Summit 2017: We Have Lift Off

The Big Ideas Summit will take flight in just a few hours time.  Want to know what’s in store? Look no further…

Register as an online delegate for the London Big Ideas Summit 2017 here.

The big day is finally here! Procurious is all-set to spark vigorous discussions, light up social media across the globe and crowd-source ideas for the future of procurement.

We’ll be addressing everything from Procurement 4.0 to Cognitive Technology and Global Economics. We’d also still love for you to submit any questions for our speakers via the Big Ideas Summit group.

Here’s what’s coming up today!

Part One Pivot – Rethinking What’s Possible

 Be Brave Or Dead – Mark Stevenson, Futurist

Mark is an entrepreneur, author, broadcaster, musician and expert on global trends and innovation. Mark would describe his role as helping people and organisations to ask the right questions about the future.

Mark’s Big Idea

Be brave or be dead! Wherever you work and wherever you end up in the next 15-20 years, remember that it’s going to be a very turbulent time. Ask yourself: what’s my best effort for myself, my family and for society (and remember they’re all related). If you don’t, you can prepare to be very irrelevant and very unhappy!

Trumpism In the Supply Chain – Linda Yueh, Fellow at Oxford University & Adjunct Professor at London Business School

Uncertainty, uncertainty, uncertainty is how Linda explains 2017. At the moment, it’s over President Trump, European politics: elections and Brexit, and the slowdown in growth of China and other major economies. Thankfully Linda’s message to CPOs is one of caution but reassures that it’s not time to panic.

Linda’s Big Idea

Keep calm but be sure to keep an eye on what’s happening around the world as the globalisation landscape is shifting significantly. Global trade won’t end tomorrow but it is going to look rather different in the coming years.

Part Two Scrum – Procurement in the Digital Age

Watson: What’s The Big Idea – Barry Ward, Senior Procurement Brand Manager, IBM Global Procurement

Barry has drawn a parallel between the cognitive technology journey of Watson and the space programme and moon landing journeys of the last century. For IBM, developing and deploying Watson is something like the moonshot in the 1960s where IBM technology helped NASA make the lunar landings possible. 

Barry’s Big Idea

Cognitive technology is merely in its infancy in terms of where it can go. This journey will mostly likely take 50 years or more to be fully realised. Millennials have the chance to be there at the outset. They will see cognitive technology evolving and developing throughout their entire careers. But first we need to know how to get on them on board and enjoying the journey. 

Creating Agility In The Digital Age – Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group

Chris has nearly 20 years of experience in supply management, working directly with Fortune 500 and mid-sized companies around the globe. He believes that agility is the defining trait of the procurement team of today and the future. He reminds us that many of the problems procurement will face in the coming years have not even been thought of yet!

Chris’ Big Idea

The future is an ‘Unknown Unknown’, but with a match fit, agile procurement team, at least you’ll be prepared for what comes next. 

Reinventing The Public Sector Wheel – Paul Smith, Executive Director YPO & Board Member SOPO 

Paul has been the driving force behind Procurious’ first private, “corporate” version of the platform, which launched in January 2017. SOPO are using social media to reinvent the way in which public sector procurement professionals work , network and collaborate.

Paul’s Big Idea:

Bring together local government via social media to collaborate and network

Part Three Reboot – Building Your Workforce

Unlocking The Creative Genius In Your Procurement Team
James Bannerman, Creative Change Agent. 

James Bannerman is author of non-Fiction best-seller Genius: Deceptively Simple Ways to Become Instantly Smarter. He believes the maxim that organisations must innovate or die has never been more true thanks to rapid technology developments and fierce competition. In procurement, CPOs need to foster their intrapreneurs and work to achieve what James calls a ‘return on inspiration’.

James’ Big Idea

Miraculous and fully-formed ideas won’t simply land at your feet. Procurement pros must attempt, what James calls, “deliberate creativity.”

Unlocking The Case For Neuro Diversity – John Floyd, Headmaster at Bruern Abbey

John wants to dispel the negative connotations that are so often associated with conditions such as dyslexia and ADHD. He explains that neuro-diverse profiles are actually a bonus for employers because of their different approaches to solving problems and finding answers. 

John’s Big Idea

One in every ten team members should be someone with a neuro-diverse profile.

Panel Interview – Graham Lucas, Managing Director at Michael Page

What are the best Procurement Teams already doing to set up for success? What are the trends in creating more innovative and engaging Procurement workplaces?

Graham believes that for procurement to survive in the digital age, it might not even be called procurement! Those who try to resist the coming changes, are more likely to be part of the redundancy.

Graham will be joined on the panel by Gautam Singh, The Smart Cube and Juliet Sotnick, Babcoc.

Digital Procurement Transformation – Paul Blake, Senior Manager, GEP 

Paul Blake leads the technology product marketing team at GEP. He’ll be addressing the topic of digital procurement transformation. Paul believes that if procurement continues to accept the technological status quo as some kind of given, it’ll continue to be fed the same poor diet. Procurement must start to challenge the hard-and-fast rules we’ve adopted for so long without question.

Paul’s Big Idea

There is no point continuing to do things as we have always done, just because that is the accepted status quo. Instead we should be embracing change and adapting to future possibilities.

Procurement Talent 4.0: Future Skillsets to Build Your Procurement Organisation – Deb Stanton, Executive MD, CAPS Research

Following conversations earlier in the day about what will evolve in the next 50 years, Deb will bring us back to the here and now. Procurement teams should be focused on ‘doing the do’ and getting the basics right whilst keeping their eyes on the horizon 

Deb’s Big Idea

“Be bold, but nice” is my favorite motto and advice that I give all supply chain professionals.  We need to be bold enough to challenge, ask the right questions, and bring new ideas forward; yet do it in a way that people still want to work with us.

Leadership, Tough Love and Long-Term Partnerships – John McFarlane, Chairman, Barclays PLC

With a background that includes being Chairman of Aviva and CEO of Australia & New Zealand Banking Group, leadership is an area in which John has become an expert. But guess what? He has also worked in procurement! In 1969 he joined Ford as a buyer!

John’s Big Idea

I would encourage longer-term partnerships with supply chains and encourage procurement to approach this with a win-win mentality. It’s win-win or no gain. Aim to be the customer of choice so suppliers approach you with best products.

Stay up to date with the day’s events and submit your questions for our speakers via our Big Ideas Summit Group. Follow us on Twitter via  @Procurious_  using the hashtag #bigideas2017

If I Could Turn Back Time: Advice To My Younger Procurement Self

Imagine if you could go back in time to when you started your first job. Wouldn’t you love to reassure yourself it was all going to be ok or offer some advice on how to navigate the next few years of your career?  

Procurious recently launched Bravo, a new group seeking to address gender disparity in the workplace, and celebrate and empower women working within procurement.

As part of the Bravo campaign, Procurious will be interviewing a number of high profile procurement leaders and seeking their advice on how we can help other women to get ahead in their procurement careers.

Michelle Baker is Global Procurement Director: IT and Business Services Categories at  SABMiller Procurement.

In this interview Michelle discusses the issues that affect women in the workplace, advice she would offer her younger self and why she loves procurement!

Michelle will also be attending this year’s Big Ideas Summit as a panelist to talk about Global Risk assessments.

What have been the most successful approaches organisations you know have taken to decrease gender disparity?

  1. Putting gender disparity on the leadership agenda of issues to address.
  2. Balanced slates in recruitment.
  3. Making gender disparity a talking topic across the whole company, irrespective of people’s gender.

What has been your most rewarding experience and greatest accomplishment to date?

Leading and developing people in diverse global teams (and not just gender diverse, but race, religion, age, sexual orientation  etc.) has been fantastically rewarding personally.

My greatest accomplishment in the workplace is  that I am still curious and excited about the work I do after so many years:  IT’s evolution has  meant I have to constantly hurry to keep up!

What issues currently affect you as a woman in procurement?

I don’t think diversity is an issue exclusively to procurement.

But, looking back, I think the absence of positive role models in senior roles made it more difficult to navigate corporate politics than it needed to be.

Who are the most influential women in your life?

Too many to mention!  I have a healthy group of friends and family that go back to my early days at university in South Africa and many others scattered across the countries in which I’ve lived.  They each offer their own special support, whether they know it or not,  in my development.

Why is procurement the perfect career for you?

It keeps me endlessly curious and allows me to have direct contact with what a range of senior stakeholders in my company are doing and trying to achieve.

If you could offer your younger self two pieces of advice, what would they be?

Find a mentor, and never stop learning.

Some of the Procurious team joined Michelle at a Women in Procurement Breakfast last year at ProcureCon IT.

Following an  insightful discussion,  everyone said  the two pieces of advice that they would offer their younger selves.

Michelle put together this fantastic infographic to represent the group’s responses.

Let us know the two pieces of advice you’d  like to offer your younger self via the Bravo group. 

Join the  Big Ideas 2017 conversation and register as a digital delegate 

Don’t Judge A Procurement Job By Its Cover

Ever been attracted to a new job because of the flashy brand? Graham Lucas warns that you should be looking at the people on the inside. 

Register as an online delegate for the London Big Ideas Summit 2017 here.

Graham Lucas is Managing Director – Procurement & Supply Chain and Logistics at Michael Page. He’ll be speaking at this year’s Big Ideas Summit about procurement  recruitment.  We’ve picked his brain this week to find out what key skills procurement recruiters are fighting over in 2017 and what mistakes job applicants should avoid making.

Who are the best procurement candidates and why?

For me, the best procurement candidates are those that are highly commercial whilst having lots of emotional intelligence. We are also increasingly talking about bravery.

The requirement around influencing, communication skills, and category knowledge are well trodden boards and are still very valid. But the bravery and creativity it takes to innovate is underdone. This is something that we need to see much more of day-in and day-out if the procurement functions are going to end up as overall commercial custodians of their organisations.

What key skills are recruiters fighting over in 2017?

People who can demonstrate an ability to:

  • Deliver value to the bottom line in a dynamic manner and not just reduce costs
  • Unlock competitive advantage from the supply base through true partnership
  • Influence others, both internally and externally
  • Embrace technology that can help us move further, faster
  • Innovate by managing a supply base of experts to help their business compete

What are the biggest mistakes procurement professionals make throughout the recruitment process?

I think many people are keen to talk about the £30m saving they made.  This is great but I do think that, unless you are managing a huge spend, it’s easy to oversell your impact.

Talking about some of the more tangible things that you did, and how you delivered these, is more impressive. I met with a candidate last week who had identified a food material that was being cooled a further four degrees lower than was required before being packaged. He was able to explain the financial benefits across the utility and labour spend which amounted to a £400k saving. All whilst speeding up the manufacturing process, which supports their customer objectives. Evidently, the previous half-dozen people in his role didn’t identify this.

How has the recruitment industry changed during your time at Michael Page?

Fourteen years ago the market was fairly linear. The line manager or their personnel team recruited someone, or an agency did.

Now the market is much more varied, highly competitive and dynamic. Four thousand recruiters started up last year I believe and that’s just in 2016.

Add to that the advances of technology (job boards, linked in etc.) in-house recruitment teams, RPO’s, MSP’s, and we can see that many more commoditised markets have been eroded.

Whilst recruiters are having to evolve and embrace these challenges, I genuinely believe the right specialists, knowledge and strong relationships, have never been more required than they are now.

What two pieces of career advice would you give to any of procurement’s rising stars?

Don’t be blinkered. The more you can understand your broader business, the sector you are in, supplier challenges etc., the more likely you are to progress. Your ability to navigate organisations and departments outside of your own will be essential. That’s the secret to being  highly successful.

Don’t judge a job or organisation on the brand, or value of your category. A great career move tends to be based on the person you will work for, the people you will work with, and how those two things can personally develop you.

How do you identify innovation in candidates?

Someone should be able to clearly and positively explain what they have challenged, changed and most importantly, show what positive impact that has had on customers. For me, the best innovation has the customer at the heart of it, adding value to them even if at times it hasn’t directly benefited the bottom line.

Join the conversation and register as a digital delegate for Big Ideas 2017 

 

It’s Not Your Father’s Procurement Organisation

Procurement organisations of today differs greatly from previous generations.  The Hackett Group’s Chris Sawchuk discusses changes he has witnessed in his seventeen years at the company. 

Register as an online delegate for the London Big Ideas Summit 2017 here.

Procurious are delighted to welcome back Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group, to the Big Ideas Summit 2017. Chris spoke last year about why procurement needed to put agility at the centre of all its activities. This year, Chris will be taking the conversation one step further, discussing ways to enable agility through digital transformation and creating an agile team.  We chatted to Chris this week to learn more about his career, The Hackett Group’s journey and how he energises his workforce.

What should procurement organisations be focusing on in 2017?

2017 is the year of digital transformation.  If you or your company isn’t yet focused on it, you will, and need to, be very soon.  Companies and procurement organisations are beginning to re-imagine themselves in a digital world.  They  ask themselves, if I had to build the business or function today from the ground up, would it look the same?

In most cases, the answer is no.  A great first step is to create awareness across the organization of the technologies that are available today and more importantly, emerging.  Ask yourselves, how can these improve and augment our abilities to collaborate, predict, be agile, extract new insights…and ultimately create an advantage in the market.

Can you name a particular accomplishment that has shaped your career?

I am not sure there was a specific accomplishment that shaped my career, but a series.  My career began in the highly technical and analytical field of electrical engineering at United Technologies and IBM. It shifted to more of a business focus as I completed my MBA and began a new phase of my career in marketing & sales.

This phase helped to shape and develop my people-focused skills.  After some time, I found myself desiring to combine the analytical skills in my early career with the people-focused skills I developed in marketing & sales and this led me to consulting.

Having worked in consulting and specifically on procurement & strategic sourcing for many years, The Hackett Group provided an opportunity to help augment their project focused benchmarking and consulting business.  This involved building a global member based advisory business that would provide an opportunity to develop unique intellectual property and research.

After more than 10 years, I am still engaged in that business; leading it’s sourcing & procurement efforts globally.

What skills/talents contribute to an all-round, great team?

  • Diversity in thinking and background
  • Willingness to collaborate and share
  • Similar levels of motivation and drive

How do you energise your millennial workforce?

Understanding that it can be challenging to energize your millennial workforce through traditional advancement opportunities. We need non-traditional methods, particularly in an environment of accelerated millennial expectations.  If you agree that millennials are energised by change and new opportunities, then we need to focus on ways to energise them in an environment where upward mobility may be more limited in an era of flatter organizations.

We challenge individuals with developing new client services, new process focus areas, etc.  The real difficulty is balancing.  We are in a global environment that expects consistent improvement in how we deliver value to clients whilst also delivering new value. Whilst this is difficult, it does provide the opportunity for change that energises millennial workforces…and beyond.

You’ve worked at the Hackett Group for seventeen years.  In what ways have you seen procurement organisations develop over this time?

Wow, great question.  As they say, it’s not your father’s procurement.  Today, we focus much more on business enablement.  As you see, I didn’t say “spend cost savings”.  Now, saying that, we still have a long road ahead of us.  I truly believe if we look at what we do through the business success lens, we will be successful.

Join the conversation and register as a digital delegate for Big Ideas 2017 

Industry 4.0 Will Change the Very Nature of Procurement

Automation and digital technology will change supply chains. But, Industry 4.0 looks set to change the very nature of procurement.

Download your copy of ‘Procurement 4.0 – The Digitalisation of Procurement’ on the Fraunhofer IML website.

So far in this series we have looked at the concepts behind Industry and Procurement 4.0, and the start of procurement’s journey. Now, with the idea that digitalisation is inevitable, we look to explore how it will change the nature of procurement.

As the manual processes are removed, or made more efficient, procurement professionals will tackle a much-changed role.

Setting New Objectives?

The BME study looked at four key areas of procurement that will be impacted by Industry 4.0. These are: technologies and systems; organisations and processes; management and people; business models.

The study highlighted key procurement objectives for leaders within each area.

Technologies and Systems

  • Real-time and better data availability
  • Improved data quality
  • Data access from all locations
  • More transparency of data and across the supply chain
  • Quick response to market changes

Organisations and Processes

  • Standardisation of processes
  • Faster, more efficient processes
  • Increased efficiency
  • More flexibility
  • Better global networking

Management and People

  • Improved human resources planning
  • Strategic placement of procurement within the company
  • Bigger savings
  • Creating synergies
  • Tapping into strategic markets

Business Models

  • Preserving competitiveness
  • Easier communication with customers and suppliers
  • More customer-oriented business models
  • Stronger development into a service provider
  • Creation of new networks

The objectives range from the strategic, to the vague. They also fail to really provide a focus for what procurement needs to achieve. Additionally, the objectives could well have been set without a consideration of the impact of Industry 4.0.

And without due consideration of what the future will look like, procurement seems destined to stand still in a fast-moving world.

Changing Procurement’s Nature

Although it seems to be procurement’s nature to revisit ‘traditional’ objectives, there is a chance that change will be forced upon it. And as the role of procurement changes, so too will the role of the procurement professional.

Prof. Dr Michael Henke,  Head of Enterprise Logistics at TU Dortmund University believes that “Procurement professionals need to move away from old management structures. Procurement 4.0 requires rethinking and thus also a management 4.0.”

Even although there is an inevitability about this change, there is resistance to it. Could this resistance be mitigated, or even overcome, by improving education on benefits and advantages to organisations?

If digitalisation can help achieve proper efficiencies, and help procurement deliver on objectives, then the profession can continue to evolve. But even as procurement evolves, there will still be a place for people in the process.

People’s Place in Procurement

According to the survey, the general feeling is that much of procurement will be automated, and will therefore require fewer people to manage it. Companies may even outsource procurement in a way more commonly seen with services.

However, the smaller number of procurement professionals will be highly skilled, well-qualified, and much sought after. ‘Purchasers’ will work with complex data, and interact with departments more as consultants. But it’s the focus on people that will remain, regardless of other changes.

People will still be involved with negotiations, and in management of relationships. Irrespective of how processes are managed, strategic relationships will underpin procurement activities, and, because of this, will need human involvement.

Exactly how this will look is still unclear. And there is certainly discussion required in this area. Both the human factor, as well as resistance to change need to be considered as the first hurdle for procurement to overcome. That will ultimately give a much more solid platform to develop from.

We will consider the challenges for procurement in Industry 4.0 more closely in our next article.

The Association Supply Chain Management, Procurement and Logistics (BME), founded in 1954, is the leading professional association for supply chain managers, buyers and logisticians in Germany and Central Europe.

Fraunhofer IML, founded in 1981, is a global expert on all fields of internal and external logistics. The Institute also currently heads up the largest logistics research centre in Europe.

To download your copy of the report, visit the Fraunhofer IML website.

The procurement function must adapt and evolve to accommodate technology changes and be ready to embrace what we’re calling Procurement 4.0. The question is: Are We There Yet? Join the conversation and register as a digital delegate for The Big Ideas 2017 in London. 

Standard, Express, or Flying? Why supply managers need to be ready for delivery drones

Flying delivery drones will soon take over the last mile of your supply chain. Have you started planning ahead for a drone-filled future? 

“Alexa, re-order Doritos from Prime Air.”

Blink, and you’d miss it. Amazon purchased 10 seconds of the year’s most expensive advertising space last week to introduce the U.S. Super Bowl audience to two of its latest tech products: Amazon Echo and Amazon Prime.

Disgusted by her partner’s finger-licking, a tech-savvy woman directs her request for a second bag of Doritos to the IoT-enabled smart speaker in front of her television. The speaker (“Alexa”) in turn places an order with Amazon Prime, resulting in a delivery drone making a graceful touchdown in the yard outside.

Meanwhile in the U.K., a Youtube clip featuring former Top Gear presenter Jeremy Clarkson explains the ordering and drone delivery process in much greater detail:

Drone delivery services are swiftly approaching the commercial market, with Amazon taking a clear lead in the development race. In December, Amazon made its first successful go-round in a rural corner of England, where it has been beta-testing. While there’s still a significant weight restriction, the benefits of drone delivery are clear:

  • The 30-minute delivery time is an enormous improvement from the standard 24-48 hour wait customers currently experience when ordering online.
  • Drones can reach a height of 400 feet and fly for 24 kilometres at a stretch. They  avoid traffic and potential obstacles using laser, sonar and other technology.
  • Environmentally, battery-operated drone delivery ticks a lot of boxes as they’ll eventually replace many fuel-burning delivery vehicles currently on the road.
  • Finally, the full autonomy of drone delivery will mean there’ll be very little need for human interference, leading to enormous efficiency gains for delivery companies.

After the successful beta-tests in England, drone confidence is rising in the US, although the Federal Aviation Authority (FAA) has been slow to react. A report from December 2016 claimed the FAA has yet to begin drafting rules around flying drones over populated areas.

Testing, however, is taking place, with examples including UPS making a medical supply drop to an island off the coast of Massachusetts, while Alphabet’s drone delivery initiative (Project Wing) sent a hot dinner to students at Virginia Tech. Both the U.S. Postal Service and Britain’s Royal Mail have expressed keen interest in drone delivery as the cost of traditional delivery methods continue to rise. In Europe, DHL similarly completed a round of drone testing last year.

The process of delivery drones

Using a GPS system, delivery drones can quickly generate the most efficient route and even communicate with each other. Users can use communicate with delivery drones via smart phones, selecting delivery options such as: “Bring it to Me,” “Home,” “Work,” and “My Boat.” Additionally, if the customer relocates, the drones can redirect mid-route.

While apartment buildings are still too complicated for drone routes, doorstep delivery throughout rural and suburban neighbourhoods has been mastered.

Allison Crady, Marketing Specialist at CDF Distributors, has followed the rise of drone deliveries closely. She comments that drone delivery will only be applicable to a limited number of products at first: “Giant screen TVs will still require a typical truck delivery, but drone warehouses are currently ideal for light-weight purchases such as tech gadgets or snacks. As drone weight options increase through future development, their useful applications will extend far beyond simple convenience deliveries.”

What can supply managers do to prepare? 

Regulatory bodies such as the FAA move slowly to make drone deliveries a reality.  Supply managers can take advantage of this delay by planning ahead for a drone-based future. This means reviewing your current delivery arrangements (in-house or outsourced) and measuring:

  • the number of light-weight products currently delivered by truck that could be carried by drone
  • current delivery timeframes versus potential drone delivery speed
  • traditional price structures and operating costs against drone delivery
  • the human workforce required to run a delivery fleet versus autonomous drones
  • your current ability to deliver to difficult/remote locations
  • environmental benefits of taking fuel-burning cars off the road in favour of delivery drones.

In other  procurement news this week…

Huawei announces IoT Partnership with Deutsche Post DHL 

  • Huawei and Deutsche Post DHL Group will collaborate on innovation projects to develop a range of supply chain solutions for customers using industrial-grade Internet of Things hardware and infrastructure.
  • The group  is expected to make its IoT devices and network infrastructure accessible to DHL to assist in incorporating greater sensing and automation capabilities into warehousing, freight, and last-mile delivery services.
  • A  spokesperson from Huawei, Yan Lida, commented, “This partnership opens up an opportunity to improve the efficiency, safety and customer service offered by global supply chains in previously impossible ways, and defines how the Internet of Things will shape the fortunes of the logistics industry in the next few critical years of innovation.”

Read more at Logistics Magazine. 

Remote Australian supply chains cut by flooding

  • Floods in Western Australia closed major road transport routes for three days last week. Meanwhile, rail movement into Perth was delayed for five days.
  • The Newmont Mine in the Tanami desert has been closed for over a month due to the flooding. Delivery company Toll has been issued permits to use the flood-damaged roads to deliver fuel, food and emergency supplies to the community at the mine.
  • Parts of the Stuart Highway and Carpentaria Highway have also been closed. This is  impacting on the movement of heavy trucks in the region.

Read more at Fully Loaded. 

Back to School: Continuing Education Is Your Path to Success

Tired of being passed up for promotion? Want to further your career? Maybe it’s time for you to go back to school and continue your education.

education

So you spent your four years in university, got that business diploma, and got a job. Now what? Of course you can stay at the job you have and continue to improve your skills in the world of business. But as every aspect of business is constantly changing, many people with a bachelor’s degree may find themselves passed over for promotions because the ideal candidate has more education.

The simple fact is that the true path to success in any field is continuing education. Nowhere is this more true than in the business sector. Whether you’re working in finance or some other sector of the business realm, the importance of an MBA can’t be overlooked.

The good news is that getting that MBA is easier today than it’s ever been thanks to online courses from reputable universities with educators who know business administration inside and out. If you’d like to learn more about how working toward that MBA can improve your professional life read on to see just how impactful that degree can be.

Increased Salary

The most impactful reason to pursue an MBA is the simple fact that you’ll be more desirable to employers, and you can ask for and get an increase in salary. Depending on your chosen field, this can be in the range of 25-50 per cent more than you’re currently making.

Following the initial increase in salary, you can also expect to earn more over your lifetime with an MBA than if you stopped after earning a bachelor’s degree. It just makes good financial sense, especially if you plan to start a family.

More Opportunities Abroad

The business world isn’t limited to the United States. Business and financial hubs around the world like Hong Kong, Dubai, London, and Taipei are filled with companies eager to hire intelligent, dedicated employees. But there is a caveat. Most of these international companies all but require a master’s degree to even get a foot in the door.

Working abroad not benefits you culturally, it adds an impressive column to your CV. Additionally, in some countries, taking a job there can mean significant tax breaks. It’s for this reason that many people with advanced degrees now choose to work and live abroad.

You’re Not Limited to the Business Sector

Another great aspect of an MBA is that you’re not limited one particular industry. Finance, health care, education, and government are all eager to hire people with advanced degrees for a number of positions.

One of the key factors of the degree itself is that you’ll have the chance to choose sub-specialties. These areas of focus can put you in a better position to move toward other job opportunities. For many graduates this means they’ll be in a position to branch out and explore more varied job opportunities.

Increased Networking Opportunities

Many people say that, in the business world, it’s all about who you know and, in many ways, it’s true. An undergraduate degree in business and the process behind it doesn’t give you access to true business experts in the way that an MBA programme does. The connections that you’ll make during your MBA courses could prove to be very valuable.

Many educators who teach MBA courses do so in addition to regular jobs in the business world. If you’re a standout student and make the effort to meet and talk with your professors and their colleagues, you can find yourself in a great position when it comes time to ask for references and update your CV.

Taking the time to further one’s career through continuing education can seem like a daunting and time consuming task. However, many people who have taken the MBA plunge have found the hard work pays off in a big way.

There are so many types of MBA programme available, so do some research, decide which one is right for you, and start cracking books again. The rewards can be better than you expect.

Tiffany Rowe is a marketing administrator who assists in contributing resourceful content throughout the World Wide Web. Tiffany prides herself in her strong ability to provide high quality content that readers will find valuable.

The Big ideas Summit 2017: Join The Ride

If you’re bursting with questions for our Big Ideas 2017 speakers, now’s your chance to put them to the test and have your voice heard.

Register as an online delegate for the London Big Ideas Summit 2017 here.

There’s less than a week to go until the London Big Ideas Summit 2017 but, there’s still time for you to make your voice heard as a digital delegate. Wherever you are in the world, you can help us to shape the event’s agenda by driving discussions and debate from the comfort of your own office, home or on the go.

Helen Mackenzie attended the event last year and particularly enjoyed the opportunities for meaningful discussion:

The Big Ideas Summit offers a chance to take stock of where things are both in the world we’re operating in and also within the profession itself.  The chance to discuss and debate some of the biggest issues of the day with a fantastic group of senior procurement people is an opportunity not to be missed.

Among our key themes underpinning the 2017 event are:

  • Industry 4.0 and how it’s reshaping procurement
  • Rebuilding your workforce for  Workforce 4.0
  • Procurement in the digital age
  • Authentic Leadership – Inspiring Trust and Driving Change in Uncertain Times

But we need your input too!

Why should I get involved?

Everyone in our 20,000 strong Procurious community has a unique opportunity to put our speakers to the test by asking them the toughest questions. In the Big Ideas Summit 2017 group, the conversation has already begun . Participants are reading exclusive, advance insights from the event’s presenters and contributing to topical discussions.

Your contributions needn’t stop ahead of the event, either. On the day we would love your input on the day’s  key themes and topics, and further questions based on what you’ve been hearing.

If there’s anything you’re burning  to ask one of our procurement thought leaders, please don’t hesitate to get in touch.  This is your chance to connect with our speakers, senior executives, thought leaders and CPOs, thus gaining insights into the future of procurement.

We’ll be monitoring and updating the group and our twitter account throughout the day to feedback your questions.

Who’s answering my questions?

We’ve secured a stella line up for this year’s event and they’re ready and eager to answer the toughest questions you can put to them.

  • James Bannerman, Creative change agent and author of Non-Fiction best-seller Genius: Deceptively Simple Ways to Become Instantly Smarter
  • Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group
  • Linda Yueh, fellow in economics, Oxford university and Adjunct Professor, London Business School.
  • Mark Stevenson, Futurist, entrepreneur, and author of global best-seller, ‘An Optimist’s Tour of the Future‘.
  • Paul Blake, Senior Manager, Technology Product Marketing at GEP Worldwide
  • Barry Ward,  Procurement Brand Manager, Global Business Services at IBM
  • Graham Lucas, Managing Director – Procurement & Supply Chain and Logistics at Michael Page
  • Deb Stanton, Executive Managing Director, CAPS Research.

How do I submit a question?

It couldn’t be easier to submit your questions and you’ve got couple options to do so:

You can also stay up to date, and get involved in real time via LinkedIn or Facebook  using the hashtag #BigIdeas2017.

Not yet registered as a digital delegate?

It’s as easy as pie to register as a digital delegate, simply join the group on Procurious and get stuck in.

And, in case you needed any more persuasion, here’s what Chris Cliffe, Director – CJC Procurement Ltd, had to say about last year’s event:

It goes without saying that this is a no brainer event to follow for everyone working, aspiring, thinking about procurement.  The quality, breadth and variety of the content was exceptional.

No budget, no problem! Join the conversation and register as a digital delegate for Big Ideas 2017 now!

Procurement Leaders: Be Bold, But Nice!

According to Deb Stanton, procurement leaders should be bold enough to challenge but amicable enough that people will still want to work with them…

Register as an online delegate for the London Big Ideas Summit 2017 here.

Deb Stanton is Executive Managing Director at CAPS Research and a keynote speaker at Big Ideas Summit 2017. She’ll be speaking about why, and how, procurement teams must focus on the now whilst keeping one eye on the horizon. We caught up with Deb ahead of the event in order to find out what she thinks constitutes a great leader and the importance of research and collaboration.

What 3 attributes make a great leader?

My “attributes” are not the typical leadership attributes.

“Be bold, but be nice” is my favorite motto and advice that I offer all supply chain professionals and procurement leaders.  We need to be bold enough to challenge, ask the right questions, and bring new ideas forward; yet do it in a way that people still want to work with you.  It’s a balance of driving advancements that we, as supply management leaders, recognise as game changers and also taking the time to know and understand the priorities of your internal business partners.

Another important attribute for procurement leaders is the ability to educate and be great storytellers.  Every day that we walk the halls of our companies we are in the role to educate, educate, educate.  We need to create the awareness and tell the story of the great value that supply management brings.

Third is to be passionate.  There is so many great advancements in the programs and processes within supply management.  No matter what company or industry, drive to a level that no one thought possible.

What are you most excited about in 2017 in terms of the procurement and supply chain profession?

There is tremendous advancements in the profession.  Five years ago we were not talking much about big data, data scientists, nexus suppliers, supply chain finance, 3D printing or blockchain.  The role of the buyer has expanded into many strategic roles which means it is a very exciting time for those in the profession.  What an impact SC professionals can make!

Do procurement pros use research enough?

There are two significant types of research.  The research that introduces new thinking and drives great thought leadership for supply management executives to contemplate.  Research helps drive new initiatives and stretch the boundaries of supply management.

Then there is the research that is applied at the commodity management level.  This type of research ensures we are developing the correct strategies for the commodities that we manage.  Both types of research are extremely important and could be leveraged more by procurement pros.

Do you think CPOS collaborate well?

It is interesting to see the different levels of maturity that exist with CPOs and their organizations.  There is a wide spectrum on the supply management maturity curve.  For example, some companies are just beginning to develop the discipline of commodity management. Other companies are pushing the edge on artificial intelligence and robotics.  As CPOs come together and collaborate there is still much to share and learn.

How can procurement encourage more women to join the profession (and stay with it)?

One of my favorite studies by CAPS Research that was completed in 2014 showed that women CPO’s made more in base salary than their male counterparts!  I feel that women executive procurement leaders are highly recruited, so let’s build a big pipeline of talent.

Join the conversation and register as a digital delegate for Big Ideas 2017 

Are You A Procurement Starter Or A Finisher?

Are you a starter or a finisher? According to IBM’s Barry Ward, you’d better be both! Barry discusses the key skills most critical to procurement in the coming years.

Barry Ward, Procurement Brand Manager, Global Business Services at IBM is a keynote speaker at Big Ideas Summit 2017.  He’ll be explaining the big ideas behind Watson and the opportunities that cognitive tech presents to procurement. When we spoke to Barry ahead of the event he was keen to remind us that, despite rapid tech developments, traditional procurement skills are far from being made redundant.

How do you stay productive and current in a world of fast-paced innovation?

  • Collaborating with colleagues
  • Networking with others – using social media and other channels
  • Building and nurturing an ecosystem of organisations that are leading or developing solutions that may have or will have an impact in your function

What key skills are critical for procurement in the next 5 years?

We will always need traditional procurement skills such as the ability to be a strong negotiator, to communicate well internally and externally, to be a starter and a finisher. But, on top of this I think the importance of an open mind and curiosity in terms of the role that technology can play in the future is going to be more important than ever.

There will be an increasing need for project management skills, change management, relationship management skills. This is on top of the usual and still critical traditional procurement skills such as category expertise or negotiation skills. I can also say that there is a growing importance in soft skills: communication, teamwork and collaboration and problem solving.

How has technology, the Internet of Things and e-Procurement affected IBM?

Technology has placed a key role in IBM’s transformation over the past 20 years or so. Its importance is perhaps more critical in the the current phase of our procurement transformation. Understanding how digital technology can transform the supply chain and our source to pay activities is critical in terms both driving our efficiency and effectiveness but also to showcase how procurement can drive value throughout our organisation.

This positions Procurement in a much more strategic role than ever before. Procurement data is much more visible than ever before.  Insights through combining unstructured and structured information augment our knowledge, with alerts being posted to mobile devices instantaneously means that buyers can have much better assurance of supply continuity, of being able to understand price opportunities and to focus their time and energies on higher value activities than ever before. Lower value work will become automated or systems-driven. This is all good news for Procurement.

One clear impact of this transformation is that our key stakeholders now have very high expectations of high performance from Procurement personnel, perhaps more so than ever before, but the rewards are clearly evident in terms of the value that individuals can bring as well as the procurement organisation as a whole.

How valuable have mentors been in your career?

Mentoring is a highly personal thing. Some people need to have guidance and direction particularly in an organisation that may be widely spread and fast-moving, and if you are looking to move around different functions. Similarly for those who are in a smaller organization, mentors can bring an external, broader perspective.

Others are confident of their own abilities in charting a course for their own development and progression. I have had mentors in the past, particularly when I was in the early stages of my career. The more confident you are of your attributes and ambitions the less I have found that I needed mentoring. I spend time mentoring others mainly from within IBM and mainly from other geographies.

How did you first become interested in procurement?

I didn’t know very much about Procurement in my time as an undergraduate. It was not a profession that had much coverage when I was at University, unlike Finance or Engineering.

My first job as a business graduate was as a Purchasing Analyst running Bill of Material queries in a MRP system for a large manufacturer. This brought me into contact with many parts of the organisation including procurement. The procurement manager at the time was quite an intellectual and gave me a broad view of the role that procurement can play in an organisation.

Clearly he influenced me as I have spent my subsequent career in procurement and supply chain roles!

How will cognitive technology impact procurement professionals?

Cognitive technology will transform the role of the procurement professional and the impact that he or she can make for their organisation. It will be able to remove some of the more prosaic parts of the procurement role, such as data gathering and analysis, together with augmenting a buyer’s knowledge thus enabling them to spend more time on higher value tasks and ultimately make better decisions and be more effective.

Procurement professionals will need to understand how cognitive technology works – so they can be alert to potential mistakes that can happen from cognitive solutions, so that data input from these solutions is relevant and accurate.  It will eventually help, and force, them with their career progression as well as developing their expertise.

Join the conversation and register as a digital delegate for Big Ideas 2017