Category Archives: Big Ideas Summit

My Advice for Finance Professionals (and Others)

My advice for up and coming finance professionals? Don’t get stuck in your silo – get out and collaborate.

Advice for Finance Professionals

When someone asks you for your opinion or advice to pass on to young professionals, it’s often tricky to narrow down your thinking to two or three bullet points. When these professionals working in a different business function, the job gets that little bit harder still.

However, there’s not as much difference between Procurement and Finance professionals in the early stages of their careers. So, based on my own experience, I have put together my top three pieces of advice for new professionals (whether they are in Finance or any other profession).

  1. Avoid a Silo Mentality

Maybe the most important piece of advice I can think of, hence why it’s come first. In the early part of my career, there was nothing more frustrating than trying to explain what procurement did, and why we added value to the business.

We worked closely with other functions, such as Design, Manufacturing, and Finance, but always had the same conversation why we needed to be involved at all. If you’re going to fully understand the business, then you need to get out of your functional silo and meet other people, discuss their roles, and work out how you and they fit together.

The relationship between Finance and Procurement is key to the smooth running of a number of critical operations. From supplier selection and qualification, to invoice payment, these operations will run much more efficiently with better communication and a good relationship.

If you step outside your silo, you’ll probably find that other people are willing to do this too. 

  1. Share your Experience

Procurious founder, Tania Seary, has frequently spoken about the importance for procurement to flex their collective muscle and create a community of practice. The same could be said about creating a community of finance professionals.

Quandl’s tips for being a great analyst highlight spotting patterns and finding out the ‘why’ behind the numbers. A great way of doing this is to get out and talk to people, be it others in your profession, or others around your business. Discussing tools and apps that you and others have found helpful could make all the difference.

The chances are fairly high that someone, somewhere, will have come across a similar situation in the past. They might even have a solution for it too, and they’re probably willing to share their experience and knowledge to help out others.

Your experience is valuable too, no matter the stage of your career. Find time to note down specific issues you have had, who you spoke to, how they helped, and your eventual solution. Share this with your fellow professionals, and you’ll start to build both profile and influence. One of the great ways to do this is via social media.

  1. Leverage Social Media for Your Brand

Social media is just as important for your professional life as it is for your personal life. There are a number of great platforms available, each offering a different way to build your personal brand.

In business now, many people think that if you don’t have your own online profile, you don’t really exist. Both recruiters and employers will use social media to learn more about you as an individual – whether it’s to check your employment history against a CV you have submitted, to understanding what makes you tick as a person via social media posts.

The best thing is, it only takes 10-15 minutes each day to stay up to date.

Telling people what you are doing, reading relevant content from industry publications, listening to a great podcast – all of these can be done on your way to work, or over lunch. Once you’re in a routine, it’s easy to maintain your social media presence during the day.

By doing this, you’re raising your own profile and starting to build influence, as well as gathering knowledge that will help in your day-to-day work.

And whether you are Finance professionals, or Procurement professionals (or others), this will certainly stand you in good stead as your career progresses.

Why Big Ideas 2016? There’s an Infographic for That

Not sure why you should register for Big Ideas 2016? We’ve pulled all the information you need into one easy to share infographic!

Big Ideas 2016 Infographic

Need more convincing? Check out the high calibre list of thought leaders and keynote speakers, including:

  • Tom Derry, CEO, Institute for Supply Management
  • Christopher Sawchuk, Principal & Global Procurement Advisory Practice Leader, The Hackett Group
  • Gabe Perez, Vice President of strategy and market development, Coupa
  • Elizabeth Linder, Politics & Government Specialist, Facebook EMEA
  • Nik Gowing, Visiting Professor at King’s College and co-author of ‘Thinking the Unthinkable’
  • Lucy Siegle, Journalist and broadcaster, The Observer
  • Peter Holbrook, CBE, Chief Executive, Social Enterprise
  • Lucy Harding, Partner and Head of the Global Procurement & Supply Chain Practice, Odgers Berndtson
  • Martin Chilcott, Founder and CEO, 2degrees
  • Dapo Ajayi, Chief Procurement Officer, AstraZeneca

We’ve seen some of the ideas that our speakers will be discussing on the day, and believe us when we say, you do not want to miss out.

In the next few weeks, we’ll be introducing you to all of our speakers and giving you some previews of their key themes and topics. The best way to stay up to date? Register for the event now!

How you can take part

The Big Ideas Summit is open to all Procurious members. It doesn’t matter where you are in the world, we want you to help shape the agenda. Register your attendance in our Procurious Big Ideas 2016 Group.

On Twitter? You can also submit your questions by tweeting us @procurious_ using the hashtag: #BigIdeas2016

You can also stay up to date, and get involved in real time, LinkedIn or Facebook, also using the hashtag #BigIdeas2016.

For more information about the day head on over to our bespoke event site at www.bigideassummit.com.

Don’t miss out on this truly excellent event and the chance to participate in discussions that will shape the future of the procurement profession. Get Involved, register today.

The Smart Way to Buy Your First ERP System

You might not realise it, but you could be making a common mistake when buying your first ERP system.

ERP System

When should a growing company start thinking about a formal, automated spend management program? At the same time you get your first ERP system. The two go hand in hand, but most companies put an ERP system in place and then, when they get to about 800 or so employees, they start thinking about automating spend management, starting with e-procurement and e-invoicing.

A little further down the road, they start thinking about systems for budgeting, travel, employee stock administration and maybe analytics.

The problem with thinking about all these systems separately and sequentially is that instead of thinking about the optimal way to handle each function, you’re thinking about how to solve each problem within the constraints of the systems you already have.

It’s like building a house without a set of plans, one room at a time. It’s an inefficient way to build, and you’re going to end up with a pretty funky floor plan.

You can save time and money, and gain a competitive advantage, by thinking about your finance system as a whole, and drawing up a set of plans for building it from the foundation up, starting with ERP and spend management.

It all starts with invoicing

Your finance system really starts when you start paying invoices. What most growth companies do is buy QuickBooks or some other inexpensive entry-level software to do that, and then shift their focus back to sales and revenue.

As the company grows, it becomes evident that this entry-level system is no longer meeting the company’s needs so they start thinking about an ERP system. These days that doesn’t have to be a multi-million dollar undertaking. Cloud ERPs such as NetSuite can work for businesses as small as 40-50 people, and they can scale up to work for as many as 100,000 people.

So, the CFO or Controller spearheads an effort to get an entry-level ERP system to address core financials, and then, once again, they shift focus back to sales and revenue.

The ‘flip the switch’ myth

Spend management – most notably, e-procurement and e-invoicing – are what people typically tackle next, but most postpone thinking about them until they get there. Or they think, “the ERP system has some requisitioning and invoicing functionality. We’ve got the license and we’ll just flip the switch on those when we need them.”

If only it were that easy.

Yes, many ERP systems do some basic requisitioning and e-invoicing. But their functionality will not come close to satisfying requirements for effectively managing spend, and there’s too much they don’t do, such as sourcing and contracts.

Flipping the switch will only expose those decisions you didn’t make at the outset. Don’t fall into the “flip the switch” trap. Nobody intentionally uses the requisitioning in their ERP to manage spend – they settle for it.

Or, they figure out they need more functionality than the ERP provides and launch an entirely new initiative to vet spend management solutions. But it could have all been figured out at the point where you went from QuickBooks to NetSuite, without taking too much more time, money and resources.

ERP and those first pieces of spend management should be done all at once, so bring procurement and AP to the table for that discussion. Not only will you make a better buying decision, but you’ll have an opportunity to streamline the implementation process.

It will only take fractionally longer to implement both at once, but if you do your ERP implementation and then come back later to implement spend management, you’ll end up doing a lot of the same work over.

A Biggish Bang

There might be reasons to do it that way, but those have to be weighed against the fact that when it comes to your financial management system, it’s not “if” but “when.” It makes more sense to implement ERP and spend management solutions together in a biggish bang because like peanut butter and chocolate, they’re even better together.

Spend management is a low impact, high return insertion that will make your ERP implementation better. The procurement piece can create all the purchase orders that get pushed into the ERP, where you’ve already got the right categories and accounting codes.

Why wouldn’t you want to feed your ERP good, clean data to begin with, in an easy way that people can use and understand? With the cloud, it doesn’t matter if you only have twenty people buying things, or if you’re only doing a few hundred invoices a month.

You probably won’t automate your whole financial system right out of the gate, but you should still think it through and draw a set of plans with the end goal in mind. So, think thrice before you buy that ERP system. Think about the next imminent piece, which is spend management. Think about how you build out from there. You’ll be way ahead of the competition that’s doing it the way we’ve always done it.

You’re not going to have a lot of messes to clean up because you set it up right from the outset, and you’ll be paying a lot less for transactional processing than the competition.

Does Your CPO Have Big Ideas?

Is your Boss a Perfect Fit for the Big Ideas Summit 2016? Nominate your CPO to attend this unique event.

Big Ideas CPO

At Procurious we know people don’t leave companies, they leave bosses. So we want to reward great bosses – procurement leaders who are leading by example, keeping their teams energised, investing in individuals’ careers, and continuously pushing procurement to excel.

On April 21st in London, Procurious will connect 50 top executives, thought leaders and CPOs, with its 12,000+ worldwide members to forge new ground by solving the thorny issues in, and harnessing new opportunities for, the procurement profession.

Only 5 places remain in our London audience. And here’s how you can help your CPO attend

Nominate your CPO

As we’ve said, there are only 5 places left, but we’re giving the Procurious community the chance to help fill them. You’ve already read plenty about the Big Ideas Summit, found out how to get involved as a Digital Delegate, and get involved by submitting your own Big Ideas.

What we’re offering here is the chance for your CPO to attend the event in London in person, rubbing shoulders with representatives of some of the world’s biggest organisations, such as Facebook, the World Bank, the BBC, and AstraZeneca.

The nomination process couldn’t be any easier either. All you need to do is fill in a short form with your and your CPO’s details, telling us why you think they are deserving of a place in the Big Ideas delegation.

Is Your CPO a Perfect Fit?

So, how do you know that your CPO is the right person. Well, picture them and think about the following points. These attributed are what we are looking for in our CPOs who are attending Big Ideas:

  • Progressive – your CPO is ‘on trend’ and always up to date with the latest key themes and issues in procurement.
  • True Influencer – your CPO shares their knowledge freely and widely, has had something they have written published and shared, or has a particular area of expertise. This could be within your organisation or the broader profession.
  • Big Thinker/Creative – your CPO is creative and likes looking at the bigger picture. But they’re also open to other people’s big ideas too.
  • Wants to expose his/her team to opportunity – your CPO wants to give their team the chance to access thought leadership from some global experts.
  • Tech savvy – this is a digitally-led conference, so we want our attendees to be advocates for technology, including social media, for procurement.
  • Committed to diversity and promoting young talent – makes sure that their team reflects diversity and is full of opportunities for the next generation of talent.
  • And, of course, an Awesome Procurement Boss – and because you want to reward them for being awesome!

How to Nominate

If your CPO meets most, or all, of the above attributes, then nominate them now!

To be eligible to attend, your CPO needs to be in London, in person, on April 21st. Procurious will be extending the invitation, but the cost of the ticket and travel is down to them.

To nominate your CPO, simply click here, tell us your CPO’s details, and why you think they should be at Big Ideas. Let us know your details too, so we can get in touch if we need to.

Nominations close on Tuesday the 29th of March, with CPOs contacted following this date.

We look forward to hearing from you!

Want to know more about Big Ideas 2016? Then visit www.bigideassummit.com, join our Procurious group, and Tweet your thoughts and Big Ideas to us using #BigIdeas2016.

Don’t miss out on this truly excellent event and the chance to participate in discussions that will shape the future of the procurement profession. Get Involved, register today.

What’s Your Big Idea? Tell Us in 60 Seconds or Less

Once again, we’re on the hunt for YOUR Big Idea – what are the things only you can say?

What's Your Big Idea?

We believe everyone has a unique vantage point in the industries, communities and businesses they work in. At the Big Ideas Summit 2016, which takes place on 21st April,  we will be asking our speakers and attendees to record their ‘Big Ideas’ live on camera for the whole of our Procurious community to see.

This was a huge success last year and if you’re keen to see some of the videos from 2015, head over to the learning section for some inspiration.

Where Do YOU Come In?

Procurious wants you to share your ideas with our community by creating a 60 second video. It’s super easy to do this on your computer, laptop or phone – whatever works for you! We’ve provided some more detailed advice below on how to submit your Big Idea.

You can make the most of your unique position as both a procurement professional and Procurious member by telling us what you think is the next Big Idea that will change the face of the procurement profession, based on some of the amazing experience and insights you have.

Your video will help to generate interest and discussion on your Big Idea, give you the chance to share your wisdom with a global procurement community, and provide you with a platform to amplify your thoughts, and turn you into an influencer. We will also be using your submissions to help guide the conversations and discussions at Big Ideas 2016.

Need Further Encouragement?

Why not have a look at one of last year’s videos.  Bertrand Maltaverne had a great Big Idea to share with us and we’re certain you do too!

How to Submit Your Big Idea

We don’t mind if you film your submission on your phone, tablet, laptop or PC. However, to help you out we’ve compiled a list of some of our recommended methods for reaching out.

Once you’ve completed your film, you can reach us by email ([email protected]); on Twitter (@procurious_) or via Google Drive or Dropbox (using [email protected]).

Record Your Big Idea

Probably the easiest way to record your video is to use the camera on your phone, laptop or PC. We’re not expecting a Hollywood-style production, just so long as we can see your face, and, just as important, hear your great idea.

If you’re struggling to record it on your phone, get a friend, family member, colleague, or trustworthy stranger to hold it for you! Remember, we’re only looking for a 60-second video, so know what you’re going to say, and practice a few times.

Once you’ve finished, and saved the video to your device, you then have a couple of options for sharing them with us.

Email

Want to submit your video using a good old-fashioned email? We’ll absolutely accept that!

Attach your video to an email with the subject line ‘My Big Ideas Video’ and send to [email protected].

In the body of the e-mail, give us a one or two sentence synopsis of your Big Idea so we can upload this information to the website too.

Google Drive or Dropbox

Is the video file size too large for e-mail? Then why not share it with us on Google Drive or Dropbox. Both systems are free to use and are simple to set up.

For Google Drive, get started using these instructions, upload your file, and then click to share with Procurious. You can use [email protected] for this too.

For Dropbox, you can find all the information you need here. Again, upload the video file, and then share it with us.

YouTube

Alternatively, if you have always dreamed of being an Internet star, you can use YouTube.

  • Head over to https://www.youtube.com/upload and either select a readymade video to upload, or hit ‘Webcam capture’ to film your piece on the spot.
  • Select ‘Start recording’ to get the camera rolling (remembering to tick ‘Allow’ should you be prompted by YouTube’s Privacy Settings)
  • When done press ‘Stop recording’ followed by ‘Continue’.

Don’t be daunted by filling-out the ‘Basic info’ – all that’s required is a title, short description, and some tags. For your title we’d suggest using something along the lines of: My Big Idea is… [insert here]

In order to make your video easy to find, we’d recommend using the #BigIdeas2016 and Procurious tags – but feel free to add more!

Click ‘Publish’ when you’re happy and remember to send us the YouTube URL when it’s live.

After that, you can sit back, relax and watch your number of views rocket!

Questions

If you have any questions (and we mean, any questions at all) about creating your video, sharing it, or what we plan on doing to it, please get in touch. One of the team will be able to talk you through what you need to know.

We can’t wait to go through all of your submissions and hear your Big Ideas for Procurement.

So…what are you waiting for? Get recording!

Big Ideas Summit 2016: Innovation Without Boundaries

The global conversation begins now! Register for the Big Ideas Summit on April 21st on Procurious and join procurement leaders as they share their insights.

Big Ideas Summit 2016 Logo

From drones to social networking, what new technologies and trends will transform procurement/supply management, and how can today’s leaders harness them to drive innovation?

Virtual Think-Tank

On April 21st 2016, 50 of the world’s most influential procurement and supply chain thinkers will tackle these questions and more during the annual Big Ideas Summit, the world’s first digital forum focused on procurement, powered by Procurious.

Through this virtual, think-tank event, Procurious’ 12,000+ members will have the chance to interact with these senior executives, thought leaders and CPOs, and gain insights into the future of procurement. All are invited to participate by registering on Procurious, the leading free online business network for procurement and supply chain professionals, and then joining the Big Ideas Summit group on the platform.

“Our goal is to inspire a new generation of business intrapreneurs—people who can think outside the box — who will lead change even in times of ambiguity,” said Tania Seary, Founding Chairman, Procurious. “By giving the global procurement community a place to connect, discuss and learn together, we hope to seed an innovation movement that knows no boundaries.”

New Era for Procurement

Sponsored by the Institute for Supply Management (ISM), The Hackett Group, IBM and Coupa, the Summit will feature several provocative sessions on the trends that will take procurement into a new era:

  • Thinking the Unthinkable: How the global business environment is changing, how to spot trends and disruptions, and the “unthinkables” that organisations are already preparing to handle.
  • Rethinking the Possible: What is the “true cost” of doing business in the fashion industry? How are drones and 3D printing morphing the way we work? Presenters will address today’s mega-trends, from ethical supply chains to the Internet of Things.
  • The Conversation Century: With social media breaking all boundaries for collaboration and influence, the profession must master new “rules of engagement.” Learn how to use this channel to attract and retain the best and brightest talent, and to maintain a career edge.
  • Procurement’s Blind Spots: Benefit from real-life examples of how procurement is applying key agile capabilities in everything from leadership to information-driven performance. Then be part of a CPO debate about procurement’s blind spots, and how risk mitigation will prepare the profession for the future.

Thoughts Leaders and Experts from a range of high-profile, global organisations, taking part in these discussions include:

  • Tom Derry, CEO, Institute for Supply Management
  • Christopher Sawchuk, Principal & Global Procurement Advisory Practice Leader, The Hackett Group
  • Gabe Perez, Vice President of strategy and market development, Coupa
  • Elizabeth Linder, Politics & Government Specialist, Facebook EMEA
  • Lucy Siegle, Journalist and broadcaster, The Observer
  • Peter Holbrook, CBE, Chief Executive, Social Enterprise
  • Dapo Ajayi, Chief Procurement Officer, AstraZeneca

Get Involved

The Summit is more than a one-day event – the conversation has already begun. Members of Procurious are being invited to challenge the speakers – and each other – with hard questions, contribute to Discussions on the event’s key themes and topics, submit their own Big Ideas for consideration by their peers, and read exclusive, advance insights from keynote speakers and influencers.

It doesn’t matter where you are in the world, Procurious wants the global procurement profession to help shape the agenda. On April 21st, members will be able to exchange ideas about the proceedings, shared by video, and get involved in real time via social media, on Twitter, LinkedIn or Facebook, using the hashtag #BigIdeas2016. Members will also be able to access more rich content in the days and weeks after this gathering.

The first annual Big Ideas Summit, which debuted in 2015, brought 5,000 virtual delegates together, and generated more than one million tweets. Join the global movement now. Visit bigideassummit.com and register today.

Tweet this: Join the global conversation with your Big Ideas for #procurement at the @procurious_ #BigIdeas2016 Summit, April 21 www.bigideassummit.com

About Procurious

Procurious is the world’s first online business community dedicated to procurement and supply chain professionals. It’s a hub to advance your career, develop your skills and expand your global professional network. With 12,000+ members across the globe, Procurious aims to empower procurement leaders to connect, collaborate and take a more innovative professional outlook.

Think of Procurious as a professional network, news and knowledge hub, learning and career center, all in one place. Join now at www.procurious.com – it’s free to register and participate.