Category Archives: Big Ideas Summit

Big Ideas Summit Lands In Marvellous Melbourne!

Toot tooooot! After wowing audiences in London and Chicago, Procurious is steaming into Melbourne to bring the first ever Big Ideas Summit to Australia! With only one week to go, now is your chance to buy a ticket or join the Digital Delegate Group to follow the action online. 

If you’re interested in getting involved but still not entirely sure what’s going on, look no further – we’ve compiled a list of our most frequently asked questions to get you fully up to speed!

What is it?

The Big Ideas Summit is a unique online event uniting procurement and supply chain professionals from around the globe to drive innovation and inspire change. At the Big Ideas Summit in Melbourne we’ll be driving the conversation on the following topics:

  • Procurement in the digital age
  • Trend-spotting and pattern-hunting in procurement
  • Human skills in a machine world
  • The Conversational Century

Our international line up of speakers includes BBC Broadcaster and Visiting Professor at Kings College, Nik Gowing (UK); IBM’s Global Client Centricity Leader and cognitive expert Anita Karlsson Dion (USA); A.T. Kearney Partner, Board Member and data lake guru Patrick Van Den Bossche (USA); and Founder and CEO of the Conversational Century & Facebook’s advisor to the Royal Family, Elizabeth Linder (UK).

When and where is it?

The Melbourne Big Ideas Summit kicks off on Monday 30th October at the stunning Telstra Theatrette at 242 Exhibition Street, Melbourne. If you’re in Australia, there’s still time to reserve your seat! Visit the event website to learn more and secure your ticket today.

If you’re not in Australia or can’t make it to Melbourne, simply join the Digital Delegate Group here on Procurious to follow the action live and access valuable content after the event. Expect to see most of the action in the Group between 08.30 – 18.00 (AEDT) as we share video insights, quotes, photos and summary articles direct from Melbourne.

If you can’t join the action live, not to worry. The thought-provoking discussions and debate will continue long after, and we’ll be sharing video footage of all our Influencers’ Big Ideas throughout November on Procurious.

How can I join in online?

To become a Digital Delegate, you’ll need to be a registered member of Procurious – register here for free if you haven’t already. Then simply join the group to access Big ideas, participate in insightful discussion, connect with our Influencers, access exclusive podcasts and interviews and share your own Big Ideas with the Procurious community.

We’ll also be live tweeting throughout the day, so make sure you’re following @procurious_ to share and respond to our tweets using the hashtag #bigideas2017.

Do I have to be a member of Procurious?

Yes. Participation as a Digital Delegate is free and open to all members of Procurious. By joining Procurious, you will not only have access to all the exclusive Big Ideas Summit content, but you will join a community of 23,000 like-minded procurement peers and gain access to all Procurious’ free resources, including being able to:

  • Upskill on the move with dozens of eLearning modules
  • Get your procurement questions answered by experts
  • Find out about relevant professional events around the globe
  • Become a digital delegate in the global think-tank, Big Ideas Summit 2017

Will Big Ideas be live-streamed?

Procurious boasts a global audience of 23,000+ procurement professionals, from more than 140 countries. If we were to cater to all of these time zones, it would be a tough job – so rather than live-streaming (and keeping you awake at awkward hours), we’ll share exclusive video and podcast interviews with Digital Delegates.

 I’m on the fence – why should I take part?

Here are some compelling reasons to join your fellow Procurians and stake your claim to the wealth of knowledge on offer:

  • Get your questions answered by world-class experts
  • Make powerful new contacts around the globe
  • Share your own Big Idea and make your voice heard
  • Access exclusive content & learnings.

Who are the sponsors?

The Melbourne Big Ideas Summit is made possible by our partners Telstra, IBM, A.T. Kearney and The Source.

 I’ve got a Big Idea of my own…

Great to hear! You can Tweet us your Big Ideas @procurious_ remembering to use the hashtag #BigIdeas2017.

Leave your Big Idea on Facebook – you can find us at www.facebook.com/procurious .

And of course you can tell the Procurious community all about it by joining the Big Ideas Group page and posting it to the community feed.

Who is behind Procurious?

You can read all about us in Our Story.

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

Workplace Inclusion: Cut the Fluff!

3 Practical Ways to Move the Needle on Inclusion in the Workplace..

Illin Denis/Shutterstock.com

On 30th October, we’re bringing The Big Ideas Summit to Melbourne! Want to join us? Grab a ticket here to secure you seat!

Business Leaders are tired of hearing about the “D” word. Tired of hearing about diversity initiatives, forums, unconscious bias training, statistics. We get it; leaders are probably tired because all of the hype is on the problem.

As D&I (Diversity and Inclusion) Practitioners we are tired also of the “fluffy” responses to inclusion that are labelled as solutions. We’ve all participated in some of the fluff: Cultural Diversity Week, Harmony Day, International Women’s Day, Gay Pride Marches, coin collections for paralympians!

The reality is that by and large Australian businesses already have diverse workforces. Walk into most workplaces, and you will see some form of workforce diversity: age, gender, physical ability, sexuality, culture, thought. Although these staff members are “celebrated” with seasonal activities like Harmony Day, we are just not including these diversities where and when it counts in business.

Why?

  • Australian leaders who hold the power are not from diverse groups
  • There is no real business motivation to drive inclusion
  • There is a lack of know-how on launching and driving sustainable change to move the needle on inclusion.

AUSTRALIAN LEADERS & DIVERSE TEAM MEMBERS: “Feeling like an onlooker at work”

Inclusion can’t happen if we continue to have a distance in structure and relatability between Australian leaders and diverse team members. Figure 1 shows the distance in structure – Australian businesses are still run by Anglo-Celtic men who may have little relatability to people from diverse backgrounds.

Figure 1: Australia’s Anglo Celtic Men still hold the power

How do people from diverse backgrounds feel? It is ‘feeling like an onlooker at work, or more like an invisible spectator than part of a team’. This is the experience of ‘otherness’, or exclusion in the workplace, that might be subtle but is pervasive (Research by Catalyst).

My experiences … have made me far more aware of my “Blackness” than ever before. I have found that … no matter how liberal and open-minded some [people] try to be toward me, I sometimes feel like a visitor … as if I really don’t belong. – Michelle Obama

The impact of exclusion can affect everything from morale to career advancement. Diverse individuals report being more likely to withdraw from full participation and contribution (engagement) to the business. At a business level, this typically means lowered productivity or at the very least, less discretionary effort. The problem is Anglo-Celtic male leaders may not even be aware that this is happening.

 

How do we get the attention of Anglo-Celtic male business leaders?

Unfortunately, we will get their attention mostly with business statistics that link to financials. So here are some compelling statistics:

Gender diverse and ethnically diverse companies return 15% and 35% better financial performance than their competitors. 

Sounds like a no brainer to get motivated to do something, right? However, Australia has got to have the diversity represented first and in the right senior roles. At present, every diversity category you pick is under-represented and our lagging shows on a world-stage, especially with women: Australia is only at 14th place worldwide for women on large, publicly listed companies; and 17th place for women in parliament. Once we improve this, then we can talk about leveraging inclusion to get Fig. 2’s financial success stories.

Figure 2: Diversity Matters 

3 steps to cut the fluff and make inclusion matter

Do we wait to get representation first and then work at inclusion? No, start now – here is how: If you are at the top, the middle or indeed in any leadership role, here are three steps to cut the fluff on inclusion:

  1. Understand the diversities you are dealing with (MBWA)

Listening to the unique experiences of diverse employees (MBWA: management by walking around) and adopting inclusive behaviours will reap immediate benefits for your employees and your business. Do not fall into the trap of forming a view about the current state by using data based on outdated personal experience, assumptions and anecdotes or by talking a merit approach.

  1. Translate the potential business impact of continuing exclusion

For example, if you continue to have low levels of women or CALD (culturally and linguistically diverse) women represented across your organisation, what does that mean for your reach with customers (51% of Australia’s population are women and we are one of the most multicultural nations in the world). Do you know how your engagement scores translate across diverse groups? Are your staff feeling like onlookers and are these hidden within a 70+ average engagement score?

  1. Commit to act with transparency and accountability

At a senior level, engage the right stakeholder to develop policy, set targets and then make the right leaders accountable for communicating and embedding the policy and the targets into the organisational operating rhythm. All other levels: start with simple acts of inclusion: don’t talk over someone, learn to pronounce someone’s name, encourage an opinion and be open to listening fully – basically invite an onlooker in and keep the door open.

So, cut the fluffy celebrations, events and festivals – instead, take some concrete steps to make inclusion happen on an organisational and individual level, in ways that allow people to be valued and encourage others to step up.

This article was written by Div Pillay & Michelle Redfern, Co-founders of Culturally Diverse Women.

Join us LIVE at The Big Ideas Summit Melbourne to discuss the big-ticket trends affecting procurement – grab a ticket here to secure your seat!

Sprinting Outside Your Comfort Zone

When ultra-athlete, World Vision Ambassador and Melbourne Big Ideas Summit speaker Samantha Gash ran 3253 kilometres across India in scorching heat and punishing humidity, she discovered that even best-laid plans will always go awry. But, as she tells Procurious, any challenge can be overcome by adapting your plan, recalibrating and moving forward.    Hear Samantha Gash LIVE at the Melbourne Big Ideas Summit on Monday 30th October. Click here to learn more.

Who could be a better pick to talk about endurance than an ultra-marathon runner? As a former lawyer turned athlete, Samantha Gash has experienced challenges that require an enormous amount of persistence both within a corporate environment and on the running trail. She has seen first-hand how projects and big ideas will fail without the right mindset strategies, and the extraordinary achievements we’re capable of when we step outside of our comfort zone and tap into our hidden reserves of persistence.

As a World Vision Ambassador, Samantha Gash ran 3253 kilometres in 76 days across India, raising over $150,000 to fund education programs and creating a global digital campaign around the barriers to quality education for children across India. Her other achievements include a 1968km expedition run along South Africa’s Freedom Trail and four 250km desert ultramarathons as part of the Racing The Planet – Four Deserts Grand Slam.

It’s an impressive list, and reading it on paper doesn’t do justice to the heat, flies, exhaustion, injuries and sheer discomfort Samantha must have experienced on these ultramarathons. As she will tell the audience at the Melbourne Big Ideas Summit on October 30th, things never go to plan – but that’s okay, particularly if you have the right mindset to adapt and push onwards.

Adaptability

“You need to be incredibly prepared in the lead-up to a challenge, but upon execution you also need to be highly adaptable,” says Samantha. “Both components are important, because it’s likely that you’ll need to completely change what you thought you needed to do once things really kick off.”

Samantha isn’t exaggerating when she says that in India, not one day went to plan. “From weeks two to four, I was physically and mentally shaken by the fact that I had to walk for considerable periods at a time. I was experiencing body shutdown, brought on by the stress of running across India in 44 degrees and over 90% humidity, combined with trying to keep up with a demanding content schedule to meet stakeholder obligations when it would be optimal for my performance if I could rest”.

For two of the eleven weeks in India, Samantha says she was pretty much crawling. “My stomach blew up, I was getting injuries, and I wasn’t giving myself the recovery I needed. My body wouldn’t let me move beyond a power walk and short running sections. Eventually, I realised that I had to roll with it, and accepted that this was the reality for that part of the challenge. And that’s when my body started to heal itself. Seventy-seven days later, my body was injury free and powerfully running up the mountains in the east of India”.

Samantha says that when you’re doing projects of this scale, you’ll inevitably go through a breakdown period before you get to the adaption phase. “You have to be calm and kind to your body – it’s essential to get through this anxiety-ridden period.”

Relentless forward motion

The language Samantha uses – adaptability, stakeholders, execution – comes across as highly professional and wouldn’t be out of place in a corporate environment, reflecting her background as a lawyer. But there’s one over-used business catchphrase – “moving forward” – that takes on a different meaning when used by an endurance athlete.

“’Relentless forward motion’ is the idea that it doesn’t always matter how fast you’re moving; so long as you’re moving forward, you’re always moving towards your goal. It’s important to think about the strategic parts of the project when you’ll need to devote 100% of your focus and greater energy. When the odds are stacked against me in endurance racing, I rely on the strategies I have prepared that allow me to move forward.

“In a long term endurance event, whether physical or mental, people inevitably burn out and choose to opt out of the challenge. However, if you can’t mindfully push past the challenges, it’s irrelevant how fast you went.”

Strategic vulnerability

Samantha recommends that leaders should put on their “armour of toughness” at challenging times to make sure a project continues to move forward. This is particularly important at the start of a project, but down the track it’s often a good idea to show some vulnerability.

“Effective leaders know that it’s important to be able to show vulnerability, and also to accept vulnerability in others, in order to reach your goal,” says Samantha. “Sometimes the strongest leaders are the ones who can show their team a degree of vulnerability. Reversing the roles of leader and follower enables the team to step up and support you, because you won’t get the best out of your team members if you always show strong solid leadership and direct workflow.”

Samantha Gash is part of an incredible line up of inspirational, international speakers appearing LIVE at the Procurious Big Ideas Summit Melbourne on Monday 30th October. Time is running out – reserve your seat today!

Are You One Of Procurement’s Gen NEXT?

Did you know that 50 per cent of procurement professionals don’t trust their bosses to help them win promotions? No wonder most of us are going online to proactively manage our own careers! Exclusive to Procurious members, the Procurement Gen NEXT report shares career-boosting insights from 500+ global professionals. Get your copy today.

Looking for the Procurement Gen NEXT report? Register for free or log in to Procurious, then click on the banner to download!

Evidence of a divide has emerged between procurement professionals who are proactively seizing control of their career management, and others who are waiting for a promotion or big break that may never come. At Procurious, we’ve labelled the proactive group “Procurement’s Gen NEXT”.

This is not a generation defined by year of birth. On the contrary, it’s defined by a positive attitude that can be found across every age group, from Baby Boomers to Gen Z. The members of Gen NEXT are using a whole range of levers to supercharge their careers. From developing vital mentoring relationships, to building social media profiles that have eclipsed the importance of CVs, to seamlessly leveraging their professional networks to find a new role, to crowd-sourcing a solution to a procurement challenge, the members of Gen NEXT are collaborative, proactive and ambitious.

When Procurious put out the call for participants, we were delighted when 500+ professionals across more than 50 countries shared their insights and wisdom through the survey. The result? Confirmation of the ever-growing need for members of the profession to proactively manage their own careers – online – as the profession hurtles towards Industry 4.0.

The Gen NEXT report is packed with data, insights, recommendations, and links to over 20+ Procurious articles that further explore many of the findings raised in the report.

Five ways Gen NEXT does it

  1. Make a long-term career plan, but keep it flexible

Over two-thirds of surveyed professionals are unclear about their long-term career plans. As many organisations move towards agile methodology, why not do the same with your career plan? This means being crystal-clear about your long-term goals and aspirations, but ensuring you have the flexibility to continually adjust and improve those career plans as you progress in short, culminative stages.

  1. Don’t wait for your boss to act in your best interests

The fact that over half of survey participants indicated that they don’t trust their bosses to help with their career progression demonstrates that waiting for a promotion is no longer a viable career strategy. Don’t be passive about your career advancement – seize control and take every opportunity to progress. Remember, the only common denominator in your career is YOU.

  1. Is your online profile up to scratch?

You may have the best-looking CV in the world, but if your online profile isn’t up to scratch, you won’t stand a chance of landing that job. Two-thirds of survey respondents regard their online profile to be equally important as their CV when job-seeking. It’s not only about deleting those embarrassing party photos from Facebook – candidates should ensure their professional profiles on sites such as LinkedIn and Procurious tick all the right boxes.

  1. Don’t neglect your professional network

Results show that professional networks are equally important as on-the-job performance when it comes to career advancement, confirming the adage that it’s not what you know, but who you know that will help you get ahead at the office. Alternately, if you happen to find yourself out of work, results show that your professional network is the number one pathway to finding your next role.

  1. If you’re a manager, it’s time to shift your thinking

Think you’ve built a procurement team that’ll be with you for the next five years? Think again. Managers can expect to see just under 40% of their procurement team leave the organisation within the next two years and 70% within the next five years. It’s time to throw away the retention plan and accept the reality that today’s workforce is increasingly mobile. But this doesn’t mean giving up on developing your team. If you’re known as a supportive manager who gives others the opportunity to go on to a stellar career, you’ll become a talent magnet in the profession.

And that’s not all…

The Procurement Gen NEXT report has insights into the biggest career hurdles faced by procurement professionals; trusted sources of career advice; the most common routes to finding a new role; connectivity within the profession; crowdsourcing solutions on social media; personal development and eLearning; online collaboration platforms; using communication tools to drive change; opinions on the value of professional memberships and certifications; and much more.

Get on board!

Download the report to discover how you can join Procurement’s Gen NEXT by seizing control of your own procurement destiny and charting a career course to the top. You’ll discover how to:

  • overcome career hurdles and take advantage of career springboards
  • tap into the power of your professional network to supercharge your career
  • reap the benefits of being truly connected with peers inside and outside your organisation
  • solve any challenge through the power of crowd-sourced solutions.

How do I get hold of the report?

Did we mention that this report is for Procurious members only? But don’t worry, signing up is quick, easy and FREE.

  1. Simply register or log in to your Procurious account.
  2. Click on the banner, which looks like this:

3. Your download will begin automatically.

Procurious will share insights from this report at GovProcure 2017 in Sydney on 6th December. Click here to learn more and download an event brochure.

Cognitive Process Automation Is So Much More Than Robots

With 45 per cent of business processes having the potential to be automated, it’s of little surprise that organisations are embracing the opportunity presented by technology.

On 30th October, we’re bringing The Big Ideas Summit to Melbourne! Want to join us? Grab a ticket here to secure you seat! 

Shifting business landscapes, a relentless focus on cost reduction and the intensification of competition to even retain, much less grow the customer base, means every opportunity to optimise needs to be explored.

For many robotics and robotics processes, automation is the starting point. To unlock full and sustainable value, organisations need to look beyond a point solution approach. Re-imagining the way the organisation operates at its core and using technology to enable new ways of working is what cognitive process automation is really about and that is how the magic can really start to happen.

You really do need a strategy

Identifying a potential process and even deploying a robot, can be done very quickly. In the absence of a strategy however, many organisations are often faced with the question of how they actually measure the value. Are the benefits real? Why am I not seeing the impact in my downstream metrics and performance? Once answered, the next discrete process component should be how and where to deploy robotics at scale to drive the business outcomes that impact the company performance.

Having a strategy is a fundamental building block. It enables the agenda to be defined, set and consistently reinforced. It becomes the reference point for what, how and why things are being done and this shift is what elevates the automation opportunity beyond simple cost take-out. A robust strategy should articulate how process automation (robotics + cognitive computing) can drive strategic growth, optimisation of the customer experience and enhanced employee engagement. It’s a formula for significant and sustained benefits and more importantly, they can be captured quickly.

Even virtual systems can cast a shadow

The idea that technology on its own is all that is needed often leads organisations to failing to consider the impact on people and processes. Legacy systems and functions set up to support them, and often work around them, means the people and process component are intrinsically linked.

Organisations need to fundamentally rethink their current operating models and envisage the framework they need to put in place to enable automation of business processes. In the cognitive computing world, business processes can be reconfigured in minutes not months. When this is not done, the ‘shadow’ organisation emerges. People and processes remain the same, or even more disappointingly, grow in complexity to accommodate the technology that has been implemented.

Where does cognitive computing fit in? 

In the automation agenda, cognitive computing can unlock new sources of value. Insight driven decision making becomes the way of doing business and simulation capability enables testing of ideas and hypotheses quickly for agility. For one client, this means 50M+ calculations in under 10 sec.

Adding natural language processing and the ability to leverage data that has never been used before from unstructured data sources becomes the way of doing business. Robots adjust and adapt using cognitive self-learning capabilities.

And what does this mean for people? Talent is key enabler of organisational value and in the world of cognitive process automation, it’s all about enabling people to focus on high value work. The relationship between people and machine becomes one of continuous learning from one another, enhancing the work that people do. People + Process + Technology; it’s a formula for competitive advantage.

This article was written by Alice Sidhu – Partner, Digital and Cognitive Business Transformation, IBM.

 Join us LIVE at The Big Ideas Summit Melbourne to discuss the big-ticket trends affecting procurement – grab a ticket here to secure your seat!

How To Train Your CEO To Get What The Business Needs

The majority of CPOs are still reporting three levels down from the CEO. Enrico Rizzon, Partner, Procurement & Analytics, A.T. Kearney Australia outlines how procurement can build a strong business case!

Cattallina/Shutterstock.com

On 30th October, we’re bringing The Big Ideas Summit to Melbourne! Want to join us? Grab a ticket here to secure you seat! 

Procurement leaders in large corporations face a tough business environment. Facing low growth, disruption, increased competitive pressures from well-funded private equity firms and nimble technology-focused innovators, the demand for creative procurement services to deliver not only on cost improvements but also create new solutions that help the overall business strategy is growing.

However, more than 50 percent of procurement functions are still seen as a service rather than business functions with only a small proportion of CPOs reporting into CEOs – the majority still report three levels down.

The need for procurement leaders to be able to build strong business cases that proactively influence and challenge CEOs is greater than ever. The overall goal is to make the CEO understand that what you provide can help solve business challenges, not just the procurement issues.

To deliver on these business challenges there are three key skills that all CPOs must adopt if they’re to succeed.

Herding cats

 Herding cats is a challenging and vital skill when it comes to engaging the c-suite. Those with experience will understand that, at that level, there are individual agendas and incentives that drive different, and not always helpful, behaviours especially when the levers and areas being utilised to deliver value are less commonly associated with procurement. One needs to be politically aware, and know how to navigate this to ‘corral the cats’ and drive the change that is necessary to unlock the value for their businesses.

Speak their language

 The c-suite are not interested in what you want, but they are interested in what the business needs. A simple language change through framing conversations with the c-suite differently can have a dramatic impact.  Think of this as, ‘same, same but different’. To put this into practice, Chris Sullivan from CCA, who now reports directly to the CCA Group CEO, suggests structuring procurement’s role along dimensions that mater to the business and are clearly aligned with the business strategy. It is especially important to ensure that all in the procurement team understand and learn this.

 Build trust

One of the quickest ways to burn trust is to talk about procurement and not the business. Building trust is not easy and it takes time, but once achieved it will transform Procurement from a services function to a business partner whom the CEO relies on. This can only be built through delivery, and more importantly consistency of delivery. There is no point in over-delivering one year, only to not deliver the following year. This extends to numbers and metrics that Procurement use to report delivery. In a recent A.T. Kearney survey, CFOs consistently felt that metrics used by Procurement were less robust than other service functions. If what you report is not credible, then your trust will also quickly be eroded. Overhauling delivery metrics is a sure-fire step to building trust with the CEO.

Mastering these three skills will stand you in good stead to engage the c-suite to not only improve the overall Procurement function, but to truly impact the business so that it can grow and prosper.

My final piece of advice is to be bold.

As George Bernard Shaw famously said, ‘the reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.’ In these times of low growth and disruption, being reasonable may not deliver the result for you or for the organisation you serve. So back yourself, be bold, help lead the change that the business needs.

Take the first step and you may be pleasantly surprised at what eventuates.

Want to hear more from Enrico Rizzon? He’ll be speaking  at The Big Ideas Summit Melbourne. Join us LIVE to discuss the big-ticket trends affecting procurement – grab a ticket here to secure your seat!

Supercharge Your Intelligence

How can technology improve the savings, scope and speed of your supplier searches by supercharging your intelligence

The event might be over, but you can still  register for The Big Ideas Summit Chicago to access footage  from the event. 

“There’s a tremendous opportunity [for procurement] to leverage technology and data to accelerate processes and bring insight into the organisation.” says Stephany Lapierre, founder and CEO of tealbook.

After 10 years building a successful strategic sourcing consulting firm, Stephany launched tealbook in 2014, a cloud-based platform that uses machine learning to enrich supplier master data and accelerates supplier identification and qualification by as much as 90 per cent.

At The Big Ideas Summit last week we interviewed Stephany to learn the results of a recent partnership with The Hackett Group:

What’s the big problem?

We know that procurement processes need to be more agile. Particularly in larger organisations, which are threatened by disruption, the ability to adapt and be more flexible is of paramount importance to ensure survival.

But, as Stephany points out, when it comes to identifying qualified suppliers, agility is not procurement’s strong point…yet!

“By the time a business comes to procurement with supplier requirements, it takes an average of 41 hours of effort to come back with a list of qualified suppliers,” she begins.

“I was with a Fortune 500 CPO recently and asked him one question:

“When the business comes to procurement, what’s the process for getting back to them with a vetted list of qualified suppliers?”

“He spoke for ten minutes, listing all of the internal and external sources used by procurement!

“We have a portal, we use our analysts, third party analysts, we buy market intelligence reports, we use Google, as our stakeholders, and the list went on.

“If it takes 41 hours of efforts (typically taking 5 to 6 weeks), procurement is a bottle neck. You can now make that information available in real time… that changes the conversation. It’s game changing!”

If traditional approaches to decision making are broken, what does that mean for the future of procurement?

The Upside Of Supplier Intelligence

tealbook recently partnered with The Hackett Group to research the cost, effort, and business impact of supplier discovery and qualification. The resulting data became the foundation of a four-city series of executive roundtables focused on exploring and capturing the strategic impact of having access to actionable supplier intelligence to meet the demand of the business that requires speed, agility and innovation.

Over the course of those four evenings, The Hackett Group data came alive through the diverse perspectives of over 40 procurement thought leaders. Their combined insights are now available in a new white paper, The Upside of Accessible Supplier Intelligence, which was launched at the Procurious Big Ideas Summit in Chicago.

The paper addresses the transformative potential of supplier intelligence based on the themes we heard loud and clear from our executive participants, as well as discussion around the following points:

  • 15% of the sourcing process is spent identifying and qualifying suppliers.
  • It takes an average of 41 hours of effort per sourcing event, which translates into 23,165 hours for the average enterprise.
  • Over 60 percent of supplier discovery & qualification efforts are handled by strategic resources (category managers and senior category managers).
  • Applying machine learning and peer-driven intelligence to this challenge creates a strategic opportunity to accelerate and improve this process while increasing procurement’s total impact on the top and bottom line.

Procurement: The Guardian of Enterprise?

Procurement must find a way to reduce tactical work and reassign hours to strategic opportunities which will allow procurement to deliver better savings while aligning with the speed and expectations of the rest of the business.

Having instant access to trusted, actionable intelligence will therefore be a mandatory piece of the procurement technology landscape in market leading companies.

As Phil Ideson (Art of Procurement), the moderator for all four cities, stated in one of the roundtables,

“…Procurement is a function ripe for disruption. We have to be careful not to disrupt ourselves by being rooted on our traditional ways.”

Download the full tealbook white paper here.

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

Line ’em Up: Five Ways To Take A Swing At The Biggest Challenges Facing Procurement

What are the hottest topics on the table for Australia’s leading telecommunications company? Telstra’s Alexandru Butiri shares five challenges – and five solutions – to trends that will resonate with procurement professionals everywhere.

Today, we’re at the point where we need to look forward to see what’s coming, understand where the dynamics of the industry are going, and make sure we participate in those trends. It’s equally important, however, that we address the biggest trends and challenges facing our organisation today.

The following five challenges are not the result of theory or a brainstorming session on the whiteboard. Each point is a red-hot issue that we, as a procurement function, are currently experiencing first-hand.

  1. Faster than anticipated global supplier consolidation

The challenge: The biggest suppliers on the market are growing at a great rate and becoming increasingly powerful. Supplier consolidation isn’t new, but it’s happening much faster than anticipated. This, in the context of value being captured at the layer of applications and services, can fundamentally impact our telco business.

Solution: One way to address this trend is for operators to join forces and form telco buying consortiums to aggregate volumes and share benchmarks. These can be cross-industry groups that use their combined numbers to counter the weight of global suppliers. Examples of buying consortia in my sector are BuyIn, Telefónica and VPC

  1. Increased complexity adding risk to the supply chain

The challenge: No matter how far down the supply chain it occurs, any instance of modern slavery, child labour, or environmental breaches will reflect very poorly on the purchasing organisation. The supplier ecosystem is now so complex that it can be full of grey areas, making it all the more necessary to do your due diligence not only with your direct suppliers, but with second, third and fourth-tier suppliers.

Solution: Again, forming alliances or joining ventures that certify or give some form of accreditation to suppliers is more effective than trying to tackle such an enormous challenge alone. Organisations need to educate their first-tier suppliers to do the same for their suppliers, and so on. This challenge is relevant from both a social and legislative perspective

  1. Getting the most out of procurement systems

The challenge: Today we are spoilt for choice with procure-to-pay (P2P) systems. While there are many start-ups and new solutions that are elegant, user friendly, and beautifully designed, the reality is that companies our size have to integrate multiple systems. We can’t just throw legacy systems out the window. Another challenge is that any investment in technology will be wasted if it’s grafted onto poor internal processes and unclear accountabilities.

Solution: Do your housekeeping before investing in technology by cleaning up internal processes and driving discipline around the use of P2P systems. Align the process, then align the technology. In other words, prepare your organisation so they can use the technology constructively, otherwise you’ll risk wasting money.

  1. Connecting the dots between disruptive technologies

The challenge: Used in isolation, disruptive technologies can potentially have an impact, but few organisations are looking at them in conjunction. For example, augmented reality will get an incredible boost from AI, while AI will be significantly enhanced by quantum computing. Take Yellow Pages (printed phone directories) as an example. In the early 2000s they recognised that Google’s desktop-based search engine was a competitor, but didn’t imagine that the incredible rise of mobile phones that enhanced their competitor’s reach. The fact that everyone had Google in their pockets had an impact on their business model which was more significant than anticipated.

Solution: Build operating models that are flexible enough to adapt and integrate these new technologies, and think about how they can be combined to further augment each other. Keep in mind the difficulty that big companies have in flexing fast – so prepare by disrupting yourself before someone else does.

  1. Gaining the elusive seat at the table

The challenge: Seeking a seat at the decision-making table has been a procurement goal for so long that it has become something of a cliché, but it is so important that it remains important to keep pushing. In today’s environment, a third party can at the same time be your supplier, your customer, your competitor, and your partner in different fields. All of a sudden, you’re looking at a complex, 360-degree ecosystem, and who sits at the centre of that relationship? Procurement.

Solution: Procurement can prove its worth by providing credible solutions to business challenges, owning the bottom line, and (importantly) owning cross-company transformation landing. Why? Because any transformation program will require your suppliers’ technology and knowledge to land successfully. Procurement controls those partnerships, so should therefore be central in any successful transformational program.

Telstra is a leading Australian telecommunications and technology company, offering a full range of communications services and competing in all telecommunications markets. Hear more thought-leadership from Telstra at Procurious Big Ideas Summit Melbourne on Monday 30th October. 

Procurement And The Conversational Century

The social media revolution has allowed for traditional institutions to create personal digital conversations with their audience. We are in the era of ‘The Conversational Century’.

On 30th October, we’re bringing The Big Ideas Summit to Melbourne! Want to join us? Grab a ticket here to secure you seat!

When he was born in July 2013, Prince George of Cambridge became the first royal baby to have his own hashtag. There were over 3.5 million Facebook mentions of the young Prince in the 24 hours leading up to his birth. Fast forward a few years to September 2017 and there were millions of people watching and commenting as Prince George took his first steps into full-time education.

And it’s not just the royal family taking the world of social media by storm…

Pope Francis became the first Pope to engage with a wider audience through Twitter.

Former U.S President, Barack Obama is the author of six of the top-ten most liked tweets of all time.

And  let’s not forget how Twitter helped Donald Trump win the 2016 U.S. election…

Photo Credit : Jon Keegan, The Wall Street Journal

As of August 2017, Twitter hashtags are ten years old and the # symbol is used a stagering 125 million times per day.

The hashtag, which initially punctuated the more lighted-hearted of conversations,  has now become a powerful tool, adopted by politicians, marketers, campaigners and fundraisers alike.

Elizabeth Linder, a Princeton University graduate, is at the forefront of the social media revolution. She has described the intersection between Facebook and the 21st century governance as ‘The Conversational Century’. Linder started working for Facebook as their Government and Politics specialist in 2008, when the company had fewer than 100 million users.

She built up Facebook’s Politics and Government Programme for Europe, the Middle East and Africa. Her role includes advising political representatives, government agencies, public administrators, and think tanks on the intersection of Facebook and modern governance.

What is the conversational century?

Social Media and networking play an important role in the practice of public diplomacy. Facebook, with its individual and country pages, presents opportunities for the public diplomacy sector to engage the public audience in a number of diverse ways. This engagement is part of the conversational century.

Linder defines ‘The Conversational Century’ as the new era in leadership, where leaders are turning outwards to have conversations with the public, aided by the latest social media technology. Social media is forcing traditional institutions and influential leaders to change their communication channels and dialogue.

Traditional institutions, such as the British monarchy, are actively using social media to engage with audiences, using a personal tone to create a digital conversation. The impact of the conversational century is seen through the shifting nature of communication, from a traditional, one-way channel, to a diverse, two-channel communication channel.

Back in 2010, when there were 500 million Facebook users, politicians running for office were only just beginning to explore new technology and start the transition to ‘digital elections’. Now, there are over 2 billion Facebook users, hailing from a diverse range of backgrounds, languages, and socio-economic classes. This gives political candidates and institutes the opportunity to speak to a very broad range of people, all at once.

Conversational Century and Procurement

Procurement leaders, much like political leaders, need to embrace the Conversational Century and the power of social media, in order to engage with a wide range of people and contribute to live dialogue.

Procurement itself will play an active role in the Conversation Century. Social media platforms, such as Procurious and Facebook, offer a unique opportunity for procurement professionals to share knowledge of what is happening in procurement. Companies and industries can showcase what they have done and what they are working on to an active and engaged audience.

Furthermore, as social media is increasingly integrated into corporate life, procurement can use it to play a key role in observing and analysing all sides of the business. It can be positioned between the customer side, internal stakeholders and the supply side.

The increased visibility of data resulting from the management of social customer relationships, social internal stakeholders, and social supplier relationships, will provide procurement with information-rich data which can potentially lead to increased collaboration, agility and faster decision-making.

Want to hear more from Elizabeth Linder? She’ll be speaking about The Conversational Century at The Big Ideas Summit Melbourne. Want to join us in person to discuss the big ticket trends affecting procurement? Grab a ticket here to secure your seat!

Take Some Advice From Procurement’s Top Influencers

Don’t cry because it’s over…. Smile because you can re-live all of the action from The Big Ideas Summit Chicago on Procurious! 

ChristianChan/Shutterstock.com

The event might be over, but you can still  register for The Big Ideas Summit Chicago to access footage  from the event. 

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

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

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

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

Couldn’t join us on the day?

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

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

Everyone’s A Little Bit Entrepreneurial

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

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

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

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

Can We Speed Up Real Life?

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

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

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

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

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

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

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

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