Category Archives: Career Management

8 Tips for Raw Material Suppliers

How to stand out among your business competitors and get onto your client’s list of qualified sources for raw materials.

As a procurement professional, I get approached by many raw material sales professionals from around the world who wish to become a qualified source for our company. I’d like to share some tips to leverage your position when approaching buyers, increase the chances of getting an order, and lower frustrations and waiting time throughout the process. Our goal here is to be as transparent as possible in the sourcing process, and create a healthy interaction between the buying and selling firms.

Prepare to send an email initially that encompasses all the information a buyer would want to know. A phone call, or a meeting request is not a good idea; it is too early; you need to prepare your case first and find out common ground where you see business opportunities for both parties.

  1. Learn about the industry you want to sell to

As a raw material manufacturer/supplier, you might be supplying to a variety of industries that have different requirements (legal/governmental, material grade, etc). Make sure your products are suited for the specific company you are approaching. Mention the CAS number (if available) and specify the grade of your products in the email you are preparing to send.

  1. Prepare your case with the help of supporting documentations and Certificates (CEs)

Find out what certificates (GMP, ISO, etc) are required for the specific industry you are planning to supply to and make sure you include this information in your email/presentation. You will be asked later to provide the actual CE copies if your case is successful. Therefore if any of the documents/CEs are in progress and not obtained yet, do specify this in your email and provide time frames for their expected availability.

If you do not have a specific CE that you know is important for the target industry, prepare to introduce an equivalent certificate, or prepare to explain your plans to pursue one in the future and provide a timeframe for their availability. Be clear and specific about your intentions and your capabilities with regards to supporting documents.

  1. Attach other relevant information with your email to help your case appear more appealing.

Provide answers to common questions such as:

  • What is the minimum order quantity (MOQ) you accept (if applicable)?
  • What is the standard lead-time, shipping terms, shipping point?
  • How often do you produce this material and what is the batch size (EBQ)?
  • How many distribution centres do you have?
  • What are the pack sizes available for your products?

Along with the email, you may also attach your product portfolio that you find suitable to the needs of the company. You can also include name of the companies you have worked with in the past and the successful partnership experiences you have. This would help uphold your company’s image with the buyers as well.

Then go ahead and send the email!

  1. Follow Up

Allow some time, normally a week. If you did not hear back from them by then, send a follow up email. With the multitude of emails buyers receive, it is possible your email may have been overlooked.

  1. Once you hear back, answer all the questions/concerns (if any)

If the potential clients come back to you with questions, make sure you address them all well. In scenarios where comprehensive information was provided to them via email already, samples for certain products may be requested. This would lead us to the next step.

  1. Send a sample of your products

Sending a sample sooner than this stage would not help; at least in the Pharmaceutical industry. The material needs to be pre-approved upon reviewing of documentations such as Certificate of Analysis, MSDS, CEs, etc. Once the documentation and information have been received and acknowledged, you might be asked for samples, or you can take the initiative and propose to send some.

  1. Ask for a timeline

Do not refrain from asking for timelines that qualification processes might take after the submission of all the required information and documents. This would prevent unnecessary follow-ups and back and forth emails.

  1. Ask about the scope of the project

You have every right to ask about the scope of the related projects once you have come to a common ground with the new customer. It shows your commitment to a proactive supply plan. However, it is important to understand the implications of the current stage in the product life cycle. Is it a commercial project, launch, or an R&D related product? If it is the latter, do not expect to receive a lot of information regarding the forecast, quantity or time of future orders. It is too early and the actual demand will be more clear once the finished good is launched into the market and initial market response is evaluated and incorporated into our annual production plan.

This article was originally published on LinkedIn.

How To Play The Hand You’re Dealt In The Age Of Uncertainty

Poker: It’s a game filled with excitement and risk. But just how far does it correlate with the uncertainty of our everyday lives?

Last month, Procurious attended eWorld Procurement and Supply where we were  lucky enough to experience a thought provoking talk from Caspar Berry on risk-taking and decision-making in the age of uncertainty.

Whatever our political leanings, we can all agree that unpredictable occurrences are happening everywhere in today’s world.  2016 saw Brexit and the election of president Trump; two events many  had thought impossible. There’s the refugee crisis in the Middle East, the continued prevalence of ISIS and upcoming elections in France and Germany; the results of which could determine the future of the EU.

Caspar Berry, professional poker player and poker advisor on Casino Royale, knows exactly what it means to take risks and admits that it can be dangerous, scary or disruptive. But, we need  risk, whether it’s in our personal or professional lives.

Have you ever considered what it is that makes sport so compelling? We’re gripped by the uncertainty. We have no idea what’s going to happen or who’s going to score and that adds a level of excitement and interest. But of course in professional sport, as is the case with poker, we’re not the ones who have to take the leap. We can leave all of that reckless risk-taking to the professionals… or can we?

Everyday Risk

Caspar pointed out that the average person would love to believe their everyday life has a level of  risk-free stability and  consistency. Whilst we might marvel at the bravery of prevalent risk takers in the casino or on the sports pitch, we’d much prefer to avoid a life of uncertainty.

In actual fact, there a number of parallels to  draw between poker and real life. The future is far more uncertain than we would choose to acknowledge.

In poker, the cards are randomly shuffled making it utterly impossible to predict what’s coming.  Our everyday lives are much the same. We can’t be sure when something will change the course of the future, whether it be a large scale political event, an encounter with a new person or a medical diagnosis.

The Butterfly Affect

The phenomenon whereby a minute localised change in a complex system can have large effects elsewhere. Originating from the notion in chaos theory that a butterfly fluttering in Rio de Janeiro could change the weather in Chicago.

Every single moment of every single day people are doing things somewhere in the world which could change your life.  If any one of your ancestors hadn’t been around, you wouldn’t be either.  If one tiny interaction hadn’t happened hundreds of years ago, history  might look very different indeed. These examples are just two of the billions of butterflies that are interacting with each-other; impacting events across the globe.

When so much is out of our control, it’s natural that we would try to limit uncertainty. We set laws and implement criminal justice systems so we have a vague knowledge of how people are going to behave. We buy branded clothing and eat in chain restaurants because it’s reassuring to know exactly what we’re going to get for our money. We’ll happily pay a premium for these things because it lowers the associated risks.

When we come across people or institutions that seem to know what’s going on, whether it’s a religious group, a futurist or a bank, we want to believe them. And so we do.

Philip Tetlock and The Good Judgment Project

Philip Tetlock, Canadian-American political science writer, began an extensive 20-year study in 1984 on future judgements.

He questioned 284 world experts on their future predictions and requested that each prediction be awarded a likelihood of occurrence. The study is widely considered one of the most robust in the history of social sciences with approximately 2800 answers obtained. And what did those answers show?

As Caspar put it, you  would have gotten the exact same results by asking an eight-year-old to randomly throw darts at predictions. In fact, the strongest correlation in the survey results was between successful predictions and the confidence of the person predicting, but a negative correlation!

Why  were the least confident participants correct? As Caspar explained, these are the people who are both humble and intelligent enough to embrace the concept of uncertainty.

How to manage risk and face uncertainty head on

In our organisations we know, for the most part, that taking risks won’t result in someone getting hurt. But it could mean something going very wrong for the business. So, how do you know when its worth taking a risk and how can we become more confident to do so?

  1. Be competent at assessing risk

We’ll never be able to predict exactly what’s coming our way. But  we can get better at deciding when to take a chance. In business, evaluate what the chance of success is, what’s the return on a gamble. If you’re faced with a 25 per cent chance of success and an amazing ROI, it’s worth taking that risk. Sometimes it will pay off.

2. Immunise yourself to loss

When it comes to risk-taking you will fail and you will lose out, perhaps more often that not. Caspar cited Abraham Lincoln as an icon who endured multiple short term failures, moments of rejection and losses. But he went on to great success.  We can all do better at immunising ourselves to loss,  let downs and failure.

3. Embrace risk taking

Casper asserted that if someone is cocky at poker, they’re possibly a bit insane. It takes a level of caution and the acceptance that there is always risk involved. But risky people have something to teach us, we can learn from them and embrace the uncertainty ahead.

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.

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-specialities. 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.

Grab A Cheeky Donut! 5 Procurement Resolutions You Can Actually Keep

It’s that time of year again. January has come and gone and you’ve realised that, despite the best of intentions, you’re not actually going to deliver on your personal New Year’s resolutions.

Rather than despairing about all those unrealistic “get fit” goals, how about refocusing your energies on some professional resolutions that will truly benefit your procurement career? The beauty of these targets is that they can actually be met, and won’t be broken in a cheeky late-night fridge raid.

The year has barely begun but we’ve already heard some profound advice from procurement leaders around the world, but here’s the skinny – the real McCoy – the five goals you REALLY need to focus on to reach the top.

So, grab a donut (breaking a healthy-eating resolution while doing so), adjust your focus and rebuild your resolutions to become a world-beater in 2017.

  1. Get tech-savvy

Late last year, I predicted that IT procurement professionals will become the next generation of CPOs (Chief Procurement Officers).

So, if you want to stay in the race, you’ll need to get tech-savvy very quickly. This means making the time to upskill yourself so you will have the confidence to make decisions such as:

Decision Skill-set
Whether to store your company’s precious customer data in the cloud or in data centers. Learn about big data analytics and understand the benefits of the cloud versus data centers.
How to protect your company’s IP and customers’ privacy from hackers. Keep up-to-date with the rapidly changing (and fascinating) world of cyber-security.
How to comply with privacy legislation. Build a relationship with your organisation’s lawyers to learn about data protection laws.
Which technology vendors you should (or shouldn’t) tie your company’s future to. Familiarise yourself with the technology landscape and the big players.

2. Become a Play Maker

Last year on Procurious we talked a lot about procurement’s game changers.

When visualising what type of procurement professional you want to be, you could do worse than become what The GC Index calls “The Play Maker”. It reads a little like a horoscope, but to quote – “Perfectly placed right in the intersection of all GC Index’s four profiles, this individual is interested in people and relationships. They’re best equipped to take on the all-important task of stakeholder engagement, but also managing upwards (C-level) and outwards (supply markets). Play Makers at their best will lead through building productive relationships and helping others to do the same”.

To me, the Play Maker sounds like the perfect procurement professional. A relationship expert who is equally at ease managing the C-suite and suppliers will go a long way very fast.

BME’s landmark Procurement 4.0 study also highlighted how procurement will need to network both vertically and horizontally, inside and outside the organization, to thrive in Industry 4.0.

  1. Put on a show

CPOs today are paid to drive global change and (in case you didn’t know), storytelling lies at the heart of every successful change programme.

I recommend that CPOs and other change-drivers adopt the “the Disney formula”, which involves a core idea (the story) being cleverly communicated through a number of different channels. This technique can be easily adapted into a formula that’s relevant for procurement pros: “the book, the movie, the merchandise, the ride – and the tweet”!

If you can’t see how Disney’s storytelling formula could be adapted to your change-management programme, there’s no need to reinvent the wheel. Save yourself some time and energy by finding your own inspirational company who demonstrate best-practice, steal their formula, and get to work!

  1. Network your face off

The “n-word” makes most people cringe and break into a cold sweat – but overcoming your fears and mastering the art of networking is well-worth the effort.

Inspired by Kathryn Minshew’s piece for the Harvard Business Blog titled “Network Your Face Off”, Kate Lee of Fronetics wrote a clever blog article for Procurious where she gave seven reasons why you should focus on developing your network in 2017.

Here are the facts – professionals with larger networks earn larger salaries, they’re offered more professional opportunities, they stay in their jobs longer, they are more “in the know”, and (last but not least), they’re happier!

  1. Cyber-study

If one of your resolutions is to build a habit of continuous learning, you’ll need to throw out your old perceptions of professional development and adapt to the brave new (online) world. You can now access the latest thinking and procurement insights on your laptop, smartphone or other device, 24 hours a day, 7 days a week, 365 days a year. This means there is absolutely no excuse for you not to be plugging those career competency gaps!

Procurious’ learning section is organised into bite-sized microlearning videos ranging from 2–12 minutes, giving you the ability to learn from the best in the business in the time it takes to fetch a coffee.

Never forget that simply asking questions is often the best way to get the answers you need. With 19,000 members (and counting) on Procurious, the possibilities to engage in insightful and relevant discussions are limitless.

Finished your cheeky donut? While you’re picking at the crumbs, let’s make a commitment – to our professional selves, to our procurement teams and to our companies – to supercharge our procurement efforts this year with relevant and achievable career goals. Here’s to an exciting and transformative 2017 for everyone!

Why “Free Help” With Buying Decisions Costs More

As consumers, we’re wary of so-called “free” products and services as there’s always a hidden cost. Why, then, are procurement teams willing to accept free help with supplier selection?

Businesses often seek help with their buying decisions, especially in complicated categories such as telco or energy. Preparing an RFP requires a willingness to trudge through data swamps, while analysing supplier responses requires more than a strong coffee to do properly.

When a third-party broker says that they’ll help – for free – the temptation is to say yes, if only to avoid data swamps and caffeine addiction. However, you need to keep in mind that the people who help “for free” are still going to get paid, just not directly by you. They’ll collect their pay from your suppliers who are willing to pay a commission to get the opportunity to service your organisation. In turn, those suppliers recover commissions from their customers (you), either as a line item on the bill or through higher prices. In the end, you’re still paying for the service, just not up-front.

For large businesses with lots of cost centres, this can be a good way to share the cost of getting help. Branch stores pay their bills and, without realising it, pay for the help you received through higher prices. Procurement managers who use this approach can look like heroes because they claim savings and a successful outcome without having to win broad company endorsement for using expensive 3rd-party assistance.

Selecting suppliers for the wrong reasons

The danger of commission payments is that different suppliers pay different amounts. Some commissions contain a ratchet mechanism with longer contract terms, while higher contract values generate higher commissions.

Unfortunately, brokers who offer their services for free are incentivised to select the suppliers who pay them the most, rather than those who deliver the greatest value to the customer. The usual outcome is long-dated contracts with a single source supplier. At least the billing is easy, but your business will end up paying more in the long-term due to lack of value.

Up-front payments

Paying brokers up-front changes their incentives. Instead of focusing on supplier commissions, they now focus on demonstrating their value to you in a bid to win further business from your organisation. “Brokers” go upmarket and call themselves “consultants”, working harder to realise the greatest-possible savings and service levels. Customer and consultant incentives align.

The positive consequences of fee-for-service payments are shorter contract terms and more suppliers. Shorter contracts reflect a balance between testing market prices with the logistics of changing suppliers. Having more suppliers means you are able to split your requirements across the lowest priced suppliers to get the best possible price for your portfolio of demand, rather than being herded toward a single-source supplier.

“Free” services in IT

For software companies, “free” represents a gateway product, or a way of demonstrating the value of a software product to the customer. It means the software provider doesn’t have to employ a slick-suited sales person and can scale the work of their t-shirt clad developers. Salesforce, one of the leading dealers of enterprise SaaS, costs their customers on average $45,000 per annum. The entry level CRM package is $5 per user but customers quickly pay more to satisfy their needs, getting more value from the base CRM product as they buy additional features and capability.

Our approach at Kansoly is the same. We’re a cloud-based telco procurement platform for businesses running RFPs and reverse auctions. Our base product is free, where we offer to run a telco RFP for you for nothing. What’s in it for us? We gain customer insights and supplier engagement, both vital for making our product better and delivering more value to our larger, fee-paying customers. Our free customers get competition for their services and cost analysis that they would otherwise have to invest in.

Brokers and consultants have always been part of the procurement landscape, but their incentives are defined by the way they’re paid. However, the development of Saas procurement platforms increasingly means that free offers aren’t always related to low-value outcomes.

Bruce Macfarlane is the founder of Kansoly, a telco procurement platform for business. Kansoly runs RFPs and reverse auctions for data, mobile, or fixed line.

5 Skills To Drive Supply Chain Success This Year

The skills required to drive supply chain success are forever changing. However, there are some skills that will serve you well over time.

Far from abating, the pace of change in the supply management procession continues to accelerate. It’s critical for supply managers and for the survival of the profession itself that practitioners continually update their skill-sets to avoid being left behind.

It doesn’t matter how experienced you are. If you let your capabilities fall behind while the profession continually reinvents itself, you might as well hand in your resignation today.

A common discussion we see on Procurious revolves around the new skills required for today’s procurement and supply managers. The catch is that even the latest skills are likely to become outdated with a matter of months as new technology and unexpected shifts in the global economy change the game again and again.

That’s why the list below is comprised of five skills that will see you through the next year and beyond, despite the galloping rate of change.

1. Becoming a lifelong learner

The most important skill for 2017 is more of a habit. Starting a new, lifelong routine of daily learning will open your career horizons, keep you informed of disruptive technology, and will rapidly transform you into the best-informed member of your team.

Your daily routine may involve reading industry news and blog articles, or targeting your capability gaps with online microlearning. Investing only a few minutes of professional development every day will make an enormous difference.

2. Improving your cultural intelligence

Although globalisation suffered at least two body-blows in 2016 (UK’s Brexit and Trump’s protectionism), it’s safe to assume that supply managers will increasingly work across borders and, subsequently, across cultures. The best global procurement and supply professionals have high cultural intelligence. This means they:

  • have the drive and curiosity required to understand the norms and behaviours found in different cultures
  • actively seek to understand cultural similarities and differences to avoid cultural missteps
  • plan ahead for cross-cultural interactions – making the time to learn common phrases such as greetings and farewells
  • are flexible enough to adapt their tone and manner during cross-cultural interactions according to their observations.

3. Mastering your elevator pitch

Every procurement and supply professional needs an elevator pitch. This is important not just for the benefit of your own career, but for the profession as a whole.

Even in 2017 we’re still in a situation where there’s a vast ignorance out there about what procurement is, and what we do. Being able to confidently spread the word with a short, engaging summary of procurement’s value will help your own prospects, improve stakeholder understanding of procurement, and (most importantly) help attract top talent to the profession.

4. Building your brand online

Are there still some stalwarts out there who are holding out on embracing social media as a career-building tool? Again, this skill-set is not only good for your own networking and career development, but very important for the wider profession.

We need as many people as possible being positive about procurement and supply management online.

Why? Because the alternative is a mire of online negativity from disgruntled stakeholders or suppliers with a grudge. Join two or three social networks, talk up the profession, and reap the professional benefits of a strong online network.

5. Embracing social procurement

Social procurement has gone from a nice-to-have, good-for-the-brand exercise to an integral part of business strategy. Before launching your first social procurement project in 2017, ensure you’re able to articulate how it benefits the business by aligning your efforts to enterprise-level targets and organisational values.

Top Reasons to Advance Your Career With an MBA

Competition for the top procurement jobs is fierce. Have you considered that an MBA might be one way to get ahead of the pack?

Rawpixel.com/Shutterstock.com

Procurement can be a very competitive industry. Both procurement managers and officers are continually looking for ways to advance their career and beat out other job candidates for the best roles.

If you’ve been in the same position for a while and seem to be struggling to rise higher, it might be time to get your nose in some textbooks and build up your network of contacts through a higher degree.

A Master’s in Business Administration (MBA) can, in particular, be a fantastic option to study. You can choose one of top online MBA programmes to work on part-time, or opt to quit your current role and study full-time instead.

Here’s why you should consider enrolling in an MBA program today.

Job Prospects

One of the major reasons why it’s worth completing an MBA is the job prospects that can come from such qualifications. Having an MBA listed on your resume can help you to stand out from other job candidates in a crowded marketplace, particularly if you’re keen to get into a higher, leadership position.

Employers typically tend to see MBA graduates as having greater business acumen, skills, and knowledge than those who haven’t completed the higher degree. They also appreciate the fact that students will often be more likely to “hit the ground running” on day one.

In addition, having an MBA under your belt can also give you more job security with your current company or within your industry. Employers tend to feel that business school graduates bring more value to their roles and to an organisation in general, by:

  • Having a broader business understanding
  • Being able to handle complex situations
  • Improving adaptability, nimbleness, and innovation
  • Being able to spot inefficiencies and better problem solve

This kind of belief can mean that if the economy tightens or a firm’s results decrease, and people start to be let go, your name will be much lower down on the list than others.

Relationship Building

Another major benefit of studying an MBA is that doing so gives you the chance to meet, and build solid relationships, with like-minded graduates from around the world.

Many people who have completed MBAs find that contacts they made during their studies become invaluable contacts in the long-term. Having this network to use as a sounding board, and to turn to for advice, ideas, and referrals, as you build your career is priceless. These connections can help you to really stand out from others in your company or industry.

Getting to know graduates from across the globe exposes you to different cultures, business practices, points of view, and networks. It’s something you wouldn’t necessarily have in many other types of degrees. MBAs are very international studies, and tend to have strong alumni networks which stay close even in spite of distance.

Learning Practical Skills

Of course, completing an MBA is also certain to give you a wide variety of practical skills which you can use at work every day. For starters, communication is something that graduates really have to get good at during their studies, whether through completing team projects, individual presentations, or work placements.

Working together in teams, and getting a group of potentially strong personalities to move in the same direction, can also help you to learn helpful leadership, management, and negotiation skills for the future. Completing studies while you’re still in a full-time job also requires fantastic time-management skills.

Other transferable skills which students can graduate from an MBA with, and use throughout their career, include:

  • Creativity;
  • Problem solving;
  • Critical thinking;
  • Computer proficiency; and
  • Cross-cultural understanding.

Learn About the Bigger Business Picture

Lastly, completing MBA studies also gives you the chance to stop and think about the bigger business picture. This will help you not only in your current role, but also throughout your career.

MBA coursework typically always involves students looking at the global economy and trading markets. This gets people to think about more than their own little world where they currently work. It also makes it easier to see how events impact on both a micro and macro level in a business.

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.

How to Hit a Target 10 Years Away – An Olympic Effort

How do you sustain your focus on a goal that’s 10 years away? One Olympic legend shares her story – how will you apply it to your career?

Australian Olympic legend Chloe Esposito trained 45 weeks a year for an incredible 10 years before the day she won gold in the Modern Pentathlon in Brazil. Chloe visited The Faculty CPO Roundtable National Meeting in Sydney to share her inspirational story with our members.

In case you missed it during the Olympic Games, here’s the incredible moment Chloe broke away from her competitors to cross the finish line in first place.

Chloe’s interview with The Faculty’s Sally Lansbury was packed full of life lessons, insights, and a strong message about persistence and resilience that can be applied to every career.

At what point of the event did you know you were going to win gold?

I only knew I was going to win after I put down the gun (in the final shooting event) and started to run for the finish line. I just bolted out of the shooting range – I didn’t know where the other competitors were, but I just focused on myself as that’s really all I could control. When I glanced back, I knew that I had it. It was such a pinch-me moment, and one that I’d trained for basically all of my life.

What exactly does the Modern Pentathlon involve?

It’s actually five events in one – fencing, swimming, show-jumping, shooting and running. They’re spaced over the day, and you start each event with a penalty depending on how you’ve performed in the previous event.

The challenge is to train across five different areas – my father (who is also my coach) and I have deliberately focused on my weakest area, fencing.

We moved to Budapest, Hungary, to concentrate on fencing. Budapest is like the boiler room of Modern Pentathlon. It’s right in the middle of Europe, with so many competitions and pentathletes there.

My favourite event would have to be horse riding. You only get 20 minutes with an unknown horse before the event, so there’s no point trying to train the horse in that time. You just spend those 20 minutes getting to know each other.

What do you think gave you your edge over the other athletes?

Putting in the extra 1 per cent. In Budapest we doubled the hours of all training. Whether it was pouring rain or snowing, I’d still train, no matter what. My family and I got to be known as the “Psycho Espositos” – our training schedule is nuts, but it gets results!

The other factor that gave me an edge is the incredibly supportive network around me. My dad, mum, brother and sister all got behind me to help me achieve a life-long dream.

How do you sustain focus on a goal that’s 10 years away?

The secret is to set up a series of short-term goals and focus entirely on those. These were smaller competitions, world cups and so on. If you try to think too far ahead, you’ll go crazy and you won’t get there.

You also need to have the flexibility to change your short-term goals as circumstances require. For example when I tore my Achilles tendon, we changed a lot of my goals to focus on recovery, mainly through spending more time in the pool.

What’s next, now that you’ve achieved such a major life goal?

Tokyo 2020! There’ll be huge pressure now that I’m a gold-medal winner, but I’m definitely going to give the Tokyo Olympics a go. In the meantime, I’m stepping into a completely new world to what I’m used to – speaking, presenting, television appearances. I’m starting to build another career for myself.

What life lessons have you learned through your Olympic journey?

I can think of five lessons that will take me right through my career:

  1. Hard work always pays off at the end of the day. When you’ve worked so hard, something good has to come out of it!
  2. The extra 1 per cent always pays off in the results.
  3. You’ll need huge determination to achieve your career goals.
  4. Don’t rush into things – the opportunity will eventually come.
  5. Give yourself some time off. I like to do something completely unrelated to training at least once a week, such as going to the beach.

Packed with value, The Faculty Roundtable gives member organisations access to cutting-edge thought leadership and commentators, a ready supply of valuable expertise through exclusive market intelligence, as well as networking and professional development opportunities for CPOs and their teams.

Please contact Sally Lansbury for more information.

Following the eISM Yellow Brick Road – A Guide to Guided Learning

We’re at the beginning of the yellow brick road, folks. This course is the foundation of all ISM’s educational offerings.

yellow brick road

Time zones can make things difficult. When I first signed up for ISM’s Fundamentals of Purchasing Guided Learning, I was resigned to the fact that I’d probably need to get up in the middle of the night here in Australia to join a series of four live webinars, broadcast from ISM’s head office in Arizona.

Luckily, it didn’t turn out that way at all. ISM ran their webinars after work hours in the US, which meant I could join them at the very civilised time of 9.30am. So, with headphones in and a cup of coffee within reach, I started my first foray into guided eLearning.

The Yellow Brick Road

When Dr. Wade C. Ferguson, (President, Erv Lewis Associates, LLC) compared the course to the beginning of the yellow brick road, he was referring to ISM’s comprehensive Mastery Model, a set of competency-based standards for the profession.

At first glance, the model is dauntingly large, with 16 main competencies and over 70 sub-competencies to choose from. However, once you break it down to essentials that are relevant to you, and chart out the competencies you wish to specialise in, it all begins to make sense.

Every competency in the Mastery Model is linked to one or more ISM Training (or eLearning) offerings. In addition, this particular course sits across a whole suite of introductory-level sub-competencies.

Access Anywhere, Any Time

Essentially, Guided Learning is self-paced eLearning with an instructor. The course ran over four weeks, with 16 modules, four of which were live webinars facilitated by the procurement and supply management veteran, Dr Ferguson.

The remaining 12 modules were homework, to be completed between the webinars. Each of the “homework” modules delivered information in an engaging mixture of multimedia, including ISM’s micro-learning videos, voice recordings or plain reading. The modules then always ended with a quiz to check knowledge and comprehension.

The main benefit of guided learning would have to be that you can take the course without leaving your home or office. This is vital for professionals who don’t have the time, or travel budget, necessary to attend training in-person. It also means that people like me can join from over 13,000 kilometres away.

The flexibility this offers is fantastic. One of the four live webinars caused a clash in my schedule, but this wasn’t a problem at all. I simply accessed the recording from the learning portal to watch later in the day.

The Guided Experience

Dr Ferguson drew upon his 40 years of industry experience to pepper his instruction with illustrations from his own career in supply management and education. The course covered, as expected: fundamentals of supply management; legal considerations; category management; contract formation and management; and finally, negotiation skills.

Here are some gems from Dr Ferguson’s webinar commentary:

  • Future-oriented procurement: “We have to be proactive, anticipatory, and not just react to a buy signal. It’s about the identification of what is needed, both now and in the future.”
  • Changing business priorities: “You know, flexibility has got to part of what we do every day. At some point you’re going to have a new CEO coming and totally upsetting the apple cart. What are you going to do?”
  • Vision statements: “When organisations express their cultural aspirations, they typically flow down through the organisation and find a home in the supply function.”
  • Social responsibility: “Find some small areas where your function can really make a difference”.
  • Strategy: “A roadmap without a destination isn’t very useful – it’s just spinning your wheels.”

The only thing I felt I was missing out on in the eLearning experience was getting to know my classmates. It’s like sitting in a movie theatre full of invisible people all watching the same thing. You know they’re there, but there’s no way to see them, or talk to them.

The instructor had a great deal to get through, but I would have appreciated him pausing for a moment to talk about who was online, where they’re from, what they do and the companies they represent. That being said, there was a discussion board available in the learning portal where you could introduce yourself.

On My Way

To circle back to Dr Ferguson’s ‘Wizard of Oz’ analogy, I feel I’ve taken some significant steps along the Yellow Brick Road of ISM Mastery over the past four weeks. There was a huge amount of information compressed into the course’s 16 modules, but the self-paced aspect made the workload feel very manageable.

Find out more about eISM here. Registrations are also now open for ISM2017 – click here for more information.

Buying Tech – Your Fast-Track Ticket to the Top!

I’d like to make a correction. Tech buyers aren’t just our next CPOs, they’re our next Board members.

No, I haven’t misspelt “BioTech” in the headline here – I genuinely mean buying technology.

I wrote last week on Procurious that IT procurement professionals are best-positioned to become the next generation of CPOs (Chief Procurement Officers) or CIOs (Chief Information Officers).

But then, I decided to upgrade this career trajectory to Board level.

Why? Because I’d heard first-hand how some of the world’s largest industrial companies are turning their businesses on their heads. They are changing their focus so it’s less on manufactured goods, but services they can provide to complement those goods.

Banking on Future Tech

At last week’s ProcureCon IT conference in Amsterdam, banks, car companies, engine makers and other industries all made their way to the stage to tell a similar story. You see, they’ve all finally come around to Michael Porter’s way of thinking. It’s all about delighting and owning the customer – or, more specifically, the customer data.

Even the most traditional sectors represented at the conference made it clear that they are banking their futures on technology. Of course they’ll still offer their core products, such as making cars or managing money.

However, their key competitive advantage will be in the customer experience they create through understanding their customers’ needs and habits. The data they capture when customers use their products and services is essential for this understanding.

So – to be successful into the future, these bricks-and-mortar businesses are going to have start adding some very different (and expensive) topics to their Board meeting agendas.

Decisions might include:

  • whether to store all their precious customer data in the cloud or in data centres,
  • how to protect their IP and their customers’ privacy from hackers,
  • how to comply with privacy legislation, and
  • which technology vendors to tie their futures to (or not!).

These issues have existed in business for a long time, but they now come with such significant expenditure and risk profiles that they will warrant serious Board contemplation and approval.

But who on the Board will have the experience and knowledge to provide useful and constructive insights for making these critical business decisions?

Become a Savvy Tech Buyer

Enter stage left – the technology procurement leader.

I’ve been reading and writing about seismic shifts in the world of Industry 4.0, but today the penny finally dropped. I now realise what a huge opportunity the next Industrial Revolution is for procurement.

It is indeed a brave new world. To my delight it has become very clear to me that the fastest career ticket you can buy yourself to the c-suite, is to become a commercially savvy technology buyer.

Whether you are in IT procurement or not, you should be focussing on developing these four key skills to secure your ticket to the top:

Big Data Analytics

There is going to be a lot of customer data collected over the coming years. The companies that can extract the best insights from that data, and adapt their products and services to meet customer needs, will secure their competitive advantage.

Executives with a proven track record in complex analytics will be a valuable addition to the c-suite.

Data Security

Cyber security is already one of the most concerning issues for CEOs. This will only be amplified in the future as more and more proprietary information is created.

The executive team will need leaders who know about global privacy laws, the pros and cons of the cloud versus traditional data centres, and how to outsmart the latest human or robotic hacking capability.

The Digital Landscape

Companies are already in dire need of directors and executives who understand the difference between the Ethernet and the Internet. (Hint: it’s like comparing a glass of water with the ocean).

A whole new universe of technology options are forming as the Internet of Things and Industry 4.0 explode. Boards desperately need digitally native, tech-savvy executives who can quickly analyse opportunities, understand the competitive landscape and engage first-mover start-ups in a commercially astute manner.

Busting the Big Guys

This isn’t a typical competency that you would normally see listed on a corporate job description. But from what I’ve heard over the past two days, every company is going to need a group of strong, strategic commercial leaders who can ensure the organisation doesn’t become captive to one of the big technology suppliers.

Without naming names, there are a handful of global players who dominate the infrastructure, hardware and software space.

Whilst IT procurement professionals genuinely want to engage the niche players, requirements around scale, scope and compliance inevitably lead to the large technology providers. These are somewhat symbiotic relationships, but (as we all know) there are huge inherent risks to any monopoly supply situation.

Gain Experience and Grow

So, if you’re ambitious, my career advice to you today is this:

Do all you can to get yourself into a role where you’ll learn these sought-after skills. A role in tech procurement would be perfect; procurement second-best (because every procurement professional learns essential commercial and negotiation skills).

If you’re not in procurement at all, the IT profession is another place where you’ll be able to gain the experience required to tick some of these boxes when it comes time to be interviewed for the c-suite – or hopefully, the Board!

See you at the top!

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