Category Archives: Career Management

9 Tips For Negotiating A Pay Increase

The end of the financial year is approaching, which means many companies are preparing for performance reviews. Is this a good time to ask for a pay rise? 

If you’ve been thinking about asking management for a pay rise, you’re probably not alone. The end of the financial year provides the ideal forum to talk about your achievements and can also be an opportune time to raise the issue of a pay rise. However, your performance is only one of the considerations influencing a pay rise. The economy, your employer’s financial performance and what your department has contributed to the organisation’s bottom line will also all play a part in the decision-making.

According to a survey by Salary.com, more companies are planning for larger salary budgets in 2017 than smaller ones. In fact, more than twice as many survey respondents on average are planning to offer larger increases in 2017 than 2016. So you could be in with a shot.

However, bringing up the topic isn’t something most people are comfortable with. To help you prepare, consider these things.

  1. Verbalise your worth

Some people assume their manager is already aware of their achievements, so they shouldn’t really need to ask for a pay rise. But this isn’t necessarily the case.

Your boss will be looking to award a pay increase to staff who can demonstrate that they have gone above and beyond. So, in your meeting, give clear examples to demonstrate how you’ve delivered beyond what is expected of you. Structure this just like a CV and focus on actual outputs and achievements, rather than general statements about how hard you work.

This could include times when you’ve taken initiative or financially or tangibly contributed to the business. Be sure to also give details about any additional tasks or responsibilities you’ve taken on. Having a written pitch supporting your assertion for a pay rise could also help the negotiation.

  1. Demonstrate your value

Take the time to research what similar roles to yours pay in other companies, which can help you set realistic expectations of yourself and your employer. Take some time to look through online jobs platforms, the newspaper and perhaps even recruitment companies in your field might have some related pay information they could share.

Generally, if you’re asking for a higher salary, you’re not in a position of power. In face-to-face negotiations, research finds that the more powerful person will usually win out. So, if you’re negotiating with your boss, you might like to at least start the negotiations over email or phone before sitting down and discussing it together. 

  1. Don’t give an ultimatum

You might have kicked some goals for your company and feel confident about your place in the food chain, but giving them an ultimatum might get you want in the short term, but it could also damage your relationship or career in the long term. A good negotiation tool can be to find out your replacement cost to the company, particularly if you’re working on projects with tangible deliverables, and mention this during the meeting.

  1. Watch your body language

Pay attention to what your body language says during the meeting. Stay relaxed, speak slowly and have open body language during the meeting (no crossed arms). Avoid getting defensive and be confident and convincing by coming to the meeting prepared.

  1. Be a learner

Demonstrating your ability to learn will demonstrate dedication. Whether you attend courses to improve your skills a few times a year or develop a lifelong habit of daily learning or micro-learning (such as reading about a new topic related to your job description on the commute to work or in your lunch break), this is something that management will look upon favourably.

  1. Don’t name your price

Don’t be the first person to say how much you’re expecting in a pay rise. For all you know, your boss could be thinking of a figure far higher than you’re predicting, so let them speak first. If your efforts to ask them to name a number isn’t working, give a narrow range that you’d be happy with. 

  1. Be realistic about timeframes

Don’t raise the possibility of a pay rise and expect it to be introduced the following week. While your company should have money in the budget to financially reward key staff, it’s rare that a pay rise will be approved and implemented immediately.

  1. Make sure you listen

Choosing the right phrases and making sure you say enough but not too much is paramount. Making sure you’re not suggesting that you’re underpaid and that there’s no aggression in your meeting is vital. Once you’ve presented your thoughts, make sure you let your manager respond, and listen with an open mind. If your manager decides not to increase your salary, ask for feedback and for ways you can improve your performance over the next year. 

  1. Discuss more than just pay 

If you’ve been turned for financial remuneration for your hard work, consider alternatives to an increase, such as asking for more workplace flexibility or additional training. Have this idea ready so that if your initial request is rejected, you can ask for an alternative.

No More Guessing Games! Time To Use Innovative Data Leveraging

There’s no longer a need for guessing games when it comes to  driving value! Innovative data leveraging is possible in any environment and can help to lead organisations towards an analytics enabled procurement.  

Join BravoSolution’s webinar, Innovative Data Leveraging for Procurement Analysis, which takes place on 28th March.

Many purchasing executives are looking to drive procurement transformation but this is reliant on three major factors:

  1. Level of stakeholder engagement
  2. Ability to align with the overall business strategy
  3. Use of advanced tools and technologies

My research suggests there exists a noticeable gap between procurement executives’ explicit intentions of driving value for the business, and documented results in these three areas.

These gaps can be attributed to a lack of critical data and analytical insight that can support a truly meaningful conversation with the business about spend, supply base, and supplier performance.

Annual budgeting becomes a guessing game, with little input solicited or provided by procurement. It might be due to a lack of data. Or, it could be procurement’s inability to take the lead in order to anticipate and gather the data required. This disconnect is causing significant challenges for businesses.tech

BravoSolution is running a  webinar on the 28th of March, Innovative Data Leveraging for Procurement Analysis.  I will be  discussing a common process that every executive we met with cited as critical for engaging stakeholders and building analytical insight. We call it “innovative data leveraging” (IDL).

Innovative Data Leveraging (IDL)

Innovative data leveraging is a fact-based, data-driven approach to driving change and influencing stakeholders to create procurement value for the business.

The IDL process was described in different contexts, but the common thread was that cross-functional engagement was powered by stakeholder influence through analysis and presentation of data. Of course, leveraging analytics is difficult without some prior investment in procurement systems such as transactional spend analytics, contract management, and supplier performance measurement. However, our analysis also showed that innovative data leveraging is possible in any procurement environment.

The process starts with procurement executives conducting working sessions with business stakeholders to develop a deep understanding of their business strategy, the challenges they face in executing this strategy, and the role that procurement can play in helping to shape and support this strategy. Successful procurement leaders are the ones who can effectively articulate the questions that need to be answered and pursue the data requirements to provide analysis, insight and advice in order to address stakeholders’ business concerns.

Several additional insights emphasize the importance of innovative data leveraging.

  1. IDL was found to be important during any stage of procurement transformation maturity.
  1. The development of IDL capabilities depends on successful initial business engagements, especially when reliable procurement systems and data are lacking.
  1. Advanced analytics in the form of predictive capability is the most highly evolved form of IDL.

What are the benefits of IDL?

At the earliest stages, preliminary insights on spend may provide opportunities for deeper involvement in functional sourcing initiatives, creating a platform for further engagement and integration. In emerging stages, organisations can drive significant insights into total cost of ownership and working capital improvements that go above and beyond simple price leveraging capabilities. In advanced stages, predictive analytics (using both structured and unstructured data) that produce insights into revenue forecasts, supplier risks, emerging market opportunities, and other value drivers begin to emerge.

The innovative data leveraging approach can help organisations at all maturity levels to build a solid path towards an analytics-enabled procurement, in their pursuit of value and excellence. This does more than bridge the gap between procurement’s goals and the overall business strategy.

When you start by leveraging data analytics, no matter what stage your organisation is in, you can build a foundation for innovative capabilities for procurement excellence, like predictive analytics and cognitive computing.

You’ll  learn more about all of these issues in BravoSolution’s  upcoming webinar!

Sign up to join BravoSolution’s webinar, Innovative Data Leveraging for Procurement Analysis, on 28th March

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.

education

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

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

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

Increased Salary

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

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

More Opportunities Abroad

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

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

You’re Not Limited to the Business Sector

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

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

Increased Networking Opportunities

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

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

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

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

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

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?

MBA

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.