Take Some Advice From Procurement’s Top Influencers

Don’t cry because it’s over…. Smile because you can re-live all of the action from The Big Ideas Summit Chicago on Procurious! The event might be over, but you can still  register for The Big Ideas Summit Chicago to access footage  from the event. 

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

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

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

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

Couldn’t join us on the day?

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

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

Everyone’s A Little Bit Entrepreneurial

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

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

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

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

Can We Speed Up Real Life?

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

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

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

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

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

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

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

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

Don’t let your career break become a career breakdown

We know the story; a promising career comes screeching to a halt! But how do you ensure your career break is the start of something brilliant and not the car-crash it, at first, appears to be!

The first part of my professional story sounds exactly like scores of other professional women’s: college, work, apartment, graduate school (nights), wedding, better job, travel, better job, and… family!

Suddenly, the career I had been working so hard to build came to a screeching halt. I went from being the Associate Director of Consulting at Emptoris to… well I didn’t know what. My newborn daughter was completely unimpressed with my title, my two graduate degrees, or my extensive knowledge of spend management principles. I honestly didn’t know if and when I would return to the workplace, in procurement or otherwise.

Then I received a completely unexpected, unsolicited invitation to join Buyers Meeting Point. Anna was 18 months old and her little brother Timmy was expected in a few months’ time. Could I juggle two small children and a fledgling business? I labored over the decision, but ultimately came to the realisation that I might never get such as opportunity again.

I am not a natural entrepreneur!

Here’s the funny thing about that: I am not a natural entrepreneur. I know a lot of entrepreneurs. They are a very unique and amazing group of people. They have vision. They have passion. They act with confidence even when they don’t particularly feel it. They have a tolerance for risk that I can hardly comprehend. In fact, I’m such a NON-trepreneur that when I was getting my MBA at Babson College (home of U.S. News and World Report’s #1 graduate program for entrepreneurship in the nation for over 2 decades) I did not take one class in entrepreneurship. Why? I was never going to own a business… doh!

I found myself at home with 2 children under the age of 2 and no schooling in entrepreneurship building a business. As I look back 8 years later, part of me is still shocked that I made it work. I think the key was my goal: to never, ever, ever, (ever!) return to a cube again.

My kids are now 9 (Anna), 7 (Timmy), and 4 (Joseph). They are healthy, active children, and since the kitchen table is also my executive conference room, my business life and personal life often collide. If your career break becomes a brand new beginning, here is my advice for balancing family and work from the joyful chaos of a home office.

Partner with your calendar and task list

When you have a lot of disconnected moving pieces in your head, your best bet is to communicate with yourself in writing. I am disciplined about keeping my calendar(s) up to date so that podcast interviews and new prospect calls do not collide with horseback riding lessons or meeting the school bus.

The same goes for managing tasks. I am not kidding about this piece of advice: if you do not write it down, it will not happen. Period. There are daily tasks, weekly and monthly recurring writing schedules, and one-off writing contracts. They all have to be kept in priority order so that deadlines are not missed. I find it helpful to work with a hard copy to do list each day, putting work tasks alongside family ones. That way, if the vet calls while I am finishing an article, or I see a request come in from a colleague to share something on social media while I am making lunches for the next day, I can jot it down without breaking off to find my phone.

Build a network

Something I know I share with procurement colleagues working in traditional positions is that feeling of dread that arises when someone at a party asks what I do for a living. “Procurement? What on earth is that?” Sigh.

It is even more important that non-traditional professionals have a strong network of peers to lean on. The major downside of working from home is that you can feel isolated without ever being alone (not even for a second). Using Skype and social media sites to build connections and invest in peer relationships is a must. Figure out who is really a ‘friend’ and who just wants another number in their connection statistics. Make sure you reach out to people and engage with their topics on a regular basis – not just when you need something.

And… most importantly, laugh!

For years, I have scheduled calls around nap schedules, archery lessons, half day preschool, and parent teacher conferences. In the summer (when book manuscripts are inevitably due for some reason…) I keep Italian ice in the freezer because it takes my kids so long to eat it. One of my final book manuscripts received a little additional editing from Anna – she drew a shark on page 137. I have presented webinars with Joseph driving Matchbox cars at my feet and once I tripped over a Minion toy during a podcast interview. Luckily, the sound was not picked up on my microphone!

When work and home life share the same headquarters, your best case scenario is two-way immersion. I like to think that I show my children that the only thing that can hold you back in life is the limitation of your own imagination. They have been at my side (cheering!) as I brought each of my final book manuscripts to FedEx to overnight to the publisher. My husband (a hardware engineer) has been called upon more than once to work ‘IT magic’ for some accessibility or conversion effort. I get to continue working in an industry I love without being tied to a desk.

With today’s connectivity and open-mindedness about contract labor, there are very few things that you can’t turn into a career from home. If you have the determination and discipline, there is no reason that you, too, can’t say good-bye to a ‘cube dwelling’ life forever.

Keep It Cool: Four Tips For Top Negotiators

If there’s no exchange, there is no negotiation. Great negotiators know that a willingness to compromise is often the only way to avoid a stalemate.

Negotiation is increasingly prevalent in our daily lives and is a necessary part of a wide range of professions. Given the nature of the globalized and fast-paced world in which we live, negotiating has become ubiquitous in every corporate role.

Due to the step-up in challenging objectives within organizations that wish to remain competitive, fast and sound decision-making, as well as conflict resolution through negotiation, have become more important than ever.

Tips for top negotiators

Do your homework

In order to ensure a successful agreement, the negotiator must possess in-depth knowledge of whatever is being negotiated. Moreover, they must study and understand the nature of the supplier (or client) they’re negotiating with, and have a firm grasp of key dates, financial targets and any negotiation restrictions.

The other person isn’t your enemy

Importantly, you should not see the person across the table as an adversary, but as another “player” who’s trying to solve a similar problem. A negotiation is not a competition where one wins and the other loses. Always seek a beneficial agreement where both parts secure a satisfactory degree of success, particularly if you want to have a healthy, ongoing relationship. Remember, negotiating is basically exchanging. If there’s no exchange, there is no negotiation. When one party makes a concession, the other will be expected to do so as well.

Be flexible

Flexibility is paramount in order to solve eventual stalemates, and it’s important that the professional in charge of negotiations knows for sure what they’re willing to give up. A refusal to shift can lead to a failure to reach an agreement, which won’t solve anything.

Be confident

If you can demonstrate that you’re 100% confident and knowledgeable about all aspects of the negotiation, the other party will tend to be more careful while making observations, raising objections and even proposing financial targets. Misunderstandings and ambiguities can negatively affect their credibility in the negotiation.

Ask questions

Think about what you need to ask the other party, how to ask for this information, and how you’re going to apply this information to benefit your cause. 

Four ways to gain an advantage in negotiations

  1. Always take the initiative

Commonly, the one who controls negotiations from the beginning tends to control the outcome. If you let the other party begin the negotiation, you may end up relinquishing control without realizing you’re doing so.

  1.  Formalise negotiations in writing

Many negotiators make the mistake of discussing the terms and conditions of an agreement or contract without committing themselves to a written document. Make sure you want away with a formal written agreement, recording all terms in detail.

  1. Keep it cool

Regardless of stress, agendas, egos, emotions or priorities, it’s important to remain calm and stay in control. Great negotiators know how to keep a level head and find solutions to sudden obstacles.

  1. Stay on your turf

Use the “home team advantage” by scheduling strategic negotiations at your company. Being on your own turf can give you an advantage as people are generally more at ease on familiar ground.

At the end of a successful negotiation, all participants should have a feeling of accomplishment (or at least that they’ve managed to break even). This will only occur if the negotiation has taken place in a transactional manner, that is, with compromises and achievements.

Spot the Signs: 9 Ways To Identify Modern Slavery

Contrary to popular belief, the victims of modern slavery are not always hidden away in secret locations. After a 126% increase in reported slavery, Crimestoppers UK has partnered with a labour abuse authority to help the public – and supply management professionals – recognise slavery taking place in their own backyard.  

As procurement professionals worldwide move to stamp out modern slavery in their supply chains, the enormity of the challenge needs to be met with every available tool. Compliance with legislation, accreditation programs, policies and procedures are all very necessary, but so, too, is simply keeping your eyes and ears open when visiting suppliers on-site.

Crimestoppers and the GLAA (Gangmasters and Labour Abuse Authority) have released nine common signs that victims of modern day slavery share. These signs are intended to raise public awareness and encourage people to report their suspicions, but many are relevant for supply managers, too. Keep an eye out for these signs when visiting your first-tier suppliers, and encourage your suppliers to do the same with their suppliers, and so on.

Nine Signs to Spot

Victims of modern slavery may:

  1. Show signs of injury, abuse and malnourishment
  2. Look unkempt, often in the same clothing and have poor hygiene
  3. Be under the control and influence of others
  4. May have inappropriate clothing for the work they are performing, and/or a lack of safety equipment
  5. Be collected very early and/or returned late at night on a regular basis
  6. May be isolated from the local community and their family
  7. Live in cramped, dirty, overcrowded accommodation
  8. Have no access or control of their passport or identity documents
  9. Appear scared, avoid eye contact, seem untrusting

Crimestoppers’ statistics in the UK alone show a 126% increase in information received on slavery in the past six months compared to the previous six-month period. It is this general rise in slavery figures nationwide which reflects why the GLAA has recently been granted a broader remit and stronger powers to tackle labour exploitation across the economy, introducing the capacity to search and seize evidence and investigate modern slavery where it relates to labour abuse and other offences.

Emily Van der Lely, Crimestoppers Lead on Slavery, said: “It’s so awful to hear that slavery is even an issue in this day and age, but we want to reassure victims that it is an issue that is taken extremely seriously, and make it clear to perpetrators that they will be found and prosecuted.

“By launching this campaign, we will educate the public as to the signs to spot and let them know that they can take action on this horrendous crime, without compromising their anonymity.”

Paul Broadbent, Chief Executive of the GLAA, said: “The public need to understand and be aware that modern slavery is happening right now, in and around the communities they live. Exploiting someone for their labour, forcing them to work, using people as commodities – these practices are abhorrent and we need the public’s help to stamp it out..”

Common industries for modern slavery:

  • Transport
  • Warehousing
  • Agriculture
  • Construction
  • Maritime
  • Restaurants/Takeaways
  • Car Washes
  • Nail Bars

 


In other news this week:

EU Data Protection Compliance: are you prepared?

  • The General Data Protection Regulation (GDPR) will come into effect in the EU on May 25th, 2018. Under the new legislation, data subjects have the right have their data erased, obtain information about exactly what data is being processed, receive a copy of personal data concerning them, and fight decision that affect them that have been made on a purely algorithmic basis.
  • Data science company, Dataiku, has published a white paper detailing how organisations that handle big data can start on the path towards GDPR compliance.
  • The report identifies the following five critical challenges: data storage, aligning teams, accommodating data subject requests, data governance and adaptability.

Click to download the report: Five Essential Pillars of Big Data GDPR Compliance

 

Chinese Supply Costs to Rise

  • An authoritative report from The Beijing Axis titled The China Compass has recommended that organisations recalibrate procurement from China as the country shifts to higher cost and higher value-add manufacturing.
  • The report recommends organisations adapt their supply focus by shifting to tier-2 suppliers in China and tier-1 suppliers in lower-cost Asian countries.
  • China is tipped to provider higher-end solutions and technology in industries where it has gained an advantage.

 

Social Procurement Platform a World First 

  • VendorPanel, an Australian Procurement technology company, has launched an online platform called ProcureForGood to drive positive social and economic change.
  • Reportedly the first such platform of its kind, ProcureForGood brings together multiple verified social procurement databases onto one marketplace platform.
  • The platform is the result of a collaboration between VendorPanel, Supply Nation, BuyAbility (National Disability Service) and Social Traders, and is predicted to be powerful for managing the large volume of low-value procurement (under $150k) that exists within government and corporate organisations.

Visit ProcureForGood.

Image credit: Thedreambuildersproject.com

Three Risks Every Procurement Organisation Needs To Manage

Experts around the globe tracked the terrifying advance of Hurricanes Harvey and Irma earlier this month, plotting and estimating the potential damage to life and property as the monster storms approached the U.S. mainland. Can the deployment of cognitive AI lead to more accurate predictions and better risk management?

IBM’s global supply chain has been acknowledged as one of the world’s most complex. With scale and complexity come increased risk, but the Global Procurement team has it covered with its award-winning risk program augmented by the remarkable abilities of the Watson Cognitive Platform.

Even Watson, however, appreciates some assistance when it comes to risk mitigation, which is why IBM has partnered with an e2e cloud risk service provider named Resilinc. With this new capability, the team provides a composite risk score for every one of IBM’s suppliers based on six risk dimensions – financial, location, recovery, operations, resiliency and sourcing.

The three overall risks that the team has built its mitigation strategy around are:

  1. Loss of supply continuity

The fallout from a supply continuity problem are well-known – missed deliveries, plummeting customer satisfaction and lost revenue. IBM’s risk program is therefore designed to protect supply continuity by monitoring and providing real-time alerts on man-made risks, natural forces or climatic threats, along with financial and economic risks.

Nothing illustrates the disruptive potential of a risk event so much as the recent Hurricanes Harvey and Irma. To demonstrate how Watson can augment risk-management ahead of hurricanes and other crises, the team at IBM shared with Procurious the ways in which Watson’s cognitive capabilities were used to track and provide unique insight into Hurricane Patricia back in 2015 – an approach which contributed to IBM picking up a major award for Risk Management at Procurement Leader’s World Procurement Awards.

Using feeds including The Weather Company and the US Navy Weather database, Watson tracked the storm’s velocity, size, category, intensity and simulated scenarios of possible storm tracks. Interestingly, Watson also engaged in “social listening”, picking up local sentiment by tracking Twitter and other social media platforms. At the same time, Watson alerted IBM about every 1st and 2nd-tier supplier in the storms’ possible tracks.

Once the Risk and Supply Assurance teams had the earliest possible indication of Patricia’s potential impact, mitigation plans (such as closing at-risk plants) were readied for deployment. 

  1. Reputational damage

 IBM’s Conflict Minerals Team must be very well-travelled. From Dubai to China, Indonesia to Vietnam, they’ve conducted on-site visits with smelters and refiners to an impressive 10 levels deep in the supply chain, working with them to certify that they are using minerals controlled by responsible sources.

Every supplier must sign the Electronics Industry Citizenship Coalition (EICC) code of conduct, which IBM has adapted as the single code across its supply base. It establishes standards regarding safe working conditions, fair and dignified treatment of workers, and environmentally responsible and ethical operations. To this end, IBM has conducted +2000 3rd-party audits across 34 countries. 

  1. Regulatory noncompliance 

Although noncompliance isn’t as exciting as a hurricane tearing through suppliers’ facilities, the impacts can still be dramatic. Noncompliance can result in fines and penalties, product impoundment, revenue reversal and adverse press.

IBM’s Global Procurement Environmental Compliance team ensures all products comply with environmental directives, laws, regulations and standards; made incredibly complex by the global nature of the organisation. The team tracks changes in regulations, such as eco-design or restrictions of certain chemicals, then determines if the change will affect IBM products and plots a path to compliance accordingly.

Risk and Reward

IBM Global Procurement’s efforts in risk mitigation were recently celebrated at Procurement Leader’s World Procurement Awards, where the team won a major award for Risk Mitigation, and a second award for its transformation program.

Procurious is working with our Knowledge Partner, IBM, over the next 12 months to promote cognitive procurement to our global community. To learn more about IBM Global Procurement, click here.

Can You Make Decisions Under Fire?

Are you struggling to lead or motivate your team through difficult times and under extreme pressure? We’ve got some top advice from someone who knows a thing or two about making decisions in extreme conditions…

Register now  as a digital delegate for The Big Ideas Summit Chicago!

“There are only two types of leadership.” begins Andy Stumpf “good (effective) and bad (ineffective).”

In today’s world, senior managers often struggle to effectively  respond and adapt to change. But the world is full of change and it’s crucial that our procurement leaders are flexible enoughto respond to the unexpected, to “read the tea leaves and meet the challenges of the real world.”

Andy  began his U.S. military career at the age of 17, transitioning from the position of an enlisted soldier, to an officer, and then,  in 2002,  he joined the most elite counter terrorism unit in the military; SEAL Team Six.

The unit, which is tasked with conducting the nation’s most critical missions, has become the inspiration for a number of Hollywood movies and books.

If you ever needed a man who knows how to plan for and adapt to change, Andy Stumpf is your guy! He’s strategised and executed hundreds of combat operations throughout the world in support of the Global War on Terror.

At Procurious’ Chicago Big Ideas Summit, Andy will draw on his wealth of leadership experience to talk about the intersections between business and combat, decision-making and empowering procurement teams.

Building the greatest leaders

“Business and combat are defined by their similarities, not differences and the theories of successful military leadership and successful business leadership are identical” Andy believes. It’s possible to apply the same principles and philosophy to your procurement teams because it’s really only the arena that differs.

“60 per cent of the time, organisations want me to talk about leadership. In fact, the definition is always the same. What can change is the way in which you approach leadership.”

So, how do the military build strong and competent leaders?

“Leadership is about empowering your people. From day one in the military we are taught, and it is enforced, that in the absence of leadership you must stand up and take control.

“Instead of creating individuals that think reactively in nature, we instead create individuals that think proactively.  You don’t have to be in a leadership position now to think two or three steps ahead.  In doing so, when a decision presents itself you’ll already have an answer for it.”

Does Andy believe these skills can be taught or are natural leaders exactly that?

“neither successful teams or leaders occur by accident, these are skills that must be learned, practiced, and refined. Navy SEALs are successful because of how we select, train, and lead our teams.

“Nothing in that process happens accidentally, everything is calculated. We demand leadership and accountability from each individual starting from the first day of training. We prioritise the individuals to our left and right, and the goal of our team over personal success. This philosophy is diametrically opposed to what is often found in society, and requires a structured approach and prioritisation from leaders to be successful.”

And Andy has some strong words of advice for any over-confident leaders out there. “The 1st leadership principle within the SEAL Team is ego; if you have a massive ego you’re more concerned that your ideas and strategy is being used as opposed to striving for success of the team. You can’t meet the challenges of the real world this way!”

Plan, plan and plan some more!

“We plan for everthing in the navy. We often say that if you want to shut down the military, you simply need to shut down powerpoint!

“Every stage of a plan gets one slide and there might be between five and seven slides on the ‘what-ifs’, the contingencies. Where will we land this helicopter? Where is the nearest location for medical treatment and what alternate options do we have?” When, as Andy points out, precisely 0 per cent of planning goes as expected, contingencies are everything!

“You make primary, secondary and tertiary plans because you don’t want to have make snap decisions in a crisis. You need to be able to fall back on stable procedures”

And of course, it can’t hurt that contingency planning makes you look like something of a genius! “It’s really hard to make difficult decisions in a crisis because you’re in a time compressed environment and you may have people’s lives depending on you.  We plan for 24 -72 hours and there are 5 phases per plan. Each phase has 5-7 ‘what if‘ contingency plans because, at the end of the day, you don’t want to make decisions in a crisis, you want to be able to draw on a branch diagram.

“It’s the contingency planning especially in the SEAL teams that makes the difference between success and failure in moments of crisis.”

What can our procurement teams learn from this? Spend a lot more time planning, for starters! But Andy also reinforces the value in having baseline standards to fall back upon. “Businesses should always fall back on standard procedures so people can come together, with a clear knowledge of the protocol. This is especially crucial when you’re working under restrictive time constraints.”

Andy’s final words of advice? “Don’t get attached to your plan -get attached to success!”

Want to hear more from Andy Stumpf or submit your questions for him? On 28th September, Procurious is bringing The Big Ideas Summit to Chicago.  Register now  (It’s FREE!) as a digital delegate to gain access to all of the day’s action and LIVE video from our speakers and attendees. 

4 Cognitive Tools That Are Advancing Procurement

Don’t let yourself be overwhelmed by the magnitude and potential of cognitive technology. The greatest journeys start with that all-important first step and, when it comes to AI, you just need to get started!

We’re live from the Big Ideas Summit Chicago! Register now as a digital delegate to follow all of the day’s action!

There’s a lot of buzz around how ready our industry is to start using some of the newest cognitive technologies. But the time really is now for CPOs and procurement organisations to put a stake in the ground on where they want to go in the future with regards to digital and cognitive capabilities, to put the roadmap in place for how they want to get there.

We feel your cognitive pain!

Graham Wright, IBM Vice President, Global Procurement and Cognitive Procurement Services, fully understand procurement’s pain points and challenges when it comes to implementing cognitive technology and digitising the function:

  1. Outing the analog!–  Many procurement teams are still working in a reactive and transactional world without digitised processes to automate transactions.
  2. Powering the marketplaces!– From Graham’s experience, he sees very little in the way of supplier catalogs and automation driven from those catalogs. “In a digital world we should be leveraging marketplaces – ensuring   we make content available to all of the users so they can find what they need, click on it, and drop it in their shopping basket easily.
  3. Predicting demand – Current practice is to look at the spend information from historical data in order to make decisions. Nowadays, there are ways to anticipate and predict demand so procurement can look forward, instead of back.
  4. High value contribution – Lack of digitisation and lack of insight means that key personnel in strategic sourcing and category management are not able to focus on stakeholder management, interaction with the user, and negotiations with the supplier

4 cognitive tools you can use…NOW! 

But in spite of these challenges, and whether you like it or not, cognitive technology is coming to change the world.

Not everyone will be ready to jump into the cognitive capabilities. But it’s not an all-or-nothing proposition; you can plug in cognitive at any step. Many of these tools are proven and in use through IBM Procurement today and are being prepared for a broader market. Graham took us through four of these cognitive tools.

  1. Supply Chain Risk Insightscognitive solution fetches unstructured data from social media and creates alerts ahead of time for category managers who can take preventive action to reduce or eliminate impact from such challenges. Effective demand forecasting and proactive risk management is critical to a responsive and cost effective supply chain.
  2. SupplierIQcombines data gleaned through unstructured sources (e.g. social media, news feeds, competitor websites, corporate social platforms, blogs and forums etc.) and contrasts that with other data sources to generate insights that were earlier not accessible. A category manager could actually stumble upon a new supplier for a category that was not being considered; or actually drop an existing supplier because of the potential risk an existing supplier by connecting performance with market information.
  3. PricingIQ can save category managers millions of dollars by tracking contract prices in contrast with dynamic market prices rather than sticking to contract prices that are struck for a number of years. This tool allows IBM Procurement Services category managers an additional 3 – 10 per cent in savings in key spend categories over and beyond what’s already been saved. Pricing IQ was awarded Most Innovative Use of Technology by CIPS in 2017.
  4. Cognitive Buying Assistant(CBA) drives user adoption and spend under management and ease of use. IBM are designing superior user experience by applying cognitive tools on a mobile app that can recommend most relevant items to buy based on user profile, usage patterns as well as sentiment analysis gleamed out of feedback from other users. Ordering something in your professional capacity will soon be as easy as ordering products in your personal life. This is a critical driver of user adoption since a better buying experience will lead to better compliance and better savings for the user and business.

Your path to cognitive 

Everyone’s roadmap will be different and every procurement organisation comes into this maturity scale at different points. Where some larger procurement teams are already embracing technologies like Blockchain and Dynamic Marketplaces, others are not quite there.

If you’re of the latter group, start by asking yourself how you can get more out of the data you’re sitting on. How can you gain better insights and advanced analytics from all the spend and transactional data that flows through procurement?

Lastly, consider whether you have the right talent to help you along on your journey.

With more robust data and insights, the more you will free up your people to do what they are meant to do!

Live From The Big Ideas Summit

Want to hear more from IBM’s Graham Wright? On 28th September, Procurious is bringing The Big Ideas Summit to Chicago.  Register now  (It’s FREE!) as a digital delegate to gain access to all of the day’s action and LIVE video from our speakers and attendees. 

 

Hope Is Not A Strategy

As Procurious assembles 50 of the U.S.’s most influential procurement & supply chain leaders in Chicago; you’re invited to take control of your career and join us for FREE as a Digital Delegate!

We’re live from the Big Ideas Summit Chicago! Register now as a digital delegate to follow all of the day’s action!

It’s all too easy to find excuses for why your career is not panning out the way you intended. Soft targets for blame include your employer, your peers, your organisation or even your own personal life- challenges for blocking your charge to the top.

You might be a rock star employee who delivered on all your KPIs, participated in “extra curricular” activities, and can boast a strong and supportive network (you even know the CEO!) but it doesn’t mean you’ll be offered your dream role when you think you deserve it!

The Common Denominator To ALL Your Career Problems

When career breaks don’t fall in your favour, you need something (or, even better, someone!) to lash out at. Bosses are always a great starting point, right?

“My boss is useless… emotionally inept…a control freak…”

The list goes on, and on! In fact, our Procurious community tells us there are some significant problems with procurement bosses around the world (we’ll be releasing those survey results in a couple of weeks).

Bosses aside, there are some real structural issues that are impeding procurement pros’ progress. These include super flat organisational structures that don’t allow for upward career progression and serious financial constraints that restrict team sizes and budget for training. These factors have many implications, one of which is that you can’t get away from the office to learn.

But…as I have always said, and will continue to say, the only common denominator in your career is YOU.

If you’re going to get anywhere with your career – you have to take control.

It’s Time To Take Your Career To The Digital Side

In today’s digital world, there is absolutely no excuse for you to not be advancing your career. And it’s no use turning a blind eye to all of the rapidly advancing tehnology developments, in the hope that it won’t impact you. It’ your responsibility to get on top of it!

If your boss’ attitude and organisational structure are thwarting your efforts, don’t keep knocking your head against a brick wall; walk along it, through the side door and into the ether!

Need to learn something? Take an online course. Have a question? Ask your global network of peers in an online discussion group. Need to improve your profile to get that next job? Post your achievements in a strategic way through social media, update your online CV, and connect with influential peers and thought leaders. This is easy…and can all be done from the comfort of your own desk.

It may not be as effective or as stimulating as attending live training or networking events, but when live attendance isn’t possible, eLearning is a viable alternative. In fact, in our recent Procurious survey, 61 per cent procurement pros said a combination of both online and offline was the ideal mix for propelling their career prospects.

The good news is that there is a lot of useful online content and it is only going to get better! Top training providers in the profession are responding to the market by shifting their entire courses into bite- sized units online. And your peers are voting with their feet (or their clicks!)

Procurious has seen interest in online learning grow steadily. There have been 65,000 downloads of the Introduction to Procurement eLearning module and, just this month, more 6,000 procurement pros took part in our online Career Boot Camp. These figures demonstrate the value procurement professionals see in bite-size online learning.

Over five thousand Procurious members visit our discussion board every month to share ideas and offer advice to their peers. And our blogs spark debate, with members feeding their own commentary and ideas into the global community.

This group of Procurement’s Generation Next, are leveraging these online learning opportunities and connecting with thousands of peers around the world, as well as senior executives, thought leaders and CPOs.

Don’t Delay, Start Today!

Our digital Big Ideas Summits, along with all the other networking, discussion and eLearning we have on Procurious, will empower ambitious individuals, from wherever they are in the world, to stay ahead of the curve.

Together we aim to inspire a global generation of procurement leaders, business intrapreneurs, ‘people who can think outside the box’, and challenge them to take a more innovative professional outlook.

By registering as Digital Delegates today, procurement’s rising stars will be able to connect directly with other attendees, access video interviews from our speakers and other educational content– and even receive a digital goodie bag.

Live From Big Ideas Chicago

To register to attend for FREE as a Digital Delegate sign up here. 

4 Ways To Engineer Serendipity In Your Workplace

Has a chance encounter at your workplace water fountain ever led to something unexpected and incredible? Greg Lindsay has some unique advice on how to engineer these moments of serendipity…

Register now  as a digital delegate for The Big Ideas Summit Chicago!

Innovation Is Fundamentally Social – Greg Lindsay

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

They are the result of serendipity – a chance encounter at the right time by the right people, regardless of their rank, affiliation, and department or whether they even work for the same company.

The most innovative companies in the world are busy engineering serendipity and harnessing social networks and new ways of working designed to cultivate the discovery of new ideas. And that’s exactly what procurement should be doing!

Ahead of his keynote presentation at The Big Ideas Summit Chicago, Greg outlines four ways that procurement pros can create moments of serendipity

  1. Bring a stranger to work day

Some organisations, in a bid to foster workplace innovation, “invite strangers in off the street to work side-by-side with their employees”.

Of course, this doesn’t literally mean inviting passers-by into the workplace at random. You might choose to invite certain people to work in a designated, neutral area in your office, whether they be of a specific profession, have a desired skillset or work for a particular company.

Diversifying your workplace and encouraging your employees to work alongside different people is a surefire way to accelerate collaboration and innovation.

Greg suggests compiling a list of the 10,000 coolest people in the world, the ones you’d love to encounter or work with. When they’re in town, invite them in! With the digital tools available in today’s world, this approach is easy to maintain/

“Haworth, an office furniture brand,  created a VIP club for their furniture show rooms. They sent out invites to 150 desirable people, encouraging them to use the showrooms. Why not make it a 10,000 person club-house instead and cultivate it to build innovation within your company?”

2. Out with the offices!

Greg has frequently cited organisations such as Facebook and Google, as the companies that are revolutionising the workspace.

“In the future, the workplace will look like your house or a hotel, not the rigid workplaces we see today. There’s only been one century of office-based work spaces. Surely there are other, better ways to do it!”

“There will be more fluid encounters and mixing of employees across the breadth of an organisation.” Think couches, not desks and spaces that are highly configurable and adaptable. After all “People don’t have ideas in an office that never changes shape!”

At Facebook, employees vote for teams they wish to work with by physically wheeling their desk to a different project.

“We often think the value we contribute is based on the amount of focussed work we do but our creativity is not at it’s best in this environment.”

3. Social Media

Social media is a vital force in helping to create moments of serendipity for your organisation. Individuals or companies can broadcast thoughts, surveys, opinion polls and obtain responses from across the globe in a matter of seconds.

For Greg, social media was invalubale when it came to writing his book; enabling him to chat and engage with like-minded people.

“[Social media] speeds up a development process,  quickly uncovering what people have in common and uniting them. Procurious is a key example of this. There are opportunities for learning and peer-peer innovation.”

 4. Let people find you

It’s all very well seeking serendipity but it’s also important to allow people to find you!

That means doing a bit of the leg work and making yourself available! Whether it’s spending more time in the corporate cafeteria where you might run into co-workers, breaking your daily routine or finding envrionments where you are likely to meet like-minded strangers, every little helps!

Vary your information diet and talk to different people in your office – you might be surprised at what inspires you and who you inspire!

Identifying a moment of serendipity

How on earth do you know when a genuine chance encounter has the potential to be the start of a brilliant idea, or even multiple brilliant ideas?

In short- you won’t! As Greg points out “it’s very rare to have that classic anedocatal situation where you chance upon a solution or brilliant idea.”

It might be a hunch, a spark of an idea or a shared interest that allows you start creating and innovating. Only further down the line will you discover that the problems you solved or inspiration you gleaned actually fit into a large issue.

Live From The Big Ideas Summit

At The Big Ideas Summit 2017, Greg shared his techniques for how cities, companies, and individuals alike can learn faster via engineering serendipity.

 Register now  (It’s FREE!) as a digital delegate to gain access to all of the day’s action and LIVE video from our speakers and attendees. 

On The Spot! 60 Seconds With Basware…

Are you a progressive thinker? Do you possess humility and a thick skin? Find out why this is important as we put Basware’s Eric Wilson on the spot with a round of quick-fire questions.

Register now  as a digital delegate for The Big Ideas Summit Chicago!

With less than a week to go until we launch The Big Ideas Summit in Chicago, we thought we’d have a quick catch up with some of our keynote speakers to discover what makes them tick, where they see the procurement function heading in the near future and how they would reflect on their successful careers.

Today we catch up with Eric Wilson, Vice President Purchase-to-Pay, Basware. At the Summit he’ll be asserting the criticality of tech systems being able to capture data.

But today, we want to know what he believes are the key issues facing the procurement industry and the biggest mistakes procurement pros make.

What do you think is the biggest mistake procurement pros make?

A mistake procurement professionals often make is that, while they have a strong desire and ability to become strategic in the organisation, they trap themselves in the world of the tactical.

This manifests itself in various ways, including in the approach to technology.  If procurement pros don’t take the time to understand overall technology trends, they may make technology decisions that are focused too much on meeting tactical functional requirements of today while missing the big picture of getting to true strategic value for the organisation tomorrow.

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

Great teams in work, like teams in sports, must be comprised of complimentary actors with a unified goal.  That sounds obvious, but many organisations seem to fail to remember these basic tenants of great teams:

1. Complimentary

2. Unified goal

When organisations truly align goals across sales, field ops, back office functions, etc, and then rally the entire company around those big picture goals, they can accomplish amazing things.

When instead, goals are not quite aligned, or, even worse actually, contradictory, we see things like empire-building, in-fighting and politics. In the end, both the company and their customers suffer as a result.

What 3 attributes make a great leader?

    • Humility
    • Understanding that the leader serves the team, not the other way around.
    • Transparency

What are the three biggest issues facing the procurement industry?

    • Attracting and retaining high quality talent to the procurement profession
    • Breaking the perception of procurement as tactical “savings-getters”
    • Bridging the traditional silos existing in the full financial supply chain – getting out of the procurement box

What should procurement pros be looking for in high potential recruits?

    • Tech-savvy, not just with procurement technologies, but across the spectrum of technology trends in both the business and consumer worlds.
    • Progressive thinker
    • Relationship orientation, but with very thick skin

Want to hear more from Eric Wilson? On 28th September, Procurious is bringing The Big Ideas Summit to Chicago.  Register now  (It’s FREE!) as a digital delegate to gain access to all of the day’s action and LIVE video from our speakers and attendees.