Tag Archives: ISM

Technology Is The Answer. But What’s The Question?

Companies everywhere are super-keen to invest in technology and an eye-watering $3.49 trillion will be made available in 2017 for this purpose – but how can CPOs and IT buyers ensure they make the right decisions? 

StepanPopov/Shutterstock.com

If you ask any CPO what their main priorities are for the next five years, you’re almost guaranteed to receive an answer involving technology. Spend for software and IT services is rising at a dramatic rate, and is expected to increase by an incredible 29% in 2017 to $3.49 trillion in the U.S. alone.

The urgency for harnessing cutting-edge technology is understood, and the good news is that business are making the money available. But how do you make sure you’re investing in the right tools?

Here’s the secret: you need to make sure you’re asking the right questions

Supply management professionals will gather in Washington, D.C. on March 22-24 for ISM Tech 2017, where they will gain access to the knowledge required to make intelligent technology investment decisions for the unique needs of their organisations. IT procurement experts will reveal new possibilities and cost-saving efficiencies in areas including advanced analytics, manufacturing 4.0, the role of robotics, going digital and utilising augmented reality.

Keynote speakers include Rick Smith, CEO of Fast Radius, who will be presenting on “Our 3D-printed future”, while Silicon Valley Entrepreneur and bestselling author Martin Ford will deliver a keynote titled “How data is driving the transportation revolution”. Other big names include Abtin Hamidi, Co-Founder and Executive Vice President of Cargo Chief; Amanda Prochaska, Vice President Procurement Program Management Office, MGM Resorts International; and Tom Martin, Director of Learning Solutions at ISM.

What questions will Tech 2017 help you to answer?

  • How can robotics streamline my business processes?
  • What’s the best way to use the Internet of Things (IoT) in the supply chain?
  • How can my organisation use technology innovations to capture digital customers?
  • How can I leverage analytics to align planning with demand?
  • How should I mitigate technology-related risks?
  • What capabilities will my team require to keep up with technological advancements?

As with every ISM Event, Tech 2017 is all about the networking. Attendees will have the opportunity to meet scores of innovative suppliers and exchange ideas with representatives from top providers in the field, strategizing with experts on their technology needs to identify new ways to tackle existing challenges and future growth opportunities.

This is one event where just about any conversation taking place in the Exhibition Hall is likely to make fascinating eavesdropping. Instead of the usual procurement “chatter” around traditional practices such as sourcing, contracts and requisition-to-pay, attendees will discuss cutting-edge concepts like cognitive analytics, 3D printing, digital reporting, artificial intelligence and machine learning.

As you network, keep in mind that IT procurement experts have been tipped to be the CPOs of the future. According to Procurious founder Tania Seary, the profession is now looking to this highly-skilled group for leadership, and IT experts are on the fast-track to leadership due to five key advantages:

  1. IT experts already control an important chunk of their organisations’ strategic spend.
  2. Soon everything we buy will include an element of technology.
  3. IT procurement experts know how to drive change.
  4. They are innovation scouts.
  5. They understand cyber security.

Don’t miss out – ISM Tech 2017 will take place at the Gaylord National Resort and Convention Center, Washnigton D.C. from March 22-24, 2017.

Colin Powell To Complete Stellar Keynote Line-Up At ISM2017

The fact that the Institute for Supply Management can attract keynote speakers of this calibre offers proof that the profession truly has come of age.  

ISM has announced that the former U.S. Secretary of State, General Colin Powell, will join former UK Prime Minister David Cameron to deliver a keynote at the year’s biggest conference in Supply Management, ISM2017.

General Powell will inspire and motivate ISM2017 attendees with stories of leadership under fire – and how to deliver complex supply systems when facing immovable deadlines.

As former Chairman of the Joint Chiefs of Staff, Powell assembled a multibillion dollar supply chain involving 42 nations during Operation Desert Storm in the Persian Gulf. Powell and his team pulled together millions of coordinated supplies: military goods, machinery, food, weaponry, and critical spare parts.

“As Secretary of State, General Powell used the power of diplomacy to build trust and create alliances, while also having the grit and experience forged by his military career in delivering results when it matters most,” said Tom Derry, ISM CEO. “Powell’s insight will be critical to ISM members and other purchasing and supply chain professionals as they focus on the challenges of working in a tough, ever-changing global economy.”

David Cameron, former Prime Minister of the United Kingdom, who stepped down from the position in 2016 in the wake of the Brexit decision, will also keynote ISM2017 conference attendees about his experience navigating geopolitical and public policy issues and their impact on the global supply chain. He will address a range of events in Europe and worldwide, and what they could mean to supply managers everywhere.

Powell and Cameron’s keynotes share a theme that will resonate with supply managers everywhere – how to deliver effective short-term solutions – and leadership during a time of crisis. The inclusion of two political veterans is particularly apt in 2017 as Europe continues to adjust to the effects of Brexit and the U.S. recovers from one the most divisive presidential races in recent memory.

Registrations are now open for ISM2017, which will be held May 21–24, 2017, at the Disney Coronado Springs Resort in Orlando, Florida.

Focused on “Critical Insights, Powerful Results,” the event expects to draw more than 3,000 attendees from around the world. ISM 2017 features keynotes, learning tracks, and sessions about leading in times of stress. More than 75 interactive sessions will be part of six learning tracks at ISM2017, and executives from firms such as Google, Toyota, Pfizer, Direct Energy, Zimmer Biomet and others will present.

Find out more about ISM2017

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

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

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

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

The Yellow Brick Road

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

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

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

Access Anywhere, Any Time

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

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

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

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

The Guided Experience

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

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

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

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

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

On My Way

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

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

No Seat at the Table? Time to Build Your Own Chair

The solution is simple, surely. If procurement can’t get a seat at the table, it’s time to build our own chair.

How many times have you heard your peers or even yourself say the inevitable term, “seat at the table”? I am not sure where this proverbial leadership table came from, but we are constantly trying to get a chair. It’s time to build our own chairs and bring them to the table.

Time to Whittle Some Wood

So, how do we build our own chair? It needs to start with education. You can help. Earlier this year I was at a Supply Chain career fair, recruiting some talent, and had a chance to speak to several students about the lack of educational offerings for our profession. It was remarkable how many of them had a strong interest in procurement.

This University happens to be a leader in Supply Chain education, and one of their courses has a procurement focus.

The interest is there, but outside of this University, dedicated procurement courses are as hard to find as one of Willy Wonka’s golden tickets, or a Snorlax on Pokemon GO. (See what I did there? I’m trying to bridge the generational gap – you either don’t know who Gene Wilder is, or you never downloaded Pokemon GO and have no clue what a Snorlax is! Anyway, focus.)

I don’t believe that every college and university is going to begin adding procurement programs, because honestly I am not sure if just adding the courses would solve the problem.

I am still not convinced you can “teach” procurement, which is another can of worms I am not ready to crack open. However, I do think there is value in introducing procurement to students; educating them, exposing them to the industry and sharing what we do.

I have been speaking to students and sharing my procurement experience since very early in my career. With only a year of experience up my sleeve, I was speaking at my alma mater. I continue to speak to students of all ages, and am often invited to undergraduate and graduate classes to speak.

I’ve even spoken about procurement at an elementary school! At the time I was working for a large beverage and snack company, so I think they only wanted some potato chips and soda without their parents knowing. But regardless, I was there.

Get Up and Get Out There

Stop complaining that you have to always justify your value. You alone are not going to solve the big issues at your company. You can create some great traction and maybe even get that seat at the leadership table, but keep in mind that it only takes one re-structuring to lose that seat once more. The solution? Get out there and educate.

Share. Be vocal. Don’t just attend procurement events – go to other industry events and get the word out on what we do. Attending procurement events is great, but often we are telling each other the same thing we already know.

How about you go to a CIO, CMO, or CFO conference and share how much value you are adding to your organisation? The movement needs to come from all ends!

The CPO is Not Dead

There was an article written earlier this year with the provocative headline, “The CPO is dead.” I really valued it and don’t entirely disagree with its suggestion of a shift from Chief procurement Officer to Chief Value Officer. The role of procurement has transformed – it’s not just tactical, it’s strategic; not just focused on cost saving, but adding value. I encourage you to read it.

I do, however,  disagree with the concept that the CPO is dead, because I think the CPO is just growing up. There is so much more work to do to get this industry further exposed, so that there is no second-thought for a company to focus on procurement top-down.

Pull Up a Chair – Let’s Eat!

So, what are you going do? Read this – great! Share this – great! If you’re reading this and want to make a difference, please connect with me here on Procurious, and let’s figure out how to get more schools involved and how you can drive this movement locally or even nationally.

Utilise your company, and your position, to be an external voice for the profession.

Nicholas Ammaturo is the President and Chair of ISM 7 Counties and a former winner of ISM and ThomasNet’s 30 Under 30 Rising Supply Chain Stars award. Nicholas is Managing Director of Cormac Advisory Services, a retail and wholesale consulting service.

Roll Out the Red Carpet – David Cameron to Deliver ISM2017 Keynote

The Institute for Supply Management (ISM) announces its most impressive keynote to date as registrations for ISM2017 open.

david-cameron

Former UK Prime Minister David Cameron will deliver the opening keynote at ISM2017, it has been announced today.

Cameron will speak about the geopolitical impact of policy and current events on global business. Over 2,500 assembled procurement and supply chain professionals will witness a riveting and eye-opening first-hand account of Cameron’s own experience during his tenure as UK Prime Minister.

With Brexit arguably being the defining moment of his career, Cameron will share his unique understanding of what the result means for US businesses and supply chains the world over, including its effect on globalisation.

Sharing Leadership Lessons

Cameron’s appearance continues a strong tradition of impressive keynote speakers at ISM’s annual conference. He follows in the footsteps of former President and CEO of Ford Alan Mulally, author and introversion expert Susan Cain, former Secretary of Commerce and professor of public policy, Susan Schwab, and former US Secretary of Defence, Robert Gates, as keynote speakers.

Learning and Networking in the Heart of Disney World

ISM2017 will be held at the Disney Coronado Springs Resort in Orlando, Florida, in the heart of Disney World. This surely makes the one annual conference where attendees will be sure to bring their families along! The conference will feature:

3 Learning Tracks – designed to help attendees deep-dive into three large themes over the conference:

  • Economic (Boom or Bust)
  • Business (Top Line and Bottom Line)
  • Professional (Inside and Outside)

As per previous years, all sessions are tagged with ISM Mastery Model experience levels, ranging from Fundamental through to Mastery.  

11 Signature sessions, including:

  • Unleash the magic of transformational supplier Relationships
  • Accelerating your career path with “insides” from procurement leaders
  • How to lead a successful transformation
  • Be a hero in boom times, not just in bust times
  • Shift the focus to change the results: Procurement’s opportunities to grow the top line

73 other conference sessions on overcoming shared challenges, featuring procurement and supply chain experts from around the world. 

Pre-conference training seminars and certifications, including the CPSM Exam 1 now offered onsite at ISM2017.

Presentation of three major awards

  • The R. Gene Richter Scholarship Program, providing scholarships to six students gaining an education in supply management or procurement.
  • The J. Shipman Gold Medal Award, presented to individuals whose unselfish, sincere and persistent efforts have aided the advancement of the supply management field.
  • ISM and ThomasNet’s 30 Under 30 Rising Supply Chain Stars program, recognising young procurement and supply management professionals for their passion, creativity and contributions to supply chain.

Finally, and perhaps most importantly, ISM2017 offers unparalleled face-to-face networking opportunities with thousands of peers from the profession.

Whether you attend ISM2017 to hear from thought-leaders, hone your skills, witness David Cameron’s keynote, network with peers or simply to have your kids meet Mickey Mouse at Disney World, be sure to share your experiences with the online community here on Procurious.

Registrations are now open for ISM2017. Find out more by visiting http://ism2017.org/

Do You Know a Rising Supply Chain Star?

Judges are looking for your nominations for a rising supply chain star for ’30 Under 30′ 2016. A multi-talented, young professional who is an influencer and trailblazer in their organisation.

ISM and THOMASNET.com’s 30 Under 30 Rising Supply Chain Stars recognition programme returns for its third year, with nominations opening this week.

The programme was first launched to address a worrying lack of Millennials choosing Procurement and Supply Chain as a profession. This was particularly an issue in an environment where an entire generation of Baby Boomers were expected to retire in the next three to five years.

Together, ISM and THOMASNET.com are celebrating and broadcasting the achievements of young professionals in an effort to bring more Millennials into the profession, while also preparing them to step into senior roles earlier than expected.

Going Global

The big change this year is that the competition has been scaled up to the international level. This means we’ll see even more diversity in personalities, professionals and organisations represented by the 30 winners.

According to THOMASNET.com’s Director of Marketing and Audience Development, Donna Cicale, opening the programme up globally is an acknowledgement of where the supply management industry has been in the past, and where it’s heading in the future.

“Many supply management professionals today are managing global suppliers, responding to global issues, and thinking ahead for global growth. Young professionals all over the world are facing enormous challenges and accomplishing a huge amount.

“It makes sense to extend this fantastic recognition opportunity to these talented individuals, and learn as much as we can from one another.”

Who are the Millennials?

Research organisations and government bodies can’t seem to agree on the age range of Millennials. Typically, however, the term refers to anyone born between 1980 and 1995.

This means the youngest Millennials turn 30 in 2025, when they will make up 75 per cent of the global workforce. They’re followed by Generation Z, the oldest of whom turn 20 this year. They are now beginning to filter out of educational institutions and also enter the workforce.

What does it take to become a Supply Chain Star?

According to Cicale, judges will look for three main characteristics in the next batch of Rising Supply Chain Stars. Individuals need to be:

  • Multi-talented: “We look for people who demonstrate and excel at a wide range of skills beyond business acumen. We’re searching for fast learners, effective communicators, quick thinkers and natural leaders.”
  • Influencers: “Supply chain stars must be ‘movers and shakers’ in their organisations. They need to be skilled in getting others engaged, bringing colleagues on-board, and working towards common goals.”
  • Trailblazers: “We’re looking for individuals with ‘firsts’, or accomplishments not previously realised by their organisation. A ‘first’ can relate to timing, budget, initialisation, integration or adoption.”

Procurious caught up with inaugural 30 Under 30 winner Nick Ammaturo for his view of the essential attributes needed to win.

“When I look at the previous years’ fellow winners, I see a ton of common traits between us. There’s definitely a shared level of passion for supply chain and procurement, coupled with the motivation to advance skills and careers through challenging roles and continuous learning.

“Most importantly, 30 Under 30 winners all display curiosity. They all have a genuine interest in how their roles fit into the bigger picture.”

What prizes will the 30 winners receive?

30 Under 30 winners all receive a complimentary one-year ISM membership, as well as free admittance to ISM2017 in Orlando.

One lucky “Megawatt” winner will also have an all-expenses paid (up to $5000) trip to the same conference. Each winner also receives a THOMASNET.com Supplier Discovery and Evaluation “lunch and learn” session for their teams, and any other teams in their organisations.

Most importantly, the winners will gain widespread recognition from managers, companies and peers, as their achievements are celebrated and broadcast through industry journals, blogs, magazines and newspapers locally and globally.

Essentially, the programme identifies 30 “ones to watch” every year. Make sure you keep an eye out for the winners. They could be a future procurement leader in a company near you. And soon.

Do you have a Millennial supply chain star in mind for the 30 Under 30 awards? Nominations are now open – visit THOMASNET.com for more information.

Plants (Nuclear) and Treehouses – Growing Procurement at UPMG2016

With an eclectic agenda ranging from a keynote on nuclear energy, to a discourse on treehouses, UPMG2016 is shaping up to be a highly informative conference.

SAYAM TRIRATTANAPAIBOON/Shutterstock.com

The 85th Annual Utility Purchasing Management Group (ISM UPMG) is just on the horizon. The conference has grown significantly in the past decade, and has come to be recognised as one of the premier educational events within the utility supply chain industry.

As ever, the agenda is an eclectic mix of topics. As well as some fascinating sounding keynotes on nuclear power and treehouses, attendees will be discussing issues from sustainability to leadership, politics to human behaviour.

Here’s a small taste of the line-up in store at UPMG2016.

Industry Trends and Nuclear Delivery

Much like ISM’s annual conference, it’s not all about procurement and supply chain. There are plenty utilities-specific sessions to visit.

  • Power Industry

An important session, and one of the main reasons the UPMG conference exists. This session will cover industry trends and how they will affect power industry spending and resource demands over the next 12 to 24 months.

Britt Burt from Industrial Info Resources will also explore spending within industry segments for gas, coal, nuclear, and renewable generation, along with transmission and distribution projects.

  • Human Side of Power Generation

Similarly, this session will look at the human side of power generation. Experts from Associated Builders and Contractors, Alabama Power Project, and TVA, will explore the demand outlook for skilled craft labour supporting the US Power generation fleet.

This will include the cyclic demands of outage seasons, and the unique solutions utilities, contractors and labour are putting in place to meet peak requirements.

  • Delivering the Nuclear Promise

Anthony R. Pietrangelo, Senior Vice President and Chief Nuclear Officer of the Nuclear Energy Institute, will present a session on how the industry is advancing safety, and its reliability and economic performance.

Pietrangelo will also speak about the key role nuclear power has to play in environmental sustainability.

Essential Knowledge and Skills

Sessions that cover essential knowledge and skills relevant to the wider profession include discussions on:

  • mergers and acquisitions
  • inventory analytics
  • the changing source-to-pay technology landscape
  • vendor rationalisation
  • leveraging data
  • best-practice contracting and channel strategies.

Presenting organisations include Oniqua, SAP Ariba, IBM, PwC and leading utilities providers.

Leadership & Treehouses

Alongside the industry and sector specific keynotes, there are a few others that are sure to capture attention.

  • “The Treehouse Guy”

“The Treehouse Guy” Pete Nelson is the star of Animal Planet’s ‘Treehouse Masters’. With a reputation for limitless imagination and incomparable skills, Nelson is known as the best treehouse builder in the world. He lives by the inspirational motto “if you dream it, you can build it”.

  • The Science of Leadership

Huffington Post columnist Vanessa Van Edwards is the lead investigator at Science of People, a human behaviour research lab. Her session, “The Science of Leadership”, delves into the latest neuroscience, behavioural economics and phycology research to uncover whether leaders are born or made.

  • Political Climate – Campaign ’16

Hawthorn Group Chairman and CEO, John Ashford, will give a veteran political insider’s look at the 2016 US election campaigns and victory prospects in the race for President, Senate, House and Governor.

Build Your Network

As every conference-going procurement professional knows, one of the most exciting aspects these events is the opportunity to build your network.

Attendees will rub shoulders with colleagues, industry experts, thought-leaders and suppliers on the golf course, in Nashville’s bars and restaurants, and at the conference itself. 

Are you planning to attend UPMG2016? The Procurious community would love to hear from you after the conference about your key takeaways from the event.

The Utility Purchasing Management Group’s 2016 conference will be held in Nashville from 11th – 13th September. You can register here.

Why Wait? Come to Training in Your Pyjamas

Have you ever had that nightmare where you’re wearing your pyjamas in class? With new training from ISM, your nightmare can be a reality (in a good way!).

I’m in training. I’ve got my laptop open on the table in front of me, a nice warm drink, and I’m waiting for the trainer to appear. A striking-looking instructor comes into view, walking slowly and deliberately in heels.

She’s wearing her ginger-coloured hair pulled back in a ponytail, quite a lot of blue eyeshadow and vivid red lipstick. She appears to have had eyelash extensions.

I sit up a bit straighter in my chair, before glancing down and realising with a shock that I’m wearing my pyjamas.

What is Micro-Learning?

But that’s okay, because it’s 9pm and I’m comfortably ensconced in a warm study in my own home. The kids have finally gone to bed and the dishes are done, so I’ve taken the opportunity to squeeze in one of ISM’s Just-in-Time Learning sessions, led by a flame-haired, animated instructor.

I’ve chosen a session called “Sourcing Strategy based on Forecasted Data”. At 8 minutes and 30 seconds, it removes my usual excuse about being too time-poor to invest in training. According to ISM’s Senior VP of Programs and Product Development M.L. Peck, this is what micro-learning is all about.

“People are craving content that address specific needs at specific times”, says Peck. “Micro-learning takes a ‘just-for-me, just-in-time, and just-enough’ approach”.

Training Essentials

This works for me, as my attention span seems to be diminishing rapidly as I grow older. The animated instructor’s voice has a slightly robotic quality, but she’s convincing enough.

She moves around the screen, gesticulating with one hands with the other resting on her hip. She (I’m not sure if the instructor has a name) even blinks and waggles her eyebrows as she drives each point home.

The instructor rapidly takes me through the advantages and disadvantages of the various types of sourcing – spot buying, buying to requirements, forward buying and speculative buying. As she talks, animated graphics appear and disappear next to her.

The content itself is drawn from ISM’s impressive global network of subject matter experts, who have created a remarkable library of digital knowledge.

The animation is interspersed with a video of Kevin from ISM, a (human) instructor who gives a real-world example of a restaurant owner who uses each of the four buying types as circumstances demand.

Sharing Essential Skills & Knowledge

Each Just-in-Time learning video has a different style. Some feature animated characters such as this, while others are led entirely by real instructors.

There are whiteboard animations, live interviews with executives and leaders in the profession, short lectures from industry experts, fun activities, games and flashcards.

This style of learning isn’t designed to be a deep-dive, but is a fast and effective overview of essential procurement skills and knowledge. Viewers can choose to explore further through eISM’s Guided Learning and Self-Paced learning options.

This particular video, however, is packed with fast facts, statistics, definitions from the ISM Glossary. It also includes real-world examples about sourcing strategies. By the end of the eight-and-a-half minute video, I have three pages of notes.

And what’s more, I even have time to sneak in another training video before my drink goes cold!

Learn More (in Pyjamas if you Want!)

Procurious now hosts three of the eISM Just-in-Time learning videos here on the website. Simply click on the “Learning” tab, or follow the links below to view:

For the full suite of eISM learning options, visit the ISM website.

Facts not Fear: The Impact of Brexit on US Business

Institute for Supply Management (ISM) CEO Tom Derry tells Procurious that people need facts, not speculation and fear, when it comes to understanding the impact of Brexit on US business.  

ISM took the unusual step this month of releasing a supplementary Report on Business, focusing specifically on the impact of the UK’s Referendum on EU membership on US business.

The decision was prompted by a flood of enquires from US business and media representatives about whether the data for this month’s highly anticipated and influential report would reflect the fallout from Brexit.

“We decided to go back to our panel of over 600 procurement professionals with a tailored series of questions about the net financial impact of Brexit on their organisations”, said Derry.

“More importantly, there has been an enormous amount of speculation about the impact of Brexit, fed by a sense of unease and uncertainty. ISM was in a position to gather real data and put the information out there so businesses can make informed decisions based on facts, rather than fear, concern or emotion.”

Negligible Impact

The report will serve to dispel much of the speculation around the impacts of Brexit on US business. The vast majority of those surveyed reporting that Brexit will have a “negligible” impact on their business. Only one in three thought their firm would be negatively, or slightly negatively, impacted.

The main concerns for those who do anticipate an impact include the exchange value of the dollar, changes in demand globally, financial market uncertainty, and currency movements.

“The report demonstrates that despite the speculation, the majority of US businesses feel that Brexit will have a negligible impact”, says Derry. “This is because the US has a comparatively low export economy at only 13 per cent of GDP, so we are relatively insulated from the impacts of currency movements and global demand. We’re not a huge commodity exporter, although the strength of the dollar is of course a concern for those who are in the exporting business.”

Derry says that in the short-term, trade relationships are stable. “For US firms doing business in the UK or EU, very little has changed. For now, we’re good – business is predictable, and we love predictability and certainty.”

Future Investment Shift

In the long-term, however, US businesses may not choose to invest additional dollars in the UK. Historically, a lot of companies (such as car manufacturers) have used the UK as their port of entry into the EU, due to its shared language and talented workforce.

Derry added, “That option may no longer be so attractive, and discretionary investment will probably shift to Eastern Europe – Poland or the Czech Republic – to have a presence within the EU, and take advantage of low-cost labour.”

Derry says that the Brexit referendum is a historical event. However, in 10 years it is likely to be seen as a political decision, rather than an economic one. “The ‘sky is falling’ scenario is certainly overdone”, he says. “I don’t think we’re going to see the fracturing of the EU over Brexit.”

“It’s important to keep our vision focused forward. As supply management professionals, we work in the global economy and a major shift, such as Brexit, forces each of us to recalibrate our global supply strategies and trade relationships. The EU is the largest single market in the world – we can’t ignore it.”

Click here to read the supplemental ISM Report on Business: Brexit Report.