Tag Archives: procurement agility

Procurement Agility in the Age of Digitalisation

How can your procurement team embrace the age of digitalisation  and develop an effective roadmap that ultimately puts you in the driver’s seat?

The digital enablement field is wide open, with no single right answer on how to proceed.

However, there are ways that can help organisations plot a way forward. CPOs must define a roadmap for change and align it with enterprise-level digital transformation initiatives.

Procurement think tank 2018

This year marks the fifth year that we have held our Procurement Think Tank. Throughout our work in the procurement field, we have strived to create an environment of real learning and interaction with business peers over topics that can be investigated in a deep way in an environment of open exchange through spaced-out gatherings to discuss a singular topic.

This blog is the summary of this year’s series and an excerpt of the article published in Procurement Leaders magazine. While many of the insights, and perspectives come from a small group of practitioners and may vary from company to company; nonetheless, the insights obtained can be applied across many organisations and industries. The complete article and related graphs can be read on Medium here.

2017 Focus On Driving Efficiency And Increasing Agility

As we wrapped up last year’s discussion, the group pressed us into looking at the area of procurement efficiency in context of the coming digital revolution. Most members conceded that their ability to learn about and master digital tools was inadequate, and they needed time to prepare.

The need to improve procurement efficiency (doing more with less) and at the same time master changes in technology (specifically the impact of digitalisation) are two very different objectives. They demand different resources, different thinking and different leadership, leaving procurement teams in an untenable bind; needing to contribute more but without the capability to assimilate new technology that might be a remedy for that problem.

The 2017 EU Think Tank Series theme was “Growing Digital And Agility Capabilities To Drive Efficiency In Procurement” to investigate the following issues:

  • What is the burning platform for Procurement Agility?
  • What are the major dimensions of growing agility?
  • Does growing a digital capability answer the issue of procurement agility?
  • Deep dive on key topics in the digital sphere:

1. How will Big Data and IoT technologies impact procurement activities?

2. What is AI and how can Procurement leverage the opportunity?

3. What is RPA and will it replace most procurement operational tasks?

  • Where is procurement now on the journey to a digitally enabled future?
  • Who are the leaders in procurement digital enablement?
  • How to assemble a digital roadmap?
  • What talent is needed to drive digital forward?

Agility – Making flexibility look like the plan

We probed the issue of Agility and the key elements must procurement teams master. The deep reflection on agility reveals that it is not just about flexibility, but rather a never-ending cycle of thinking-planning-action all in a devolved approval matrix (see my blog Agility – Making flexibility look like the plan).

The group recognised that while digitalisation might be a foundation, in and of itself, digitalisation is only an enabling tool of agility. When viewed in this context, the rush to become ‘digital’ is less of a frenetic all out race to do something ‘digital’ and more of a ‘pick-and-choose’ from a menu of enabling technologies that will most help achieve a business strategy.

However, while procurement is tasked with dealing with a broad range of new technologies, it also must deal with its traditional mandate. Bertrand Maltaverne, JAGGAER’s ‘Procurement Digitalist’, challenged the group with his perfect storm analogy. As procurement continues evolving toward digital mastery it still must manage increasingly complex supply chains, reduce risk, become more efficient, expand its influence and become a trusted business advisor. The enormity of these tasks has created a conundrum for procurement teams regarding which priority to tackle first.

Depressingly, procurement teams have not taken a leadership position with respect to digital technologies, opting instead for being a receiver of whatever mandates are forthcoming from broader implementation efforts. The data shows that most procurement organisations are either unprepared or have taken a ‘wait and see’ approach to digital technologies, often adopting them in a haphazard or uncoordinated way. The sheer number of available technologies that must be evaluated for their usefulness has stymied procurement organisations from building an effective path and being able to move forward.

The issue, of course, is two-fold. First, there must exist specific knowledge within the procurement teams about the technologies that are available, and secondly, leadership awareness of those technologies and how they fit together in the strategic landscape. Then and only then can a framework be developed that prioritises how and when to implement the chosen solutions. Today, most procurement organisations are not rising to the challenge in either of these areas.

While many new digital technologies are fast becoming standard, often, the solutions that promise the quickest way of making transactional processes more efficient are no longer within the purview of procurement. These activities have been subsumed into other, often larger, Business Services functions. While we have long been advocates of moving transactional activities to other functions, one can see the writing on the wall. The continued erosion of the procurement remit combined with automating technology, could easily foretell the doom of the function as we know it. The logical outflow of this, is that procurement is evolving towards a two-tier function; one where an enhanced set of operative activities is managed largely through digital technologies and another that is much more strategic, managing issues such as supply continuity, risk management, collaborative value creation and sourcing innovation.

How does a procurement team who is embracing the digital revolution develop an effective roadmap that ultimately puts (and keeps) them in the driver’s seat as to what technologies to adopt and at what rate to adopt them?  Our membership vigorously challenged us build a real-world model of how organisations must construct a digital path forward. A particularly useful insight was that no organisation can progress purely through a technological journey without fully understanding how that technology contributes to better strategy and insights. This relationship between new technology and better insights progresses through the entire digital journey. Thus, procurement teams must be in the decision chair as to which technologies get purchased.

So What Skills Are Required To Drive Digital?

Very few Procurement organisations have a digital strategy and roadmap, partially due to the broad range of technologies available. Simply put “there are too many digital options to know which to tackle first”. Even fewer organisations have talent and leadership to run their digital transformation. It is imperative that Procurement build its own digital roadmap that addresses specific technologies in a sequential format that is aligned with the company’s over digital strategy. We need to understand, recruit and develop specific digital skills at all levels recognising that the senior leadership is often most lacking. We grew fond of The Hackett Group’s conclusions in this area, pointing to four key attributes required to adequately embrace and drive the digital transformation:

· Intellectual curiosity: To deliver faster insight and build sophisticated models for business decisions.

· Technology savvy: Professionals don’t need to become data scientists or programmers, but they do need to be familiar with new technologies so they can have intelligent conversations with their IT peers and quickly adopt new tools.

·  Business Acumen: Staff needs to have a thorough understanding of the company, its operations, its value drivers and competitive environment. The imperative for the Business Partnering capability was amply covered in the output from last year’s Think Tank in this article.

·  Storytelling skills: Data is the mechanism that makes digital business possible, but the delivery mechanism is a “story.”

The Way Forward

1)  Define a digital roadmap and vision

Strategy needs to support organization’s overall approach to leveraging digital technologies to transform its business model and ensure that each investment in a digital capability must have beneficial business outcome. Favourable business benefits will help drive a new cycle of technological investments that in turn create greater benefit.

2)    Align with organisational strategy

On their own, big data, predictive analytics, or any of the other so-called ‘digital’ enablers are not valuable as stand-alone technologies. Outcomes need to help the business make decisions and drive actions that are consistent with the overall company objectives and digital plan. Any discrepancies between the two can create “technology islands” and put procurement at odds with corporate objectives.

3)    Build a Digital competency within procurement…

…to understand, master and lead the prioritised acquisition and implementation of digital tools.

We closed out this year’s series acknowledging that most organisations are at the very beginning of their digital journey, and it also left us with a strong impression that procurement teams have an intense desire to lead this effort in collaboration within the organisation’s overall digital strategy and not be a victim of it. Ceasing the leadership of this effort is the challenge.

Stay tuned for Think Tank 2018; we will drill down from the strategic level to one where we can examine how individuals and teams build knowledge and capability to bring digital insights to their organization and wider ecosystem.

This article was orginally published on LinkedIn.

Best of the Blog – 3 Ways To Build A Match Fit Procurement Team

You never know what’s on the horizon, so you need to be prepared for anything. For procurement that means staying agile and always being match fit.

Everyone loves a good throwback article, which is why we’re hopping in our time machine to bring you back some of the biggest and best Procurious blogs. If you missed any of the golden oldies, look no further!

This week, we’re revisiting an article about procurement agility in the digital age, featuring advice from Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group.  

Given the pace of change in the external environment, being agile means constantly changing, never standing still. It’s not about putting out fires, it’s about ensuring that fires never start in the first place.

For procurement, this means creating and maintaining agile teams, and staying match fit for what comes next. Staying ahead of the curve, be it change, risk or technology, is critical for the future of the profession.

Procurious has spoken to Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group on a number of occasions about why procurement needs to put agility at the centre of all its activities.

This year, Chris took the conversation one step further, discussing ways to enable agility through digital transformation and creating an agile team. However, to do this procurement needs to ensure it’s thinking ahead, not just looking at the problems it needs to solve now.

Chris outlines three top tips below on how procurement can be prepared to handle any future issues.

  1. Be Match Fit

As we’ve said above, the key to being agile is ensuring flexibility. A quick way to lose agility is to create a rigid environment that doesn’t allow trying new things.

Define what procurement can and can’t control, and what activities it can drive. Make sure that your procurement team is aligned to the corporate strategies and objectives. It’s a good way of making sure that new ideas will be fully considered as part of the overall organisational strategy.

For example, if Procurement decides they want a diversity programme and the CEO isn’t behind it, it will never reach its full potential. The same goes for technology. If the CEO isn’t invested, the project will never get off the ground.

But even if your company isn’t focused on technology yet, you can be sure it will be in the future. It might be six months, or it might be five years, but it’s better not to be forced kicking and screaming into this new era.

Procurement needs to be ready to go when the business is. You don’t want to be asking for six more months of planning if your CEO wants a transition now. Be ready – have a list prepared of the top three initiatives for technologies, and how they will be implemented. That way you won’t be caught short.

  1. Educate Yourself

If you want to be prepared, you need to be in the know. Don’t be scared of new technology and bury your head in the sand – be aware of what’s out there. Have a list of the most relevant and best technology and know what it can do for you.

Part of that awareness is also preparing for new technology. Procurement teams need to know what’s happening in the market place, and how it impacts them. You don’t need to know everything, but you at least need to be cognizant of it.

That way, procurement can look at the big issues in organisations through the lens of how technology can help. Is there a technology out there that could help with this issue?

If global collaboration is a major issue, there are social platforms that could help connect all your teams to each other, and even their suppliers.

Maybe there’s a technology that could augment (not just automate) a procurement activity that you are performing today. You might finally have access to all kinds of data, but it’s about knowing what you can do with it to extract competitively differentiating insights.

  1. Create Agile Teams

If you aren’t agile then you can’t prepare for any of this. In fact, it’s unlikely you’re even in a position to be ready to start preparing.

To create agile teams you need to have the basics in place, get ahead of these issues, and aim to be predictive. If you knew what was going to happen (sadly crystal balls are in short supply), you would have the ultimate level of agility, and be able to get ahead of any issues.

However, it’s critical that procurement retains the ability to deliver against organisational objectives at the same time. There’s no use being agile if it means that procurement fails to deliver on the basic requirements.

If you can’t get the basics done, then there’s no point in even trying the ‘fancy’ stuff.

Reimagining What We’re Trying to Achieve 

The main problem at the moment is that we can’t even imagine what is going to be possible in the future. The pace of change is so fast that technologies are adapting and evolving in a matter of months, rather than taking years as it did in the past.

It is critical that procurement becomes more adaptable, and ensures that professionals are as informed as possible. Until you have this understanding of technology, you’re losing out. It’s not about the problems you want to solve, it’s also about the problems you’ve not even thought about yet.

The future is an ‘Unknown Unknown’, but with a match fit, agile procurement team, at least you’ll be prepared for what comes next.

3 Ways to Build a Match Fit Procurement Team

You never know what’s on the horizon, so you need to be prepared for anything. For procurement that means staying agile and always being match fit.

yurakrasil/Shutterstock.com

Register as an online delegate for the London Big Ideas Summit 2017 here.

Given the pace of change in the external environment, being agile means constantly changing, never standing still. It’s not about putting out fires, it’s about ensuring that fires never start in the first place.

For procurement, this means creating and maintaining agile teams, and staying match fit for what comes next. Staying ahead of the curve, be it change, risk or technology, is critical for the future of the profession.

Procurious are delighted to welcome back Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group, to the Big Ideas Summit 2017. Chris spoke last year about why procurement needed to put agility at the centre of all its activities.

This year, Chris will be taking the conversation one step further, discussing ways to enable agility through digital transformation and creating an agile team. However, to do this procurement needs to ensure it’s thinking ahead, not just looking at the problems it needs to solve now.

Chris outlines three top tips below on how procurement can be prepared to handle any future issues.

  1. Be Match Fit

As we’ve said above, the key to being agile is ensuring flexibility. A quick way to lose agility is to create a rigid environment that doesn’t allow trying new things.

Define what procurement can and can’t control, and what activities it can drive. Make sure that your procurement team is aligned to the corporate strategies and objectives. It’s a good way of making sure that new ideas will be fully considered as part of the overall organisational strategy.

For example, if Procurement decides they want a diversity programme and the CEO isn’t behind it, it will never reach its full potential. The same goes for technology. If the CEO isn’t invested, the project will never get off the ground.

But even if your company isn’t focused on technology yet, you can be sure it will be in the future. It might be six months, or it might be five years, but it’s better not to be forced kicking and screaming into this new era.

Procurement needs to be ready to go when the business is. You don’t want to be asking for six more months of planning if your CEO wants a transition now. Be ready – have a list prepared of the top three initiatives for technologies, and how they will be implemented. That way you won’t be caught short.

  1. Educate Yourself

If you want to be prepared, you need to be in the know. Don’t be scared of new technology and bury your head in the sand – be aware of what’s out there. Have a list of the most relevant and best technology and know what it can do for you.

Part of that awareness is also preparing for new technology. Procurement teams need to know what’s happening in the market place, and how it impacts them. You don’t need to know everything, but you at least need to be cognizant of it.

That way, procurement can look at the big issues in organisations through the lens of how technology can help. Is there a technology out there that could help with this issue?

If global collaboration is a major issue, there are social platforms that could help connect all your teams to each other, and even their suppliers.

Maybe there’s a technology that could augment (not just automate) a procurement activity that you are performing today. You might finally have access to all kinds of data, but it’s about knowing what you can do with it to extract competitively differentiating insights.

  1. Create Agile Teams

If you aren’t agile then you can’t prepare for any of this. In fact, it’s unlikely you’re even in a position to be ready to start preparing.

To create agile teams you need to have the basics in place, get ahead of these issues, and aim to be predictive. If you knew what was going to happen (sadly crystal balls are in short supply), you would have the ultimate level of agility, and be able to get ahead of any issues.

However, it’s critical that procurement retains the ability to deliver against organisational objectives at the same time. There’s no use being agile if it means that procurement fails to deliver on the basic requirements.

If you can’t get the basics done, then there’s no point in even trying the ‘fancy’ stuff.

Reimagining What We’re Trying to Achieve 

The main problem at the moment is that we can’t even imagine what is going to be possible in the future. The pace of change is so fast that technologies are adapting and evolving in a matter of months, rather than taking years as it did in the past.

It is critical that procurement becomes more adaptable, and ensures that professionals are as informed as possible. Until you have this understanding of technology, you’re losing out. It’s not about the problems you want to solve, it’s also about the problems you’ve not even thought about yet.

The future is an ‘Unknown Unknown’, but with a match fit, agile procurement team, at least you’ll be prepared for what comes next.

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

Big Ideas Summit 2016: Big Idea #32 – Agility and Flexibility

It’s time for procurement to stretch their muscles and build greater agility. And procurement’s business model can help with that.

At the Big Ideas Summit 2016, we challenged our thought leaders to share their Big Ideas for the future of procurement.

From ideas that have the potential to change the very nature of the procurement profession, to ones that got the assembled minds thinking about the profession’s impact outside of the organisation, the response we received was amazing.

Improving Our Agility

Tony Jones, CPO at Hovis, discusses the importance procurement “stretching its hammies” and increasing its agility and flexibility, and what he is doing at Hovis to deliver on this.

Tony talks about the ‘Flex Model’ as an example of this agility – moving his team away from generalists, and bringing in external, expert resources to cover specific categories not already covered by his own team.

Catch up with all the delegates’ Big Ideas from the 2016 Summit at the Procurious Learning Hub.

Want to find out more about Big Ideas 2016? And maybe what we have planned for 2017? You can visit our dedicated website!

If you like this (and you haven’t done so already) join Procurious for free today. Get connected with over 19,500 like-minded procurement professionals from across the world.

Big Ideas Summit 2016: Big Idea #27 – Mastering Digital Information

The wealth of digital information available to procurement is a game changer. But only if it can make sense of it in the first place.

At the Big Ideas Summit 2016, we challenged our thought leaders to share their Big Ideas for the future of procurement.

From ideas that have the potential to change the very nature of the procurement profession, to ones that got the assembled minds thinking about the profession’s impact outside of the organisation, the response we received was amazing.

Digital Innovation & Agility

There are three major themes confronting procurement leaders and organisations – digitalisation, innovation and agility. The management of this wealth of digital information will be key in securing procurement’s future.

Giles Breault, Principal and co-Founder at The Beyond Group, discusses why procurement needs to both be more agile in this modern environment. The profession will also need make sense of big data in order to understand how it will change the management of supply chain.

Catch up with all the delegates’ Big Ideas from the 2016 Summit at the Procurious Learning Hub.

Want to find out more about Big Ideas 2016? And maybe what we have planned for 2017? You can visit our dedicated website!

If you like this (and you haven’t done so already) join Procurious for free today. Get connected with over 18,500 like-minded procurement professionals from across the world.

Big Ideas Summit 2016: Big Idea #11 – Making Agility Core

Chris Sawchuk states that procurement needs to make agility core to all of its activities in order to survive.

At the Big Ideas Summit 2016, we challenged our thought leaders to share their Big Ideas for the future of procurement.

From ideas that have the potential to change the very nature of the procurement profession, to ones that got the assembled minds thinking about the profession’s impact outside of the organisation, the response we received was amazing.

Agility Core to Success

Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group, says that procurement needs to make agility core in all of its activities.

With new events, such as disruptive innovation, happening all the time, and new organisations being created, existing organisations need to be more agile in order to cope with these challenges.

Catch up with all the delegates’ Big Ideas from the 2016 Summit at the Procurious Learning Hub.

Want to find out more about Big Ideas 2016? And maybe what we have planned for 2017? You can visit our dedicated website!

If you like this (and you haven’t done so already) join Procurious for free today. Get connected with over 16,000 like-minded procurement professionals from across the world.

A Seat at the Table, or Procurement to Go?

‘Procurement to Go’ is about building a fast, reliable and flexible function that’s always one step ahead of changing business needs.

In her recent article, PASA’s Jeni Christensen shared her concern about the region’s “shocking” lack of Professional Procurement. The target, Christensen writes, is to have a CPO at every boardroom table, and she shares a series of very valid steps about how to get there. New-York based Justin Hughes (PA Consulting Group) has also recently written an article about how a seat at the top table is “something procurement has to earn”.

But is board membership really the answer? I’d like to present an alternative view.

You don’t need a seat at the table if you have the right level of influence

Let’s face it – getting a seat at the boardroom table has been a recurring theme amongst procurement professionals for nearly a decade now. It’s a consequence of procurement’s historical back-room role, and a perceived fix for a host of procurement frustrations, including organisational compliance.

Chris Lynch, Global CFO of Rio Tinto, told delegates at the 2015 Asia-Pacific CPO Forum that the focus on board representation wasn’t the answer: “Forget reporting lines – just put procurement in the ‘winners’ circle’”.

Getting into the winners’ circle is all about influence. According to The Faculty Roundtable member, and leading CPO, David Henchliffe, “Business leaders need to get the value good procurement practises can deliver, and be strong advocates for the function. It’s our job to make sure they get it.”

In Henchliffe’s opinion, the preoccupation with board or senior leadership team membership is misguided. Deliver value to the business and CPOs will be invited to join in broader business-level planning and decision making.

The situation may not be as dire as PASA and Christensen suggest. Procurement has made enormous progress from its formerly transactional, back-office position, to become strategic partners in the business, predominantly through strong performance and better communication of the value it brings to organisations.

According to The Faculty’s recent Benchmarking Review, procurement’s influence continues to grow, with managed spend at an average of 72 per cent this year, up from 68 per cent in the previous review. CPOs are regarded as “highly influential” by surveyed procurement teams, stakeholders and suppliers, again pointing to improved communication and articulation of value to the C-Level.

How to ensure board members and senior leadership team members “get” procurement

Relevance through flexibility and agility is key. Henchliffe has seen his own organisation shift dramatically from an emphasis on growth and delivery to a critical focus on reducing the total cost of the business.  Procurement’s role, therefore, is to always be in step with the business’s requirements and to make sure the function can rapidly respond to the constantly changing business environment.

To flesh out the “table” metaphor, the boardroom/senior leadership team menu itself never remains static. Procurement needs to position itself as an ultra-flexible function that’s always ready to deliver – at top speed – anything that is required. Think of it as ‘Procurement to Go’ – fast, reliable, flexible, and a world away from the old, glacial speed of delivery.

Ron Brown, a highly experienced CPO across the Resource and FMCG sectors, says that the importance of nurturing capability cannot be underestimated if you want to stay relevant. “Hiring for and building capability around flexibility, driving value and managing risks is now integral”, Brown says. “If you want procurement to remain relevant, focus on capability and relationship building to ensure you’re a key part of the business strategy and performance”.

In summary, CPOs should focus on staying relevant by offering the business ‘Procurement to Go’ through flexibility, adaptability and concentrating on ensuring board members “get” procurement. Once this is achieved, CPOs can use this influence to achieve their goals and enable the profession as a whole to move on from the unhelpful fixation on boardroom representation.

The Faculty Roundtable is an influential group of Australian procurement leaders, who gather to share their experiences and insights. In May, The Faculty will be hosting their ninth Asia-Pacific CPO Forum, the region’s premier procurement event dedicated to accelerating commercial leadership at the highest level.

For more information on The Faculty Roundtable or CPO Forum, contact Program Manager, Belinda Toohey.

Why Procurement Agility is Key to Avoiding Obsolescence

Organisations that don’t increase their procurement agility and harness the power of new technologies face obsolescence in the next few years.

Chris Sawchuk - Agility

Chris Sawchuk, fresh from Hackett’s own Best Practice Conference, took a look at what agility means, and why procurement needs to be more agile.

The Hackett Group believes agility is the defining trait of the procurement team of today and the future. More agile functions will be better positioned to respond to complex business problems, and adapt to the fast-changing business environment in which procurement exists.

As easy as it might be to talk about being more agile, putting it into practice requires leveraging of new tools and technologies, as well as ensuring that the procurement teams have the skills they require to carry out these strategies.

Growing Business Uncertainty

In 2016, companies are expecting to see business uncertainly and risk increase, along with greater struggles to grow revenue. So the pressure to reduce costs is increasing. At the same time, procurement leaders need to balance this with other, more strategic, priorities, like becoming a better strategic business partner.

Chris discussed how a confluence of high volatility, technology-led innovation, and hyper-competitive market conditions, has accelerated the rate of change in business to unprecedented levels. Agility is the key to success in this environment.

However, for many companies, agility just hasn’t been a priority in the past. Chris made the point that because agility isn’t an area that many CPOs focus on, procurement’s maturity in the area is only low to medium, leaving the procurement teams a step behind the rest of the organisation.

It’s not about a lack of understanding. Organisations are certainly talking about agility, but procurement either isn’t aligned with this strategy, or there’s a delay in alignment. People need to have the right mindset, and up until now, procurement hasn’t had this. And as we’ve said, a more uncertain environment means that procurement needs to be more agile. It’s time for procurement to catch up.

Role of Technology

Chris went on to talk about the concepts surrounding procurement agility. These functions have strategies in place to take advantage of technologies like the Cloud, and the Internet of Things, and are using other technology, like bots, to push their organisation on.

Procurement leaders are realising that higher-quality information can help them drive greater business value. Big data has been a game changer when it comes to customer analytics, offering an unprecedented ability to quickly model massive volumes of structured and unstructured data from multiple sources. But procurement’s lack of maturity in market intelligence is a significant obstacle that must be overcome.

Becoming information-driven should be a primary focus area for procurement. The function must develop the tools and skills that will allow staff to apply market data and intelligence to decisions on spending and sourcing strategies. Creating deep, consultative working relationships with business leaders, demands that procurement bring this valuable expertise to the table.

Chris ended by outlining a path for procurement leaders to take in order to understand their department’s level of agility, and how to increase this agility in the future:

  1. Apply the agility test to your own service delivery model – determine where the gaps are and how it needs to change to support procurement’s evolving role.
  2. Take an honest inventory of procurement’s identity and culture – Is it an optimiser or an innovator? Is it operating seamlessly across cultural and geographical boundaries? Refresh recruiting, hiring and training with the idea that chaos is the new normal.
  3. Even for non-regulated businesses, risk forecasting and planning is a hallmark of agility – Evaluate your current risk management program not only for depth but speed and agility. Benchmark cycle times to strike the right balance.
  4. Invest in predictive capabilities, pilot emerging technology – Work towards expanding single function supplier networks into interconnected business communities.
  5. Consider outsourcing providers to help manage tail spend – Model the ROI on efficiency gains and compliance versus savings.

The message was clear – it’s critical for procurement to become more agile to avoid potential obsolescence in organisations. As Chris concluded, it’s not the strongest that survive, it’s not the fittest, but the most agile and adaptable.