Tag Archives: supplier collaboration

Big Ideas in Procurement Technology

Procurement technology – you can’t get away from it! But what Big Ideas can we expect from this area in the coming years?

Procurement Technology

Ahead of the Big Ideas Summit 2016 on April 21st, we are taking a look at the key issues facing procurement in the coming years. We have asked experts and influencers in our community to share their Big Ideas on the themes we will be discussing on the day.

Here, our experts and influencers share their thoughts on the Big Ideas impacting organisations and industries in the field of procurement technology.

Meghan Huynh, Content & Marketing Associate, Winddle

Meghan HuynhWhen we discuss the importance of collaboration, interdepartmentally and with external partners, it is a case for visibility and how it is key to better procurement process.

Not all processes are broken, but most are inefficient. This is where technology comes in – to connect contributors in a project and make sure that their status of the entire operation is updated in real time.

The bottom line here is let’s get everyone on the same page so that we can all perform to the best of our abilities. Procurement technology needs to give the opportunity to identify and eliminate inefficiencies through connectivity. When people are better connected, relationships can effortlessly develop which is known to increase productivity and accuracy.

The main idea to remember is that this can only be executed to it’s intention if end users and upper management truly believe in the possibilities that collaborative technology can bring, and are committed to improving the procurement process.

Anya McKenna, Marketing Manager, Market Dojo

Anya McKennaMarket Dojo‘s Big Idea for the Procurious Big Ideas Summit 2016 is that there will be an increased focus on the information companies hold on suppliers.

The Modern Slavery Act 2015 consolidates previous legislation and introduces new measures to combat slavery and human trafficking.

We’ve already seen companies take extra measures by adopting supplier on-boarding solutions. We predict this will become the focus of many more organisations.

Oliver Oram, Founder, Chainvine

Oliver OramPhysical flows captured and identified by digital finger prints through one shared ledge, would help achieve greater visibility of all corporate assets. One could imagine a scenario of fish being traced from tackle to table, via Blockchain technology. This near real-time tracking of elements in the supply chain have been, until today, too costly and difficult to audit.

Blockchain as a shared ledger among supply chain connections could today be identified as one of the best means of applying such a management interface. What is needed is that companies identify the most optimal meta-data structure to enable effective and simple ways of search and retrieval of such data.

The best way to implement such a change would be in picking small non critical business areas in which to apply this technology first, but ones that can show a real tangible value in using such a technology. Chainvine is now involved in more projects where we have begun to merge both digital and physical aspects of the supply chain and are exploring both transparency and efficiencies.

Simona Pop, Head of Sales & Marketing, InstaSupply

Simona PopIncorporating an online network aspect to the procurement process is a key move in simplifying buyer-supplier relationships. We are so accustomed to the efficiency of ‘one-click’ interactions in our personal lives, that not extending this technology into our business practices is nonsensical. 

Working smarter, not harder, and making use of clever online tools will be the main procurement trends going forward. Eliminating paper, a real time view on all spend, and cloud based location purchasing management will be the staples of successful, efficient procurement. 

Kate Lee, Senior Director of Research & Strategy, Fronetics

Kate LeeThe B2B buying process is not what it used to be. Unfortunately, many companies have not adapted their sales and marketing strategies accordingly and are, therefore, missing out on attracting, engaging, and acquiring customers.

Today, B2B buyers are spending more time researching and evaluating products than ever before. Key places where they turn to conduct research are social media and vendor-focused content (e.g. case studies, white papers, product data sheets). Given this, the average buyer now progresses nearly 60 per cent of the way through the purchase decision-making process before engaging with a sales rep. 

Given this new reality, it is important for companies to recognise that content marketing should be a part of their strategy. Content marketing gives companies a way to meet buyers where they are (online) and provide buyers with the information for which they are looking (knowledge). 

Do you work with, or have a passion for, procurement technology? Tell us your Big Idea in this critical field and we could be discussing them on April 21st.

Want to know more about Big Ideas 2016? Then visit www.bigideassummit.com, join our Procurious group, and Tweet your thoughts and Big Ideas to us using #BigIdeas2016.

Don’t miss out on this truly excellent event and the chance to participate in discussions that will shape the future of the procurement profession. Get Involved, register today.

4 Ways Procurement Should Be Using Big Data

While it might be a difficult term to define, there are a number of practical applications for using Big Data.

Using big data effectively

In our previous article, we looked at defining (or rather, not defining) the term ‘Big Data’. Now we are going to explore the potential big data analytics and computing may hold for the procurement function.

There are a number of high-profile ways in which organisations are using Big Data. For example, hospitals and public health organisations are using Google’s search trends and history to predict future outbreaks of the flu and colds. You can read the details here and see the counter argument here.

The application of Big Data in the procurement space is a little less apparent, or at least, less well publicised. With that in mind, we’ve put together four ways that procurement could be using Big Data to its advantage.

1. Understanding supplier risk

By leveraging the vast amounts of unstructured data now available to organisations, procurement teams can get a far better understanding of their key suppliers.

Previously supplier information could be found through the media, suppliers’ websites and personal relationships with the people being bought from. Data mining allows procurement to go much deeper than this and provides an unbiased, opinionated view of their suppliers’ standings.

2. Uncovering new savings

In the same way that harnessing data allows us to understand more about our current suppliers, correctly utilised, it can also help procurement understand more about its supply markets and where it sits within them.

By understanding the global supply market at a more granular level, a whole new set of opportunities to uncover savings is opened up. These savings can come about either through direct pricing improvements or through new innovative solutions.

3. Predicting negative external factors

In the past, Big Data has been used to predict unforeseen weather events with varying degrees of success. However, many organisations and governments are investing heavily in this technology.

These insights and predictions would, understandably, garner strong commercial interest, particularly from procurement teams looking to understand just how exposed their supply chains are to both natural, and man-made, disasters.

4. Opening up collaborative supplier projects

Understanding and using Big Data means understanding a category more clearly. Organisations that are able to get this level of understanding are in a position to open up conversations around innovative solutions.

The critical part of this is that transparent relationships with suppliers must exist first. The companies can then work together to solve problems and benefit from opportunities, even if some of these opportunities are not even visible yet.

In our next article, we’ll be be looking for some real life procurement examples where Big Data has been leveraged successfully. If you know of any great examples, please get in touch.

Big Data will be one of the themes discussed at the Big Ideas Summit on April 21 in London. Tell us your Big Data story and pose questions for our experts on this subject by registering today.