Short for Most Valuable Player, being named MVP is a shiny and desirable honor, often awarded within the context of athletics. Regardless of the league, becoming MVP is an award that just about every athlete strives after. An MVP receives the accolade as ‘most valuable’ for an impactful, or key, performance during a certain portion of a year or season; often voted upon by fans, peers, special panels, or experts.
We negotiate on a daily basis.
We negotiate contracts, terms, and specifications in our professional lives and we negotiate dinner plans, curfews, and allowances in our private lives. Sometimes negotiations are small and sometimes they hold a bit more value or impact.
It’s a natural emotion to desire a favorable outcome within negotiations. You want to come out of any negotiation feeling accomplished about what was agreed upon. You put time, energy, focus, and emotion into a negotiation, so naturally, you want to come out feeling as if you’ve done a good job, get a good price, or ‘won’. But, there are two sides to every negotiation table. …
Global Trade has grown to a value of 25.3 Trillion USD, reported in 2018 (wto.org 2019).
At the same time, the global availability of information & data has grown at 4x the speed of global trade (hbr.org 2019).
Meanwhile, 60% of procurement teams have no tools or rely primarily on improvised systems for Supplier Management. When looking at risk management, category management, and information sharing, that number is as high as 70% (Bain & Company 2018).
I’m no mathematician, but let’s try to make an equation out of the information above.
Last week I was signing up for a virtual tech event.
On the sign-up/submission forms for tech events, it’s pretty customary that the event organizer gathers a bit of information about participants. I filled in my name, contact details, function, organization, business type (SaaS), and then I was asked to provide what software category my company existed within.
FinTech, MarTech, CRM, HRTech, and the usual suspects were optional selection values. As so many times before, my response was reduced to the insignificant label of ‘Other’. …
Who is your best supplier?
Can you pick one, or a few, out of the bunch?
Some procurement professionals can quickly identify their key, or champion, supplier partners.
Unfortunately for many, basic supplier insights, such as contract, spend, performance, risk, and compliance data isn’t so easy to get a hold of, or begin to analyze.
Listed as a top key finding in a 2020 WBR Insights report it was found that, “The top concern for procurement professionals is making buying decisions without the necessary insight” (WBR Insights 2020).
Access to reliable insights is incredibly important when aiming to know which suppliers are the ‘right suppliers’ to collaborate with. …
Globalization has dominated as a widely practiced business strategy during the past 15–20 years.
Enter COVID19 stage left, and the world as we know it has suddenly shrunken.
As the Coronavirus’ outbreak continues, and it’s residual effects upon the global economic state have only just begun, there are a lot of questions swirling around about the future of global business, and future application of globalization strategies.
One thing we can hypothesize with a good bit of confidence… global supply chains will likely not operate in a post-COVID19 world as they did in a pre-COVID19 world.
Managing a global supply chain in the current global business environment is a Tom Cruise-esk, Missions Impossible, kind of task. Many supply chain, sourcing & procurement teams have been asked to row upstream without a paddle during this time of crisis. Global supply chains are slowly being repaired, but many remain reliant upon interconnectivity, collaboration, and dependency across borders. Supply chains that are dependent upon a well-oiled globalized operation may be feeling like a sick and twisted Rube Goldberg experiment, at the moment. …
Has your friend, or partner, ever looked at you and said, “Let’s go out to eat!”? (Side Note: we’re talking about pre- or post- COVID 19 of course)
There’s often not many seconds between the proposition of eating out, and a frantic barrage of mobile searches on various review sites, blog posts and news articles.
You may want to try a new restaurant, or want to weigh your options of restaurants you’ve previously been to dine. It’s exciting to eat out. But, you don’t want to eat at just any old restaurant. …
You may describe it as smooth, sleek, and easy.
The American Psychological Association describes it as intuitive and enjoyable (apa.org 2020).
The ‘it’ in question is User-Experience, widely known as UX, and when you have a good one it’s an objectively awesomely outer-body feeling that encompasses a lot more emotions than enjoyment.
Our world is exponentially digital, and humans have become exponentially tech-savvy, likely with the turn of mobile capabilities. …
Formally known as COVID-19. You’ve created quite a stir.
Media has reported about you with an undeniable frequency and veracity that has people frightened in both personal & professional contexts. The GDP of entire countries are quaking under the hold of your mysterious pathogens. Supply chains are halting to a stop, and there is a growing uncertainty of how to manage these disruptions.
I’ll admit. It was tough to see you coming! Many thought you’d disappear after a short stay.
But, I got news for you.
We’re going to do our best to make sure we help procurement & sourcing teams to see the next one coming. …
As digitalization continues in various business disciplines, organizations are on a conveyer belt of change, alongside a smorgasbord of new technology & solutions to try and digest.
Procurement is a function undergoing a robust digital transformation, and therefore purchasing digital ProcureTech solutions is becoming an increasing priority. Unfortunately, as we see from the graphic below. Many procurement teams have buyer remorse and/or don’t feel like their existing ProcureTech solutions are cutting it anymore.