As business professionals, who have the access to make a difference, it’s important we don’t turn a blind eye to diversity, but rather take a hard look in the mirror.
Executive roles within procurement, sourcing & supply chain management have long lacked diversity as these positions are predominantly filled by white men. This is far from a positive attribute and could be a direct correlation or causation for historically lacking supplier diversity at scale.
Diversifying the role of procurement, sourcing & supply chain is, and should be, on the agenda in many global organizations as a spotlight topic. …
“Excellence is to do a common thing in an uncommon way.” — Booker T. Washington
Excellence, or superiority, is often the goal in corporate organizations. Each and every function, within its own right, strives for excellence and achievement in order for a company to collectively grow, evolve, and thrive. Achieving excellence seldom comes easy. Hardships and roadblocks are to be expected taking the road less traveled towards change and transformation, but without daring to create something contemporary, one often settles for commonality.
There is no one answer to success and achievement, but there are parallels that can be drawn between…
Procuretech is a software category growing at an exponential rate.
Don’t just take it from me…
In a MarketWatch report, it was found that the “global procurement software market can thrive at 9.6% CAGR through the forecast period 2018 to 2023” (MarketWatch 2020). The market can expect to be evaluated at a $9.9BN industry in just 3 years' time (Banerjee 2019).
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…
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…
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…
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. …