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Procurement teams are combating complexity in multiple dimensions, one of which is a digital complexity; figuring out how in the world they’re going to leverage data, digital platforms, and emerging technologies to become more intelligent – more data-driven – in their strategies and operations.
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About a month’s time has passed since Kodiak Rating had the opportunity to attend DPW 2019 as one of the 20 digital procurement growth ventures selected to participate in the RiSE program. These are our 9 Big Takeaways!
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Digitalization in procurement has taken a lot longer than in other industries. But, why? What is it about procurement organizations that makes them so reluctant to change? Sometimes, waiting for the perfect solution, or the next best thing can leave you lightyears behind…
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Whoever said that business needs to be a carnivorous affair? We don’t need to be chewing up our suppliers and spitting them out like fishbones!
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Instigating the mapping/implementation of a digital procurement ecosystem requires a definition of the elements in the process you’d like to digitalize.
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Responsible Sourcing is a business-critical activity, in which participating actors are equally accountable for the ethical, social, environmental and financial impact during the trading of goods or services. This means your entire value chain needs to be committed to the cause.
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The flywheel then serves as a model to be mirrored in the everyday operations of an organization or team. With persistence and will, continuing to push forward a flywheel, that works, ultimately results in catapulting an organization or function towards greatness, and an utterly unstoppable forward momentum.
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Not everyone in the organization always knows what we’re talking about because sometimes we don’t even know what we’re about. So, this is a wake-up call to those of us who have been floating around on clouds of jargon.
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Supplier Risk Management and Performance Management are the building blocks to long-term, and fruitful, supplier relationships. Find out 30+ parameters to conquer your risk and performance of management of suppliers.
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How is it possible, that a function serving as one of the greatest creators of sustainability and quality management in the line, cost-based savings, and allocators of the majority of direct spend, can be devalued to solely a supporting role in the value chain?
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Procurement is a function, activity, and role that is increasingly business critical to an organization’s overall value chain. In fact, many organizations are beginning to view procurement as a primary activity to increase top-line value and marginal growth.
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I’m one and a half weeks deep into 2019 and I ate half a bag of potato chips last night as I simultaneously began to lose interest in ‘book #1’ of my 2019 reading list.
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As to how procurement will add value in an organization lies within defining a scope for the role of a procurement strategy: Long-Term or Short-Term? Strategic or Reactive? Savings-focused or Profit-focused?
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Procurement is a business function that has undergone a lot of change in the last few years. Due to globalization, growing consumer demands on transparency, the pertinence of sustainable development and technological advancements, procurement and supply chain professionals have been highlighted as an integral part of their organizations.
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Sometimes we forget that organizations require the harmonization of a lot of moving parts, and it’s seldom that the people that fill those roles receive the individualized recognition that is deserved for their work within a company.
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I’m a blogger. I’m a copywriter. And, I’m going to tell it like it is. Buzzwords are the destruction of Procurement Technology.
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Your procurement team is too old; face it. And, they’re not getting any younger. But, there’s a new wave of talent on the way in, and they’re about as blue eyed and bushy tailed as they come.
Millenials’ talent and knowledge may be contemporary, but their competencies aren’t as superior as they’d like to believe.
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Supplier quality management is an overall evaluation of delivery and performance within the boundaries of agreed upon terms and conditions of supplier and buyer.
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Supplier bases are a great source of potential innovation. But, unlocking collaborative supplier innovation requires clearly defined strategies and operations by a sourcing, procurement and/or purchasing team to ensure that suppliers’ competencies are being leveraged to their fullest potential.
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A procurement strategy should be structured with a clearly defined set of goals and an overarching vision. Having clear goals in mind will allow your procurement team to backtrack, and think; ‘what do we need to do now, to reach our goals later.’
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Supplier relationships should be built methodically, assessed objectively and nurtured strategically. Suppliers aren’t just your vendors, they are potential strategic partnerships, and they need to be managed accordingly.
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IWAY, the ‘Ikea way of purchasing’, Ikea’s code of conduct (CoC) for suppliers was introduced to ensure that the drastic changes the organization was experiencing wouldn’t jeopardize key supplier relationships.
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Blockchain technology is one of the most hyped amongst the currently developing technologies, hypothesized to make one of the greatest impacts in supply chain management — especially procurement and logistics — in the coming years.
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Implementing change and managing change are no easy task, and for that very reason change requires infrastructure, processes and clearly defined actions.
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With all oddities aside, I work with procurement professionals, work in an organization that services procurement professionals, market a digital procurement platform, but had I ever really challenged my knowledge of procurement?
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This is an age of technological independence, and API-driven innovation, breeding procurement technologies that are more agile, scalable, integrate-able and more customizable than ever before. This is the age of smarter solutions. This is the age of User-Enabled Procurement