In a recent Art of Procurement survey, access to market insights was cited as the second most pressing challenge for procurement professionals. Even when procurement is able to access the insights they need, they still have to ensure that they are up-to-date, harder than ever given the level of uncertainty and unpredictability in today’s business climate.
In this week’s episode, Host Philip Ideson is joined by Ashley Cruz, Manager of Client Services at ProcurementIQ, and Thomas Lawson, their Product Development Manager. Starting by providing an honest look at procurement’s legacy relationship with market intelligence, they share some of their best tips for making insights actionable and provide a behind the scenes look into how ProcurementIQ builds their market intelligence reports.
In particular, Ashley and Thomas answer questions about:
- Why the time has come (or passed) for procurement’s market intelligence to move beyond supplier discovery and cost/price benchmarking
- The value of incorporating market trends and dynamics as well as models into the negotiation and bid review process
- The most frequently asked questions they hear from procurement teams when it comes to accessing and acting upon market insights and intelligence
Otros episodios de "Art of Procurement"
440: Leading the Purpose-driven Procurement Movement w/ Peter Smith and Mark Perera
54:11Climate change, habitat loss, and plastic waste threaten our environment. Social issues such as modern slavery, inequality, and discrimination blight the lives of millions of people. As procurement professionals, we have the ability to use our buying power to help address these issues and drive change around the world. But how? In this episode, Host Philip Ideson welcomes back two repeat guests, Mark Perera, CEO at Vizibl, and Peter Smith, Managing Director at Procurement Excellence, to discuss their new book: Procurement with Purpose. And yet, this is more than a book - this is an opportunity to have conversations with purpose-led procurement organizations and leaders all over the world. They use this conversation to share their perspective on: How purpose-driven procurement is spreading around the world and leading to scope and focus changes for many Chief Procurement Officers The differences between corporate approaches to sustainability and government or NGO approaches to the same initiatives What procurement can do to help our stakeholders make decisions that are not only good for business, but for the environment and social causes as well
Procurement 6 - January 14th 2022
8:01Procurement 6 is a new short podcast from Art of Procurement that will be published in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode will have 6 short segments that summarize this week in procurement. Segments will range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that have captured our attention this week.
438: Debating the Big Bets Made to Spur Procurement Innovation w/ BT Sourced
1:03:08Entrepreneurs have a unique way of looking at the world. They identify gaps that need to be solved, and develop solutions so strong they create a brand new competitive advantage. This is even more true of ‘serial entrepreneurs,’ because they have perfected the ability to spot the opportunities to revolutionize how we live and work. In 2021, Art of Procurement collaborated with BT Sourced, the procurement services group of BT, to produce a hybrid in-person and virtual event called Dare to Discover: Reaching New Heights for Procurement. This episode of the podcast is one of two panel sessions recorded at that event - the other recorded session will be published soon. The panel was brought together to discuss (and debate!) some of the ‘big bets’ that have been made to spur procurement innovation. Charlie Clark founded Rosslyn Data Technologies and Darkbeam, Ulf Zetterberg founded Seal Software and Time is Ltd.; and Chirag Shah founded MarketMaker4 and is now Executive Chairman at Simfoni. Towards the end of the discussion, they pulled Adam Brown, Head of the Procurement Digital Garage at BT Sourced, up out of the audience to add in his perspective. During this one-hour session, Moderator Philip Ideson asks the guests: About at least one big bet they are willing to make about the future of procurement innovation and the personal perspective or philosophy underpinning that bet The difference between enabling technology and infrastructure technology in terms of ROI and in what level of engagement is asked of users and beneficiaries The responsibility that employees and employers now have to protect corporate assets against the risks of the digital economy
437: Day 1 for Procurement w/ Philip Ideson
19:22This time of year provides a natural opportunity to pause and reflect; standing on the boundary line between old and new, past and future. After skipping the tradition of writing a pair of annual letters in 2020 - because what was there to say that hadn’t already been said? - Philip Ideson uses this week’s episode to consider the foundational philosophy of the AOP team as we head into 2022. In addition to sharing his reflections on 2021, Philip elaborates on the importance of mindset and culture in the face of what would seem to be never-ending disruption: The difference between a ‘Day 1’ and ‘Day 2’ mentality, and what each means for procurement Why leading teams will need to drive results through experience, outcomes, and insight to continue fueling their transformational journeys The activities that will NOT pave a new path for procurement, despite continuing to be table stakes
436: BONUS EPISODE: Listening to the Voice of the Business
37:15We often refer to “the business” when we are trying to ensure that we take a larger perspective on procurement’s work. But at the end of the day, “the business” is made up of many individuals, each one of them is a different type of procurement stakeholder. We want to share more stakeholder voices because procurement is always at risk of misunderstanding or misinterpreting what they really need from us. At Mastermind LIVE Fall 2021, Philip Ideson moderated a session with Chet Patel, Chief Commercial Officer and President of the Americas at BT, and Cyril Pourrat, CPO at BT Sourced, BT’s procurement services company. Art of Procurement has had a front row seat to watch the transformation of the BT Sourced enterprise procurement team, one that we believe is setting the standard for the future of procurement. In this session, focused on stakeholder collaboration, we got to hear: What a procurement digital transformation journey looks and feels like to stakeholders observing from the outside How closely related partnership with the business and partnership with suppliers are for procurement How procurement can establish themselves as a trusted advisor to the business - even when that means telling them ‘no’
435: BONUS EPISODE: Making the Most of Procurement Data
29:20Data was a major topic in 2021, whether the focus was on quality, access, or analytics. There always seems to be too much data, not enough data, or trust issues from procurement and/or the business to make our decision-making processes as data-driven as we would like. At Categorypalooza 2021, Betsy Pancik, Joe Adamski, and Nick Buitrago from ProcureAbility considered the challenge of getting accurate data to inform procurement’s buying strategies and offer their personal tips on how to overcome those challenges. Betsy Pancik moderated the session, which included deep dives on topics such as: The impact that procurement’s data problems have on the business and what we can do about them How much time procurement should spend digging into their data versus building relationships (for instance) What leading procurement organizations are doing with (or about) their data and what others can learn from them
434: BONUS EPISODE: Is a Category-Led Organizational Structure Still Fit for Purpose?
40:04In 2021, we facilitated a lot of discussions about category management. Is it still fit for purpose or does this 25-year old business process need to evolve faster to keep up with the ways procurement continues to change? At Mastermind LIVE Spring 2021, Nancy Nicoll, VP of Indirect Sourcing Center of Excellence at Retail Business Services, and Jaime Robles, CPO of Caseys General Stores, joined Philip Ideson for a panel session to discuss procurement operating models - specifically, whether category management is 'dead' or 'alive' and if procurement should pursue a relational or expertise-based model for working with the business. They answered questions such as: What are some of the challenges that a category management-driven procurement structure brings and how can we overcome them? How might procurement’s approach to category management affect their relationship with the business? Where should procurement get category expertise from if it doesn't reside in the person running the sourcing process?
433: Making a Business Case for Supplier Experience Management w/ HICX and Friends
29:35Supplier experience management is a new area of focus for most procurement teams, even though we often serve as the primary point of contact for suppliers. We just haven’t thought about it before. If we want to improve the supplier experience, becoming customers of choice in the process, we are going to need to revisit many of our policies, processes, and programs. In an effort to better understand the supplier experience and the opportunity associated with improving it, we partnered with HICX to run a three-part AOP Live series. We were joined by leading practitioners to answer audience questions on three topics: Making a Business Case for Supplier Experience Management Looking at the present and future of Supplier Experience Management in Practice, and Articulating the ROI associated with World Class Supplier Experience Management The three hours of conversation were full of insights and inspiration, and we’ve edited the best portions of them into this podcast. In the first session, Charlotte Anabelle de Brabandt and Ramit Mahajan talked about the benefits associated with creating a good enough supplier experience to be seen as a customer of choice - what that looks like in practice and whether the disruptions of the last two years have impacted how executive leadership regards that objective. In part 2, Adam Brown and Costas Xyloyiannis talked about the misalignment between how highly procurement would rate themselves as a partner and what the supplier experience is actually like in practice. In the final installment of the series, Robert Bonnar and Mary Beth Lang explored the meaning of supplier experience management and how it connects to other types of value and initiatives that procurement is already leading.
432: Driving ESG With a Holistic View w/ Vanessa Pepperell
29:49Leading procurement organizations are constantly reimagining their processes and operating models, but in today’s unpredictable and fast-changing world they are under more pressure than ever to deliver a high-level roadmap to building the procurement function of tomorrow. In TRANSFORM - a thought-provoking new podcast series from Art of Procurement in partnership with Globality - we spotlight the agenda-setting procurement leaders and companies who are changing the game and redefining the Future of Procurement. In the third episode in the series, host Philip Ideson talks with Vanessa Pepperell, Global COO and Strategy Procurement Vice President of Aquanima, the procurement company of Santander. Their two decades’ worth of expertise now allows them to support external clients as well. In this interview, Vanessa explains how Aquanima is driving digital transformation in services procurement: How investing in ESG can help companies build brand value and ward off risk Why strategic partnerships require transparency, but they also require development from the buy-side organization The change management effort that will be required over time to account for the fact that sustainable supply chains are often more expensive
431: Roadmap to Savings: Partnering with the Business to Drive Progress
58:53There are multiple ways for procurement to achieve savings - and some are more collaborative than others. The more planful we can be about the overall process, the more opportunities we are creating to work arm-in-arm with the business in pursuit of those savings. Art of Procurement recently hosted an AOP Live webinar with Joe Payne, SVP of Source-to-Pay at Corcentric, and Dave Quillan, Senior Manager of Procurement at Alliant Credit Union (ACU) to discuss how procurement should discuss savings with the business and what incentives can be used to ensure the business feels rewarded by the process. Dave and Joe share their experiences and points of view to these topics and more: How procurement can work with leadership to incentivize savings and minimize compliance problems at the same time Partnership oriented ways for procurement to increase their category-specific credibility with the business without stepping on their toes The critical step of defining - or potentially redefining - addressable spend before developing strategies to deliver savings How to build and execute a sourcing roadmap to ensure annual savings targets are met and the resources that can help procurement reach their savings goals