Episode 8 - Cash is King Part 1 - Inventory Management

In this episode we look at how Procurement / Buying professionals can influence cashflow massively.  The best time to negotiate inventory management parameters is at the commencement of the procurement / buying activity.  We will discuss here the importance of lead times, MOQ's, MOV's, the reduction of Stock Proliferation and the encouragement of Variety Reduction and SKU base Optimisation to name a few! Please come and join us and we hope you enjoy the show! 

In an environment where Artificial Intelligence, (AI) will replace many jobs in the future, the need for people to develop their Emotional Intelligence capability has never been greater. In this episode, Sue and Gary discuss all aspects of Emotional Intelligence,(EQ) and its increasing importance for the procurement professional.

It is a well known fact that more businesses go bust due to lack of cash than through being unprofitable.  Within the Current Assets of your Balance Sheet, stock is your least liquid asset. In this Podcast we discuss Inventory Management, SKU segmentation and categorisation and the never ending challenge of balancing Service Level V Stock Value.   This is the first of two Podcasts in this area.  In the next one we will discuss how Procurement effects Inventory Management and the many things that Procurement can do to add value to Inventory Management.  

If you have a Legal Department, use them! It is a complicated profession and an area of great risk for the Procurement Professional. Remember how we feel when an internal function bypasses Procurement and does a shocking job, which we then have to try and recover later! That said however, in our profession a reasonable level of Commercial and Contractual knowledge is essential as your career progresses.  In this podcast Sue and I discuss the Legal Aspects of Procurement, Contract Terms and Conditions, various commercial clauses and some specific special clauses along the way! 

In this episode, Gary and Sue are delighted to be joined by Kate Roberts, a public sector procurement expert, to discuss the intricacies of delivering Social Value effectively in public sector procurement, changes in legislation and the challenges that lay ahead.   

Leading teams effectively can mean the difference between success or failure. In this episode, Sue and Gary discuss the Challenges of Leadership in Procurement, covering topics such as the difference between Leadership and Management, Leadership Styles and Traits,  referring to various theories and models along the way, culminating in a discussion on Leadership and Management in 2020 and beyond and the unique challenges and changes that have arisen  

Let’s get this right – Sales people have been trained in negotiation, body language and closing a sale for many years. Most of a private sector companies training budget is spent on training sales people, so why should we in procurement think that when they arrive at a negotiation that they are not prepared, of course they are! They may look comfortable, in full control of their body language and relaxed, talking about football and holidays but do not think for one second that they are not ready to negotiate, if they weren’t ready, they wouldn’t be here! In this episode we discuss the need to prepare and plan for a 100% ready sales person to be sat opposite us every time! Fail to Prepare, Prepare to Fail

Sometimes when you’re watching a premiership football match, you see that player that seems to have that extra ½ second to think and steer the ball away from trouble, or deliver that killer pass for a goal, probably experienced in their late 20’s / early 30’s and know what to do at the right time. These are the attributes of a great negotiator. That ability to step back, pause, breathe and then make the right move, expressing completely planned control of their body language and actions.  This person will effectively combine body language with other areas, such as active listening and the use of emotions in a completely planned manner. They will know what they are doing and why they are doing it. It is the elements of Self Awareness and Self-Regulation that gives them the time to think, breathe and act accordingly. In this podcast Sue and I are going to talk about Behavioural Skills in Negotiation, the Soft Skill that make the difference, we hope you enjoy it!

In this episode we are very please to be joined by Ben McCluskey, the Head of Central Procurement for J Murphy & Sons Ltd.  In this session we will be talking with Ben and asking a series of short questions to understand more about working in Procurement in the Construction Industry in these very interesting times.