Source One's series for keeping up with the most recent highlights in procurement, strategic sourcing, and supply chain news week-to-week. Check in with us every Monday to stay up to date with the latest supply management news.
The World Economic Forum just released its annual global risk report. Detailing the hazards facing businesses across the world, this year's report pays particular attention to extreme weather and cyberattacks. In response, Spend Matters shares their strategies for risk management in an increasingly unpredictable supply management space. While many Procurement organizations tackle risks on a case-by-case basis, the Spend Matters team cautions against this approach. They instead suggest that Procurement teams address risk with an overarching governance model backed by data and Procurement technologies.
Michael Lamoreaux AKA The Sourcing Doctor, Sourcing Innovation, 1/25/2018
The ugly truth, the Doctor suggests, is that most lifecycle management systems could be recreated by a teenager with Microsoft Word. These systems have shown the same flaws and shortcomings for nearly a decade. Procurement teams can only truly derive value from lifecycle management solution if it offers them both prescriptive analytics and semantic intelligence. Only these technologies can quickly read through thousands of contracts, drill down into the details, and identify which ones will need human attention. True, situationally aware machine intelligence was impossible years ago, but that's not the case today. With more than a dozen truly valuable solutions on the market, there's no excuse for Procurement teams who still rely on tools a kid could make.
Leslie Campbell, a former procurement practitioner and current Coupa Board Memeber, joins Spend Matters to discuss how Procurement can respond to cultural conversations surrounding conduct and diversity. She suggests that embracing diversity in Procurement starts with the hiring and recruiting process. To truly build diverse businesses, Procurement leader's need to first look beyond the skills and talents they've traditionally preferred. It's also essential that they strive to construct workplaces in which everyone's voice is heard. By championing diversity through mindful talent management, Procurement can set a standard that encourages better practices across entire businesses.