Big Ideas Summit Chicago
When you consider the risks facing your organization’s supply chain, your mind probably races through series of headlines topping the news. Most recently: the US Trade War with China, impending natural disasters, Brexit; the list goes on. Leading companies have taken proactive action to mitigate supply chain disruption and ensure business continuity. However, as discussed during Procurious Big Ideas Summit, it’s not often those risks making the headlines that catch organizations off guard. Rather, the downstream consequences of those events or what Justin Crump, CEO of Sibylline describes as systems of systems affects that can dismantle an enterprise if not prepared.

With Procurement teams at the forefront of supplier decisions and interactions, these teams are in a prime position to help enterprises remain resilient during times of uncertainty or even disaster. However, when polling the room and supply chain and procurement professionals during Big Ideas Summit Session in Chicago earlier today, less than half the room raised their hand in agreement that they collaborate with internal departments responsible for addressing risk within their enterprise.

His advice for companies looking to effectively address risk: taking an intelligence-led approach with a framework that not only addresses the risks that immediately come to mind, as well as those do not:
  1. Understand that intelligence inherently isn’t a perfect process. Everything is a “best effort” – and you more or less get out what you put in.
  2. Answer the “So what?” You’re going to be bombarded with a mountain of information, clear requirements will help you define what’s most important to your organization. 
  3. To generate the best possible approach, take a balanced approach to your people, processes, and technology. 
  4. Make an impact by considering the needs of your audience. How much information is enough vs. how much information is overkill? 
  5. Recognize that intelligence needs to be managed as a project, with rigor and due diligence 
This is just one of the many insightful discussions had during this year’s Procurious Big Ideas Summit. Justin Crump of Sibylline joined an impressive line-up of keynote speakers including Tom Derry, CEO of the Institute for Supply Management, and Pat McCarthy, SVP, and GM of SAP Ariba. A unique event experience, attendees were able to attend in person in Chicago, as well as digitally through the live stream. For both types of participation levels, attendees walked away with insights into how leading companies are approach risk mitigation, sustainability, diversity, and more.
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