As Procurement professionals, we've got a lot on our plates all year round. Juggling initiatives and straddling the line between various business units, it's not always easy to reflect on all we have to be thankful for. Honestly, we've rarely got the time. That's why we're using our day off to look back on 2018 and say thanks to everyone who's made it a banner year for Source One and Supply Chain Management.
Here's what a few members of our team are thankful for this Thanksgiving.
I'm thankful for stakeholders who trust Procurement.
It's not just suppliers who'll push back against Procurement's recommendations. Internal end users are often just as likely to reject the function's influence. This is especially true where long-term relationships are concerned. The longer an organization has engaged an incumbent supplier, the harder it'll be for Procurement to step in. Things get even trickier when stakeholders view Procurement's actions as a judgment. No one wants to hear that their negotiation skills are lacking. These conflicts don't do anyone (save the supplier) any good. As initiatives stall, our revenue and their savings both suffer. When stakeholders respect our process and the reasoning behind it, however, things go more smoothly and we drive greater value together.
I'm thankful that more and more executives support Procurement.
Over the years, a lot has changed about Procurement and its role within an organization. These changes begin and end with executive buy-in. The function cannot make a true impact, cannot fully support the business, without the trust of leaders at the executive level. This year's Deloitte CPO survey found that 73% of Procurement professionals believe they've secured this trust. Let's just say that consulting in the Procurement space much, much easier when clients already believe in Procurement's potential. Conversations have shifted. Instead of focusing on whether or not Procurement can produce value, we're talking about how much value it will produce.
- Senior Analyst
I'm thankful for new and innovative approaches to talent development.
On this blog, we've talked a lot about Procurement's talent development paradox. Less than half of CPOs believe their teams have the skills necessary to deliver on their strategic objectives. Despite their lack of faith, organizations generally aren't investing in building those skills. Quite the opposite, in fact. 72% of companies devote less than 2% of their resources to training Procurement's people.
So, why am I thankful? Because people are starting to take notice. Organizations are looking for ways to develop more impactful, dynamic training programs and new resources are constantly emerging. I'm particularly eager to check out Phil Ideson's new CatalystCo platform when it goes live later this month. Built around a community of like-minded professionals, the platform prides micro-learning modules and looks to arm users with a diverse set of skills.
- Associate Director
What are you thankful for this year? A successful initiative? A fruitful new partnership? Maybe you're thankful for the Strategic Sourceror. If that's the case, don't save your kind words for the dinner table. Take our first ever reader's survey and let us know how we can serve up even better content in 2019. Thanks!