Articles by "Events"
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on Tuesday, December 10, 2019 0

Once again, Corcentric's S2P team is partnering with the Institute for Supply Management (ISM) to sponsor the organziation's Annual Conference. 

ISM is a not-for-profit organization that provides a landscape for supply chain professionals to further their education and connect with other experts in the field. Through a series of events and training opportunities, ISM propels its members' careers forward and drives the conversation around crucial issues. Most notable among these events is ISM's Annual Conference.

This year, the premier Supply Chain conference will take place from April 26th to 29th in Boston, Massachusetts. Thousands of professionals will gather at ISM 2020 for three days of insightful presentations, thought-provoking discussions, and worthwhile networking opportunities. 

Corcentric's VP of S2P  shares his optimism for the event, "With a new decade about to begin, Procurement and Supply Management professionals face a wealth of both challenges and opportunities. ISM2020 should provide a valuable opportunity to address both and learn how professionals at each stage in their careers can more confidently enter the next generation.".  

In addition to notable Procurement practitioners and Fortune 500 executives, ISM2020 will feature insights from a pair of keynote speakers. This year's honored guests are former United Nations Ambassador, Nikki Haley, and former Secretary of Defense, General James Mattis. They will reflect on this year's theme: "Revolutionary Ideas."

Registration for ISM2020 is. Sign up now for Early Bird pricing. 


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on Wednesday, November 27, 2019 0
Of the long list of Procurement's to-do, reducing Tail Spend costs doesn't often make the list of top priorities.

Defined as spend that occurs off-contract or is not actively managed, Tail is often viewed as low value. In other words, in the grand scheme of sourcing and cost reduction initiatives, it is overlooked. With increasing pressure on sustained savings, mature procurement teams are giving tail spend another, longer look. In our experience, Corcentric clients are taking their approach to spend management a step further. Beyond tackling indirect and direct spend, they're challenging the preconceived notion of this "low value" spend to drive visibility, reduce (and even eliminate) transactions costs, and implement opportunities for sourcing savings.

Taking charge of Tail Spend, isn't without it's challenges - especially in regards to data quality and its management. Spend analyses are a significant undertaking for categories that are well managed, let alone spend that occurs sporadically across an organization via p-cards and other methods. Misspellings, duplicate data, and missing data linkages all make for a lengthy process of cleansing and categorization.  Other challenges include:


  • Limited Systems Integration: Inadequate integration between procurement and contract management systems makes identifying off-contract / non-contracted data difficult.  
  • Complexity: Tail Spend is often characterized by its high number of sub-categories, sheer volume of line items, and a substantial number of suppliers. 
  • Silos: Decentralized purchasing practices, policies, and processes also contribute to rogue and tail spend. Gathering the spend data from disparate operating systems requires significant effort, resources, and time. 


Despite these challenges, companies who are able to tackle their Tail reap the rewards from cost reduction, cost avoidance, and increased contracted spend to the standardization of purchasing processes across the business, and increase in supplier relationship management. How they're able to make this happen varies on the size of the company and the maturity of their procurement organization.

On December 9th, Corcentric's Anthony Mignogna will lead a conversation on answering Effectively Managing Tail Spend during Consero's Procurement and Sourcing Forum. Leading a panel of Procurement leaders from companies such as Regeneron Pharmaceuticals, Herman Miller, Venanpri Tools Group, and more, to cover what more can be done regarding tail spend. Panel attendees will walk away with lessons learned in both what to do and what not to do when addressing this area of spend, and the available tools to enable success.





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on Tuesday, November 12, 2019 0

I am sure you've all heard the big announcement by now. Today, November 12, 2019, Disney+ is released and millions of fans will have access to all of the wonderful Disney (and Disney owned) content from over the years. This will surely excite fans of the classics like Lion King and Toy Story, but also those who revel in the new age marvels like The Avengers. Disney drives to reinvent the way they distribute content to fans of all ages by going modern and introducing a state of the art streaming platform.

If a business, organization, product, or even an idea is to remain relevant, it must adapt to the times. Disney+ is far from the first streaming provider that only offers content from their own making or ownership. HBO, BET, and a multitude of other platforms all do the same thing. The competition driving this trend gives consumers more of a choice and gives businesses a leg up over others IF they can do it well. As an avid media consumer, my only hope is that I don’t end up with 8+ subscriptions to keep tabs on my favorite content.

But what about other spaces? And because this is a procurement blog, what about procurement? It’s time that we start doing things differently, too. And that’s just what the Chicago Chapter of ISM’s Emerging Leaders Committee aims to do.

On the day before Halloween, October 30th, 2019, the Emerging Leaders group held their first event, “Bridging the Talent Gap.” The city atmosphere was rainy and a bit dreary, but the facilities of HERE Technologies featured a welcoming environment, sophisticated décor, and (obviously) state of the art technology. Marie Mensah, a seasoned consultant in the procurement field, took the stage and gave a wonderful presentation focused on the career development of sourcing professionals. A panel discussion with industry experts soon followed. The session ended with an interactive breakout activity of group work and presentations by the event attendees. You can find more about what happened here.

This event answered some serious questions about Procurement. And no, it wasn’t about best practices or sourcing strategies. It answered, “What do rising experts want from a professional organization?”

Through a comprehensive survey (and candid conversation over happy hour drinks), we found some great gems to share with you.

1. More representation and diversity

Representation and diversity mean a lot of things here. First, let’s start with the obvious. The world is becoming more diverse and Chicago is a hub for that representation. The panel consisted of individuals from different backgrounds and origins. But the panel was also split well between men and women. Furthermore, the room was filled with a wide range of industries. Manufacturing, Finance, Technology, Healthcare, and many others found tremendous value in the event. In addition, roles expanded beyond just procurement.

Using what we learned, we can adapt our roadmap for the future. For future events, we will strive to involve a diverse set of industry experts and include more than the traditional procurement role. This will feature activities that individuals in Audit, Finance, Vendor Management, and Project Management will benefit from and enjoy. Sundar Pichai, CEO of Google, says, “A diverse mix of voices leads to better discussions, decisions, and outcomes for everyone.”

2. More hands-on learning at events

The highlight for many attendees was the workshop and presentations during the event. The opportunity to work together with other professionals, share and debate ideas, and then present to the broader audience is the precise level of engagement participants want from an educational/development event.

Moving forward, more events will be focused on hands-on activities and workshops. Part of our goals will be to focus on attendee participation and direct learning outcomes that put learning material into practice. This comes from the well-known quote, “Tell Me and I Forget; Teach Me and I May Remember; Involve Me and I Learn.”

Future events will put attendees in real situations. Imagine participants being able to provide material procurement advice to small businesses around Chicago or influence large corporations or governmental policies based on the results of an ISM workshop or event.

A fascinating part of this practice is that it follows the best parts of the CPSM certification learning track.

3. More brews! I mean…. networking

To put it bluntly, people are shy. But also, by overwhelming amounts, people want to network. Many see networking as one of the most valuable tools to advance their career, often saying, “It’s not what you know, but who you know.” And this is true. LinkedIn’s massive success is due to the shared desire to build professional networks. It’s one of the purest ways to share expertise while engaging in meaningful interaction.

Work Hard, Play Hard. After spending a few hours learning or workshopping an idea or concept, unwinding over drinks and hors d’oeuvres is the perfect ending to the day. This not only allows for the wonderful enjoyment of signature cocktails, but also creates the ideal space for expanding on that great topic from earlier, pitching something completely new to listening ears, or showing off that neat new party trick you’ve been waiting to display.

The ISM Emerging Leaders Committee aims to do something different here in Chicago and inspire innovation across the globe. We welcome creativity and listen to what the budding professionals want. We are resolute in driving engagement through diverse representation, interactive activities, and meaningful networking.

Please contact ISM Chicago if you are interested in joining the team.
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on Wednesday, November 06, 2019 0

Last week, Chicago Supply Chain professionals gathered to network and discuss the future of the Procurement function in a panel discussion. Bridging the Talent Gap -  organized by ISM-Chicago's Emerging Leaders Committee - addressed the skills and strategies that will drive Procurement and Supply Management's next generation.  Five expert panelists shared best practices and answered questions about how professionals can refine their skills and close Procurement's numerous talent gaps. Corcentric’s Brandon Hummons, who serves as chair of the Emerging Leaders Committee, called the event “interactive” and its conversations“forward-thinking”. 

“The Emerging Leaders Committee, as a team, learned so much about what young ISM members want and what they'll need to excel in their professions," Hummons remarks. "We are driven and committed to fulfilling that need.” 
Hummons and the rest of the Committee hoped that the discussion would encourage attendees to view the talent gap as an opportunity. They believe they succeeded; adaptability and ongoing education were themes of the night.
There’s a gap in the procurement and only the most successful emerging leaders will take those extra steps to close it. Supply chain talent is in high demand but according to Fronetics, 51 % of companies within the SCM industry are seeing an increase in turnover of supply chain leaders. This is potentially a great opportunity for young leaders to rise to the cause and build next-generation Procurement teams. Where can businesses find these young leaders?  The nation's top SCM programs could be the perfect place to start.


The group will continue to inspire emerging SCM professionals with future networking and thought leadership events. Check the Strategic Sourceror for updates.

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on Tuesday, October 29, 2019 0



Procurement and Supply Chain Management's role is growing more and more essential. Companies are well aware that they need a strong team if they want their business to flourish. Interest in the profession is growing as well. According to Supply Chain Dive, full-time enrollment in the top 25 supply chain programs rose by 43% from 2014 to 2016. With so much demand for Supply Chain professionals and so much young talent entering the workforce, why does it still feel like there’s a talent gap in SCM?

Elementrum suggests that, “The Industry is exploding faster than workers are becoming qualified”. With AI technology reaching maturity and global markets setting new standards for the field, supply chain management talent has to be—well—talented.  Sadly, the bulk of supply chain executives feel that the upcoming SCM generation isn’t skilled enough to lead the field. 

The Emerging Leader’s Committee of ISM-Chicago wants to help generate solutions. The Institute of Supply Management (ISM) is a not-for-profit organization that has been advancing the field of supply chain management for over a century. Their state and local chapters help host events all year for professionals at each stage in their career.  On October 30th, ISM-Chicago's Emerging Leaders Committee with host a panel discussion titled, “Bridging the Talent Gap.”

 The panel will provide insights from these five industry thought leaders:
Naseem Malik has gone from sourcing goods to sourcing talent. After gaining 15 years’ experience as a procurement practitioner, Naseem turned his full attention to something he enjoys most – leveraging his network, connecting the dots and finding the best talent in the profession. Spanning diverse industries, he has worked in numerous roles of increasing responsibility as a Director of Global Sourcing at both Terex Corporation and ACCO Brands, and his background includes working in management consulting for AT Kearney, as well as multiple start-up businesses.  As an active member of the Institute for Supply Management (ISM) and various Purchasing Councils, Naseem has authored numerous articles for Inside Supply Management and Supply Chain World magazine and presented on topics relating to talent challenges in the global marketplace.

     
Marie Mensah lives to transform organizations.  Marie is founder of Chicago-based, Mensah Consulting, which focuses on procurement and supply chain best practices, organization design, training and development and implementing major transformation projects.   Her passions include exceeding corporate performance targets by dramatically reducing total cost of ownership, managing business risk, and establishing long term, sustainable, competitive advantage.  Previously a Procter & Gamble Procurement executive, Marie held purchasing responsibilities spanning Contract Manufacturing, Packaging, Chemicals, and leading P&G’s Supplier Diversity efforts.  

                      
Stuart Gonzales is leading a team of professionals to ensure a supply chain for direct, indirect, and professional services used by RR Donnelley. He has a wide range of experience in Supply Chain, Procurement, Sales, Customer Service, Product Logistics, Project Management, Human Resources, Labor Relations, Organizational Development, and Emergency Response. Stuart has been a Project Manager in a variety of business applications including system installations, upgrades, and migrations. He is particularly interested in business systems related to procurement, sales and customer service.

               

Leigh Barbeau is currently the Director, Indirect Procurement at Ace Hardware Corporation. She has worked in the Procurement arena for approx. 25 yrs holding various positions over the years within Global Hyatt Hotels, Laureate Education and, currently, Ace Hardware. Leigh has extensive experience and accountability in corporate operations (direct and indirect spend categories); commodity purchasing with strategic outsourcing expertise; creating dynamic vendor relationships; value engineering propositions; and superior project and team management.
                  
Frederick Narolis is currently the Head of Sourcing for HERE’s America’s region. Scope includes IT Cloud/HW/SW/Telecom, Facilities, Fleet, Map Content, Real-time Data Content, Professional Services (Legal, HR benefits, Marketing Print, Consulting), and Contract labor. He has had executive-level experience and leadership roles in performance improvement for private equity, technology, and corporate firms which includes experience in Operations, Margin Management, and G&A.

Learn more about registering for the event here. 

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on Monday, October 28, 2019 0

Last Thursday, the Corcentric family had so much fun at its fifth annual Procurement Professionals Happy Hour in Chicago. The team was happy to have hosted its largest and most successful Chicago happy hour yet! New and existing members of Source one gathered to meet and mingle with the Chicago Procurement community. Professionals exchanged new ideas, shared industry insights, and discussed field-wise news such as new-age technology and building new supply chain talent. The cherished tradition has resulted in yet another rewarding night of drinks, apps, and provocative dialogue. 2020 is sure to bring even more intriguing news and ideas, see you next year! 




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on Friday, October 04, 2019 0

The talent gap is real - and it keeps getting wider. Deloitte's latest CPO survey found that more than half of executives lack faith in their teams. They don't believe they've managed to identify and nurture the skills that will drive Procurement into a new digital era.

On October 30th, ISM-Chicago's Emerging Leader Committee will host a panel discussion on the subject of Procurement's skills gap. A selection of leading consultants and practitioners will explore the skills that organizations are looking for and outline strategies for developing them effectively.

This is the Committee's first event since Source One Consultant Brandon Hummons was named Chair earlier this year. Hummons hopes the panel will serve ISM's mission of promoting professionals growth and set the stage for more exciting, engaging events in the future.

ISM members and non-members alike are invited to attend.
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on Monday, September 30, 2019 0
     
Many companies require their new hires to enter the company with previous experience in their field. By this standard, many recent graduates are overlooked. Though, there are actually benefits of having a recent college graduate join your company even if they have no field experience at all.

To start with the more obvious reasoning, recent graduates are eager and therefore usually willing to work for lower wages than the more experienced hires. Furthermore, since they were so recently in school their mind is still apt to comprehend new information at a high rate. According to ERE: Recruiting Intelligence, recent graduates are, "self-motivated, 'continuous learners' (which) may actually be the most important competency". A big aspect of being a continuous learner is questioning existing processes. Though, recent graduates may simply be asking for educational purposes, this can result in companies reevaluating and improving upon their existing approaches and methodologies. Colleges teach students to think differently so they bring this same skill of a diverse mindset to help enrich teams.

Since recent graduates are so early in their careers they are more accepting of change. Post graduate life is a new chapter for them so they are often very open-minded. This level of excitement sparks agility and makes them more willing to accept change. Academic research indicates that great innovators experience their peak while still in their youth. This shows that young, college graduates are likely to bring very innovative insights.

Young workers typically carry energy and enthusiasm with them throughout the workday. They're less likely to experience mental or physical fatigue. Furthermore, the excitement of entering a new chapter will make them especially willing to serve the business in whatever way possible. For example, their willingness to learn will make them more receptive to so-called 'thankless assignments'. Instead of grumbling, they'll accept these as valuable learning experiences. Also, being early in their career, they'll generally feel they have something to prove. This will lead many to volunteer for just about anything. Recent graduates are also less likely to have family commitments that might keep them from traveling or relocating. Lastly, being less experienced can result in more boldness so recent graduates may be more willing to take on high-risk assignments.

Regardless of the industry -  technology, health care, procurement or anywhere in between  - companies look for hires that have strong collaboration and communication skills. Many colleges instill these skills in their students through projects and presentations. Often, students even have to develop a diverse, cross-functional skill set. Students learn to communicate with diverse team members and embrace new technologies and approaches.

Inexperienced college graduates can make for great hires because they have a fresh mind. They're not burdened by the biases that create office politics and lead many veteran employees to suffer through the workday. Also, going to school in the era of technology has made them savvy multi-taskers capable of handling large amounts of information. Lastly, they are often a lot easier to manage. Being the least experienced creates a level of humility and submission. They will work hard and welcome opportunities to learn. Why not bring them aboard? 
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on Monday, September 23, 2019 0

This past Wednesday, the Procurious Big Ideas Summit took place in Chicago where professionals gathered to discuss provocative topics surrounding the procurement space. Speakers gave their insight into popular industry-wide talking points such as cybersecurity and spend management. Justin Crump inspired us with his take on why analyzing data is essential, “The best insight in the world is no good unless someone acts on it” But even more excitingly, these experts brought some new and important social themes to the table.

Justin Crump answers some post-presentation questions with the Founder of Procurious. 

As a Gen Z-er, my research into procurement tends to focus on the ethics concerns of the space. World issues such as energy conservation, environmental footprints, and healthcare equity commonly come to mind. When it comes to supply chain management, I know we have the power to make a difference so I was thrilled to hear that seasoned procurement experts believe it too. Nearly every presentation at the summit mentioned how procurement could impact the lives of others.
As someone who keeps tabs on corporate news, I’ve noticed an overload of headlines reporting major corruption. It's unsettling to see so many businesses around the globe take a hands-off approach to policing their supply chains.

One of the first presenters, Patrick McCarthy, really emphasized the importance of vetting our suppliers. He drives home the point, “Are you screening your suppliers? And their suppliers? And their suppliers?” Even with the best intentions, a company can’t ensure that all of its operations are clear from crookedness without looking into every third, fourth, and fifth-party supplier. You simply cannot assume your stakeholders take CSR as seriously as you do.

Patrick McCarthy presenting "What's the Big Idea?" at the Procurious Big Ideas Summit.

Keeping your head above water is important, but this space has the power to enforce new ethical standards. McCarthy asserted his belief that the procurement function can truly serve the community while still elevating itself. He stressed to spectators that, contrary to popular belief, doing good doesn’t have to cost more. In many instances, doing good can save the company money. With an innovative rearrangement of suppliers and sourcing, cost-reduction and benevolence can work synchronously.

McCarthy also demonstrated how he’s seen procurement transform a community,

“One of the most exciting things about CSR is that they can change the way communities live. Their sourcing from small communities literally changed the lives of small villages, they were able to build schools, build new infrastructure that changed people's lives.” 

Source One Director, Diego De la Garza, described the experience as a “one-day event that incorporates the content and quality of a big convention” Diego De La Garza dedicated his presentation to discussing everything a well-equipped Procurement team is capable of.

Diego De la Garza of Source One about to present his impactful procurement stories. 
De La Garza shared two powerful stories of procurement innovation. On one account, a company had trouble strategically sourcing the materials they needed for their product. The procurement function worked as a power tool to not only source the right materials from one place but make the product more cost-effective and user-friendly. 

On another account, he discussed a medical tech miracle that a procurement team helped to make happen. The invention involved inserting a microchip into a pill to help patients regulate their prescription intake. Those were just two of many amazing ways Diego had seen procurement demonstrate excellence.

As a young professional navigating the procurement space, it was uplifting to hear these procurement experts speak to the future of the field. Procurement is a department that oversees the entire supply chain and we must be ahead of the game when it comes to social responsibility and sustainability. The thought leaders at the Procurious Big Ideas Summit admirably sparked conversations about procurement’s function in CSR.


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on Wednesday, September 18, 2019 0

Today's Procurious Big Ideas Summit brought innovators and thought leaders from across the Procurement space together for high-impact discussions and presentations. Here are just a few of the lessons everyone in attendance learned.

 1. Science Fiction is Becoming Fact  (and Fast)
In the day's first keynote, Professor Moran Cerf explored the ways new technology promises to supplement the human mind and body. He believes cutting-edge tools can bring about a new stage in human evolution. Beyond making existing processes more effective, these tools promise to provide humanity with entirely new senses and superhuman powers of cognition. In a sense, we enjoy the opportunity to exercise "intelligent design" over our destiny and our professional capabilities.

2. American Companies Can Learn a lot from Europe
This call to action came from Pat McCarthy of SAP Ariba. While he's seen organizations throughout Europe distinguish themselves by identifying disruptions and taking proactive action, many American companies still lag behind. That's because they're still relying on legacy systems and neglecting to nurture talent effectively. Europe's Procurement leaders, on the other hand, are making smart investments in areas like data science to ensure they've got both the right tools and the right people. Joined by Grant Thorton's Rick Clark, McCarthy advised attendees to take a deep look at their entire organization and develop  phased plans for following in the footsteps of international businesses.

3. The Good Times Won't Last Forever
Sibylline CEO Justin Crump began his presentation by commenting on the relatively peaceful state of the business world. While the headlines paint a hectic picture, the business world is experiencing a period of considerable peace and prosperity. Things are about to get a whole lot more hectic. Throughout this presentation, Crump reflected on five key areas where new risk factors promise to make both day-to-day operations and long-term initiatives more complicated. He did not, however, just focus on the negative. He concluded by encouraging organizations to assess their suppliers more carefully and build a standardized risk model that's capable of evolving with time.

4. Perception is Reality
Is Procurement neglected within your organization? That's probably because it isn't telling a compelling enough story. In his presentation, Source One Director Diego De la Garza remarked that Procurement cannot make an impact unless its peers recognize that it's capable of making an impact. That means communicating big wins clearly and consistently to remind key stakeholders that Procurement is a function worthy of investment.

5. Longevity isn't Necessarily a Good Thing
Dawn Tiura, Naseem Malik, and Lesley Herald used their panel on Procurement talent as an opportunity to poke holes in conventional wisdom and provide valuable advice to professionals at every stage in their careers. One suggestion stuck out as particularly surprising. Staying with one company for ten or more years, Malik suggested, is no longer a sign of loyalty and business acumen. Today, hiring managers are more likely to view a long tenure with one employer as evidence of inflexibility. While it's still not a good idea to switch jobs on a yearly basis, hiring managers are on the lookout for resumes that speak to a diverse range of experiences.

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on Wednesday, September 18, 2019 0


At today's Procurious Big Ideas Summit, Naseem Malik (Managing Partner, MRA Global) and Lesley Herald (President & CEO, Herald Search Group) called upon their experience in recruiting and talent management for a panel discussion on professional advancement. Moderator Dawn Tiura (President, SIG) opened by reminding attendees how far the Procurement profession has come. "We don't buy anymore," she remarked, "we recognize redundancy and stupidity and we address it." These new responsibilities call for a new set of skills and a new approach to both hiring and inspiring Procurement talent.

All three thought leaders addressed these new skills and offered tips for adopting that new approach throughout their discussion. Here's a sampling of what they had to say.

What Makes a Resume Stand Out?

Herald spoke to the value of a broad experience. It's not enough anymore for someone to boast years of experience in Procurement. They need to prove they've work across multiple functions and worn a number of hats. Like experience, the skills that point to excellence have evolved in recent years. In addition to technical know-how, truly world-class candidates are expected to possess soft skills like empathy, creativity, and emotional intelligence. It's these that will ultimately power them to elevate their function and their organization. "Employers struggle to quantify these," Malik added. That makes it all the more important to nurture them internally and, if necessary, partner with a third-party capable of recognizing these qualities in a candidate.

Herald, Malik, and Tiura all acknowledged that employers need to make themselves stand out as much as employees do. "It's not the same market it was several years ago," Malik remarked. Companies that aren't making an effort to improve themselves based on feedback from employees and candidates are doomed to fall behind.



What Problems Might Hurt a Resume? 

A resume isn't supposed to look like a list of responsibilities. "A good resume," Herald remarks, "tells a story." The best paint a picture of an active, dynamic professional who is capable of changing the way things are done. Putting these together is no small feat. That's why both Malik and Herald view coaching as an essential piece of their work as recruitment experts. Applicants aren't so different from companies. When they've grown accustomed to doing things a certain way, they're not usually in a hurry to try something new. This mindset has to change. Companies are evolving in their both their capabilities and applications. It's time for applicants to evolve as well.

Even small things like the font and layout of your resume might keep you from making the right sort of impression. Times New Roman might have been the standard several years ago, but Tiura suggests its time has passed. Your resume is your first opportunity to set yourself apart from the pack. 'Standard' fonts, formats, and talking points do the exact opposite.

How Can Professionals Build Adaptability?

"Don't work at the same company too long," Malik suggested. While it's still not a great idea to hop from job to job, longevity within a single organization is starting to look like a bad sign. Staying put in one organization can make a candidate look inflexible, even unambitious. The definition of "longevity" is changing too. While twenty years with a company was once the standard, ten or more is now enough to raise many hiring managers' eyebrows. A variety of positions in a number of functions, on the other hand, will show an organization that you're capable of thriving in an evolving Procurement world.

It's also essential for the next generation of professionals to nurture their own sense of curiosity. Reading voraciously and embracing new experiences, they'll not only prove that they're adaptable, but they'll make themselves into more informed and interesting people. With time, their creativity could prove infectious and result in an organization that's ready to innovate. 

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on Wednesday, September 18, 2019 0

"Now onto the really depressing part," is quite a way to introduce a presentation. It's also exactly how Sibylline CEO Justin Crump transitioned into his session at today's Procurious Big Ideas Summit in Chicago. He also added one caveat to the statement. "I'm a risk professional," he quipped, "I tend to focus on the negative." Crump centered his sweeping discussion of "the negative" on five key themes. Each area presents Procurement professionals with distinct challenges as well as opportunities to grow, adapt, and elevate their organizations.

They were:

Environment and Resource Use
The desire for huge, global action on environmental issues has gone mainstream. That means that it's become dangerous for organizations to drag their feet. As access to resources like water becomes more strained, Crump predicts we could even see countries go to war over it. In the more near-term, Crump encouraged attendees not to rest on their laurels. While it's easy to dismiss resource scarcity as an issue for another day, business leaders do this at their own peril. Environmental issues were a "slow burn" concern for decades, but things are growing more serious every day.

Re-Alignment of Global Power
The end of the Cold War saw the United States emerge victorious as the world's one and only global superpower. Today, however, "global competition" means that a handful of countries are accelerating toward superpower status while simultaneously doing battle with one another. While the rivalry between China and the U.S. will likely define the first half of our century, Crump expects more and more to join the fight before too long. Things promise to grow more volatile and uncertain as new nations expand their capabilities and begin to act more aggressively on the world stage.

Inter-State and Hybrid Conflict
Hybrid conflict, Crump says, refers to a new kind of warfare. In addition to the traditional methods, organizations can now do battle with one another through technology and "the information space." The threat of cyber attacks and intellectual property theft are "keeping people up at night," and Crump suggests they should be. These global, networked issues, he suggests, require a global, networked response.


Disruptive Technology and Non-State Actors
Crump opened this segment with a question for Summit attendees, "is this an opportunity or a threat?" In short, it's both. Facial recognition tools, for example, are both useful for businesses and potentially harmful to personal privacy. Ethical considerations like this one should dominate conversations around emerging tools for years to come. As eagerness encourages companies and governments to embrace advanced tools, it's essential that we never lost sight of the potential consequences

Policy Flux in Western Economies
You don't have to be a political scientist to see that the "center" of discourse is disappearing. Actors on both the left and right are moving farther and farther in their chosen direction. Crump predicts this increased polarization will play a major role in bringing about the next economic downturn. It's already doing so in many once-stable nations around the world.

Crump concluded with three best practices for maintaining an agile, risk-averse organization:
  • Screen, monitor, map, and assess your suppliers. 
  • Integrate supply chain knowledge into your security/awareness function.
  • Maintain a standardized living risk model with touchpoints and triggers.
It's not enough, Crump asserts, to collect and store information. At the onset of his presentation, Crump reminded Summit attendees that "the best insights in the world is no good if no one acts on it." It's up for Procurement to decide whether they'll become Cassandra, identifying risks to no avail, or distinguish themselves as effective risk management professionals. 
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on Wednesday, September 18, 2019 0

The Procurious Big Ideas Summit got off to an inspiring and provocative start this morning. "Be ready to think different," advised conference Moderator Amanda Prochaska. Her call to action was followed by a presentation from Professor Moran Cerf that certainly inspired each Procurement professional in attendance to do just that. Cerf, a neuroscientist and futurist, offered nothing less than predictions for the future of the human race. Thanks to new technologies, Cerf suggests, we could be among the last humans to think and act the way we do.

Discussions around emerging, artificially intelligent tools tend to focus on the negative, even apocalyptic possibilities. The most dire predictions suggest that machines won't just replace us in the workforce, but could replace us altogether. Though Cerf teaches courses in science fiction screenwriting, his ideas bear little resemblance to the alarmist films and texts that have made AI a scary idea. His presentation focused instead on the power technology has to supplement the human mind and body, to help them both overcome limitations, and bring us to a new stage in our evolution. If that sounds to you like something out of Limitless, you're not far off. Cerf was a consultant on the short-lived television adaptation of the film.




In the past, evolution and intelligent design were seen as incompatible ideas. Their conflict is at the heart of debates between religion and science. Cerf suggests, however, that they will soon come together as humans become the "intelligent designers" of their own ongoing evolution. As an example, Cerf points to the limitations of the human eye. Even with so-called "perfect vision" it sees just one ten trillionth of everything that's out there. New technologies promise to change this. We've already confirmed, Cerf remarks, that technology like cochlear implants and bionic limbs can replace senses that have been lost. Soon humans will enjoy access to senses they never had before.

"Sensory addition," as Cerf calls it, is already possible in the business world. Procurement professionals use it every day when they leverage data to drive their decision making. Recognizing patterns to gain insights, they supplement their own powers of cognition to take more strategic action. The human brain, he remarks, is already accustomed to recognizing signals and letting them drive decision making. It's how we learn to walk, talk, and make use of our senses - and that's just the beginning.

The relationship between man and machine, Cerf reminds attendees, is not one-sided. That's part of what makes its future so exciting. "Neuroscientists," Cerf says, "are working to determine what human brains do better than machines and vice versa." In time, they will arm professionals with the best of both world. Procurement professionals everywhere will use a combination of human reasoning and digital capabilities to evolve both themselves and their businesses.

It's not true that human beings use just a fraction of their brains. What is true, however, is that 100% of our brainpower is no longer enough. If Cerf is correct, future generations might look back on us and believe that we really had been using just a small portion of our abilities.


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on Tuesday, September 03, 2019 0


Since opening up our Chicago office in 2014, Source One has hosted an annual happy hour for our friends throughout the Windy City. On October 24th, we'll host our fifth - and we'd love for you to attend.

Source One's Procurement Professionals Happy Hour provides a welcome opportunity to reconnect, discuss industry trends, exchange best practices, and reflect on the last year in Procurement and Supply Chain Management. This year, topics of discussion will likely include Corcentric's recent acquisition of Determine as well as subjects like the ongoing global trade war and changing shape of talent management.

"Our annual happy hour has become a cherished tradition," says Director Diego De la Garza. "It gives our team a change to connect with colleagues outside of the typical office environment. We're especially excited to introduce new members of the Source One team to the Chicago-area Procurement community and discuss our expanded service offering."

Interested in attending? Contact Carole Boyle (cboyle@corcentric.com) to learn more. 
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on Thursday, April 04, 2019 0
Kate Vitasek isn't a big fan of conventional wisdom.

Supply Chain Managers, she suggests, have exhausted the value of so-called best practices. “It’s a last century concept,” she says, “and it’s encouraged businesses to pursue one-size-fits-all solutions.” To succeed at sourcing across today’s global and dynamic supply chains, Vitasek advocates a new set of priorities. Instead of adhering to accepted best practices, leaders have got to make an effort to identify the true best fit.

Unfortunately, outmoded thinking is still the norm for even many ‘leaders’ within the space.

“When you look at Procurement’s curriculum,” she remarks, “a lot of what’s taught is based on thinking from thirty or forty years ago anchored in transaction-based thinking.”  Transactional approaches – which drive the vast majority of sourcing efforts and define supplier relationships - has its roots all the way back in Adam Smith’s The Wealth of Nations. While that 1776 publication fits perfectly on a first-year economics syllabus, it’s less applicable to the daily concerns of a Supply Chain professional looking to adapt and innovate.

Vitasek doesn’t object to the invisible hand or the Kraljic Matrix simply because they’re old concepts. Rather, she rejects the style of supplier engagement they encourage. By placing an emphasis on power, they’ve perpetuated the (mistaken) idea that to integrate with a supplier is to become disempowered. In reality, “a well structured contract that aligns the interest of a buyer and supplier can be highly motivating for the supplier to make investments in innovation and drive incredible value creation for both parties. The trick is designing the agreement to be fit for purpose versus trying to employ conventional transactional and power-based risk-shifting contracts.”

Alongside researchers at the University of Tennessee, Vitasek has outlined a continuum of seven business models for supplier engagement. With purely transactional agreements on one side and Equity Partnerships on the other, it provides a starting point for professionals looking to build strategic partnerships. Most importantly, it challenges them to look beyond negotiations and distinguish themselves as architects for sustainable, adaptable agreements.

Next week, she’ll discuss these sourcing models and advocate for a more collaborative, outcome-focused approach to supplier engagement at ISM2019.

“My focus,” she says, “is strategic sourcing in the new economy.” She defines this new economy as nimble, flexible, global, and altogether unpredictable. It’s created a world where Supply Chain managers have a lot to worry about, but it also presents an exciting opportunity for leaders who are willing to unlearn their bad habits.

Vitasek acknowledges that a new way of building business relationships is often a hard sell. She elaborates, “If you’ve learned to view leverage as your most valuable asset, you’re not likely to abandon that idea.” That’s part of why she says she is on a 20-year plan. Instead of asking businesses to change overnight, she encourages a gradual process to help organizations make the necessary paradigm shift.

Incoming generations give her hope, however, that smooth transitions will soon become the norm. She suggests that young professionals are entering the workforce with an emotional intelligence and collaborative spirit that’s not always easily taught. They’re natively equipped to walk the walk when it comes to reaching win-win agreements and developing new, more inclusive definitions of value.

Change will only grow more imperative as supply chains grow more expansive and technology grows more robust. Still, Vitasek reflects, “Change is hard.” For many, even a highly compelling case study won’t inspire the necessary action. She advises these skeptics to run pilot tests of their own. They might also consider attending her presentation on Day 2 of ISM2019.

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on Wednesday, April 03, 2019 0


Next week, Source One's Procurement specialists will return to the Institute for Supply Management (ISM)'s Annual Conference. Joining thousands of Supply Chain professionals in Houston, they'll serve as exhibitors, conference sponsors, and the hosts of the ExecIn Forum.

ExecIn is a private, two-day event reserved for senior-level Procurement professionals. Its high-impact agenda features additional sessions with ISM2019's keynote speakers as well as interactive presentations from Fortune 500 thought leaders. Among this year's honored guests are innovators from Dupont, Citi, Hershey, and other household names.

Presenters and attendees alike will address the issues that define Supply Management. In addition to emerging technologies and evolving supply chain risk factors, they'll look at a question that's plagued a generation's worth of CPOs: How can we build a better team?

Procurement's talent gap has inspired conversations and presentations at the last several ISM conferences. This year, it's the subject of an interactive session at ExecIn. 'Building the Perfect Team' will see ExecIn attendees share pain points and elaborate on how they've worked to recruit and retain world-class talent.

Source One Director David Pastore will kick off the session remarking on the importance of consistency in leadership. Building a better team, he suggests, starts with becoming a better, more inspiring leader.

“Just about every leader in Procurement would name consistent improvement as a goal,” says Pastore. “In pursuit of this goal, we ask a lot of our teams. I wonder, however, if we’re all holding ourselves to a high enough standard. I hope to ask the Supply Chain leaders at ExecIn to reflect on whether they’ve provided consistent feedback, consistent challenge, and a consistent sense of purpose to their teams.”

Purposeful leadership promises to serve as a theme throughout ExecIn's two-day agenda. Moderator Jan Griffiths, the Founder and President of Gravitas, considers it an especially important element of Procurement’s ongoing strategic evolution. Throughout the event, she plans to advocate for a new style of leadership that places an emphasis on empowerment, inclusiveness, and inspiration.

Source One's' team will also discuss talent management at ISM2019’s Emerging Professionals Kickoff on April 7th. Consultants and Supply Chain Rising Stars Kaitlyn Krigbaum and Elizabeth Skipor will join other emerging thought leaders to share their experiences and discuss the strategies that have powered them throughout the early stages of their career. Both of Source One’s 30 Under 30 winners look forward to engaging with their peers to gain new insights into Procurement’s future.

Headed to Houston next week? It's not too late to express your interest in ExecIn. Senior-level professionals from non-consulting organizations with at least $1.2 billion in revenue are encouraged to join us. Reach out to Carole Boyle (cboyle@corcentric.com) today to learn more. Additionally, Conference-goers at every stage in their career are invited to stop by Booth #438 to meet Source One's team.

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on Wednesday, March 27, 2019 0

With the countdown to ISM2019 in full-swing, what better way to prepare for the premier supply chain event of the year than  by spotlighting one of the keynote speakers, Carly Fiorina.

Born in Texas, Carly attended Stanford University, later going to UCLA Law School before dropping out to pursue a career in business. While working as a secretary for a real estate firm in the 1970s, she managed to break the glass ceiling, becoming one of the company’s female brokers.

By the 1980s, Fiorina moved on from real estate and into Telecomm, joining AT&T. Eventually, she worked her way up the food chain, becoming the company’s first female senior VP overseeing hardware and systems; gradually, she become head of AT&T’s North American Operations. In 1996 she oversaw the IPO for Lucent Technologies, an AT&T spinoff that debuted at a record $3 billion. Fiorina’s success enabled her rise into CEO of Hewlett Packard, becoming one of the first woman to head a Fortune 20 company.

Fiorina’s ascent did not escape controversy: her three major strategies as CEO included replacing profit sharing with bonuses for meeting company financial goals, limiting operating units from 83 to 12, and limiting back-office functionality. This change in culture led to layoffs and drastic backlash; despite these difficulties, Fiorina claimed her decisions were intended to help move HP forward into the digital age.

Besides business, Fiorina also gained exposure on the political stage: besides volunteering for John McCain’s 2008 presidential bid, she also performed unpaid work for the Pentagon, and ran for U.S. Senate in 2010, losing to Democratic candidate Barbara Boxer by 10 percent. Most recently, Fiorina ran for president in the 2016 election against conservative candidates such as Marco Rubio, Ben Carson, Donald Trump, among others.

Interested in learning more about Carly Fiorina and her business acumen?  Don’t miss her presenation at ISM2019.

Headed to ISM in April? If you're a senior supply chain executive, you won't want to miss ExecIn. The two day sub-conference features a high-impact agenda for non-consulting organizations with an annual revenue of over $1.2B. Including private keynote presentations and sessions centered on talent and supply management strategy and trends, ExecIn is a must-attend component of ISM2019! To learn more about participating, contact Carole Boyle (cboyle@corcentric.com).  

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on Wednesday, March 20, 2019 0

 
As we gear up for another exciting year of ExecIn, a sub-conference exclusively for procurement leaders at ISM2019, it’s time to introduce another one of this year’s prestigious guest speakers: Janet Yellen, also known as former chair of the Federal Reserve.

A classically-trained economist hailing from Brooklyn, New York, Yellen gained her degree in economics from Brown University in 1967, later gaining her PhD from Yale in 1971 under the supervision of Nobel Laureates James Tobin and Joseph Stiglitz, known for their Keynesian and Georgist public finance theory respectively.

In her economic profession, Yellen served at Harvard University, the London School of Economics, the University of California at Berkley, as well as the Federal Reserve Board of Governors, American Economic Association, and Bill Clinton’s Board of Economic Advisers during his presidency.

From 2004 until 2010, Yellen served as CEO of the San Francisco Federal Reserve, later being appointed as Head of the Federal Reserve in 2013 by then-president Obama; succeeding former chair head Ben Bernanke in his role. Besides becoming the first female to head the Federal Reserve, Yellen was also the first democrat to head the reserve since 1979.

During Yellen’s tenure as head of the Federal Reserve, she defended injecting $3 trillion stimulus funds into the U.S. Economy, later allowing monetary policy to revert to its traditional practices as the economy stabilized. Economically concerned with unemployment rather than with inflation, Yellen oversaw a record drop in unemployment, the greatest since 1948. As a Keynesian economist, she advocates for using monetary policy over business cycles in stabilizing the economy.

Interested in learning more about Yellen’s career and her astute economic advice for strategic sourcing and procurement professionals? Then join her keynote presentation at ISM2019!

For senior-level executives attending the Annual Conference, be sure to reserve your seat at ExecIn.

The two day sub-conference is designed specifically for senior leaders of non-consulting organizations with an annual revenue of over $1.2B. Including private keynote presentations and sessions centered on talent and supply management strategy and trends, You don’t want to miss ExecIn! To learn more about participating, contact Carole Boyle (cboyle@corcentric.com).

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on Thursday, February 14, 2019 0


Supply chains live and die by innovation. That's why no effective Supply Chain professional can live in fear of failure. "By its very definition," says Jan Griffiths, "innovation is trying and failing and trying again." She suggests that any leader who instills a fear of failure may as well put a ban on innovation within their business.

Griffiths, the President and Founder of Gravitas Detroit, is a vocal advocate for a new, more empathetic and authentic kind of leadership. She'll share her thoughts with a group of similarly forward-thinking professionals as the moderator of this year's ExecIn Forum.

A private component of ISM2019's agenda, ExecIn welcomes executive-level Supply Chain professionals to absorb bold new ideas and engage one another in high-impact conversations. Leveraging her wealth of experience in both procurement and professional development, Griffiths promises to compel and inspire this year's attendees.

As in years past, technology is expected to dominate many of the conversations at ExecIn. Griffiths is outspoken on the subject and looks forward to encouraging a new outlook. She's certain that Procurement solutions, however advanced, will not replace the function's people. Quite the opposite.

"You can have all the technology in the world," she says, "but it's still people who are going to use that technology to inspire and to innovate. I think many businesses lose sight of that."

That's not to say she's a skeptic when it comes to automation. She continues, "Jobs are going to change. Automaton will certainly take over many of the jobs we see today." Her take on technology, however, sounds different than most of the usual commentary. While emerging technologies tend to inspire either unrealistic hopes or unfounded fears, Griffiths sees something else entirely. New solutions, she maintains, are both a challenge and an opportunity.

"Technology doesn't mean we've moved past humanity. In fact, it's helped take us into a new 'human age. Those skills that robots can't replicate are more important than ever. The sooner leaders learn to nurture those skills, the better.”

Griffiths acknowledges that there's a lot of work ahead. Office tyrants still outnumber empathetic and vulnerable managers by a good deal. She is hopeful, though, because of shifts in the cultural conversation.

"People aren't as afraid to talk about their feelings as they were in the past. As a result, the people in charge are starting to get it. They’re starting to make progress toward a more"

If overcoming fear is the key to innovation, then overcoming the fear of vulnerability and 'the f word' (feelings) could be the key to making innovation a central part of company culture. Griffiths concludes with a warning to fearful businesses. Failing to think differently now, she suggests, could soon mean ceasing to exist altogether.

As moderator for ExecIn, Griffiths will share the stage with a number of prominent Procurement professionals as well ISM2019's keynote speakers: former Hewlett Packard CEO, Carly Fiorina and former Federal Reserve Chair, Janet Yellen.

Want to join the conversation in Houston this April? Reach out to Carole Boyle (cboyle@corcentric.com) to express your interest in the ExecIn Forum.

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