Future of Sourcing - Procurement https://www.futureofsourcing.com/topic/procurement en Master The Art Of Disruptions: Tips To Turn Volatility & Disruption Into A Competitive Advantage https://www.futureofsourcing.com/master-the-art-of-disruptions-tips-to-turn-volatility-disruption-into-a-competitive-advantage <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Todd.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Todd.png" title="Master The Art Of Disruptions: Tips To Turn Volatility &amp; Disruption Into A Competitive Advantage" class="colorbox" rel="gallery-node-2296-OkOgzOwlGmU"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Todd.png?itok=YWki4fnK" width="624" height="325" alt="" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <div> <p style="font-size: 13.008px;">&nbsp;</p> <div>&nbsp;</div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div> <div><span style="font-size: 13.008px;">In a volatile world, businesses start to evaluate their processes on how to improve and modernize processes to grow and stay competitive. For today&rsquo;s business leaders, macroeconomic headwinds have made managing complex organizations even harder. According to <a href="https://www.mckinsey.com/Capabilities/Strategy-and-Corporate-Finance/Our-Insights/What-matters-most-Six-priorities-for-CEOs-in-turbulent-times?utm_campaign=later-linkinbio-mckinseyco&amp;utm_content=later-32893452&amp;utm_medium=social&amp;utm_source=linkin.bio">McKinsey &amp; Company</a>, CEOs stated that during uncertain times, their top priorities are strengthening resilience, technological transformation, retaining talent, and net-zero goals. But have you thought about how a smart business buying solution can meet these priorities?&nbsp;</span></div> <div>&nbsp;</div> <div>Here are four procurement tips to help you to use disruption to your advantage.&nbsp;</div> <div>&nbsp;</div> <div><strong>1. Increase efficiencies with digital tools</strong></div> <div>Companies are moving faster across six dimensions of resilience: finance, operations, technology, organization, business model, and reputation. When spend is a necessity, business buying should be easy. 54% of <a href="https://business.amazon.com/en/work-with-us/enterprise/digital-optimization-hbras">Harvard Business Review Analytics Services global survey</a> respondents reported that agility and sourcing speed were top priorities for their purchasing operations. While 73% said increased operational efficiency is the top benefit, they hope to achieve this by digitizing more processes.&nbsp;</div> <div>&nbsp;</div> <div>Implementing a digital procurement tool drives agility and speed. And in turn, agility and speed open up efficiencies for leaders. The desired outcome of leaders in using digital purchasing solutions is that digital technology boosts employee productivity, reduces costs, improves budgeting decisions, and, most importantly, leaves leaders having more time to focus on value-adding business priorities. Since technology constantly evolves, CEOs have more opportunities to transform their business.</div> <div>&nbsp;</div> <div><strong>2. Gain actionable insights to empower employee purchases</strong></div> <div>Organizations without insight into their spending can&rsquo;t recognize opportunities to streamline orders, meet quantity limits, or guide employee buying. Better understand your employees&rsquo; buying behavior using <a href="https://business.amazon.com/en/find-solutions/spend-intelligence-solutions?ref=b2b_solutions_3P_SIG_disruptionshttps://business.amazon.com/en/find-solutions/spend-intelligence-solutions?ref=b2b_solutions_3P_SIG_disruptions">advanced analytics and dashboards</a>. A comprehensive dashboard will help uncover a holistic view of spending patterns and help you establish policies and workflows that empower employees to make better buying decisions and quickly get what they need.&nbsp;</div> <div>&nbsp;</div> <div>When looking at the data, procurement decision-makers should be asking themselves the following:</div> <div>&bull; What happened?</div> <div>&bull; Why did it happen?</div> <div>&bull; What will happen?</div> <div>&bull; What should I do?</div> <div>These questions will turn insights into action. It can also find trends or issues that will go a long way to simplify the shopping experience, increase employee satisfaction, and drive productivity.&nbsp;</div> <div>&nbsp;</div> <div>But what if you have a restrictive purchasing policy? A paid solution from Amazon Business called <a href="https://www.amazon.com/ab/ccp-portal/guided-buying/benefits?ref=b2b_solutions_3P_SIG_disruptions">Guided Buying</a> helps achieve your organization&rsquo;s purchasing goals by automatically steering employees to the right products or suppliers defined by your organization. This allows you to identify preferred products or suppliers, restrict categories, and save time for everyone by removing the mystery of shopping for work and providing clear answers to the question: What am I allowed to buy? Guided Buying helps buyers find what they are approved to buy and enables them to submit requests to purchase items from restricted categories. This is a win-win for efficiency and time saving, as employees no longer have to wait days or weeks to receive purchase approval.</div> <div>&nbsp;</div> <div>Once you&rsquo;ve defined Guided Buying policies, you can track whether employees adhere to your organization&rsquo;s policies, spotlight specific products or sellers, check progress towards sustainability, DEI and corporate governance goals through responsible purchasing, and compare restricted and non-restricted spending based on <a href="https://www.amazon.com/b2b/aba/spend-visibility?ref=b2b_solutions_3P_SIG_disruptions">Spend Visibility&rsquo;s</a> Policy Adherence Dashboard. To further help employees avoid products that violate your organization&rsquo;s guidelines, such as alcohol or personal items, <a href="https://business.amazon.com/en/find-solutions/business-prime?ref=b2b_solutions_3P_SIG_disruptions">Business Prime</a> paid customers can enable Blocking policies. When you block unapproved items, this disables the Add to Cart button for employees. Blocking unapproved items increases buyer efficiency and decreases the burden on approvers.</div> <div>&nbsp;</div> <div>Combining data visualization tools and purchasing guardrails such as Spend Visibility and Guided Buying can help streamline day-to-day purchasing by consolidating suppliers to free employees&rsquo; time for more strategic assignments.</div> <div>&nbsp;</div> <div><strong>3. Increase cash flow and optimize costs</strong></div> <div>Even with significant headwinds, sustainability goals, economic competitiveness, and affordability continue to dovetail. Leaders need to adapt, mitigate, and bridge these concepts. One way to do so is to improve your cash flow by working with suppliers that provide extended payment options. This flexibility allows organizations to conserve cash, delay payments until the time is right, and avoid costly fees.</div> <div>&nbsp;</div> <div><a href="https://business.amazon.com/en/discover-more/events/cost-optimization-webinar?ref=b2b_solutions_3P_SIG_disruptions">Cost optimization</a> is another goal for many organizational leaders. It is essential to recognize that cost reduction and cost optimization are different. A focus on spending reduction can inadvertently compromise product and service quality and morale. Instead, as you build and grow your procurement process, consider ways to optimize efficiencies by eliminating waste and automating manual processes through digital technologies. A strategic e-procurement partner that allows you to streamline your list of suppliers and purchase products in one convenient spot will save money and time on administrative functions. This then lets you reinvest those resources in value-add initiatives that advance the organizational mission.</div> <div>&nbsp;</div> <div><strong>4. Strengthening resilience with Amazon Business</strong></div> <div>Disruptive innovation modifies how a company evaluates its processes and how to adapt. It will improve and modernize many company functions, further benefiting the company. By embracing a flexible purchasing system that can keep pace with your growing sourcing needs, procurement leaders at all-size businesses can build a stronger, more agile, and more productive team. <a href="https://business.amazon.com/?ref=b2b_solutions_3P_SIG_disruptions">Amazon Business</a> equips procurement leaders with the tools and technology to <a href="https://business.amazon.com/en/discover-more/blog/simplify-buying-for-your-small-business-or-startup?ref=b2b_solutions_3P_SIG_disruptions">simplify the buying process</a> and accelerate sourcing. The user-friendly shopping experience and simple set-up of Amazon make Amazon Business an easy choice for organizations at every growth stage.</div> <div>&nbsp;</div> <div>Discover smarter business buying solutions for today&#39;s organizations with Amazon Business.</div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/legal" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Legal</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/digital" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/transformation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Transformation</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/leadership" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Leadership</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/sourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Sourcing</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/strategy" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Strategy</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/procurement" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Procurement</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Master The Art Of Disruptions: Tips To Turn Volatility &amp;amp; Disruption Into A Competitive Advantage - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/master-the-art-of-disruptions-tips-to-turn-volatility-disruption-into-a-competitive-advantage"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Tue, 23 May 2023 23:41:48 +0000 Todd Heimes 2296 at https://www.futureofsourcing.com https://www.futureofsourcing.com/master-the-art-of-disruptions-tips-to-turn-volatility-disruption-into-a-competitive-advantage#comments GEP Outlook 2023 https://www.futureofsourcing.com/gep-outlook-2023 <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/10778-Outlook-Report-2023-1600x800.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/10778-Outlook-Report-2023-1600x800.png" title="GEP Outlook 2023" class="colorbox" rel="gallery-node-2270-OkOgzOwlGmU"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/10778-Outlook-Report-2023-1600x800.png?itok=p2BU3hYc" width="1024" height="512" alt="GEP Outlook 2023" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <div><a href="https://sig.org/gep-outlook-2023" target="_blank">Download The Report</a></div> <div>&nbsp;</div> <div>Your Guide to Supply Chain and Procurement Success in 2023</div> <div>&nbsp;</div> <div>Uncertainty clouds over the outlook for 2023. The concerns are many: disruptions, shortages, conflicts, inflation and the threat of recession. But supply chain and procurement leaders are getting used to it. They&rsquo;ve been battling crises for three years now and, in 2023, they stand ready to lead through the next round of challenges.</div> <div>&nbsp;</div> <div>Get a head start with the GEP Outlook 2023 report &mdash; it examines global business trends and features seven critical leadership themes that will help you prepare for what lies ahead and drive your business forward.</div> <div>&nbsp;</div> <div>Published annually, GEP Outlook is a trusted strategic guide for supply chain and procurement leaders across the world.</div> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div>&nbsp;</div> <div>&nbsp;</div> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/coupa" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Coupa</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/transformation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Transformation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/leadership" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Leadership</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/sourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Sourcing</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/strategy" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Strategy</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/procurement" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Procurement</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="GEP Outlook 2023 - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/gep-outlook-2023"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Mon, 30 Jan 2023 16:19:47 +0000 Sourcing Industry Group 2270 at https://www.futureofsourcing.com https://www.futureofsourcing.com/gep-outlook-2023#comments 2022 Gartner® Magic Quadrant™ Procure-to-Pay Suites https://www.futureofsourcing.com/https%3A//sig.org/2022-gartner%C2%AE-magic-quadrant%E2%84%A2-procure-pay-suites <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/2022-coupa-gartner_p2p_1600x800.jpg"><a href="https://www.futureofsourcing.com/sites/default/files/articles/2022-coupa-gartner_p2p_1600x800.jpg" title="2022 Gartner® Magic Quadrant™ Procure-to-Pay Suites" class="colorbox" rel="gallery-node-2267-OkOgzOwlGmU"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/2022-coupa-gartner_p2p_1600x800.jpg?itok=ZzVPc3jk" width="1024" height="512" alt="2022 Gartner® Magic Quadrant™ Procure-to-Pay Suites" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <div> <div style="font-size: 13.008px;"> <h2><a href="https://sig.org/2022-gartner®-magic-quadrant™-procure-pay-suites" target="_blank">Download The Report</a></h2> <div>&nbsp;</div> <div>Coupa named a Leader for the seventh time in a row.</div> <div>&nbsp;</div> <div>In the 2022 Magic Quadrant Report for Procure-to-Pay Suites, Gartner evaluated procure-to-pay (P2P) solutions from 16 different software vendors. Coupa placed highest for ability to execute and furthest to the right for completeness of vision in the Leaders Quadrant.</div> <div>&nbsp;</div> <div>Coupa received this position based on what we believe is our ability to help companies manage all types of spend across direct, indirect, and services.</div> <div>&nbsp;</div> <div>Download this report to tap into Gartner expertise. You&#39;ll learn why we believe this recognition validates our platform to allow extensive spend risk management &amp; fraud detection, payments, and contract management directly within the core P2P capabilities making it unique in the marketplace.</div> <div>&nbsp;</div> <div>&nbsp;</div> </div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div>&nbsp;</div> <div>&nbsp;</div> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/coupa" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Coupa</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/transformation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Transformation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/leadership" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Leadership</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/sourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Sourcing</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/strategy" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Strategy</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/procurement" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Procurement</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="2022 Gartner&amp;reg; Magic Quadrant&amp;trade; Procure-to-Pay Suites - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/https%3A//sig.org/2022-gartner%C2%AE-magic-quadrant%E2%84%A2-procure-pay-suites"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Tue, 24 Jan 2023 14:51:40 +0000 Sourcing Industry Group 2267 at https://www.futureofsourcing.com https://www.futureofsourcing.com/https%3A//sig.org/2022-gartner%C2%AE-magic-quadrant%E2%84%A2-procure-pay-suites#comments SIG ANNOUNCES WINNERS OF THE 2022 FUTURE OF SOURCING AWARDS https://www.futureofsourcing.com/sig-announces-winners-of-the-2022-future-of-sourcing-awards <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Picture1.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Picture1.png" title="SIG ANNOUNCES WINNERS OF THE 2022 FUTURE OF SOURCING AWARDS" class="colorbox" rel="gallery-node-2242-OkOgzOwlGmU"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Picture1.png?itok=avV8fbLZ" width="902" height="472" alt="SIG ANNOUNCES WINNERS OF THE 2022 FUTURE OF SOURCING AWARDS" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <h2><strong>The Sourcing Industry Group Names the Winners of the Future of Sourcing Awards at the 2022 Global Executive Summit</strong></h2> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div>JACKSONVILLE, FL &mdash; October 25th, 2022 &mdash; Sourcing Industry Group (SIG), the premier membership organization for sourcing, procurement, outsourcing, and third-party risk executives, announced the winners of the Future of Sourcing Awards at its Global Executive Summit on October 19th, 2022.&nbsp;</div> <div>&nbsp;</div> <div>Held in Palm Springs, California, the Future of Sourcing Awards honored organizations and individuals that show innovation, leadership, and transformation in categories that are critical to the sourcing industry. The Future of Sourcing Awards is judged and selected by a prestigious panel in separate teams and individual categories.</div> <div>&nbsp;</div> <h3><strong>Future of Sourcing Team Winners:</strong></h3> <div><a href="https://www.salesforce.com" target="_blank">Salesforce, Inc.</a>: Innovations in Sourcing</div> <div>&nbsp;</div> <div><a href="https://www.boeing.com" target="_blank">The Boeing Company</a>: Innovations in Outsourcing</div> <div>&nbsp;</div> <div><a href="https://www.supplywisdom.com" target="_blank">Supply Wisdom</a>: Innovations in Third-Party Management</div> <div>&nbsp;</div> <div><a href="https://www.bgis.com" target="_blank">BGIS Global Integrated Solutions</a>: Innovations in Supplier Performance</div> <div>&nbsp;</div> <div><a href="https://www.dm.gov.ae" target="_blank">Dubai Municipality</a>: Innovations in Digitization&nbsp;</div> <div>&nbsp;</div> <div><a href="https://www.aircanada.com/us/en/aco/home.html">Air Canada</a>: Innovations in Governance &amp; Compliance</div> <div>&nbsp;</div> <div><a href="https://www.capgemini.com/us-en/about-us/technology-partners/sap/">SAP &amp; Capgemini</a>: Innovations in Talent Management</div> <div>&nbsp;</div> <div><a href="https://www.microsoft.com/en-us/" target="_blank">Microsoft Corporation</a>: Innovations in Sustainability&nbsp;</div> <div>&nbsp;</div> <h3><strong>Individual Awards:</strong></h3> <div><a href="https://www.linkedin.com/in/tonyorlando/" target="_blank">Tony Orlando</a>: 2022 Sourcing Star Winner</div> <div>&nbsp;</div> <div><a href="https://www.linkedin.com/in/daniel-coor-06a8a42/" target="_blank">Dan Coor</a>: 2022 Sourcing Star Winner</div> <div>&nbsp;</div> <div><a href="https://www.linkedin.com/in/nick-heinzmann-787a5041/" target="_blank">Nick Heinzmann</a>: 2022 Rising Star Winner</div> <div>&nbsp;</div> <div><a href="https://www.linkedin.com/in/veldaberryman/" target="_blank">Velda Berryman</a>: 2022 Rising Star Winner</div> <div>&nbsp;</div> <h3><strong>Sourcing Supernova Hall of Fame:</strong></h3> <div><a href="https://www.linkedin.com/in/michael-koontz-4226793/" target="_blank">Michael Koontz</a></div> <div>&nbsp;</div> <div>Steve Griffiths</div> <div>&nbsp;</div> <div><a href="https://www.linkedin.com/in/tony-abate-8747446/" target="_blank">Tony Abate</a></div> <div>&nbsp;</div> <div>&nbsp;</div> <div>SIG&rsquo;s next major event, the Procurement Technology Summit, will take place from <strong>April 17&ndash;19th, 2023</strong>, in Amelia Island, Florida. This event is a one-of-a-kind experience that immerses delegates into industry trends, innovations, and solutions shaping high-performance teams and best-in-class procurement organizations.</div> <div>&nbsp;</div> <div>The Procurement Technology Summit focuses on how technology is changing and advancing sourcing and procurement. It features keynote and breakout sessions with live Q&amp;A and solution demos that show attendees how implementing artificial intelligence, machine learning, and robotics process automation can enhance the quality of work and ignite innovation. Registration for the event is open and can be found <a href="https://events.sig.org/en/60KUru6/2023-procurement-technology-summit-5a3N4z18mHk/overview" target="_blank">here</a>. &nbsp;</div> <div>&nbsp;</div> <h3>About Future of Sourcing</h3> <div><a href="http://futureofsourcing.com" target="_blank">Future of Sourcing</a> is a digital publication that produces the latest content for the opinion-formers and decision-makers at the heart of the global sourcing community. Future of Sourcing columnists and contributors are thought leaders in the global sourcing community and provide innovative, cutting-edge insight on challenges and opportunities in the industry today. Launched originally as Outsource Magazine in 2005, the digital publication has been rebranded to reflect the sourcing industry&#39;s innovations and celebrate those leading the change. Individuals interested in contributing bylined articles to FOS can email pitches or inquiries to <a href="mailto:info@futureofsourcing.com">info@futureofsourcing.com</a>.</div> <div>&nbsp;</div> <div>&nbsp;</div> <h3>About SIG</h3> <div>Sourcing Industry Group (SIG) is a membership organization that provides thought leadership and networking opportunities to executives in sourcing, procurement, and outsourcing from Fortune 500 and Global 1000 companies and the advisors who serve them. SIG is widely known as a forum for sharing &ldquo;next&rdquo; practices and thought leadership through live networking events, virtual forums, and a comprehensive online SIG resource center (SRC), which was developed by and for professionals in sourcing and outsourcing.&nbsp;</div> <div>&nbsp;</div> <div>The organization is unique in that it blends practitioners, service providers, and advisory firms in a non-commercial environment. SIG is the parent organization for SIG University, a one-of-a-kind certification and training program for professionals and executives seeking deep expertise in sourcing and governance for themselves or their teams. Learn more at <a href="http://sig.org" target="_blank">www.sig.org</a>.&nbsp;</div> <div>&nbsp;</div> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/innovation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Innovation</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/transformation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Transformation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/leadership" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Leadership</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/sourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Sourcing</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/strategy" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Strategy</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="SIG ANNOUNCES WINNERS OF THE 2022 FUTURE OF SOURCING AWARDS - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/sig-announces-winners-of-the-2022-future-of-sourcing-awards"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Fri, 21 Oct 2022 21:34:25 +0000 Future of Sourcing Awards 2242 at https://www.futureofsourcing.com https://www.futureofsourcing.com/sig-announces-winners-of-the-2022-future-of-sourcing-awards#comments Forging a Path to Health Equity Through Supplier Diversity https://www.futureofsourcing.com/forging-a-path-to-health-equity-through-supplier-diversity <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Brian%20Kyle-2.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Brian%20Kyle-2.png" title="Forging a Path to Health Equity Through Supplier Diversity" class="colorbox" rel="gallery-node-2325-OkOgzOwlGmU"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Brian%20Kyle-2.png?itok=Fd6Ua-EN" width="624" height="325" alt="" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <p>Since 2021, ACS has nearly tripled spending with diverse-owned businesses.</p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div><strong>Cancer and Health Equity</strong></div> <div>Cancer is a disease that can affect anyone, but it doesn&rsquo;t affect everyone equally. Health disparities can affect every step of cancer care&mdash;from prevention and screening to the quality of life during and after cancer treatment. &nbsp;Many barriers can impact a person&#39;s ability to prevent, detect, treat, and survive cancer, with racism and discrimination making it even more difficult to address social determinants of health. A person&#39;s quality of life and cancer outcomes can be determined by their zip code, education, income, access to healthcare and healthy and affordable foods, and other variables outside their control. These barriers are deeply rooted, long-standing inequities at all levels of society will take an intentional effort to address for equitable cancer outcomes.</div> <div>&nbsp;</div> <div>The American Cancer Society (ACS), and its non-profit, nonpartisan advocacy affiliate, the American Cancer Society Cancer Action Network (ACS CAN℠), believe all people should have a fair and just opportunity to live a longer, healthier life free from cancer regardless of how much money they make, the color of their skin, their sexual orientation, gender identity, disability status, or where they live.&nbsp;</div> <div>&nbsp;</div> <div>ACS&rsquo; uses eight health equity principles to guide our work, foster a culture that embraces health equity, and express our commitment to making health equity a strategic priority. These principles fall within the domains of people, places, and partnerships and are:</div> <div>1. Help people with the greatest need.</div> <div>2. Prioritize diversity, equity, and inclusion. &ndash; &nbsp;honoring, respecting, and valuing populations that are marginalized.</div> <div>3. Value community expertise. &ndash; engage communities in creating, planning, delivering, and evaluating ACS&rsquo; and ACS CAN&rsquo;s work.&nbsp;</div> <div>4. Understand the community&rsquo;s historical, social, cultural, and economic context.</div> <div>5. Address the structural and social detriments of health.</div> <div>6. Implement sustainable community solutions.</div> <div>7. Leverage the power of volunteers.</div> <div>8. Prevent and address unintended consequences.</div> <div>&nbsp;</div> <div>&nbsp;</div> <div><strong>Supplier Diversity</strong></div> <div>Supplier diversity is a proactive business approach which encourages the use of diverse-owned and other historically underutilized business. It is about being a good corporate citizen, and therefore a social contract with the communities in which we live and operate. &nbsp;The origins of supplier diversity programs in the U.S. can be traced back to the Civil Rights Movement. Following race riots in Detroit in 1968, General Motors set up what is regarded as one of the first supplier diversity programs, and much of the American auto industry followed suit. Under the Nixon and Carter administrations, various Executive Orders and Laws were instituted to support minority-owned, small, and woman-owned businesses. &nbsp;Today, many US companies have established their own programs and have placed greater emphasis on diversity, inclusion, and belonging efforts within their supplier base.</div> <div>&nbsp;</div> <div>&nbsp;</div> <div><strong>Supplier Diversity Programs Influence Health Equity</strong></div> <div>When a company invests in inclusive procurement and intentionally seeks to foster economic growth in a community, it helps to address the underlying factors affecting health equity. Ultimately, supply chain professionals and supplier diversity experts support access to healthcare via supplier diversity programs. &nbsp;&nbsp;</div> <div>Limited household income can affect health in a negative way. This in turn contributes to large-scale racial and ethnic disparities In a recent conference held by HR Dive (2023), a representative from McKinsey, a consulting firm, noted that, according to research by the Federal Reserve, the total wealth of the average Black American family is $17,600, which is about one-tenth the wealth of the average White American family - $171,000. &nbsp;Also, Black Americans are almost twice as likely to live in the counties at highest risk of health and economic disruption.&nbsp;</div> <div>&nbsp;</div> <div>Racial discrimination limits opportunities to be as healthy as possible and causes health disparities. As reported by the Hospital Association of Southern California (2023), in California, Native American and Alaskan Native, as well as Native Hawaiian and Pacific Islander, are less likely to report having a checkup within the past year as compared to other racial ethnic groups.&nbsp;</div> <div>&nbsp;</div> <div>Healthcare institutions can make deeper impacts to ensure that all people receive equitable, high-quality care. &nbsp;Within their communities, they must address social determinants as well as health related social needs that significantly affect health risks and outcomes, like housing instability, access to healthy foods, and community violence. The Health Research and Educational Trust (2015) noted that by adopting a Supplier Diversity program, hospitals, and health care systems &ldquo;can support minority-owned businesses and communities while obtaining products and services of competitively high quality and value.&rdquo; &nbsp;</div> <div>&nbsp;</div> <div>Supporting diverse-owned businesses is often a critical linkage between a company&rsquo;s supply chain and health equity. Money spent with local, diverse-owned businesses can have a ripple effect, multiplying the economic impact through additional spending in the community by those businesses and their employees.&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> <div><strong>American Cancer Society and Supplier Diversity</strong></div> <div>The American Cancer Society (ACS) believes that we will not reach our mission if we are not inclusive of every community touched by cancer, actively working towards ending cancer as we know it for everyone. We acknowledge there is still much work to be done in partnership with communities that have been disproportionately burdened by cancer and who experience greater obstacles to cancer prevention, early detection, treatment, and survival.</div> <div>&nbsp;</div> <div>The Supplier Diversity program at ACS seeks to ensure that its investments generate economic opportunities for historically excluded and disenfranchised communities. &nbsp;ACS has demonstrated its commitment to inclusive buying habits by instituting policies and procedures to increase the number of diverse suppliers the organization uses. &nbsp;ACS and ACS CAN are providing opportunities to businesses that are majority owned by these eight diversity classifications: women; Black and African Americans; Hispanic Americans; Asians and Pacific Islanders; Native Americans or Indigenous people; Military Veterans; people with disabilities; and LGBTQ+ people. &nbsp;</div> <div>&nbsp;</div> <div>To support our program&rsquo;s success internally, various sources of influence, including communications, success stories, and management reporting are required. Partnerships with organizations including National Minority Supplier Development Council, National LGBT Chamber of Commerce, and Women&rsquo;s Business Enterprise National Committee, among others, have provided information and sources of potential diverse-owned businesses. &nbsp;Since the program&rsquo;s inception in 2020, ACS has nearly tripled its investments in diverse-owned businesses/suppliers. &nbsp;</div> <div>&nbsp;</div> <div>Brian Kyle, vice president of Supply Chain and Accounts Payable for the American Cancer Society noted, &ldquo;While we&rsquo;re happy with the progress of our program so far, we have much work to do. Influencing behavior change and identifying appropriate diverse-owned businesses to compete for our business requires constant focus and effort. We know there are more opportunities out there. Cancer doesn&rsquo;t rest, so neither will we.&rdquo;</div> <div>&nbsp;</div> <div>In addition, Tracy Wiedt, managing director of health equity for the American Cancer Society added, &ldquo;At ACS, we are more intentionally focusing on our actions to advance health equity and ensuring that we are not contributing to health disparities. The enhancements to our supplier diversity program demonstrates we are intentionally investing in communities who may be overlooked. It also allows us to step back and put suppliers who are also community members with lived experiences in the driver&#39;s seat, leading and developing solutions that work for their unique needs.&quot;</div> <div>&nbsp;</div> <div>Diverse-owned businesses can express their interest to becoming a supplier with the American Cancer Society on our website, cancer.org.</div> <div>&nbsp;</div> <div>ACS is bridging the gap in healthcare treatment, prevention, and cure in historically marginalized communities in many ways, including through inclusive procurement. We believe that our investments have the potential for financial empowerment and social change that will positively impact populations experiencing a disproportionate burden of cancer. By elevating the voices and involvement of diverse-owned businesses, we create economic opportunities, foster job growth, enhance local economies and, ultimately, contribute to the well-being of the communities that we serve.&nbsp;</div> <div>&nbsp;</div> <div>Learn more at <a href="http://cancer.org.">cancer.org</a>.</div> <div>&nbsp;</div> <div>Photo caption: Brian Kyle (left), Vice President, Supply Chain and Accounts Payable, and Kayode Adeyemi (right), Senior Strategic Sourcing &amp; Supplier Diversity Manager at the American Cancer Society.&nbsp;</div> <div>&nbsp;</div> <div> <div>Sources:</div> <div>-<span class="Apple-tab-span" style="white-space:pre"> </span>Sharpening the Focus on Supplier Diversity and Health Equity <a href="https://www.amgen.com/stories/2021/02/sharpening-the-focus-on-supplier-diversity-and-health-equity">https://www.amgen.com/stories/2021/02/sharpening-the-focus-on-supplier-d...</a></div> <div>-<span class="Apple-tab-span" style="white-space:pre"> </span>ACS Health Equity Impact Report</div> <div><a href="https://www.societysource.org/Resource_Center/Health%20Equity%20Impact%20Report_Version%202.0_08.31.2022.pdf#search=equity%20impact%20report">https://www.societysource.org/Resource_Center/Health%20Equity%20Impact%2...</a>)</div> <div>-<span class="Apple-tab-span" style="white-space:pre"> </span>Health Equity, Supplier diversity support inclusive growth, say senior leaders <a href="https://www.hrdive.com/news/health-equity-supplier-diversity-support-inclusive-growth-say-senior-lead/582970/">https://www.hrdive.com/news/health-equity-supplier-diversity-support-inc...</a></div> <div>-<span class="Apple-tab-span" style="white-space:pre"> </span>How can supply chain meet the demand for health equity&nbsp;</div> <div><a href="https://www.hpnonline.com/sourcing-logistics/article/21223123/how-can-supply-chain-meet-the-demand-for-health-equity">https://www.hpnonline.com/sourcing-logistics/article/21223123/how-can-su...</a></div> <div>-<span class="Apple-tab-span" style="white-space:pre"> </span>About DHEI (Diversity, Health Equity and Inclusion)&nbsp;</div> <div><a href="https://hasc.org/issue/dhei">https://hasc.org/issue/dhei</a></div> <div>-<span class="Apple-tab-span" style="white-space:pre"> </span>Increasing Supplier Diversity in Health Care</div> <div><a href="https://www.aha.org/ahahret-guides/2015-09-30-increasing-supplier-diversity-health-care">https://www.aha.org/ahahret-guides/2015-09-30-increasing-supplier-divers...</a></div> <div>-<span class="Apple-tab-span" style="white-space:pre"> </span>Economic Well-Being and Health: The Role of Income Support Programs In Promoting Health and Advancing Health Equity</div> <div><a href="https://www.healthaffairs.org/doi/10.1377/hlthaff.2022.00846">https://www.healthaffairs.org/doi/10.1377/hlthaff.2022.00846</a></div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/cpo" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">CPO</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Forging a Path to Health Equity Through Supplier Diversity - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/forging-a-path-to-health-equity-through-supplier-diversity"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Wed, 10 Jan 2024 19:24:08 +0000 Brian Kyle 2325 at https://www.futureofsourcing.com https://www.futureofsourcing.com/forging-a-path-to-health-equity-through-supplier-diversity#comments OKR Effect: The Secret Ingredient in Next-Level Procurement Strategy https://www.futureofsourcing.com/okr-effect-the-secret-ingredient-in-next-level-procurement-strategy <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Nikhil%202.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Nikhil%202.png" title="OKR Effect: The Secret Ingredient in Next-Level Procurement Strategy" class="colorbox" rel="gallery-node-2324-OkOgzOwlGmU"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Nikhil%202.png?itok=tmnVBZCs" width="624" height="325" alt="OKR Effect: The Secret Ingredient in Next-Level Procurement Strategy" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <div> <h1>&nbsp;</h1> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <style type="text/css"> sup {font-size:xx-small; vertical-align:super;}</style><div><span style="font-size: 13.008px;">In the grand theater of the corporate world, imagine an orchestra in progress, with the musicians responding to the movement of the conductor&#39;s baton with grace and precision to create a perfect symphony. Much like a masterful orchestra, each musician has a defined role with distinct beginning and an end. A &#39;Trust contract&#39; enables the musicians and the conductor to move from one section to another, creating value for their listeners.</span></div> <div>&nbsp;</div> <div><span style="font-size: 13.008px;">Procurement is no different. Like the conductor at an orchestra, procurement professionals work across multiple stakeholders including business, legal &amp; vendors, to create value for their organization. The analogy seems perfect, but stakeholder alignment and having a seat at the table remains elusive and an aspiration for many procurement functions. With each stakeholder group having competing priorities and lacking a &#39;Trust contract&#39; at times, means lesser value generation. Leading procurement functions, facilitate </span><strong style="font-size: 13.008px;">30-50%</strong><span style="font-size: 13.008px;"> of their company&#39;s spend and outperform their peers by up to </span><strong style="font-size: 13.008px;">10 times</strong><span style="font-size: 13.008px;"> in driving increased value. This remarkable improvement is driven by their strategic approach; all procurement leaders consider themselves strategic enterprise business partners, focusing more than </span><strong style="font-size: 13.008px;">70%</strong><span style="font-size: 13.008px;"> of their teams on strategic activities, in contrast to only </span><strong style="font-size: 13.008px;">17%</strong><span style="font-size: 13.008px;"> by other companies. These factors underscore the significant impact of strategic procurement practices on overall performance</span><sup>1</sup><span style="font-size: 13.008px;">.&nbsp;</span></div> <div>&nbsp;</div> <div>Let&#39;s go back to where it all starts. The procurement planning cycle is a systematic process by which the indirect procurement functions determine their short-, mid-, and long-range goals and plans to achieve them. Typically conducted annually, this process involves evaluating the organization&#39;s current state, setting future objectives, including the value generation targets through cost saving, cost avoidance, and devising strategies and tactics to meet those objectives. With inputs from the corporate planning cycle, procurement functions can ensure alignment between overarching corporate objectives and the actions of specific departments or teams. By following the planning cycle, procurement functions aim to improve their overall readiness posture, and adaptability in an ever-changing business environment. Similar to rehearsals in an orchestra, the planning cycle helps the procurement teams plan and practice what they will implement and how best to achieve those outcomes.&nbsp;</div> <div>&nbsp;</div> <div>While integration with the corporate planning cycle is often assured, integration with business planning cycle is often lacking. Concentrating on the indirect aspects of procurement to adopt an industry-agnostic standpoint, business planning cycles and the related communication often unfold sequentially. Business units typically conclude their roadmaps and allocate OPEX funds in relative isolation during this process. Bottom line impact expectations to indirect procurement teams are often communicated towards the end of the business planning cycle, and that too in a fragmented manner instead of whole, leading to delayed procurement start, loss of valuable time, and a drop in value generation. To make matters worse, suppliers are involved at the far end of &nbsp;the process or not at all, creating a firewall between procurement and implementation teams, who are often interspersed with the vendor teams. Strategic alignment in leading companies, driven by advanced supplier development and innovation, consistently yields a <strong>2X growth</strong> and performance advantage, fueled by collaborative joint business planning<sup>2</sup>. What solution(s) can be implemented to improve integration between business planning cycles and engaging indirect procurement teams?</div> <div>&nbsp;</div> <div>&nbsp;</div> <div><strong>NEW STATE &amp; OKRs</strong></div> <div>&nbsp;</div> <div><img alt="" src="https://futureofsourcing.com/sites/default/files/okr_gpx_fos.jpg" style="width: 250px; height: 249px; float: right;" />What if we were to drive an indirect procurement planning process whereby, we seek active inputs from the business teams while keeping the strategic suppliers informed of aspirational objectives that need their input? Furthermore, what if we were to drive joint ownership of strategic goals that must be delivered with alignment between business teams, procurement, and suppliers with adequate corporate guidance? Would this approach empower the procurement teams to foster deeper trust and deliver enhanced value, akin to the harmonious collaboration seen in a symphony orchestra?</div> <div>&nbsp;</div> <div>Objectives and Key Results (OKRs) is a structured goal-setting methodology that can help organizations set measurable goals. The methodology has started gaining increased traction in recent times supported by adoption across leading organizations including Amazon, Intel &amp; Microsoft <sup>3</sup>. OKR enables organizations to set goals at various levels - company-wide, business unit, and individual. This cascading structure ensures alignment between individual efforts and the larger outcomes of the company or business. Here&rsquo;s an example of procurement level objectives and key results<sup>4</sup>.&nbsp;</div> <div>&nbsp;</div> <div><strong>Objective:</strong> Identify and implement cost-saving initiatives in procurement</div> <div><strong>Key Results:</strong></div> <div>1. Achieve 10% reduction in overall procurement costs.</div> <div>2. Increase cost savings through negotiations or strategic sourcing by 20%.</div> <div>3. Implement 3 process improvements or efficiency measures to reduce purchasing expenses for the organization.</div> <div>&nbsp;</div> <div>The beauty of OKRs lies in their simplicity and effectiveness. By setting clear objectives that are ambitious yet attainable, organizations can drive focus and prioritize their efforts towards achieving desired results. The key results act as measurable milestones that indicate progress towards the objectives. One of the key benefits of OKRs is their ability to provide clarity and transparency throughout the organization. When every team member understands how their individual contributions tie into the broader company or business-wide goals, it creates a sense of purpose and accountability in-line with the organization&rsquo;s overall corporate mission, vision, and goals.</div> <div>&nbsp;</div> <div>For individual contributors, OKRs offer a framework to evaluate their own performance within the context of organizational objectives. They can assess how their efforts directly contribute to the success of the company or business unit. This not only helps in aligning personal aspirations with organizational goals but also provides a roadmap for growth and development. OKRs serve as a powerful tool for goal setting and performance management at different levels within an organization. Allowing individuals to understand the connection between their work and broader results can promote alignment, responsibility, and increased success.</div> <div>&nbsp;</div> <div>An end-to-end planning cycle supports leveraging of OKRs as an enablement framework to capture the expected goals for the organization and cadences for update. Like a baton in a conductor&#39;s hand, the OKR framework can provide the necessary structure, but it relies on the planning cycle to bring it to fruition, like a conductor leading an orchestra. Through mutual comprehension of organizational objectives among business partners, procurement teams, and strategic suppliers, the OKR methodology can establish a foundation of trust, fostering unity with collaborative goals and shared ambitions.</div> <div>&nbsp;</div> <div>&nbsp;</div> <div><strong>OKRS IN ACTION</strong></div> <div>&nbsp;</div> <div><img alt="" src="https://futureofsourcing.com/sites/default/files/okr2_gpx_fos.jpg" style="width: 250px; height: 249px; float: right;" />In traditional procurement planning, there&#39;s a common practice of keeping business stakeholders and suppliers at a distance until the planning process is finished. This leads to a lack of trust and shared goals. Similarly, on the business side, there are challenges as planning often happens without much input from the procurement team and suppliers. This separate planning approach for procurement and business results in a shortage of future projects for the procurement teams, impacting the value they can create.</div> <div>&nbsp;</div> <div>Envision a future where robust information flow characterizes the planning phase, seamlessly connecting business, procurement, and strategic suppliers through the framework of OKRs (Objectives and Key Results). By understanding how different teams are connected, groups like business and procurement can set shared goals for their work. While the business stakeholders have a collaborative ally on their side, the improved insight can help procurement get ready and drive increased value, with similar benefits for strategic suppliers through additional time for launching programs. The cascading of OKRs fosters a clearer comprehension of individual actions intertwined with the broader strategic vision of each department. As this heightened coordination takes root, the organization reaps the dividends, translating into palpable enhancements in its bottom-line performance. As per the OKR impact report, <strong>100% </strong>of companies working with OKRs are using them to drive business strategy with<strong> 90%</strong> of companies introducing OKRs through their leadership team and <strong>83%</strong> believing they have benefited from implementing the framework<sup>5</sup></div> <div>&nbsp;</div> <div>&nbsp;</div> <div><strong>TOOL LANDSCAPE</strong></div> <div>&nbsp;</div> <div>Driving a structured planning cycle and documenting and collaborating on a set of shared objectives between the Business stakeholders and suppliers can be challenging. With the sheer amount of data and need for confidentiality across reporting and governance, managing OKRs should not become a major initiative where the investment of time outweighs the benefits. That&rsquo;s where the OKRs tool comes in handy. The tool ecosystem across OKRs is continuing to evolve with at-least one major software vendor offering OKRs as part of its enterprise offering. The OKRs tool can simplify the process and enable confidentiality and seamless governance and reporting.&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> <div><strong>CONCLUSION</strong></div> <div>&nbsp;</div> <div>OKRs play a pivotal role in enhancing collaboration between the business and procurement teams. By establishing shared objectives and actionable Key Results, they foster a unified vision for implementation. This collaborative approach extends to involve suppliers, amplifying transparency and facilitating the effective achievement of end goals. However, it&#39;s important to strike a balance between agility and confidentiality. This structured methodology holds relevance across diverse industries and can empower the procurement function to take on a more strategic role, generating significant bottom-line savings for the organization. Indeed, this role stands as the very essence and cornerstone of the procurement department&#39;s mission.</div> <div>&nbsp;</div> <div>&nbsp;</div> <div><strong>References</strong></div> <div>1. Procurement represents 30 percent of a service company&rsquo;s revenue and at least 50 percent of a manufacturing company&rsquo;s revenue. Leading companies are also more likely to have purposeful procurement talent strategies and place an emphasis on creating high-performing teams. Approximately 80 percent of procurement leaders have proactive internal and external recruiting strategies, compared to 30 percent of other companies. In the survey results, all procurement executives at leading companies see themselves as strategic enterprise business partners&mdash;compared to 75 percent at other companies. And the most substantial gap between leaders and other companies in this area is the extent to which they focus on strategic activities. While 80 percent of leaders focus more than 70 percent of their procurement team on strategic activities, only 17 percent of other companies do the same. <a href="https://www.kearney.com/service/procurement/article/-/insights/realizing-the-power-of-procurement">https://www.kearney.com/service/procurement/article/-/insights/realizing...</a></div> <div>2. Companies with advanced supplier development and innovation tend to beat industry trends by <strong>2X in growth</strong> and other metrics. Other organizations participating in SCI have introduced formal methods to promote greater strategic alignment, such as by introducing a joint business-planning approach. The buyer and supplier align on short- and long-term business objectives, set out mutual targets, and jointly develop plans to achieve objectives. Areas of opportunity for collaboration include growth, innovation, productivity, quality, and margins (see sidebar, &ldquo;Joint business planning&rdquo;). Buyers and supplier perception were surprisingly close - but scores weakened between alignment and execution. <a href="https://www.mckinsey.com/capabilities/operations/our-insights/taking-supplier-collaboration-to-the-next-level">https://www.mckinsey.com/capabilities/operations/our-insights/taking-sup...</a></div> <div>3. Top companies who use OKRs &amp; their success stories - <a href="https://www.peoplebox.ai/blog/who-uses-okrs/#:~:text=OKR%20Software%20%2D%20Used%20by%20500%2B%20Companies">https://www.peoplebox.ai/blog/who-uses-okrs/#:~:text=OKR%20Software%20%2...</a></div> <div>4. OKR examples. <a href="https://okrinternational.com/okr-examples-procurement/. ">https://okrinternational.com/okr-examples-procurement/. </a></div> <div>5. 100% of companies working with OKRs are using them to drive business strategy. 90% of companies introduce OKRs through their leadership team, either the executive management or the board of directors. The goal here is to also improve corporate governance. 83% of companies working with OKRs believe they have benefited from implementing the framework. OKR Impact Report 2022 - <a href="https://mooncamp.com/blog/okr-statistics/#:~:text=The%20most%20successful%20companies%20have,a%20third%20even%20fully%20agree">https://mooncamp.com/blog/okr-statistics/#:~:text=The%20most%20successfu...</a></div> <div>6. Image download free license <a href="https://www.freepik.com/free-vector/sales-plan-business-abstract-illustration_20769955.htm#query=Objective%20and%20">https://www.freepik.com/free-vector/sales-plan-business-abstract-illustr...</a> key%20results position=48&amp;from_view=search&amp;track=ais, <a href="https://www.freepik.com/free-vector/copy-optimization-illustration_19635348.htm#query=Objective%20and%20key%20results&amp;position=34&amp;from_view=search&amp;track=ais">https://www.freepik.com/free-vector/copy-optimization-illustration_19635...</a></div> <div>&nbsp;</div> <div>&nbsp;</div> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/cpo" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">CPO</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="OKR Effect: The Secret Ingredient in Next-Level Procurement Strategy - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/okr-effect-the-secret-ingredient-in-next-level-procurement-strategy"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Thu, 04 Jan 2024 15:14:00 +0000 Nikhil Parva 2324 at https://www.futureofsourcing.com https://www.futureofsourcing.com/okr-effect-the-secret-ingredient-in-next-level-procurement-strategy#comments Synertrade positioned as the Leader in the SPARK Matrix for Strategic Sourcing Applications (S2C), Q3, 2023 by Quadrant Knowledge Solutions https://www.futureofsourcing.com/synertrade-positioned-as-the-leader-in-the-spark-matrix-for-strategic-sourcing-applications-s2c-q3 <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Syntertrade.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Syntertrade.png" title="Synertrade positioned as the Leader in the SPARK Matrix for Strategic Sourcing Applications (S2C), Q3, 2023 by Quadrant Knowledge Solutions" class="colorbox" rel="gallery-node-2323-OkOgzOwlGmU"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Syntertrade.png?itok=Kya-ZuBJ" width="624" height="325" alt="" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <ul> <li>The&nbsp;<a href="https://quadrant-solutions.com/" target="_blank">Quadrant Knowledge Solutions</a>&nbsp;SPARK Matrix&trade; provides competitive analysis &amp; ranking of the leading Strategic Sourcing Application (S2C) vendors.&nbsp;</li> <li><a href="https://synertrade.com/en/">Synertrade</a>&nbsp;with its comprehensive technology for&nbsp;Strategic Sourcing Application (S2C),&nbsp;receives strong ratings across the parameters of technology excellence and customer impact.&nbsp;</li> </ul> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p><strong>Paris, October 26<sup>th</sup>&nbsp;2023</strong>: Quadrant Knowledge Solutions announced today that it has named&nbsp;<strong>Synertrade</strong>&nbsp;as a&nbsp;<strong>Q3, 2023 technology leader</strong>&nbsp;in the SPARK Matrix analysis of the&nbsp;<strong>Strategic Sourcing Application (S2C)</strong>,&nbsp;market.</p> <p>The&nbsp;<strong>Quadrant Knowledge Solutions&nbsp;SPARK Matrix</strong><strong><sup>TM</sup></strong>: Strategic Sourcing Application (S2C), Q3, 2023 includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading Strategic Sourcing Application (S2C) vendors in the form of its SPARK Matrix. It gives users strategic information to evaluate vendor capabilities, competitive differentiation, and market position.&nbsp;</p> <p>Quadrant Knowledge Solutions define strategic sourcing application as &ldquo;A comprehensive suite of tools designed to provide organizations with the capability to strategically analyze their spending patterns, fortify relationships with suppliers, and oversee performance tracking to alleviate potential risks.&rdquo; This dynamic solution bestows upon businesses the ability to make informed decisions in alignment with their specific objectives, concurrently facilitating the reduction of overall ownership costs.</p> <p>According to&nbsp;<strong>Akaash</strong>, Analyst at Quadrant Knowledge Solutions, &quot;<em>Synertrade empowers organizations with the Accelerate Source-to-contract solution, enabling them to streamline the digital procurement process. This solution covers everything from the initial phases of strategic sourcing to the management of vendor contracts for both direct and indirect materials.&quot; Synertrade&rsquo;s strategic sourcing application also includes advanced features such as collaborative demand management, supplier risk automation, procurement planning application and collaborative supplier qualification application, Akaash adds, &quot;<strong>Synertrade has received strong ratings across the parameters of technology excellence and customer impact</strong>&nbsp;and has been placed as a leader in the&nbsp;</em><a href="https://quadrant-solutions.com/market-research/spark-matrix-strategic-sourcing-applications-s2c-q3-2023-2983"><em>SPARK MatrixTM: Strategic Sourcing Application (S2C), Q3, 2023</em></a><em>&nbsp;owing to its comprehensive &amp; innovative S2C platform, a compelling vision &amp; roadmap, an extensive partnership ecosystem, year-on-year growth, complete product offerings with support services, and in-depth domain experience.&quot;</em></p> <p><strong>Olivier Berrouiguet</strong>, CEO of Synertrade, commented:&nbsp;&ldquo;We<em>&nbsp;are&nbsp;</em><em>very&nbsp;</em><em>proud&nbsp;</em><em>for this achievement: Synertrade is providing deep focus on&nbsp;</em><em>Source-to-contract solution, enabling&nbsp;</em><em>procurement to be positioned as a trusted business advisor.&nbsp;&nbsp;With a structured strategic sourcing approach, procurement professionals are not only able to significantly contain costs, but also improve efficiency in the organization, while ensuring that their suppliers&#39; values and practices are in line with the company&#39;s objectives.&nbsp;</em><em>In time</em><em>s</em><em>&nbsp;of change and uncertainty, strategic sourcing is crucial as it also acts to monitoring the market and sourcing the right suppliers, while maintaining long-term relations</em><em>hips with them.</em></p> <p><em style="font-size: 13.008px;">This achievement confirms our commitment to provide a secure, fast and on-time all-in-one Source to Pay platform. Our mission is to allow procurement leaders a deep governance and a Source to Contract solution to streamline the digital procurement process, from the initial phases of strategic sourcing to the management of vendor contracts lifecycle for direct and indirect materials</em></p> <p><strong>About Synertrade</strong></p> <p>Synertrade is a leading global provider of digital procurement solutions, with over 20 years experience.&nbsp;</p> <p><span style="font-size: 13.008px;">Synertrade Accelerate, the all-in-one cloud-based platform, covers the entire Source-to-Pay process, enabling CPOs and CFOs to efficiently orchestrate Source-to-Contract, Procure-to-Pay, Supplier Relationship Management processes in an integrated and fully digitised way, enhancing end-to-end collaboration across business functions. With over 400,000 connected users and 4,000,000 registered suppliers, the eProcurement platform now supports more than 250 companies worldwide such as Adevinta, Agco, DeA Capital, Dkv, Eolo, GFT, Groupama, Groupe Pochet, Hjf, Mediaset, Nortegas, Prysmian, Raja, Recordati, Schneider Electric, Tubacex, Vinci. With 10 offices worldwide, over 200 employees and 24/7 support in 6 languages, Synertrade is a satellite company of the Econocom Group.</span></p> <p>Accelerate Procurement Agility.&nbsp;</p> <p><a href="mailto:contactus@synertrade.com">contactus@synertrade.com</a></p> <p><a href="http://www.synertrade.com/">www.synertrade.com</a></p> <p>&nbsp;</p> <p><strong>About Quadrant Knowledge Solutions</strong></p> <p>Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients as the strategic knowledge partner in achieving business transformation goals with Strategic Business and Growth Advisory Services. Quadrant&rsquo;s research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.&nbsp;</p> <p><em>For more available research, visit:&nbsp;</em><a href="https://quadrant-solutions.com/market-research/"><em>https://quadrant-solutions.com/market-research/</em></a></p> <p><strong style="font-size: 13.008px;">Media Contacts:</strong></p> <p><strong>Synertrade</strong>&nbsp;&nbsp;</p> <p>Francesca Vannutelli&nbsp;<strong><a href="mailto:Francesca.vannutelli@synertrade.com">Francesca.vannutelli@synertrade.com</a></strong></p> <p><strong>Quadrant Knowledge Solutions</strong><br /> Mr. Ajinkya Ingle<br /> Quadrant Knowledge Solutions<br /> Email:&nbsp;<a href="mailto:ajinkya@quadrant-solutions.com" target="_blank" title="mailto:ajinkya@quadrant-solutions.com">ajinkya@quadrant-solutions.com</a>&nbsp; &nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/cpo" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">CPO</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Synertrade positioned as the Leader in the SPARK Matrix for Strategic Sourcing Applications (S2C), Q3, 2023 by Quadrant Knowledge Solutions - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/synertrade-positioned-as-the-leader-in-the-spark-matrix-for-strategic-sourcing-applications-s2c-q3"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Fri, 10 Nov 2023 18:19:08 +0000 Francesca Vannutelli 2323 at https://www.futureofsourcing.com https://www.futureofsourcing.com/synertrade-positioned-as-the-leader-in-the-spark-matrix-for-strategic-sourcing-applications-s2c-q3#comments Adapt or Fall Behind: How Top Companies Are Winning with Flexible Workforce Models https://www.futureofsourcing.com/adapt-or-fall-behind-how-top-companies-are-winning-with-flexible-workforce-models <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Nikhil.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Nikhil.png" title="Adapt or Fall Behind: How Top Companies Are Winning with Flexible Workforce Models" class="colorbox" rel="gallery-node-2322-OkOgzOwlGmU"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Nikhil.png?itok=SLclnStY" width="624" height="325" alt="" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <div> <h1>&nbsp;</h1> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <style>sup {font-size:xx-small; vertical-align:super;}</style><div>In the face of today&#39;s economic challenges and unpredictable market landscape, the utilization of flexible workforce has become an essential strategy for organizations around the globe. The flex workforce, encompassing Contractors, Managed Service Providers (MSPs), and 1099 resources, offers a distinctive advantage, enabling companies to augment human resources without binding themselves to long-term retention commitments. Remarkably, the proportion of an average enterprise&#39;s contingent workforce has surged from 20% to 43%<sup>1</sup> over the past decade. This growth reflects the critical role of flexibility in swiftly scaling resources to meet evolving business demands&mdash;a crucial factor in achieving successful outcomes in the current environment. In the ensuing discussion, our focus will be particularly on the employment of contractors, examining their vital contribution within the framework of hyper-growth companies.&quot;</div> <div>&nbsp;</div> <div>While the successful leverage of this flexible workforce model may stem from investments made by organizations over time, the rapidly shifting economic landscape emphasizes that it&#39;s never too late to implement or refine a functional flex workforce approach. The continuous evolution of this strategy, tailored to the unique needs and maturity of a given program, remains an essential component for navigating the complexities of today&#39;s market.</div> <div>&nbsp;</div> <div><strong>KEY ELEMENTS OF AN EFFECTIVE FLEX WORKFORCE MODEL &nbsp;</strong></div> <div>&nbsp;</div> <div>Design and success of flex workforce models rest on a combination of three main ingredients. (1) <strong>Lead time</strong> - How fast can the flex workforce be ramped up (2) <strong>Quality</strong> - How can we maintain an expected level of quality hires? And (3) <strong>Cost</strong> - Are we paying reasonable prices for these resources in line with the market rates?&nbsp;</div> <div>&nbsp;</div> <div>Oftentimes, even organizations with mature flex models struggle with one or more of these key areas. Whether you are a Business Unit &ldquo;requiring&rdquo; contractor resources (a.k.a. consumer) or a centralized team responsible for &ldquo;providing&rdquo; contractor resources (a.k.a. provisioner), implementing a nuanced approach addressing these key areas can drive significant value for your organization. BUs can drive close tracking of contractors by maintaining their own &lsquo;Contractor Operational Response &amp; Readiness&rsquo; (CORR) programs.</div> <div>&nbsp;</div> <div>1. Lead time: In light of employers shift to less experienced talent in a tightening Labor market <sup>5</sup>, rehiring of existing contract resources at the end of their current initiatives seems to be a logical choice. Followed by 87% of best in class companies,<sup>6</sup> this simple process can be enabled by transferring contractors from one team to another at the end of their assignments. Organizations can bypass the need to hire &lsquo;new contractors&rsquo; and instead utilize the ones that are already a part of the existing/shared pool of resources (a.k.a. SST - Shared Services Team) while addressing existing constraints such as performance issues, lack of visibility on the contractor pipeline, and tenure limit. To drive enablement, all (new) requests raised by hiring managers in a given BU should go through a localized CORR database instead of being raised as a net new request. Not only will this lead to a reduction in lead time but also enable hiring of existing CW resources through the Contract to Hire (C2H) process.&nbsp;</div> <div>&nbsp;</div> <div>2. Quality: Business Units can drive effective retention strategies for high performing contractor resources through rotation across initiatives and taking into account the tenure limit set by the organization. By providing performance feedback to staffing companies, companies can avoid co-employment risk while identifying and increasing the longevity of their high performing flexible hire.&nbsp;</div> <div>&nbsp;</div> <div>3. Cost: Organizations can achieve <strong>40% higher year-over-year cost savings</strong> <sup>3</sup> by driving cost rationalization through closer management of &nbsp;contractor resources and seamless information sharing. E.g. identification of cases where contractors have a higher Bill Rate (BR) than the MBR (Maximum Bill Rate) and wide variation between Bill Rate (BR) for contractors with similar skill set, &nbsp;</div> <div>&nbsp;</div> <div>The applicability and impact across these key areas may not be restricted to BUs (consumers) alone but can be leveraged by centralized teams responsible for provisioning contractor resources across the organization as illustrated in the graphic below..&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> <div align="center"><img src="https://futureofsourcing.com/sites/default/files/Screenshot%202023-12-15%20at%2010.09.59%20AM.png" style="height: 333px; width: 600px;" /></div> <div>&nbsp;</div> <div>&nbsp;</div> <div><strong>5 STEP IMPLEMENTATION PROCESS</strong></div> <div>&nbsp;</div> <div>Here are 5 simple steps for managing your contractor resources through the CORR framework.</div> <ol> <li>Current state assessment: Perform a current state assessment of your Contingent Workforce. Pay special emphasis on foundational metrics such as contractor classification, count, lead time for hiring contractors, pipeline of contractors going through onboarding and offboarding, and contractor catalog (comprising level and rates across multiple geographies).</li> <li>Streamline intake and output pipelines: Document the contractors that are currently going through the hiring process. Similarly document and understand the contractors that are required to be off-boarded as a result of performance issues, tenure limit, or expiry of the contractor contract.</li> <li>Establish a communication framework: Identify the key stakeholders and establish a communication framework. Provide focus on the frequency and content of the communication with the audience in mind.</li> <li>Implement a pilot: Prior implementing the program BU or organizational wide, run a pilot to understand the program nuances including potential points of failures. Create an effective change management plan to enable an effective blueprint for scaling the program.</li> <li>Scale: Implement the lessons learned as part of program scaling to cover one and more BUs or organization-wide.</li> </ol> <div>&nbsp;</div> <div><strong>CONCLUSION</strong></div> <div>&nbsp;</div> <div>Companies can drive a paradigm shift in their CW programs by driving the right balance between the growing need for flex workforce with risk and cost to enable a truly agile workforce. FTEs and CW resources can drive significant value to critical projects and initiatives &nbsp;in-line with the direction that a majority of the organizations are planning or currently undertaking <sup>4</sup>. These impacts, although substantial for organizations, will be even greater for hyper growth companies due to a need for quick ramp-up and ramp-down of resources to support their business needs.</div> <div>&nbsp;</div> <div>Authors</div> <div>&nbsp;</div> <div>Nikhil Parva - Is a former consultant from a global professional services firm.</div> <div>Sougata Banerjee - Is a Managing Director at a global professional services firm&nbsp;</div> <div>&nbsp;</div> <div>References&nbsp;</div> <ol> <li>Page 5 - The state of contingent workforce management 2020. Report published by Ardent Partners in collaboration with Coupa. <a href="https://get.coupa.com/Ardent-Partners_20-State-of-Contingent-Workforce_ThankYou.html">https://get.coupa.com/Ardent-Partners_20-State-of-Contingent-Workforce_T...</a></li> <li>Page 18 and 19 - The state of contingent workforce management 2020. Report published by Ardent Partners in collaboration with Coupa. <a href="https://get.coupa.com/Ardent-Partners_20-State-of-Contingent-Workforce_ThankYou.html">https://get.coupa.com/Ardent-Partners_20-State-of-Contingent-Workforce_T...</a></li> <li>Page 19 - <a href="https://get.coupa.com/Ardent-Partners_20-State-of-Contingent-Workforce_ThankYou.html">https://get.coupa.com/Ardent-Partners_20-State-of-Contingent-Workforce_T...</a></li> <li>Page 28 - <a href="https://get.coupa.com/Ardent-Partners_20-State-of-Contingent-Workforce_ThankYou.html">https://get.coupa.com/Ardent-Partners_20-State-of-Contingent-Workforce_T...</a></li> <li>Employers Shift to Less Experienced Talent &nbsp;in Tight Labor Market <a href="https://magnitglobal.com/us/en/resources/knowledge-center/white-paper/us-labor-market-report-spring-2023.html">https://magnitglobal.com/us/en/resources/knowledge-center/white-paper/us...</a></li> <li>Redeployment is a great strategy for sourcing, taking less time and costs to fill a role. Particularly in a tight labor market, redeployment is a great strategy for uncovering hidden talent pool and retaining quality talent. <a href="https://www.spiceworks.com/hr/engagement-retention/news/retaining-contingent-workforce-in-tight-talentmarket/#:~:text=PRO%20Unlimited%20used%20publicly%20available,talent%20in%20the%20long%20term">https://www.spiceworks.com/hr/engagement-retention/news/retaining-contin...</a>.</li> </ol> <div>&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/cpo" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">CPO</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Adapt or Fall Behind: How Top Companies Are Winning with Flexible Workforce Models - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/adapt-or-fall-behind-how-top-companies-are-winning-with-flexible-workforce-models"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Fri, 03 Nov 2023 19:54:26 +0000 Nikhil Parva 2322 at https://www.futureofsourcing.com https://www.futureofsourcing.com/adapt-or-fall-behind-how-top-companies-are-winning-with-flexible-workforce-models#comments BP JLL U of Tennessee • Future of Sourcing Awards Finalist Interview https://www.futureofsourcing.com/bp-jll-u-of-tennessee-%E2%80%A2-future-of-sourcing-awards-finalist-interview <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/FOS_Fall%202023_Finalist-Interviews.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/FOS_Fall%202023_Finalist-Interviews.png" title="BP JLL U of Tennessee • Future of Sourcing Awards Finalist Interview" class="colorbox" rel="gallery-node-2318-OkOgzOwlGmU"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/FOS_Fall%202023_Finalist-Interviews.png?itok=1PcR_iOW" width="800" height="441" alt="" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <div> <h1>BP JLL U of Tennessee&nbsp;</h1> <p><span style="color: rgb(51, 51, 51); font-family: &quot;Open Sans&quot;, Arial, Helvetica, Verdana, &quot;Bitstream Vera Sans&quot;, sans-serif; font-size: 13px; font-style: italic; font-weight: 700; orphans: 2; widows: 2;">This October, the&nbsp;</span><a href="https://futureofsourcingawards.com/?__hstc=215510152.344406f4865c40604cf6029be7e958e0.1543422516683.1570835886974.1570842947555.661&amp;__hssc=215510152.2.1570842947555&amp;__hsfp=847670889" style="font-family: inherit; font-size: inherit; font-style: inherit; font-variant-caps: inherit; orphans: 2; widows: 2; outline: 0px; font-stretch: inherit; line-height: inherit; color: rgb(0, 161, 191);">Future of Sourcing Awards</a><span style="color: rgb(51, 51, 51); font-family: &quot;Open Sans&quot;, Arial, Helvetica, Verdana, &quot;Bitstream Vera Sans&quot;, sans-serif; font-size: 13px; font-style: italic; font-weight: 700; orphans: 2; widows: 2;">&nbsp;will celebrate organizations and individuals that have shown innovation, leadership and transformation in categories that are critical to the sourcing industry. Interviews with the finalists provide helpful insight about their projects, the problem they sought to solve and the impact to their organizations. We will keep these organization anonymous until the event.</span></p> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div> <div> <div> <div><strong>1.<span class="Apple-tab-span" style="white-space:pre"> </span>Can you outline why your team embarked on this project and the problem that needed to be solved?</strong></div> <div>Since its inception in 1908 bp has always been about transitions; from coal to oil, from oil to gas, and then from onshore to deep water. Most recently bp launched a transformation to reimagining energy for people and our planet. bp wants to help the world reach net zero and improve people&rsquo;s live. They are doing this by transforming and delivering the reliable, affordable and lower-carbon energy the world needs. &nbsp;Any bp employee will tell you the company is not just reimagining energy; they are transforming how their organization works to deliver on the promise. And that includes how they work with JLL as a strategic business partner to reimagine facilities and real estate operations globally.&nbsp;</div> <div>&nbsp;</div> <div>The transformation of bp&rsquo;s facilities and real estate contracts began in the spring of 2020 when bp made the strategic decision to create a Vested outsourcing agreement and ultimately sought to the best supplier from the three down-selected candidates. JLL was ultimately selected as the partner of choice the first week of June 2020 with the goal to work with bp to reimagine workplace solutions across the globe.</div> <div>&nbsp;</div> <div><strong>2.<span class="Apple-tab-span" style="white-space:pre"> </span>How were things done originally and what was the inspiration to innovate the process?</strong></div> <div>bp has a long history of outsourcing facilities and real estate management services. bp&rsquo;s total facilities management portfolio includes over 132 locations in 20 countries &ndash; the majority of which were outsourced to four primary service providers. Like most organizations, bp&rsquo;s procurement organization used a competitive bid process to test the market to ensure it was getting the best deal from suppliers. In the case of this project, a traditional bid was issued to seven supplier candidates who could potentially manage over 6.8 million square feet of bp&rsquo;s corporate real estate. The only &ldquo;new&rdquo; aspect was structuring the bid where the smaller parts could potentially be bundled with a global supplier.&nbsp;</div> <div>&nbsp;</div> <div>Wendy Cuthbert joined bp as the Global Head of Workplace Solutions in late 2019, when the project was well under way. Wendy thought to herself. &ldquo;We have some really good suppliers &ndash; but we are not challenging ourselves to think outside of the box.&rdquo; Wendy came to bp as an outsider; she was experienced with various sourcing business models companies could use for outsourcing. Cuthbert explained: &ldquo;What we were doing was issuing an RFP to the same suppliers using the same approach we had in the past. So, nothing was really changing besides the fact that we had structured to bid where the smaller parts could potentially be bundled with a global supplier. We hadn&#39;t looked at different sourcing models such as Vested. &nbsp;I tapped into my network and one of my old commercial managers suggested I contact the University of Tennessee to learn about the Vested methodology.&rdquo; &nbsp; &nbsp;Ultimately bp hosted two workshops for key stakeholders to learn about Vested getting bp&rsquo;ers to challenge the status quo.&nbsp;</div> <div>&nbsp;</div> <div>After the workshops bp changed their approach from picking a supplier to picking a strategic partner who would help them co-create a Vested outsourcing relationship. Below is the shared vision and six Desired Outcomes bp and JLL established for their partnership (referred to as wevo for Workplace Evolution).</div> <div>&nbsp;</div> </div> </div> </div> <p><img src="blob:https://futureofsourcing.com/f772ba78-1bb0-41dd-ad8e-86ea83349298" style="height: 560px; width: 600px;" /></p> <p>&nbsp;</p> <div><strong>3.<span class="Apple-tab-span" style="white-space:pre"> </span>What KPIs did you use to measure success for this project? (For example: performance, customer satisfaction, revenue, sales or relevant financial gains?)</strong></div> <div>Transition Success</div> <div style="margin-left: 40px;">&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>98% Transition Success shifting from 4 supplier to JLL &ndash;something remarkable considering the transition was in the height of Covid and virtually all meetings were done virtually&nbsp;</div> <div style="margin-left: 40px;">&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>93% of talent transitioned to JLL with retention rates exceeding 90% - well above industry norms</div> <div style="margin-left: 40px;">&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>40% of the team is diverse &ndash; well above industry norms</div> <div style="margin-left: 40px;">Processes Transformation</div> <div style="margin-left: 40px;">&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Successful ramp up of new processes on time and within budget, including new global financial reporting capabilities and processes that now allow bp to track financials well beyond simple budgets and make business decisions that impact total cost-of-ownership decisions. The result has led to millions of dollars in smart cost avoidance decisions within the first year</div> <div style="margin-left: 40px;">&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Deliver over 100 projects in the first year alone with no impact on business-as-usual.&nbsp;</div> <div style="margin-left: 40px;">&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Over 1,000 nominations for both individual and team acknowledgments&nbsp;</div> <div style="margin-left: 40px;">Achieving Critical Goals</div> <div style="margin-left: 40px;">&bull;<span class="Apple-tab-span" style="white-space:pre"> </span>Breaking safety records (US achieving 0 (Zero) recordable incidents)</div> <div style="margin-left: 40px;">The actual results are shown in the graphic below:</div> <div style="margin-left: 40px;">&nbsp;</div> <div style="margin-left: 40px;"><img src="blob:https://futureofsourcing.com/cc7c56ab-d92d-4505-a0e9-d2480e8ae1ee" style="height: 291px; width: 600px;" /></div> <div style="margin-left: 40px;">&nbsp;</div> <div><strong><span style="font-size: 13.008px;">4.</span><span class="Apple-tab-span" style="font-size: 13.008px; white-space: pre;"> </span><span style="font-size: 13.008px;">How you plan to ensure that the new model remains relevant and adapts to the future needs of the market?</span></strong></div> <div style="margin-left: 40px;"> <div>A key part of the Vested process is having robust governance mechanisms and a contractual commitment for continuity of resources process and &lsquo;onboarding&rsquo; training ramp up new team members on the Vested Five Rules. &nbsp;The onboarding program is designed so the Univ of Tenn online course providing the fundamental basics of &ldquo;why and what of Vested&rdquo; and the live &ldquo;induction&rdquo; training helps team members understand how the parties apply the Vested Five Rules for their relationship. The training is designed to be completed within 90 days of a new team member joining the team. Induction training is designed by team members &ndash; for team members so team members &ldquo;could pick up the key concepts of Vested and how the Five Rules worked in practice in the field.&rdquo; &nbsp;In addition, there are two &ldquo;executive&rdquo; level sessions where higher level individuals who are not dedicated to the partnership receive a condensed version about Vested and how bp/JLL apply the rules in their contract and working relationship.</div> <div>&nbsp;</div> <div>A Vested agreement creates a true win-win agreement threading all of the way down into the contract terms. &nbsp;The Vested methodology safeguards the future benefits by ensuring contracting partners are truly wedded in each other&rsquo;s success &ndash; a win for the buyer is a win for the supplier, and vice versa. However, it is important to note that &ldquo;business happens&rdquo;. For this reason, the Vested methodology formally embeds a robust governance structure spanning four elements (Relationship Management, Transformation Management, Exit Management and Compliance against special concerns and external regulations). Parties use their governance &ndash; in conjunction with formal Guiding Principles &ndash; to make decisions that remain win-win (or lose-lose). &nbsp;This alignment means that there is no perverse incentive for either party to engage in what Nobel Laureate Oliver Hart calls &ldquo;contractual shading&rdquo;.</div> <div>&nbsp;</div> <div><strong>5.<span class="Apple-tab-span" style="white-space:pre"> </span>What advice do you have for those who may want to implement this innovative approach in their own organizations?</strong></div> <div>We&rsquo;d like to answer this from two different angles.&nbsp;</div> <div>First, from a broader perspective on what advice do we have for companies considering Vested. &nbsp;We suggest having people read the various case studies and books on Vested for inspiration! &nbsp;Of course, the bp-JLL case study is our latest case study, but we also recommend Vested: How P&amp;G, McDonald&rsquo;s and Microsoft are Redefining Winning in Business Relationships because it shares some of our favorite examples of how real-world companies are applying Vested in different situations.&nbsp;</div> <div>&nbsp;</div> <div>Second, from the perspective of the bp-JLL team members that lead work to transform how they thought about their strategic outsourcing relationships and in particular making the switch to Vested. &nbsp;The team suggests twelve tips for anyone considering going down the Vested path.</div> <div><img src="blob:https://futureofsourcing.com/76988fef-a111-4d28-ba2b-56afbac3d3d4" style="height: 248px; width: 600px;" /></div> <div>&nbsp;</div> <div> <div>We have put a lot of thought into the tips and are happy to go into more detail and share the lessons with others (e.g., on a webinar, podcast, SIG session).&nbsp;</div> <div>&nbsp;</div> <div><strong style="font-size: 13.008px;">6.<span class="Apple-tab-span" style="white-space:pre"> </span>What factors do you think are the most important to consider when innovating in this category?</strong></div> <div><span style="font-size: 13.008px;">Anytime a company is looking to change, the need to change. The problem is the only one that likes change is wet baby. &nbsp;</span><span style="font-size: 13.008px;">We recommend team think about five factors of change readiness when it comes to making the shift to a Vested strategic relationship. &nbsp;</span></div> <div>&nbsp;</div> <div>&nbsp;</div> <div> <table border="1" cellpadding="0" cellspacing="0" style="width:588px;" width="588"> <tbody> <tr> <td style="width:168px;"> <p>Stakeholder Analysis&nbsp;</p> </td> <td style="width:420px;"> <p>Are key executives and Stakeholders on board?</p> </td> </tr> <tr> <td style="width:168px;"> <p>Vested Knowledge Base</p> </td> <td style="width:420px;"> <p>Do both organizations understand the fundamentals of Vested? Are there at least 2 people from each partner who are prepared to learn (and lead) their organizations through the Vested methodology?</p> </td> </tr> <tr> <td style="width:168px;"> <p>Champions</p> </td> <td style="width:420px;"> <p>Is there an overall Champion from both companies driving the progress?</p> </td> </tr> <tr> <td style="width:168px;"> <p>Organizational Alignment</p> </td> <td style="width:420px;"> <p>Are all impacted functions and levels of authority on board and supportive of shifting the focus? How can I get team members onboard and engaged to contribute to the change effort?</p> </td> </tr> <tr> <td style="width:168px;"> <p>Guardrails (Dynamic Mandate)</p> </td> <td style="width:420px;"> <p>Making the shift to a transparent win-win relationships means making the shift to a formal relational contract. It is important for the buyer and supplier to articulate what their walk-away issues are as they begin to go down a path of being highly strategic and highly transparent.&nbsp;</p> </td> </tr> </tbody> </table> </div> </div> <div> <p class="MsoNormal" style="margin-left: 81pt; line-height: 16.866667px;">&nbsp;</p> <p class="MsoNormal" style="margin-left: 81pt; line-height: 16.866667px;">&nbsp;</p> <p class="MsoNormal" style="margin-left: 81pt; line-height: 16.866667px;">&nbsp;</p> </div> </div> <style class="WebKit-mso-list-quirks-style" type="text/css"> <!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:2.0pt; margin-right:0in; margin-bottom:2.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Century Gothic",sans-serif; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-bidi-font-family:Arial; mso-bidi-theme-font:minor-bidi;} p.MsoCommentText, li.MsoCommentText, div.MsoCommentText {mso-style-priority:99; 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Future of Sourcing Awards Finalist Interview - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/bp-jll-u-of-tennessee-%E2%80%A2-future-of-sourcing-awards-finalist-interview"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Mon, 02 Oct 2023 15:45:05 +0000 Future of Sourcing Awards 2318 at https://www.futureofsourcing.com https://www.futureofsourcing.com/bp-jll-u-of-tennessee-%E2%80%A2-future-of-sourcing-awards-finalist-interview#comments BGIS • Future of Sourcing Awards Finalist Interview https://www.futureofsourcing.com/bgis-%E2%80%A2-future-of-sourcing-awards-finalist-interview <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/FOS_Fall%202023_Finalist-Interviews.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/FOS_Fall%202023_Finalist-Interviews.png" title="BGIS • Future of Sourcing Awards Finalist Interview" class="colorbox" rel="gallery-node-2317-OkOgzOwlGmU"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/FOS_Fall%202023_Finalist-Interviews.png?itok=1PcR_iOW" width="800" height="441" alt="" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <div> <h1>BGIS</h1> <p><span style="color: rgb(51, 51, 51); font-family: &quot;Open Sans&quot;, Arial, Helvetica, Verdana, &quot;Bitstream Vera Sans&quot;, sans-serif; font-size: 13px; font-style: italic; font-weight: 700; orphans: 2; widows: 2;">This October, the&nbsp;</span><a href="https://futureofsourcingawards.com/?__hstc=215510152.344406f4865c40604cf6029be7e958e0.1543422516683.1570835886974.1570842947555.661&amp;__hssc=215510152.2.1570842947555&amp;__hsfp=847670889" style="font-family: inherit; font-size: inherit; font-style: inherit; font-variant-caps: inherit; orphans: 2; widows: 2; outline: 0px; font-stretch: inherit; line-height: inherit; color: rgb(0, 161, 191);">Future of Sourcing Awards</a><span style="color: rgb(51, 51, 51); font-family: &quot;Open Sans&quot;, Arial, Helvetica, Verdana, &quot;Bitstream Vera Sans&quot;, sans-serif; font-size: 13px; font-style: italic; font-weight: 700; orphans: 2; widows: 2;">&nbsp;will celebrate organizations and individuals that have shown innovation, leadership and transformation in categories that are critical to the sourcing industry. Interviews with the finalists provide helpful insight about their projects, the problem they sought to solve and the impact to their organizations. We will keep these organization anonymous until the event.</span></p> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div> <div><strong>1)<span class="Apple-tab-span" style="white-space:pre"> </span>Can you outline why your team embarked on this project and the problem that needed to be solved?&nbsp;</strong></div> <div> <div>At BGIS, our diversity and inclusion (D&amp;I) beliefs and practices play a pivotal role in our success as a service-based organization; enabling us to attract and retain the best talent and better reflect the employees, communities, and customers we serve and value. We take pride in our global supplier network, a cornerstone of our success. &nbsp;</div> <div>&nbsp;</div> <div>The BGIS senior executive team is firmly committed to SDI advancement as an important contributor to our corporate mission of being inclusive in our supply chain practices and our existing and new clients also share a strong SDI commitment. Launching our SDI program moved us beyond quality, cost-effectiveness and reliability and reinforced our Living Sustainability corporate value.&nbsp;</div> <div>&nbsp;</div> <div>Our mission was to revise selection criteria, support diverse suppliers, foster supply chain inclusivity, and track our progress to ensure continuous improvement. The BGIS SDI initiative aims to provide equal opportunities for organizations from historically underutilized equity-seeking groups, fostering economic inclusion and growth, social equity, and economically beneficial partnerships. Their unique perspectives, expertise and innovations enable us to deliver advanced offerings to our clients. Our goal is a diverse supply chain that fuels innovation, boosts competitiveness and promotes equity, aligning with our corporate social responsibility commitment and our stakeholders&#39; high standards.&nbsp;</div> <div>&nbsp;</div> <div>These sustainable economic partnerships are advancing through inclusive supply chain practices, authentic community engagement, and transparent business practices. Additionally, at BGIS, working with the Indigenous community is not viewed as means to an end, but rather as&nbsp;<span style="font-size: 13.008px;">an opportunity to establish a new path forward, a path to Reconciliation.&nbsp;</span></div> <div>&nbsp;</div> </div> <div><strong>2)<span class="Apple-tab-span" style="white-space:pre"> </span>How were things done originally and what was the inspiration to innovate the process?&nbsp;</strong></div> <div> <div> <div> <div>SDI initiatives in Canada began in the early 2000s. It&rsquo;s a relatively new practice, but it is one that has gained momentum very quickly.</div> <div>&nbsp;</div> <div>A first big step was joining the Canadian Aboriginal and Minority Supplier Council (CAMSC) as a corporate member in 2011. We then focused on acquiring knowledge and better understanding SDI matters and, in 2015, BGIS Strategic Sourcing initiated Phase 1 of our current SDI strategy, publishing our Sustainable Procurement policy and action plan to provide diverse suppliers greater access to opportunities. Our progressive SDI initiatives have led to significant growth in our diverse supplier base and spend, with an increase of 5,706% (close to 6 thousand %) from 2016 to 2022 and it continues to grow. &nbsp;</div> <div>&nbsp;</div> <div>Our clients also started their SDI journeys around this time, and we moved forward together. Diversity, integral to our philosophy, is now embedded in our project charter, templates, documents and audit procedures, positioning SDI as the foundation for all we do.&nbsp;</div> <div>&nbsp;</div> <div>We are particularly proud of our strong Indigenous community partnerships, an initiative highly valued by our clients, and our deepening connections with other diverse communities. Support from the BGIS Leadership team, our Clients, shareholders, employees, and service providers has made SDI a cornerstone of our programs, policies, and contracts.</div> <div>&nbsp;</div> </div> </div> </div> <div><strong>3)<span class="Apple-tab-span" style="white-space:pre"> </span>What KPIs did you use to measure success for this project? (For example: performance, customer satisfaction, revenue, sales or relevant financial gains?)&nbsp;</strong></div> <div> <div>We gauge our outcomes through both quantitative and qualitative measures. &nbsp;</div> <div>&nbsp;</div> <div>On the quantitative front, we&rsquo;ve seen consistent annual growth in our SDI spend and our diverse supplier count &ndash; close to 6 thousand percent in the first 6 year!. Additionally, the number of clients requiring SDI spend reports has steadily increased. We have integrated SDI as a key metric in our Client Business Reviews, making it a fundamental aspect of all our projects and policies. A number of our Clients also have SDI related spend targets that are part of our service delivery agreements. &nbsp;</div> <div>&nbsp;</div> <div>On the qualitative side, our Client Account leaders have shown increased engagement in promoting SDI within their respective client organizations. SDI targets are now part of the Account Leaders&rsquo; performance objectives, and they are encouraged to participate in SDI council networking events. We have updated our RFx documents and evaluation criteria to include SDI questions and we ensure diverse suppliers are included in calls for quotes/proposals wherever possible. &nbsp;</div> <div>&nbsp;</div> <div>From a strategic perspective, the BGIS SDI program is now a standard part of the value proposition of Strategic Sourcing and BGIS in new client engagements. It is integrated into business development strategy and proposals presented to potential clients. It has helped the organization win several large client accounts and thus earned BGIS a valuable role as a strategic contributor to the success of those organizations.&nbsp;</div> <div><span style="font-size: 13.008px;">Furthermore, we measure our outreach and engagement success with diverse suppliers to optimize relationships. We have also been promoting awareness of our SDI commitments with our existing diverse suppliers who might not be certified, successfully encouraging them to obtain certification.&nbsp;</span><span style="font-size: 13.008px;">&nbsp;</span></div> <div>&nbsp;</div> </div> <div><strong>4)<span class="Apple-tab-span" style="white-space:pre"> </span>How do you plan to ensure that the new model remains relevant and adapts to the future needs of the market?&nbsp;</strong></div> <div> <div>Diversity &amp; Inclusion is a global priority for BGIS. The executive team is firmly committed to SDI advancement as an important contributor to our corporate mission of being inclusive in our supply chain practices. SDI is embedded in our project charter, templates, documents and audit procedures, positioning SDI as the foundation for all we do on an ongoing basis. Our existing and new clients also share a strong SDI commitment. &nbsp;</div> <div>We ensure that we safeguard our SDI program&#39;s relevance and importance by ensuring that our policy is current, and that we provide regular progress monitoring, training, and tech innovation. The ongoing support from key stakeholders, including Executive Leadership, Strategic Sourcing and our clients, also ensures that our SDI remains relevant. &nbsp;</div> <div>&nbsp;</div> <div>Key strategies include:&nbsp;</div> <ul> <li>Developing clear SDI policies that are regularly reviewed and updated&nbsp;</li> <li>Establishing a Global Indigenous Engagement Steering Committee&nbsp;</li> <li>Regular evaluation of our SDI program&#39;s effectiveness through quantitative progress reports&nbsp;</li> <li>Employee training on SDI importance and tools that are available for engaging with diverse suppliers&nbsp;</li> <li>Support for the diverse supplier network, including mentoring and training&nbsp;</li> <li>Use of technology to streamline SDI reporting processes and to identify potential diverse suppliers&nbsp;</li> <li>Transparency about SDI goals and progress&nbsp;</li> <li>Partnerships with SDI-focused organizations&nbsp;</li> </ul> <div>We actively engage with diverse supplier communities and related organizations. Notably, our Strategic Sourcing leaders hold key elected positions in CAMSC and NMSDC. We participate in committees, develop supplier handbooks, host best practice events with organizations like WBE Canada and CAMSC, and provide opportunities for Indigenous-owned businesses where they can showcase their services to BGIS buyers.&nbsp;</div> <div>Most recently, BGIS has made a commitment to become PAR Certified with the Canadian Council for Aboriginal Business (CCAB). The BGIS&rsquo; PAR action plan is divided into the four PAR drivers; Leadership Actions, Employment, Business Development, and Community Relations. &nbsp;</div> <div>&nbsp;</div> <div>These strategies, coupled with our corporate passion, ensure our SDI program&#39;s sustainability, contributing to our company&#39;s success and the broader goal of economic inclusion and social equity.&nbsp;</div> <div>As our SDI program evolves, we are developing new approaches to streamline diverse supplier identification, SDI spend reporting and other data-driven activities, freeing SDI leads to focus on strategic activities.</div> <div>&nbsp;</div> <div>Initiatives include:&nbsp;</div> <ul> <li>Partnering with our third-party supplier compliance provider to enhance diverse supplier tracking and seamlessly integrate it with our binding self-certification process.&nbsp;</li> <li>Working with our IT team to build more efficient Power BI reporting dashboards that provide a direct, real-time link between our spend reports and our diverse supplier database.&nbsp;</li> <li>Engaging third-party supplier diversity data services to help with SDI assessment, Tier 1 reporting and to launch a Tier 2 SDI program and Tier 2 reporting, providing further value to our clients.&nbsp;</li> <li>Making it easier for diverse suppliers to do business with us. &nbsp;</li> </ul> </div> <div>&nbsp;</div> <div><strong>5)<span class="Apple-tab-span" style="white-space:pre"> </span>What advice do you have for those who may want to implement this innovative approach in their own organizations?&nbsp;</strong></div> <div> <div>The advice I would give an organization that is embarking on an SID Program would be to start with engaging with the Supplier Diversity certification organizations and building a supportive network within their Corporate members and their supplier network. They provide a vast wealth of knowledge, training tools, guidance and resources and help them build the business case for the program that will help obtain Executive support. &nbsp;</div> <div>&nbsp;</div> <div>Executive support is key and it&rsquo;s important for the business case to align with the overall business strategy. Once their business case is supported by the executives, the next steps would be to develop a policy that would support the process. Executive support is also key in obtaining buy-in from team members who are reluctant to engage with new and unknown suppliers.</div> <div>&nbsp;</div> <div>Building a robust SDI program takes time and is an ongoing cycle of building and improving your plan, measuring, and reporting, identifying and implementing new opportunities. Communication, training and providing tools to help team members engage are very important. It is imperative that the benefits of an SDI program are understood and that there are tools that make it easy to find and engage with diverse suppliers. &nbsp;</div> </div> <div>&nbsp;</div> <div><strong>6)<span class="Apple-tab-span" style="white-space:pre"> </span>What factors do you think are the most important to consider when innovating in this category?&nbsp;</strong></div> <div> <div> <div> <div>The most important factor is to build a business case that aligns with the organization&rsquo;s existing values. If your program aligns with the organization&#39;s core values, the leadership team is more likely to support it. A successful SDI program needs to be supported by the leadership team. In addition to that, providing training, communication, and tools that make it easy to find diverse suppliers to engage with. It&rsquo;s important that an SDI program is seen as a value-add and not as something to comply with.&nbsp;</div> </div> </div> </div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/cpo" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">CPO</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="BGIS &amp;bull; Future of Sourcing Awards Finalist Interview - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/bgis-%E2%80%A2-future-of-sourcing-awards-finalist-interview"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Mon, 18 Sep 2023 13:17:24 +0000 Future of Sourcing Awards 2317 at https://www.futureofsourcing.com https://www.futureofsourcing.com/bgis-%E2%80%A2-future-of-sourcing-awards-finalist-interview#comments