World of Procurement

Curated news update from World of Procurement .Overall Sentiment: The global procurement landscape is facing significant disruption and transformation driven by geopolitical tensions, technological advancements, and shifting priorities.Key Themes:* Geopolitical Instability and Supply Chain Disruption:* Red Sea Conflict: Houthi attacks continue to disrupt shipping in the Red Sea, impacting major players like Maersk and BP. The US and UK have responded with counter-strikes, while Egypt warns of economic consequences stemming from militarization and blockades near the Suez Canal.* China-US Trade War: The ongoing tech war between the US and China is escalating, with both countries implementing export bans on critical materials. China's restrictions on gallium, germanium, antimony, and graphite directly impact US semiconductor and electric vehicle industries.* Impact: These conflicts highlight the vulnerability of global supply chains and the need for robust risk management and diversification strategies.* Shifting Procurement Priorities for 2025:* AI and Automation: "AI and automation are set to become central to procurement strategies, with a focus on AI-driven data analysis and decision-making." This suggests a move towards more data-driven and efficient procurement processes.* Sustainability and ESG: Despite potential political headwinds, sustainability and ESG compliance remain important, with an emphasis on circular economy principles. This indicates a growing focus on ethical and sustainable sourcing practices.* Workforce Challenges: An aging workforce necessitates strategies for attracting new talent and upskilling existing employees in digital competencies.* Value-centric Procurement: A shift from solely cost-focused procurement to a broader value-centric approach is anticipated. This includes factors like supplier relationships, innovation, and long-term value creation.* Impact: Procurement professionals need to adapt to these evolving trends, embracing new technologies, prioritizing talent development, and incorporating a broader range of factors into decision-making.* Open Questions for Procurement Leaders:* How can procurement teams effectively navigate geopolitical risks and ensure supply chain resilience?* What strategies can be implemented to attract and retain young talent in the procurement sector?* How can procurement processes be optimized to leverage AI and automation effectively?World of Procurement is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit worldofprocurement.substack.com/subscribe

Check out what  @tonkeaninc6575  are doing here: https://www.tonkean.com/ Join 3000+ Procurement Pros in our Community here: https://worldofprocurement.substack.com/ Check out our World of Procurement website: www.wophq.com Check out our go-to learning resources for Procurement Pros: https://worldofprocurement.substack.com/p/the-ultimate-procurement-reading Download our Digital Assets here: https://worldofprocurement.gumroad.com Take our Contract Management for Beginners Course: https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A The conversation discusses process orchestration and intake orchestration in the context of procurement teams. Process orchestration is the idea of using a tool to help orchestrate and align processes to fit the way people work. Intake orchestration is a subset of process orchestration and focuses on managing the intake of requests from different teams and stakeholders. The conversation highlights the importance of process orchestration for procurement teams, especially in enterprise organizations where there are multiple stakeholders, systems, and complexities. It also emphasizes the need to involve AI in the orchestration process to improve efficiency, compliance, and user experience. In this conversation, Sagi and Daniel discuss the importance of AI and process orchestration in procurement and intake. They highlight the need for a personalized and AI-powered user experience, the integration and automation of processes, and the flexibility to customize and iterate on solutions. Sagi emphasizes the value of an AI front door, which allows users to ask questions and receive guidance in plain language. They also discuss the benefits of no-code solutions and the ability to easily make changes and adapt to evolving needs. Overall, the conversation explores the key elements of successful process orchestration in procurement and intake.Key Takeaways Process orchestration helps align processes to fit the way people work Intake orchestration focuses on managing the intake of requests from different teams and stakeholders Process orchestration is particularly important for procurement teams in enterprise organizations AI can be leveraged in orchestration to improve efficiency, compliance, and user experience A personalized and AI-powered user experience is crucial in procurement and intake processes. Integration and automation of processes are essential for efficiency and productivity. Flexibility and the ability to customize and iterate on solutions are important for adapting to changing needs. An AI front door, where users can ask questions and receive guidance, improves the user experience. No-code solutions enable easy customization and iteration on processes. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit worldofprocurement.substack.com/subscribe

How you can help the Procurement Legends PodcastJoin 2800+ Procurement Pros in our Community here: https://worldofprocurement.substack.com/World of Procurement is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Check out our go-to learning resources for Procurement Pros: https://worldofprocurement.substack.com/p/the-ultimate-procurement-readingSubscribe to our YouTube Channel: https://www.youtube.com/channel/UCQKMRtL4Li9sFvLi-ixo1OwDownload our Digital Assets here: https://worldofprocurement.gumroad.comTake our Contract Management for Beginners Course: https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit worldofprocurement.substack.com/subscribe

This is a free preview of a paid episode. To hear more, visit worldofprocurement.substack.comHey Procurement Legend, A different piece of Friday Deep Dive Content is here.LinkedIn has become an invaluable tool in the modern professional landscape.Man, that's what so many articles about building a personal brand on LinkedIn say. But I'm going to give you a deep dive here and tell you all the ways to make the most of it.If you're a procurement pro in an employed role, a self-employed procurement consultant, or a person working for a procurement tech company, this is the article for you.I'm revealing my deepest, darkest secrets here.And guess what? You can also watch the video version if you learn better that way.As always, this is for our World of Procurement Paid community members. I serve you first and foremost, and I want your procurement careers, in whatever you do, to flourish via a personal brand.Why Should You Care About A Personal BrandWhether you're a newcomer to the procurement field or a seasoned pro, LinkedIn can offer a wealth of opportunities to advance your career.How?People get to know you and what you stand for.A personal brand refers to the way an individual presents themselves to the world, often in a professional context. It is becoming increasingly important in the digital age, particularly in niche fields, as it can help establish trust and credibility and differentiate oneself from competitors.And we live in a competitive world.Procurement roles will likely dwindle and morph. No longer will the traditionalist skill set be the key to a new role. You'll have to show your expertise to the world and be poached to land the best roles.With my background as a Procurement, Supply Chain, and Contract Management Subject Matter Expert and a following of 25k on LinkedIn, I've seen firsthand how this platform can become a game-changer. This article will guide you through key areas, including the platform's significance, profile optimisation, content strategy, and networking techniques.Why LinkedIn Is The Best Platform for Procurement ProfessionalsPlatform Popularity: According to statistics, LinkedIn boasts over 700 million users globally. This staggering number speaks volumes about its credibility and reach in the professional sphere.Professional Focus: Unlike social platforms like Facebook or Instagram, LinkedIn is designed exclusively for professional interactions. This makes it an ideal place for serious networking and career development. People are up for talking about matters. I have a theory that LinkedIn brings together the most passionate people in the World of Procurement to talk shop. This can be hard to find in your day role as you're busy working, and many in procurement have fallen into the profession and lack that passion.Content Creation Gap: Believe it or not, only about 1% of LinkedIn users are regularly creating content. This leaves a massive gap and opportunity for you to make your voice heard, especially in the niche procurement space. I'd say this content gap is wider when it comes to procurement, and there is an incredible opportunity for your content to stand out even in the early days.Job Opportunities: A whopping 97% of recruiters reportedly use LinkedIn as a hiring resource. Being on a recruiter's radar can be an enormous advantage in a competitive field like procurement. But more than that is the additional opportunities that come when you become known for your expertise. Direct approaches become the norm, not worrying about your CV or having to apply for roles, and the inbound leads if you're operating as a business are all worthwhile.Caveat: This can take time. And the approach you take has to be spot on. So, let' 's break this down.Quick Question:How many of you have secured job opportunities or professional connections through LinkedIn? Feel free to drop a comment.

How you can help the Procurement Legends Video PodcastJoin 2600+ Procurement Pros in our Community here: https://worldofprocurement.substack.com/World of Procurement is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Check out our go-to learning resources for Procurement Pros: https://worldofprocurement.substack.com/p/the-ultimate-procurement-readingSubscribe to our YouTube Channel: https://www.youtube.com/channel/UCQKMRtL4Li9sFvLi-ixo1OwDownload our Digital Assets here: https://worldofprocurement.gumroad.comTake our Contract Management for Beginners Course: https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit worldofprocurement.substack.com/subscribe

How you can help the Procurement Legends Video PodcastJoin 2400+ Procurement Pros in our Community here: https://worldofprocurement.substack.com/Check out our go-to learning resources for Procurement Pros: https://worldofprocurement.substack.com/p/the-ultimate-procurement-readingSubscribe to our YouTube Channel: https://www.youtube.com/channel/UCQKMRtL4Li9sFvLi-ixo1OwDownload our Digital Assets here: https://worldofprocurement.gumroad.comTake our Contract Management for Beginners Course: https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515AWorld of Procurement is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit worldofprocurement.substack.com/subscribe

How you can help the Procurement Legends Video PodcastJoin 2400+ Procurement Pros in our Community here: https://worldofprocurement.substack.com/Check out our go-to learning resources for Procurement Pros: https://worldofprocurement.substack.com/p/the-ultimate-procurement-readingSubscribe to our YouTube Channel: https://www.youtube.com/channel/UCQKMRtL4Li9sFvLi-ixo1OwDownload our Digital Assets here: https://worldofprocurement.gumroad.comTake our Contract Management for Beginners Course: https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515AWorld of Procurement is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit worldofprocurement.substack.com/subscribe

Hey Procurement Legend, This week we are talking about going digital in procurement and why you don't need to deploy procurement tech to be do digital procurement.World of Procurement is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.How you can help the Procurement Legends Video PodcastJoin 2400+ Procurement Pros in our Community here: https://worldofprocurement.substack.com/Check out our go-to learning resources for Procurement Pros: https://worldofprocurement.substack.com/p/the-ultimate-procurement-readingSubscribe to our YouTube Channel: https://www.youtube.com/channel/UCQKMRtL4Li9sFvLi-ixo1OwDownload our Digital Assets here: https://worldofprocurement.gumroad.comTake our Contract Management for Beginners Course: https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit worldofprocurement.substack.com/subscribe

This is a free preview of a paid episode. To hear more, visit worldofprocurement.substack.comHey Procurement Legend, this week we've got a breakdown of some significant points from Dr. Elouise Epstein's new book, How to hack your supply chain.Before you listen, make sure you buy this book. It should be a must-read book for every procurement pro who cares to remain in procurement as tech & AI increasingly cover procurement tasks.How you can help the Procurement Legends Video PodcastJoin 2200+ Procurement Pros in our Community here: https://worldofprocurement.substack.com/ Check out our go-to learning resources for Procurement Pros: https://worldofprocurement.substack.com/p/the-ultimate-procurement-reading Subscribe to our YouTube Channel: https://www.youtube.com/channel/UCQKMRtL4Li9sFvLi-ixo1OwDownload our Digital Assets here: https://worldofprocurement.gumroad.com Take our Contract Management for Beginners Course: https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A

Sign up to the World of Procurement Newsletter and Community here: https://worldofprocurement.substack.com?sd=pf As procurement professionals, it's our responsibility to protect against cyber threats, particularly concerning the procurement of goods and services from suppliers. So, let's take a look at how we can do that.Let's face it - many Procurement Teams lag in this space.This was one area that I really wanted to go specialise in when I was studying for my Master's Degree = which was cyber and insurance law.-this is one area that I wanted to look at what insurance laws and how do insurers, and I mean like good underwriters, not your, like your basic Avivas, but your car insurance deal with the cyber threats that are coming from, like what can they do?And this was back in, like, 2013-14; this is what I was trying to pitch my PhD on, like, I thought I was guaranteed to get funding (based on what my sponsor told me). And it didn't come through, and I was really sad. But this meant I didn't spend the next 3-4 years studying and teaching and instead, I got into the World of Procurement.But I would like to undertake a PhD at some point.They said it wasn't relevant, but it is relevant now, in 2023, I'm telling you. And that's not even just from a legal perspective; from a procurement perspective, it is super important.A study by the Center for Strategic and International Studies (CSIS) found that cyber-attacks cost the global economy an estimated $600 billion annually. This highlights the significant impact cyber-attacks can have on businesses and organisations.A survey by the Chartered Institute of Procurement and Supply (CIPS) found that 80% of procurement professionals believe cybersecurity is essential in their procurement decisions. This demonstrates the widespread recognition of the importance of cybersecurity in procurement.A study by the National Institute of Standards and Technology (NIST) found that organisations that implemented effective cybersecurity controls experienced a 70% reduction in the likelihood of a cyber attack. This shows the effectiveness of cybersecurity controls in reducing the risk of cyber attacks.So, how can procurement support cybersecurity efforts? One way is by implementing cybersecurity standards for suppliers, conducting due diligence on suppliers' cybersecurity practices, and requiring suppliers to sign confidentiality agreements. By doing so, we can ensure that we are procuring from suppliers with strong cybersecurity practices.As the world continues to become increasingly digital, the importance of cybersecurity has never been greater. For procurement professionals, this means taking extra steps to ensure that the goods and services they procure from suppliers are protected from cyber threats. So, how can procurement support cybersecurity efforts?One way is by implementing cybersecurity standards for suppliers. This ensures that suppliers have strong cybersecurity practices and can protect their goods and services.Procurement professionals can also conduct due diligence on suppliers' cybersecurity practices and require suppliers to sign confidentiality agreements. By doing so, procurement can ensure that their suppliers are taking all necessary steps to protect the goods and services they provide.Ultimately, procurement professionals need to have a strong understanding of cybersecurity risks and be able to implement effective controls and safeguards. By implementing cybersecurity standards for suppliers and conducting due diligence on their cybersecurity practices, procurement can help support cybersecurity efforts.In summary, cybersecurity is an increasingly important consideration in procurement. As procurement professionals, it's our responsibility to protect against cyber threats, particularly concerning the procurement of goods and services from suppliers. By implementing adequate cybersecurity controls and working with suppliers to ensure strong cybersecurity practices, we can reduce the risk of cyber-attacks and protect our organisations.TL;DRProcurement professionals must take extra steps to ensure that the goods and services they procure from suppliers are protected from cyber threats. This includes implementing cybersecurity standards for suppliers, conducting due diligence on suppliers' cybersecurity practices, and requiring suppliers to sign confidentiality agreements. By doing so, we can reduce the risk of cyber-attacks and protect our organisations. Get full access to World of Procurement at worldofprocurement.substack.com/subscribe

Sign up for World of Procurement here - https://open.substack.com/pub/worldofprocurement?r=22icp0&utm_medium=iosYou need to become a Digital Procurement Pro in 2023 to have a Meaningful Career in ProcurementThe digital age has changed how we do business, and Procurement is no exception.To stay competitive and remain successful, you need to stay ahead of the curve by understanding and mastering the latest digital procurement tools and processes.

Subscribe to the World of Procurement Newsletter. Subscribe to the World of Procurement YouTube Channel. Follow Daniel on LinkedIn Follow World of Procurement on LinkedIn. Welcome to the World of Procurement podcast! In today's episode, we will discuss the impact of climate change on procurement and the role that procurement can play in supporting sustainability efforts. As procurement professionals, it's our responsibility to consider the environmental impact of our activities and find ways to reduce our carbon footprint and support sustainability efforts. So, let's take a look at how we can do that.

Support my channel and get something back: Get knowledge by subscribing to my weekly procurement community - https://worldofprocurement.co.uk/membership Buy the book on Elon Musk here - https://amzn.to/3ETXrKD (paid link/ad, affiliate) More Knowledge by taking part in my Contract Management for Beginners Course - https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A Upping your LinkedIn Analytics game with Sheild Analytics - https://www.shieldapp.ai/?via=daniel-barnes Follow me on LinkedIn here - https://www.linkedin.com/in/danielbarnesgsd/ Subscribe to Tom's Substack here - https://procurementprotagonist.substack.com Follow Tom Mill's on LinkedIn here - https://www.linkedin.com/in/tom-mills-procurement/ #procurement #career #elonmusk

Support my channel and get something back: Get knowledge by subscribing to my weekly procurement newsletter https://worldofprocurement.co.uk/membership Check out https://worldofprocurement.co.uk/ More Knowledge by taking part in my Contract Management for Beginners Course - https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A Upping your LinkedIn Analytics game with Sheild Analytics - https://www.shieldapp.ai/?via=daniel-barnes Follow me on LinkedIn here - https://www.linkedin.com/in/danielbarnesgsd/

Support my channel and get something back: Get knowledge by subscribing to my weekly procurement newsletter - https://worldofprocurement.co.uk/membership Check out - https://worldofprocurement.co.uk/ More Knowledge by taking part in my Contract Management for Beginners Course - https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A Upping your LinkedIn Analytics game with Sheild Analytics - https://www.shieldapp.ai/?via=daniel-barnes Follow me on LinkedIn here - https://www.linkedin.com/in/danielbarnesgsd/ Follow Dr Elouise Epstein here - https://www.linkedin.com/in/drelouise/ #digitalprocurement #procurement

Support my channel and get something back: Get knowledge by subscribing to my weekly procurement newsletter - https://worldofprocurement.co.uk/membership More Knowledge by taking part in my Contract Management for Beginners Course - https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A Upping your LinkedIn Analytics game with Sheild Analytics - https://www.shieldapp.ai/?via=daniel-barnes Follow me on LinkedIn here - https://www.linkedin.com/in/danielbarnesgsd/ Read the article here - https://worldofprocurement.co.uk/blog/what-the-best-procurement-pros-do (this differs to the content discussed today but is still relevant) Subscribe to Tom's Substack here - https://procurementprotagonist.substack.com Follow Tom Mill's on LinkedIn here - https://www.linkedin.com/in/tom-mills-procurement/ #procurement #career #supplychain

Support my Procurement Podcast and get something back: Get knowledge by subscribing to my weekly procurement newsletter - https://worldofprocurement.co.uk/membership More Knowledge by taking part in my Contract Management for Beginners Course - https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A Upping your LinkedIn Analytics game with Sheild Analytics - https://www.shieldapp.ai/?via=daniel-barnes Follow me on LinkedIn here - https://www.linkedin.com/in/danielbarnesgsd/ Read the article here - worldofprocurement.co.uk/blog/will-procurement-become-extinct Subscribe to Tom's Substake here - https://procurementprotagonist.substack.com Follow Tom Mill's on LinkedIn here - https://www.linkedin.com/in/tom-mills-procurement/ Tom Mills and I have been talking a lot recently about the state of Procurement Content on LinkedIn and the insidious nature of the Procurement Dinosaur. An ideology among Procurement Professionals that hides behind the way we've done things in the profession for years and fights change. These people are blocking progress in the profession and we've had some brilliant, hilarious and almost comical exchanges with them on LinkedIn. In this episode of the World of Procurement Podcast, we talk about: - Creating Procurement Content - Dinosaurs of Prourement Enjoy my friends #procurement #supplychain #contentcreator

Join our World of Procurement Discord Community here. Take our Contract Management for Beginners Course here. View this over on World of Procurement. World Commerce & Contracting announced on LinkedIn here that they are going to be focussing on Procurement Programs (or courses). I'm genuinely intrigued to see what they focus on and how this compares with the offering from CIPS.

Join our World of Procurement Discord Community here. Take our Contract Management for Beginners Course here. View this over on World of Procurement. Legal Ops is a ever growing profession which is usually led by non-qualified legal pros who manage and operate the legal capability within a business. Legal is often, like procurement, left a bit in the dark ages when it comes to process improvements, efficieny and tech. This might be due to lawyers who work in firms charging by the hour who then go in-house and don't shift their way of thinking. Legal Ops will look at analytics, managing external legal suppliers, processes etc. There could be big benefits of having Legal Ops support the Procurement team and their contract review.

Join our World of Procurement Discord Community here. Take our Contract Management for Beginners Course here. View this over on World of Procurement. I've spent a couple of weeks interviewing candidates for both legal and procurement roles and I wanted to share with you some ways in which I think you can crush your upcoming procurement interviews. Make sure you've genuinely understood the JD and research your responses. Procurement is fundamentally moving on from cost reduction to risk management and other value adding activities. Be confident - easier said than done but this should come naturally if you've prepared Preparation - think of what questions might come up and prep for them. There's usually 3 types of questions: personal (getting to know you), technical (understanding your commercial skills and if you understand how to procure, risk manage, contract manage) and situational (scenarios that you've been in that highlight your technical skills). Have questions about the company Take your time - don't waffle and get in a fluff.

Join our World of Procurement Discord Community here. Take our Contract Management for Beginners Course here. View this over on World of Procurement. I'm always on the look out for good news stories when it comes to Procurement Tech. You might wonder - why? Because Procurement Tech, I believe, is going to enhance the way we manage our supply chains and contracts. Contingent.ai, a company that provides risk insights on your Suppliers, just raised $8.2 million. I pulled this directly from their website for you to see: “The ProcureTech company has announced a funding round led by Octopus Ventures Cloud-based platform helps companies procure more strategically, and better manage supply chain risk and compliance The funding will be used to develop a suite of SaaS applications and to enable international expansion Contingent's global customer base has been growing at 10x p.a. and includes companies such as Monzo, Seagate, Huel, Barratt Developments plc and HM Government” Contingent is a company I'm genuinely happy to talk openly about in that I believe they are going to be the number one platform out there for managing risks and insights in your supply chain over the next 3-4 years. Check them out.

Join our World of Procurement Discord Community here. Take our Contract Management for Beginners Course here. Check out our article on The Top Procurement Trends of 2022 here. Over Christmas, I started thinking about the top Procurement trends for 2022. Essentially, I believe that we will build on the trends that emerged in 2021 as we navigated our way through a new way of living, travelling and existing. I think the last two years have made a lot of Procurement Pros aware of the fragilities in their processes, their "tools" to do the job and within their supply chain. In this Podcast Episode, we're going to talk about: Understanding your Supply Chain through Data Sustainability and Ethical Sourcing Digital Procurement Data Protection Procurement Tech Risk Lean Process I might share some views that are a bit different, a bit out there but they're views that I preach and act on every day in my role as a Procurement and Contract Management Pro.

Join our World of Procurement Discord Community here. Take our Contract Management for Beginners Course here. Check out our article on Contract Management Trends 2022 here. Over Christmas, I started thinking about the top Contract Management trends for 2022. Essentially, I believe that we will build on the trends that emerged in 2021 as we navigated our way through a new way of living, travelling and existing. One general observation I have of us Contract Managers is that there is a fantastic opportunity to become more closely aligned with our Legal colleagues. There is talk of a rise in Legal Operations and Legal Design type roles throughout 2022. If you look at what the generic job description of these Legal type roles are (and these aren't usually qualified lawyers hence the comparison to us), we are doing many of the activities they are. My additional point here is that I think you, as a Contract Manager, should be working closely with Legal. Why? To make massive improvements to how your business operates from a contracts perspective. This year will be incredible if you make the most of the available opportunities. Here's what I think will happen with Contract Management: - The rise of the Contract Management Lifecycle tool/Legal Tech - Building resilience into Supplier Contracts - RISK, RISK, RISK - Simplification of Contracts

Make sure you check out our Contract Management for Beginners Course here. Come join us for free over on Discord in the World of Procurement Community where we talk all things Procurement, Supply Chain and Contract Management. Check out the full transcript over on World of Procurement. Rich Sains is the Founder of Acada, a Procurement Tech company that looks to remove the mundane admin based work and gives real time insights as to what teams are working on. The awesome part about this solution is that it doesn't require loads of “admin” to input the data. It gives a central view to Procurement Leaders as to what their team is working on. We like that a lot. Whilst talking, Rich started to go into detail around the design principles they follow at Acada. I was blown away by the attention to detail in the user experience. I'm sure all of you reading this right now have encountered a Procurement tool that promises the world but when you use it, it looks awful. There is nothing worse that a piece of software that is clunky and is stuck in the 90s. With everything being tracked, it gives you insights into how much time is required to complete tasks. This could be an RFP exercise, a contract review or consolidation of your supply chain. This in invaluable data as a procurement leader and let's you utilise your available resource in the best way possible. If we want to get even nerdier here, this is great for any audits that you may have that look into your organisational control measures such as ISO or SOC2. In this episode we talk about Acada, why Rich started it and when we met a while back in London for a drink. You can connect with Rich here on Linkedin.

Hey Procurement Legends, I had an awesome chat with Natasha, the COO of Paid which is a Procurement automation platform. I've pulled a technical extract from their website, which you can see here, so that you can get an idea of what the platform is. I do encourage you to check out their product and think about how it may help you in your day-to-day procurement work. Natasha is incredible, she gets it and it's clear that she is in the business of solving business problems first and foremost. It just happens that these sit within the realms of procurement. You're going to love this one. Check out the transcript over on our website.

We're live on Discord with our new Community Server on Discord. Click here to join right now as we start growing the Community in a place of our own, away from social media algorithms and the endless scroll. In this episode, I talk about my vision for the World of Procurement Community, why I set it up and why it's going o be an awesome place for you to be. See the show notes here. For more awesome content in Procurement, Supply Chain and Contract Management, visit www.worldofprocurement.co.uk.

WE'VE GOT A SLIGHT GLITCH BETWEEN 10:00 - 11:30 MINS OF THE PODCAST. IT WILL COME BACK ON :D We had Tom Mills on the World of Procurement Podcast to talk about his views and ideas around what Procurement truly is. At one point in the episode, Tom referred to The Heart of Procurement and I instantly knew that would be the title for this episode. We cover an incredible amount of conversation pieces as summarised below. Show Notes: Introduction into Tom's career Procurement versus Purchasing, key differences and what Tom loves about Procurement Why Procurement having a seat at the table is the wrong question and the wrong angle to come from The Role of Procurement Pros moving forwards Managing conflict and “office” politics as a Procurement Professional Integrity as a Supply Chain/Procurement Professional Check out the transcript for this Podcast here

BECOME A FREE MEMBER HERE TODAY AT GET YOUR DISCORD INVITE NEXT MONTH. Martin Smith is the Founder of Talent Drive, a recruitment company that specialises in Procurement and Supply Chain roles. Martin is perfectly placed to understand what is going on in the Procurement jobs market right now, what skillsets are required and what issues we face in this space as Procurement Professionals. Martin is also the founder of the Talent Talks Podcast, where he talks with Senior Procurement Pros - give it a listen. Procurement roles seem to be breaking the norm, with purported salary increases in the UK that are way above the market norm, with, at least from my perspective, more roles than ever before and we, as Procurement Pros should be making the most out of such a rich opportunity to secure improved roles for us. We covered a lot of different top level topics in this episode and you can skip along to a section that suits you using the timestamps below. 0000 Intro 1:39 generic procurement job descriptions 3:00 work is needed by hiring managers to recruit for the skills gap 3:36 hybrid working for procurement pros 9:40 the skills shortage on procurement 12:15 salary in the job description 13:10 salaries in procurement 13:55 how to make procurement more interesting to new people 16:00 the entry point to the procurement 24:00 procurement and university 27:00 lack of diversity in the profession

Building supplier relationships has grown in significant importance over the last two years. COVID19 disrupted Supply Chains all across the world. Businesses scrambled to ensure they still had certainty of supply. What they didn't realise was that they were not necessarily the Customer of Choice for that Supplier any longer. I came across Suppeco a few months ago and I wanted to bring them onto the Podcast to find out, from a tech perspective, how they can help us Supply Chain and Procurement Pros build more collaborative relationships within the Supply Chain. They way, we can maintain our status as Customer of Choice and have better supply from the Supply Chain. Check out the timestamps below to the relevant section of the podcast. My advice… listen to all of it. 00:00 Background to Sheldon and what he did pre-Suppeco 00:50 Difficulty driving value out of relationships 01:11 Using Excel/PPT to build out Relationships 02:00 The start of Suppeco 03:17 The issue of managing Supplier Relationships 05:52 Building Suppeco 08:15 What Suppeco is 10:11 Using live data for insights not reports 14:40 How do we create KPIs/SLAs -16:14 How to get suppliers to use the platform 1930 - Awesome Insights into Suppeco 20:55 - User Experience matters with Procurement Tech Check out Suppeco here Connect with Sheldon here

Fairmarkit is the intelligent sourcing platform and they automate sourcing events for enterprise clients so they can work on more interesting things. I caught up with Erin McFarlane, VP of Services at Fairmarkit to talk to her about her reason for being in the Procurement space and what Fairmarkit offers as a service to people like you and me as Procurement and Supply Chain pros. Check out the Full Show Notes here. Subscribe to World of Procurement Here.

Get the book: UK - Good to Great by Jim Collins US - Good to Great by Jim Collins Support me as a content creator over on Patreon for a small amount of money each month. This same, awesome content will always be available to you all but creating content is expensive and I'm looking to expand my ability to make more and better content. This will help by giving you way more access to me, the process and massive influence over the types of content I create for all of you. Check it out here. Hey Procurement Legends, I've been reading the most incredible book by Jim Collins titled Good to Great. It's all about the concept of level 5 leaders in a hierarchal system have taken companies from...Good to Great. I started reading it to answer some of my own internal questions here: What are these 5 different levels? What makes a company great? How to become a great leader? And whilst I've been reading the book, taking notes and processing the content, I started to think about how the hierarchy could be used to attribute procurement people and procurement leaders to each of the hierarchies and why we should all be striving to be at the very top, say a level 4 or even a 5 to elevate this Procurement Profession. As an Amazon Associate I earn from qualifying purchases.

If you've ever tried to run an event, to get your Suppliers in a room to share a vision, a requirement and to breed innovation and collaboration - it can be a nightmare. It requires not just a logistical masterclass but you need to be clear on why you want the Suppliers there, why it's a good use of their time and what outcomes you want from the event. Supplier Day is a Service Provider that enables you to create virtual supplier events, or Supplier Days, to enable meaningful collaborations with your supply chain. In this World of Procurement Podcast Episode, we talk about the issues of creating Supplier events, the perks to having virtual only events, and how to get the most of the events. Supplier Day enables this to become the norm rather than the extraordinary. Timestamps for the Podcast: 00:00 Introduction to Caitlyn 00:51 Importance of Communication 03:40 What is the Supplier Day Service Offering 08:45 Issues running Supplier Events alone 12:20 The experience with Supplier Day 14:40 Virtual/Digital Supplier Events are here to stay 17:10 Perks of Virtual over Physical events 24:45 Making the decision makers visible 29:00 Where to find Supplier Day Connect with Caitlyn here on LinkedIn and make sure you check out the Supplier Day LinkedIn page.

Doug Johnson-Poensgen is the Chief Executive Officer and Co-Founder of Circulor. We covered a lot of ground in this 25-minute podcast and this podcast is going to be exceptionally beneficial to you if you are currently looking at your supply chain and wondering how can we improve visibility, how can we reach our sustainability goals using our supply chains and how do we know what is in this product? I think all of us, regardless of sector, are starting to have more conversations around this. Circulor describes itself as a company that provides Traceability-as-a-Service to verify responsible sourcing, to underpin effective recycling and to improve efficiency. We reach parts of OEM's supply chains that most currently have little real visibility into. Circulor boasts high profile clients such as Jaguar Landrover, Volvo, Polestar and Boeing. Circulor is built upon traditional databases and distributed ledger technology from Hyperledger, a blockchain company. Check out the timestamps for this Procurement Podcast Below: Intro 00:00 What Mica is and how it is used in Electric Vehicle Battery Technology 1:11 Doug's Business background 2:21Carbon Emissions in the Car Manufacturers supply chains 3:35 How Procurement Teams can aid net-zero manufacture 4:40 Insight into Circulor's customers: Jaguar Landrover, Daimler, Polestar (who have just committed to their first Net Zero Car by 2030) 5:00 How Doug Came up with the idea to found Circular 5:41 How Circulor uses databases and Blockchain 8:17 (https://www.hyperledger.org/use/fabric) (https://www.hyperledger.org/learn/publications/tantalum-case-study) Doug is a sceptic on blockchain 9:12 The changing role of the Procurement Profession 12:15 There are visionary procurement professionals in sustainability 16:35 (Martina is a visionary - https://www.linkedin.com/in/martina-buchhauser/) Volvo's use of traceability in its Procurements 18:23 What procurement can do to drive sustainability and change the status quo 19:38 A future vision that Procurement can help build 24:40 Where to find Doug and Circulor 26:00 Find our more about Circulor here: https://www.circulor.com Connect with Doug: https://www.linkedin.com/in/dougjohnsonpoensgen/ Find more awesome Procurement content at World of Procurement

If you want to learn how to become a Contract Management Pro in the World of Procurement, start here. I've got one ask of you whilst your listening to this Podcast. Go leave a review wherever you listen to podcasts. Those 5 star reviews and feedback really help me in the rankings and give me a rush of enthusiasm to keep this going. I appreciate you for listening to this episode. In this Podcast Episode of the World of Procurement Podcast, we are talking to a Marketing Procurement Professional and expert, Stuart Dunk, who has experience working for some massive Companies, such as Nike. We go into detail about Stuart's background pre-procurement and his extensive Marketing Procurement background at some of the biggest names where he developed true expertise in Marketing. We cover. Stuart's company that he set up during COVID, which is a feat in Entrepreneurial spirit, and how he's been advising agencies on how they should approach procurement, how to price and shape responses to RFPs etc. This is something that just makes sense. Us Procurement Professionals can often forget there is someone at the other side (as illustrated so eloquently by Dr Leda Glyptis here). We cover why understanding Marketing, as a macro topic and not just Marketing Procurement, is vital if you want to be taken seriously in the world of marketing. People who know marketing and enjoy marketing are the ones who are best at Marketing Procurement. We talk about the value procurement pros can bring to marketing and how it is more than marketers think as old age perceptions around price still live and worry marketers about procurements intentions. We talk about how the best marketing procurement pros going into marketing enter that world and say what do you need, what are your metrics (this is similar to what Sarah Scudder broke down for us in this Podcast). Project Spring highlighted other value-added activities that Procurement Pros had for marketers. CPOs have so many conflicting priorities and how savings are now not the number one focus but becoming more efficient is (Deloitte Global 2021 Chief Procurement Officer Survey) Why CIPS can be great for Marketing Procurement Pros and new entrants into the World of Procurement. Check out what Stuart is up to at his Company and reach out to him if you need help in the Marketing Procurement space - Don't Forget to Look. Resources/Books/Courses discussed throughout the Podcast: - Blair Enns, The Win Without Pitching Manifesto Book (US) - Blair Enns, The Win Without Pitching Manifesto Book (UK) - Project Spring from the World Federation of Advertisers - Mini MBA in Marketing by Mark Ritson - The Institute of Practitioners in Advertising - Blair Enns, Win Without Pitching *As an Amazon Associate I earn from qualifying purchases* Thanks for supporting the World of Procurement Project. Please share this awesome Procurement content with people in your network and organisation.

How to Hire the Best Procurement Pros has got to be high on your agenda especially as the recruitment market hots up and, based on what we are seeing currently post-covid, shifts to a candidate market. But what I'm currently seeing are some of the most generic, bland and awful job descriptions that isn't telling me anything other than the hiring manager wants someone who knows a bit of everything or is an expert in everything. Make sure you leave a 5 STAR review wherever it is you listen to this Podcast.

Hey World of Procurement Legends, I'm back with a very different type of 5 minute podcast today and I do hope you are enjoying the experimentation I'm undertaking with this Procurement Podcast at present. I'd almost suggest that before you listen to this Podcast, you head over to Art of Procurement and you read this article - https://artofprocurement.com/is-procurement-moving-away-from-category-management/. I share my views on why I think there's more value to a Service Provider view of Procurement rather than a Category view. Would love to hear your thoughts too. Make sure you connect with Philip on LinkedIn - https://www.linkedin.com/in/philipideson/

Hey Procurement Legends, I thought that this five minute format of the podcast might be a good way to share some questions and some ideas around topics that are out there that we need to do more on as a profession. I thought I'd start off with Sustainability within the Supply Chain in this episode. I've seen it in my LinkedIn feed, I've had conversations about it recently and those two things combined mean we as a profession are getting more serious on this. Check out this episode I recorded with Marina who is an expert in this area - https://link.chtbl.com/SustainableProcurement

Hey Procurement Legends, continuing on with the new non-guest 5 min short form podcast episodes, I wanted to talk about Procurement Tech. There are a crazy number of solutions out there right now and you can check a whole bunch of them out over on Digital Procurement World here - https://conference.dpw.ai/demo/demo-application/. What's my message in this episode: We have options These companies aren't always good at marketing themselves to Procurement Pros Sweep the marketplace when undertaking RFPs or you might miss out on a gem. It would make my day if you could head into the review section and leave a 5 start review wherever it is you listen to podcasts! Appreciate you all.

Ever wondered how you can better use LinkedIn to find Procurement Roles without having to hit apply now on roles? You need to work with a few trusted Recruitment Agencies and more importantly, work with a specific recruiter from that Agency. This is the best and most impactful way to find work when the economy is good and bad. I dive into this in a new 5 min format on the podcast.

If you want to learn Contract Management make sure you've checked out this Course - https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A If you've worked in and around Procurement you know there are a few types of Procurement Professionals. You've got the I don't care Professional. Calling these people Professional is a stretch of the imagination and an insult to the true procurement Professional. These are the type of Procurement people that fell into the job and are bitter about it. There's no hiding that many people do not grow up wanting to get into Procurement. It just kind of happens. I'm sure many of you reading this right now have a story to tell as to how you got into procurement. The problem with the crowd that is bitter about it is that they are doing a lot of harm to the Profession. They are typically the argumentative type who fight non-existent battles as everyone plots to bring them down. It's a fabrication. These people believe that their role is to place POs and send emails and that's about it. What is worse is when one of these Procurement People are placed into a role of more responsibility and they lead their team into the depths of their bitterness. All is not lost if you've felt like this. All is not lost if you're working in a team that operates this. I'm going to talk to you about what the Best Procurement Pros do and why you should emulate this in your career. These were the words I wrote for the article I published last summer which has been the most popular read on World of Procurement over the last 12 months. I wanted to bring the article to life in a Podcast and share my extended views and share some stories. I think you'll like this one.

Hey Procurement Pros, are you struggling with the speed of your Contract Reviews as Legal is holding you up? If so, you might find some insights here that are going to help you out. You need to simplify the entire process, empower your staff and get a position agreed upon within the Business as to what the Contracts you sign up to entail. Let's talk about the role that is best described as a "Commercial Contracts Management" that can provide a lot of commercial, procurement and legal knowledge in a single packaged role. These roles, supported by qualifications from World Commerce & Contracting and/or CIPS, with individuals who have a strong commercial and/or legal background from previous roles or degrees can really impact your Contracting process. Check out the short article I wrote on this - https://worldofprocurement.co.uk/articles/procurement-doesnt-need-legal-for-contract-reviews Check out the Contract Management for Beginners Course here - https://www.udemy.com/course/contract-management-for-beginners/?referralCode=F658394D58FA7DD0515A Connect with me on LinkedIn - https://www.linkedin.com/in/danielbarnesgsd/

In this series, I talk with Procurement Tech providers to find out about their product. I want this series to help procurement pros like you and I to know what solutions are out there to better enable our procurement activities. In this episode of Procurement Tech, I speak with Edmund Zagorin, the founder of Procurement Tech Company Bid Ops. Bid Ops software gives Procurement teams Supplier Management, Sourcing, Supplier Collaboration and much more. We talk about the following: The Origin Story of Bid Ops What Bid Ops does 3 case studies around how the Bid Ops solution is used in different industries A Bid Ops event going live in March You can find out more about Bid Ops here: https://bidops.com

Procurement Personal Branding! Procurement Communities! These are the things that the Procurement Pros who go the extra mile deliver. In this episode, I wanted to share the views and viewpoints of three previous guests on the Podcast: Dana Small, Karthik Rama, and Mike Cadieux. These are three people who I look up to and have the utmost respect for. They have views and perspectives on how to stand out from the crowd and how to build up a network of procurement pros that you can call up on at any time. Get building out there and having fun whilst you do it. Connect with them here: Dana Small - https://www.linkedin.com/in/dana-small/ Karthik Rama - https://www.linkedin.com/in/ramakarthik/ Mike Cadieux - https://www.linkedin.com/in/michael-cadieux/ Ms Category Management - https://mscategorymanagement.com Procurement Foundry - https://procurementfoundry.com

What a Year it has been in 2020...in a good way. This episode is a solo episode with Daniel Barnes, as he reflects back on 2020 and the impact of World of Procurement. His kids also make a sneaky appearance with the odd cry of anguish. World of Procurement was establish in April 2020. Since then, it has gone on to release a Podcast that has hit 9k+ listens, had over 250k views of content on LinkedIn and thousands of views of its written content at www.worldofprocurement.co.uk. In this episode, Daniel covers off some of the amazing conversations and a provides an insight into his plans for 2021.

Ashleigh Turner is the winner of the CIPS Young Talent of the Year 2019 award, domestic violence survivor, mother and a podcast host in her own rights with Empower with Ash. This was my favourite podcast of the Year and I'd encourage you all to go connect with Ashleigh on LinkedIn. In this episode, we cover: What Ashleigh does in Procurement (Caterpillar Dealership) How Ashleigh got into Procurement and why she loves it Why working in a Greenfield/new procurement team can be incredible - pros/cons How Procurement is perceived by your colleagues The daunting task of ripping millions out of the business through Industrial consumables Winning the CIPS Young Talent of the Year 2019 award The BIG aggregator project with 30+ consumable categories, 300,000 line items down to 60,000, across 23 sites that cover the size of India. Experience versus time served in Procurement roles and job adverts The issues with leaders who cannot use technology themselves and who do not understand the benefits of technology What the future of procurement is going to look like Why we should challenge procurement and push forward as millennials You need to adapt to change What was the impact of the CIPS award on Ashleigh's career Connect with Ashleigh here: LinkedIn - https://www.linkedin.com/in/ashleigh-turner-7b69a876/ Podcast - https://open.spotify.com/show/1TgP5na4zCBCRcsXsLWVOm?si=6qlUmifHSdqsDPM3CfC-ow Website - https://www.empowerwithash.com/ebooks

Dave Jones is an MCIPS Qualified Procurement Professional working in the retail sector in the UK. We dived into so much in a short space of time with this episode, including the effect that COVID has had on the retail sector. The main focus of this episode was to discuss what was Procmeet which has now transformed into the bigger and better Proctopus (ProcMeet is the Procurement Meet up). Dave had a thought one night whilst sat on the sofa. This thought was about having a cuppa with some fellow procurement professionals and he asked his LinkedIn Network if they'd be up for it. They really were up for it. In this episode we cover: Dave's views on the impacts of Covid on Retail Changes in governance models Impacts of Working From Home on Procurement Teams Where is Procurement Going What Procmeet is (this has now grown into Proctopus) Connect with Dave here: LinkedIn - https://www.linkedin.com/in/dohjones/ Proctopus/ProcMeet - https://www.proctopus.co.uk

Karthik Rama, the Procurement Doctor is a Procurement Professional and knows a thing or two about Contract Management. We dived into so much in this episode. This episode was originally released as a video over on the World of Procurement YouTube Channel but I needed to release it via audio too. We cover: How Contract Management Activities could be improved by Blockchain Technology Why Procurement and Contract Management needs to be easier for people to understand Pre-Signature Contract Management Activities and why it's important Why Contract Management is neglected and why your Organisation sucks at it Connect with Karthik here - https://www.linkedin.com/in/ramakarthik/

Susan Walsh is the fixer of dirty data, an expert in spend data classification, taxonomies, and data accuracy. In addition to all of this, Susan improves your Procurement Data to create savings both financially and in time. Susan is the Founder of The Classification Guru, an Organisation that takes the pain out of data issues to make your life easier. In this episode we cover: How COVID has affected Corporate Culture Changes in behaviours with Managers and Staff Why Meeting Culture needs to shift Saying No, more Our Views on Thinkers 360 as a Platform and how Susan is being recognised an Industry Leader The COAT Acronym Origin Story Don't google Dirty Susan How to use COAT for your Data The Story of 840 spreadsheets that needed to be merged Practical Steps to get basic Data Management in place with Excel in Procurement Excel horror stories for Data Management You can find Susan Walsh here: LinkedIn - Personal - https://www.linkedin.com/in/susanewalsh/ LinkedIn - The Classification Guru - https://www.linkedin.com/company/theclassificationguru/ The Classification Guru - https://www.theclassificationguru.com

Steve Wills is one of the most incredible and easy to talk to guys I've ever come across. He did not disappoint in this episode. We cover a wide range of Procurement topics in this World of Procurement episode. Steve has worked in Procurement his entire life and has a love for it. That is clear from the passion he has in all he does for our Procurement Profession. Steve has held several high profile Procurement roles in the Insurance Sector and is the Founder of Procurement Central, who provide Procurement Training for the leaders of tomorrow. In this Episode of the World of Procurement Podcast, we cover: Choice of Clothing throughout Lockdown A Brief History into Steve's career to date and his Business, Procurement Central. People who fall into Procurement - is this a downside? The language of Procurement Understanding the wider Supply Chain throughout COVID The overlaps of Procurement with other Functions/Departments Responses to COVID and Planning for the Future Connect with Steve here: Linkedin - https://www.linkedin.com/in/stephen-wills-fcips-mba/ Procurement Central - https://www.procurementcentral.co.uk

Ed Cross is the Executive Director of Odesma, a Procurement Consultancy. Ed has 30+ years of experience in Procurement across a wide range of industries and sectors. In this Episode of the World of Procurement Podcast, we cover: A Brief History of his wonderful career Insights into Odesma, Ed's Procurement Consultancy based out of the Gig Economy Approach Starting in Procurement out of want rather than falling into it How Procurement are responding to COVID19 Amazing stories from the Procurement Teams dealing with COVID Tales from the Black Death - this was awesome!!! How can Procurement ready themselves for different/new disruptions in the future Customer of First Choice and why this is going to be important moving forwards Why back to basics Procurement is vital Understanding your Supply Chain What does a Procurement Professional look like over the next few years Single Source vs Multi Source/Competitive Procurement Connect with Ed here: Ed Cross - https://www.linkedin.com/in/ed-cross-919b0a5/ Odesma - http://www.odesma.co.uk/

Madison Mobley is fairly new to the World of Procurement. Madison is a Senior Account Executive at the Procurement Tech company Fairmarkit. This is Madison's first ever Podcast and she absolutely crushed it! We cover so many topics in this episode such as: What is Fairmarkit Madison's background in Sales Madison's observation on the Procurement Profession from a sales background Tech adoption in Procurement Gen Z are going to hate the poor adoption of tech All things Tailspend Can we save money via Procurement solutions/software Self-Education in Procurement Re-establishing trust between Buyers and Sellers Sit back, grab a coffee, go for a run…whatever you do when you listen to a podcast and enjoy. Connect with Madison here - https://www.linkedin.com/in/madisonmobley/