Podcasts about Procurement

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

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Many professionals are worried about the risk associated with advances in generative AI like ChatGPT. Predictions have been made about who and what will be rendered obsolete first, as though people living in 2023 are the first ever to face a challenge from new technology. This summer, the Tate Modern in London is running an exhibition called “Capturing the Moment: A Journey Through Painting and Photography.” It considers the rise of photography, first as a technology and then as a fine art, and how it affected painters working at the time, individuals such as Pablo Picasso, Edvard Munch, Gustav Klimpt, and Salvador Dali. In this week's episode of Dial P for Procurement, Kelly Barner compares the rise of photography 100 years ago with the present journey to understand generative AI: How photography was viewed at the time, and how it developed into a fine art Ways painters were impacted by improvements in (and acceptance of) photography as a technology and a creative medium Reactions from critics and consumers - and what we can learn from their response today  

Supply chain and procurement professionals are used to supporting informed decision making, but the last few years have been far from ordinary. Decisions are being made more frequently with less time to prepare, and each one has a far greater impact on business continuity and supplier relationships. This is even more true for direct materials. Sophisticated supply chain models and mature procurement strategy have been put to the test - each time the team must cross the ‘decision abyss' could make the difference between competitive advantage and operational disruption. Keith Hartley is the CEO of LevaData and Lance Younger is the CEO of ProcureTech. They spoke at a live event co-created by Art of Procurement and LevaData earlier this year: Navigating the Decision Abyss: Managing Direct Spend in Chaotic Times. In this session, moderated by Philip Ideson, they address: What the decision abyss is and what it means to procurement, supply chain professionals, and category managers in today's uncertain economic conditions The level of urgency being experienced by today's corporate leaders, and how each decision making team is converting that urgency into action How LevaData is investigating the decision abyss to learn more about its causes and effects  

Hello everyone, Tom Raftery here. This episode of the Digital Supply Chain podcast is a bit different than our usual fare, and trust me, you're in for a treat! I threw out a question on podinbox.com/dsc about challenges we might face in the supply chain industry, and boy, did you all rise to the occasion.Rather than our usual one-on-one conversation, this episode features insights from a broad range of industry professionals who left their thoughts in audio format. We have viewpoints from:Marcell Vollmer, who discusses complexity and Cybersecurity in supply chains.Richard Donaldson asked about circular economy platformsJeff Winter who mentioned some of the top challengesAli Raza from Throughput, focusing on the critical role of budgeting and change.David Shillingford and Chris White, who delve into the intricacies of data privacy and cross-functional visibility.And last but not least, Rob Tiffany, who offers a fascinating geopolitical perspective on the supply chain industry.It's a whirlwind tour of insights, and I can't wait for you to hear it all.Looking forward, I'm asking you to consider sustainability in the supply chain industry for our next episode. I'm excited to hear your thoughts on exciting initiatives that you've seen or would like to see rolled out in organizations. Remember, you can leave your comment or answer at podinbox.com/dsc.As a quick heads-up, I'll be at the CSCMP Europe conference in Barcelona this week, so no episode on Friday. But don't worry, we'll be back on Monday with more great content.Thanks so much for tuning in. If you enjoy the show, don't forget to follow us in your favorite podcast app, and take a moment to rate and review - it really does make a difference. See you next time!Support the showPodcast supportersI'd like to sincerely thank this podcast's generous supporters: Lorcan Sheehan Krishna Kumar Christophe Kottelat Olivier Brusle Robert Conway Alexandra Katopodis Alicia Farag Joël VANDI And remember you too can Support the Podcast - it is really easy and hugely important as it will enable me to continue to create more excellent Digital Supply Chain episodes like this one.CSCMP European Conference Registration pagePodcast Sponsorship Opportunities:If you/your organisation is interested in sponsoring this podcast - I have several options available. Let's talk!FinallyIf you have any comments/suggestions or questions for the podcast - feel free to just send me a direct message on Twitter/LinkedIn. If you liked this show, please don't forget to rate and/or review it. It makes a big difference to help new people discover it. Thanks for listening.

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

When governments need to buy anything from office supplies to infrastructure, the process is more complex than your ordinary shopping trip. How do we know that governments are using good judgement when purchasing items or awarding contracts? Who advises governments on these processes to ensure that they are transparent, efficient, and cost effective? That's where MAPS, the methodology for assessing procurement systems, steps in. Diana Viljoen, from Global Affairs Canada and member of the MAPS Technical Advisory Group will answer these questions and more on this podcast. This is the first episode in the series with the MAPS Network. Guest: Diana Viljoen, Global Affairs Canada; MAPS Technical Advisory Group Host: Robin Allison Davis To learn more about the MAPS Initiative, go to MAPSinitiative.org.

This week, host Briana Okyere is joined by Omid Ghamami, CEO at the Procurement and Supply Chain Management (PSCM) Institute. The focus of the conversation is on transforming procurement into a profit center.Topics discussed include:- The way the pandemic put the procurement industry into an inflection point.- How procurement savings get valued inside a corporation.- Making procurement a profit center and not a cost center.- Funding and allocating resources to procurement as done for sales.- Learning to negotiate without involving money. - The importance of attitude in the procurement profession.Omid Ghamami - https://www.linkedin.com/in/omidghamami/Procurement and Supply Chain Management (PSCM) Institute - https://www.linkedin.com/company/pscminstitute/This episode is brought to you by Tonkean.Tonkean is the operating system for business operations and is the enterprise standard for process orchestration. It provides businesses with the building blocks to orchestrate any process, with no code or change management required. Contact us at tonkean.com to learn how you can build complex business processes. Fast.#Operations #BusinessOperations

In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, Scottish Enlightenment thinker Adam Smith described the ‘invisible hand' at play in free market economics.  One of the keys to letting that invisible hand work efficiently is the concept of self-interested interdependence. Producers do what is best for themselves, consumers do what is best for themselves, and the economy reaches equilibrium. If only it were that simple in practice. In this week's episode of Dial P for Procurement, Kelly Barner covers a current day example to illustrate the complexity and sensitivity of the laws of supply and demand: Tyson Foods is the largest U.S. meat company by sales, and they are caught in a margin squeeze The meat supply chain, literally from farm to table, includes many factors that make profitability far from a sure thing Why the Federal government's effort to increase competition and stability in the highly concentrated meat market may actually lead to more instability  

Local government spends 2 trillion dollars annually on procurement. Co-founder and CEO of Pavilion, Mariel Reed, shares her unique perspective working in both local government and technology to create solutions that improve the often tedious, slow, and painful procurement processes, including:Drastically reduce buying cycles.Maintain compliance.How city/county managers and department heads can empower purchasing managers to transform the dreaded procurement headache into a strategic advantage.ResourcesPavilion's free platform for local governments.Connect with Mariel on LinkedIn to continue the conversation or ask questions about procurement. Include ICMA podcast in your message!Emergency preparation and response resources from Hagerty Consulting.

Michael van Keulen (MVK) has worked in procurement and finance for over 20 years. Over those years he's seen companies resist digital transformation. The key to a digital transformation is getting the internal stakeholders on board. To do that, procurement leaders have to step up and oftentimes put their jobs on the line. How do they avoid losing their jobs while pushing their companies toward digital transformation? MVK shares what he's learned from decades in the industry in this throwback episode of Negotiations Ninja.

Skip the Queue is brought to you by Rubber Cheese, a digital agency that builds remarkable systems and websites for attractions that helps them increase their visitor numbers. Your host is  Kelly Molson, Founder of Rubber Cheese.Download the Rubber Cheese 2022 Visitor Attraction Website Report - the first digital benchmark statistics for the attractions sector.If you like what you hear, you can subscribe on iTunes, Spotify, and all the usual channels by searching Skip the Queue or visit our website rubbercheese.com/podcast.If you've enjoyed this podcast, please leave us a five star review, it really helps others find us. And remember to follow us on Twitter for your chance to win the books that have been mentioned in this podcastCompetition ends July 31st 2023. The winner will be contacted via Twitter. Show references: https://reworkconsulting.co.uk/https://www.linkedin.com/in/sarahbagg/ Sarah BaggI've spent 24 years working in the Attraction, Leisure, and Hospitality sectors, from hands-on front-of-house roles to senior commercial and operational positions, before honing my knowledge in ticketing/membership/Epos/CRM software. As a supplier, I led the strategy and delivery of sales and marketing, development roadmap, as well as client engagement and retention.Through ReWork I now combine the experiences and knowledge I gained as an operator, with those of a supplier.It's these lived experiences, and dare I say it, navigating the bumps in the road, that provide clients with the knowledge and confidence to plan for future growth.ReWork helps leisure and attraction operators and software partners to get to where it needs to be quicker, with a clear focus on the long-term relationships that play a central role in commercial success.ReWork Consulting will help you find the optimum tech partnership. Transcriptions: Kelly Molson: Welcome to Skip The Queue, a podcast for people working in or working with visitor attractions. I'm your host, Kelly Molson. Each episode, I speak with industry experts from the attractions world. In today's episode, I speak with Sarah Bagg from ReWork Consulting. We're talking about the procurement process and asking, is it broken? Sarah shares her top tips for both attractions and suppliers entering into a new process and we also discussed improving long standing partnerships. If you like what you hear, you can subscribe on iTunes, Spotify and all the usual channels by searching Skip The Queue. Kelly Molson: Hi, Sarah. Sarah Bagg: Hi, Kelly. Kelly Molson: Welcome to Skip the Queue. It's lovely to have you here. Sarah Bagg: I know. Thank you for having me. Kelly Molson: We're going to start with some icebreakers. So I would like to know I like this one. What strange food pairings do you love that nobody else understands? Sarah Bagg: Oh, that's a good one. I don't know. It's probably not a food pairing anymore, but how you used to live off a budget when you're at uni and the strange things that used to have and I remember when I was really skinned, I used to have a bowl of couscous because you don't even need to cook that with ketchup and Worcester sauce. Kelly Molson: One, that is disgusting. Sarah Bagg: It's disgusting. Kelly Molson: But two, I'm laughing because mine also involves, like, a grain and ketchup as well.Sarah Bagg: Surely there's five a day in there somewhere. Kelly Molson: Ketchup is good for you. Of course it is, isn't it?Sarah Bagg: It's bound to be. Kelly Molson: Absolutely. Sarah Bagg: A bit of carbs.Kelly Molson: How gross. So mine is really similar, actually. So it was, you know, the bags of white rice that you can get that you put in the microwave. So one of them whack it in the microwave. A tin of tuna and ketchup. Sarah Bagg: Ketchup makes everything better. Kelly Molson: Protein goals. Sarah Bagg: Yeah. Your head is in that space where this requires washing our pizza. Bonus. Kelly Molson: Good. Just while we're on the topic of things that we ate, what about cold baked beans straight out of the tin? Yes, isn't it? Sarah Bagg: Yeah. When I was again at uni, we went to Prague on a trip and went on the coach. So it's like a marathon journey. And loads of us were eating cold beans. Kelly Molson: So delicious. It's the best thing ever. My daughter loves baked beans. She's baked bean fiend. But that is the first thing that as soon as that tin is opened, I'm getting a couple of spoons of those down. Right, good. Learnt a lot about each other there, didn't we? Sarah Bagg: We're on the same wavelength. Kelly Molson: Okay, attractions related. What are you most likely to buy when you exit through the gift shop? I love this question.Sarah Bagg: I am a massive fan of postcards. Not because I send them anymore, because it feels a bit like and I mainly go I would say my choice of visitor attraction would be like a gallery immersive type of attraction and it always stays on my fridge. Or it's not just something. Maybe you can frame it and make it into a piece of artwork rather than some tap that's just plastic. Kelly Molson: That's nice. Thought you were going to start dissing rubbers then. Sarah Bagg: Big fan of fridge magnets, too. But they always have to be, like, of something that looks nice and tacked. Kelly Molson: Yeah, like a model of that. If you went to, like, a historic house. A model of the house. Good, postcards. And thought about that. That is quite a nice one, isn't it? Okay, last one. What one thing would you make a law that isn't one already? Sarah Bagg: Well, technically it is. It's about finding people, though. My biggest bugbear about anyone in life is dropping litter. I can't stand it. Makes me feel I turn into a big old moany person. I figure it's a good thing to moan about. It will be a way of being able to find people and find them on the spot for dropping letter. Kelly Molson: See, that is a thing, though, isn't it? But who does that? Who does it? Who does the finding? Yeah, that's a good one. Okay. Sarah Bagg: Because there's no point in having a law if you can't implement the law. There's signs all over the Brighton Seafront saying, “You'll get fined if you drop litter”. But who's the litter patrol person that's going up and down? Kelly Molson: There's a job there, isn't there? There's a job there. Good. Okay. Thank you very much. What is your unpopular opinion? Sarah Bagg: This might spit the room slightly. I guess that's the point of an unpopular opinion. It'd probably be unpopular for most marketing professionals and web designers. Watch out, Kelly. Absolutely hate pop ups on website. Kelly Molson: That's okay. I'm with you. Sarah Bagg: Absolutely hate them. They're, like, the worst invention. I don't understand why they're still on website. Like, I'm just browsing. I'm literally been on somebody's site for, like, barely 15 seconds, and you're asking me whether I want to subscribe to your newsletter about your company yet? Why are you asking me to subscribe to your website? Kelly Molson: Yeah. So there is a good user case for them. I hear where you're going. They are annoying, but there is a good use case for them. But I think it's about timing, isn't it? Sarah Bagg: Right, yeah. Kelly Molson: It's about time and place again. So not when someone's just come on and is browsing, but if they're in your blog right. And they're invested in some of the things that you're talking about, then absolutely. That's the time to with a little pop up. Sarah Bagg: Definitely. You're right. It's about timing rather than enough time to blink. There should be some way of it's, either certain pages or the time that you've been on. Kelly Molson: What are you annoying? Are the pop up adverts that you get on local newspaper websites? Have you ever gone on, there must be, like, a Brighton local news website. Sarah Bagg: Yeah, the Argos. Kelly Molson: Oh, my God. They just drive me insane to the point where you just can't read. You can't read the article. Sarah Bagg: No.Kelly Molson: I'm not okay with those. There you go. Well, let's see, listeners, let us know. Pop ups.No pop ups. Is Sarah's opinion that unpopular? We should see. Tell me about your background, Sarah. What have you've done previously and where that brings you to now?Sarah Bagg: So, I have spent ridiculous amount of years working in the leisure and hospitality and attractions industry. I don't say attractions because it hasn't just been attractions, but I guess before my management career, which started probably about when I was 23, I'm 46 now.Sarah Bagg: Keep on saying 45 for keeping forgetting I've added another year. I probably spent all my working life in leisure, hospitality and attractions. From the age of 15. I was working in Green Leisure, which is theme park in Somerset, where I grew up from, working in the Swan Theatre in High Wickham, where I went to uni, and then part time roles in Australia. When I was travelling in the Sydney Maritime Museum, I managed a hostel over there. Sarah Bagg: So I've always been in customer facing leisure operation roles. And then when I came back to the UK, after travelling, I moved straight to London. No offence to Somerset, I still love my home county, but I needed bright lights and excitement of London, and I guess you could say I honed my management craft and skills in the pub business. So I was a really young manager, I started working on nails, which is a whole I talk about that for about an hour. We haven't got that time, kind of by accident. And I remember a guy saying to me, look, if you're going to be here, I know this is a part time gig, but you might as well get trained in management while you're here. Sarah Bagg: And O'Neill's, for people that don't know it, and the overseas listeners, it's owned by a company called Mitchell's and Butler, so it's a big corporation and they used to have a very good management training programme, almost like fast track learning on the job, but also lots of assessments. And I think four months after I started, I was managing the pub that I took a part time job in. And it's a massive learning curve for managing stock, cash people, public drinking, massive issue, obviously, profit, events, you name it, you can learn it in the hospitality and pub business. And then after a few years working there, I went to Monopolis. Sarah Bagg: Again, people might not know it, but it's a wine tasting and events company in London Bridge, London, three and a half acre site, and I was head of operations there, and I looked after about 120 staff, my responsibility, and that led to me getting a role at Chelsea Football Club. So I, for about five and a half years, managed the stadium tours and museum there, as well as two Capex museum redevelopment projects. So, yeah, that was when did I leave chelsea, 2013, something like that. So I spent all of that time in sort of London, in that area and then went to sort of the supplier side. So I went to work for the visitor attraction company first. They were opening a series of attractions throughout the country. And I went in as a contractor, head of ops for them. Sarah Bagg: And then I went to the technical supplier side and worked for a UK ticketing provider. And initially I was doing some business consultancy for them and then the owner offered me a full time role that was sort of sales, marketing and customer success and I was there for about seven and a half years. And then got promoted to a directorship where I helped the owner in a more strategic direction of the company in terms of development, roadmap and recruitment strategies, et cetera. And that was up until April last year, actually, a year. Kelly Molson: Oh, it's a year, it's your year's. So Sarah and I, we met actually at your time at Tour. I think that's how we got talking, didn't we? Because we had a client that was using the system. Actually, I think that's how the conversation started. But you have branched out on your own as an independent consultant now and you doing that has kind of formed the topic of this conversation because it's kind of what you help your client base with. So tell us a little bit, the company is called ReWork. Tell us a little bit about what it is and who you work for. Sarah Bagg: Yeah, so maybe a little bit different to some consultancies that support attractions. I support attractions or leisure operators and tech suppliers. Basically the main aim is to increase revenue, grow their businesses, that's the end goal. But for attractions or leisure operators it could be procuring use solutions and finding the right partnership with whatever tech suppliers the requirements for. But it also might be helping them with their current partnership and improving it. Because my experience, the easy bit is the procurement, it's maintaining the partnership for the years to come where there's obviously lots of areas for improvement and many of the reasons why people jump ship deciding to go and find another supplier is because the relationship has gone down the swannie. And then with suppliers, I've been helping them with their sales and marketing strategy. Sarah Bagg: Either new suppliers that are coming into this market and want to understand visitor attractions better than the marketplace and where it stands or where there's improvements to be made, I think lots of suppliers, everyone's guilty of it. You get in your own headspace, don't you, of you keep on doing sales demos, you keep on doing processes and just take somebody that has an external view. As a consultant, you're in a perfect position because you get to see loads of attraction, loads of suppliers presenting and doing demonstrations and responding to RFIs and RFPs. So actually going in there and reviewing that process for them to improve their sales conversions is part of my offering. Kelly Molson: So we're going to talk about procurement today, and it is a word that I think probably fills suppliers and attractions with dread. It's a daunting process, it can be time consuming. It's kind of a necessary evil, isn't it? I'm a really realistic supplier in the sense that there's a lot of agencies out there. Well, there's a lot of agencies out there, and there's a lot of people that will advise you to not don't go through procurement process, don't do it, you shouldn't pitch for stuff. And one hand, I totally and utterly agree, because it is painful. And some of the things that make it painful, we'll talk about today. But unfortunately, it's a necessary evil in the sectors that we work in. Sarah Bagg: Yeah. Kelly Molson: It's the process that is followed and so you kind of have to play the game, but the procurement process has to be run in the right way. And I think that is why I believe that procurement process has broken down quite drastically over the last God knows how many years. Sarah Bagg: Yeah. And I think when some people, some suppliers say, I don't get involved in public procurement, for example, it's so labour intensive. I was involved in one which people were nameless not so long ago, and they were using the same kind of procurement processes as when I was involved with a supplier, maybe like I don't know, must be like, ten years ago, even references to things like fax machines. It's like, God, like you no one's updating this process from the government side things. Obviously, that's where they're getting their forms. But on the very flip side of that, you might have a private attraction, leisure operator, but I've seen procurement done on one sheet of A4. That's their basis of spending tens of thousands of pounds on a solution. Kelly Molson: Yeah. And neither makes sense. Right. So we have to find a process that works. So I feel we have to find a process that works and the whole industry adopts that process. That's what I think would be. Anyway, I want to ask you, what are the biggest challenges for an attraction when it comes to the procurement process? Sarah Bagg: Well, definitely, I don't know about top, but the most pressing one, which you get from whatever organisation takes it on, is time. It's very rare that you would ever find somebody that's like, "Right, I'm going to procure a new solution and I'm going to recruit a new member of staff to run that whole process for me", that just doesn't happen.  Sarah Bagg: And then there's obviously downsides to that too, because that person doesn't understand the organisation. And yet that sometimes there's a perception that as soon as the solution goes live, that's it.  It's fine, we don't need to put any time aside now. Maybe you've got an administrator or somebody that does administrating for the system, putting new tickets on or creating new events or retail items, but the emphasis on time suddenly goes, which I think is all wrong, because the partnership should start from the moment somebody says hello all the way through the life cycle of that. Kelly Molson: So you mean that relationship isn't managed past the point of the solution being implemented, that then the relationship isn't managed in the correct way. Sarah Bagg: And I know the term partnership gets floated about so much and some suppliers, it might be ticketing, but it might be something else entirely. Some do turn up and action things that make partnerships great, others just use that name as a selling point. But I think the key thing is that the person that's procuring the organisation, that's procuring the solution and working with that supplier and the supplier have a 50 - 50 ratio responsibility for making that partnership work. And I don't know if that is anywhere evidenced. I don't see any evidence of that within our sector. And I guess that's where I feel like I've got a good, I'm in a good position to see both sides because I'm working with the suppliers to hopefully raise the standards and I'm working with a leisure operation, Attractions, to raise the standards. Sarah Bagg: So hopefully, although I'm only one person right now, in time that will have some impact. Kelly Molson: Yeah. Okay. So biggest challenges for attractions we talked about, you mentioned time resource because lack of time and you potentially need someone to run this process for you that you don't have. And then the challenge of how to get the most out of that relationship once the solution has been implemented, it doesn't stop there. What about because you sit very much in between the attractions and the suppliers? What do you think are the biggest challenges when it comes to suppliers about the procurement process? Sarah Bagg: Well, I would say that they both have similar stresses. And the second one I was going to say, apart from time, is knowledge. There is maybe a lack of awareness about how much the process of procurement matters to the end result, as in who you're going to choose.Sarah Bagg: And that's about if a consultant is on board, you're expecting them to have market knowledge. So obviously awareness of the actual sector, but also market knowledge of what technology providers are out there and which are suited to that particular client, but also what process works the best to get the best result. And I don't think that emphasis is strong enough. And I think that also impacts the suppliers. Sarah Bagg: So if they don't have most of the time, they don't have any say, apart from maybe how they turn up to a demo about the process at all, and it totally impacts them and how they can perform.Kelly Molson: Yeah, I totally agree. A lot of the procurement processes that you are part of are for ticketing and for systems or platforms, maybe. And I kind of come at it. We're slightly different in that. Yes, it's a digital offering that we have, but it's a website, so it's it's more of a it's not like a plug and play kind of kind of thing. But I think the biggest challenge that I find is lack of conversation early. So give you an example. Tender comes in, a brief comes over, looks really exciting, looks absolutely up our street, read the brief. There's no opportunity for me to have a conversation with them about the brief. I can send questions, I can email questions over. Kelly Molson: So there is a dialogue, but it's not a way to it's not even about building relationship, if I'm honest. It's about that two way street. Kelly Molson: Should you be like, can you work, should you be finding out early enough if you gel? Is there a relationship there that could be developed? Kelly Molson: Are we right for you? Are you right for us? Kind of thing. I think the thing that I find the most frustrating about the process is that complete lack of conversation at the start of it. Sarah Bagg: And I think that opens up massive issues because I wrote a blog post, an article recently about I can't even say the word ambiguity. It's really a hard word to say because when you're relying on the written word, you read into things. Whereas actually, if you just get on a call and say, right, these suppliers, you don't need to names who ask what questions, but these are the answer to all those questions, and somebody then might say to you, "Oh, that's great, because that makes that much clearer. Can I ask another question?" And it's just there you clarify everything exactly really well, whereas you wouldn't be able to do that so easily. Back and forth, back and forth. Kelly Molson: Yeah, exactly that point. And then the other one is open tenders. I've talked a lot about this, actually. Sophie Ballinger from Eureka came on, I think, last season, actually, season three, and we had a good talk about it. So Eureka is a client of ours. That's public knowledge. When we first started working with them, were lucky enough to have eyes on a tender that had been sent out, and it was a public tender. They put it out to they did send it to a few people, but anyone could find this tender and potentially put in a proposal for it, and that's what happened. So they had 40 tenders come back in, you know, 40 proposals for their brief. This is a weird one, in that were one of those 40. Kelly Molson: We'd been up to meet Eureka, we'd been up to see them and ask questions. They were really kind. They gave everybody that wanted time with them, time whether that was on the phone or in person. So it was a really good process. We got shortlisted and we won that tender. Right. So, in one hand, I can't knock that process because we have the opportunity to work with an incredible client that we still work with today. They're amazing. However, I questioned Sophie and said, "Would you do this massive open tender again?" Because surely, respectfully, you have to read 40 briefs, 40 responses that come back right, and evaluate them. That's a s*** load of work. Sarah Bagg: Yeah. Kelly Molson: It'd better to do your research first, pick, like, three or four that you think are a really good fit on paper for you. Do a little bit of groundwork and then just send it to those. Yeah, she was really torn because she was like, "Yes, one hand that would have been sensible, but then they wouldn't have found us through that process". And that's why I kind of raised it as I'm really torn about this, because we wouldn't have got that opportunity if it hadn't been an open tender. But also, does it work? I don't know if it works. Sarah Bagg: No, I know. I honestly believe that if you rush the process, even though you say you short time, you're only going to cause yourself more grief and you're investing in a system that isn't like a couple of hundred quid and you really want to be with them. I know technology is moving faster. And I could argue for the fact that these old legacy systems now, where they have the, “Oh, we've been working with this client for 15, 20 years”. Well, have you been doing a really great job, or is it just too much of a pain to change because it is so ingrained in your organisation? It's obviously all the cloud based solutions are much easier to sort and change over anyway,  that's a side topic. Sarah Bagg: I think that if people can do a step by step process, whether you call it RFI or RFP, whatever, somebody said to me last year, "Sarah, I just don't have time to sit in. These suppliers want me to sit in on a demo for like, two and a half hours". And I was like, “Yeah, that's quite reasonable”. If you can't put time aside, and that means changing how your organisation is for weeks or months, whatever, to give you some support, or you bring in somebody that's going to help you through that process, you do need to put in time, otherwise you're going to be making the wrong decision. Kelly Molson: Yeah, I totally agree that two and a half hours seems quite insignificant in the grand scheme of things, that you're going to spend, like, potentially hundreds of thousands of pounds on this system over the year, that two and a half hours. You kind of really need to know if it will do what it says it does for you. Sarah Bagg: For people that don't really understand the market and how massive it is, even though whenever I talk to people about that aren't in our industry, and I tell them what ReWork does, they're like, "Wow, that's from a niche, isn't it?" And I'm like, "Yeah, it's amazing how we've got a niche of ticketing." And when I say ticketing, this obviously gets confusing sometimes, because ticketing does encompass membership, I call it retail. Catering does it? Because some organisations that are smaller want a system. They might call it a ticketing and CRM system, but it does everything if you went up a scale. And they might be looking at a best breed solution, which has got higher functionality in ticketing, but they don't have catering or retail, et cetera, and they might integrate to another best agreed solution. Sarah Bagg: But the market review I did earlier on this year for a global entertainment organisation had 25 ticketing suppliers to the visitor attraction sector. So with somebody that has no knowledge, how do you work out where that 24 are going to be shortlisted to the first stage, let alone second stage? And you might be missing out on an amazing supplier if you don't.Kelly Molson: Because you don't know how to evaluate from between them. Yeah, I hadn't thought about that. That's a really hugely daunting process and probably why people should use a consultant, Sarah. We talked a bit about that partnership piece. How do you evaluate what a good partnership is? Sarah Bagg: I briefly touched on it about the fact that people think about partnerships as the ongoing process, but it starts at the very point of contact. So whether that's me as a consultant doing a Q and A with some suppliers, I'm acting on behalf of that client at the end of the day. It's not, "Oh, you're a supplier" it's, "we turn up together, we're in this together." We, as attractions operators or leisure operators, understand some of the stresses that suppliers have to go through, and suppliers also understand the stresses and the challenges that the operator has to go through, because without being open and honest about your businesses, how are you going to be able to work together? Kelly Molson: Yes, good point, isn't it? You have to understand the intricacies of each other's businesses. And we probably don't do that enough, actually. There's been times in the past where we haven't asked enough of the right questions. Being brutally honest, I'm sure there's plenty of suppliers out there that have done exactly the same as us and we haven't understood the intricacies as well as we should have. So we do make sure that's a focus now, because if we don't, we can't build the solution that works for them and works for the level of understanding they have of certain technologies or just the level of resource that they have, like this thing that we're going to build for them. Do they actually have the internal capability to work with it? That's a question you need to ask. Kelly Molson: But what I guess we don't often do is flip that on its head. So we as suppliers probably don't go, "Well, look, this is our team, this is our capabilities." We also have X amount of suppliers and this is how our we just probably don't go into the level of detail that we need to about how we operate so that the attractions can understand maybe some of our limitations as well. Sarah Bagg: Exactly. And I think once a solution goes live, if you're talking at that kind of handover period between implementing and then going live, suppliers also need to discuss and make it's vitally important for them to make this partnership work. If they don't, they'll be losing that contract. So how can you put something in place? And it's not just saying, we'll do account meetings whenever you feel like it. What actual credentials can you put? There evaluation processes to say whether the partnership is working. And I know that suppliers issue SLAs, but then their SLAs, like, "Is the system down?" those kind of things. And that's not really about the partnership, that's about the solution actually working, like you're being paid on a service contract. Kelly Molson: So you mentioned SLAs. I'm laughing because one of my other bugbears is actually sometimes it's not just for instance, we work with attractions, we have a partnership with the attraction, but also we need a partnership with whatever ticketing solution they have. Right. Kelly Molson: Because we're controlling the website that their ticketing solution is attached to and to a certain extent vice versa if it's API driven. So we'll have our SLAs, ticketing provider will have their SLAs. Again, we don't know what they mean, but we get given it's with support and it's an SLA level of XYP and we're like, " Again, we don't know, but we get given it's with support and it's an SLA level of XYP and we're like, "Great, what does that mean? When do we get a reply then? Because the clients coming to us, there's an issue. Are we going to get a reply in an hour or is that a 16 hour?” I don't know. It's define what those SLAs are and actually share them with everybody. Sarah Bagg: Yeah, exactly. So if you took the example of like, say it wasn't all in one ticketing solution and it was best to breathe and there was a ticketing supplier, a retail supplier and an F and B supplier, you would want to know that all of those three know which, how they all operate. Kelly Molson: Yes. Sarah Bagg: Of the account meetings that you have them. Kelly Molson: I totally agree. This came up on a panel discussion at the Ticketing Professionals Conference a few weeks ago, didn't it, about who's in control of that user journey when it comes to ticketing and websites. And that was one thing that we kept saying, is actually, it's not about them and us. We all need to work together for the best solution for the client. And that does mean all speaking and all having those open conversations about stuff. Stuff goes wrong, it's always going to go wrong. But it's not about who's at fault here, it's about how do we rectify it and how do we make it not happen again. And you can't do that unless you've got all the right people in the room at the same time.Sarah Bagg: I go back to my days at O'Neill's, we used to have a mystery shopper scheme and it used to put on everyone on edge, like, "Is that the person that's shopper?" And it's like a snapshot of your business, wasn't it? It's like one visit every quarter and then suddenly you're given, like, this result and it's like, "Well, that's not really fair because most of the time, this may run really well. Why have I got 80%, 95 or whatever?" But if there was something in place that you could see over a period of time, not like, “Oh, the ticketing supplier isn't doing great this week”, every quarter you could sit down and say, "Here's the benchmarks, what are we doing well? What is Supply doing? Well what is the attraction doing well? Are they getting the responses back to me quickly enough?"Sarah Bagg: If a supplier has got an issue, an attraction has got an issue with the system, and they've reported it to support, for example, but they haven't been clear about what the issue is, then it causes frustration for the supplier because it's like emails back and forth or help desk portals with massive long lists of questions. So it does take the attraction also to turn up and give the right information for that supplier to investigate the issue properly. Kelly Molson: Yes, that is a very good point, actually. And that, I know, can be a challenge because attraction teams are often quite small. Sometimes ticketing can sit with marketing, sometimes Ticketing can sit with visitor experience, operations, and those teams are pulled here, there and everywhere. So, yeah, that's a very good point, is that there's an element of more triaging that needs to be done internally before it goes out to the ticketing or the web agency. And that comes down to good account management, right? Sarah Bagg: Yeah, 100%. And how you obviously there used to be a high turnover of staff. Now, at the moment, the recruitment is really hard for most attractions out there. How do you, with your supplier record issues, report back issues to management, make sure the member of staff that's actually using the system on the front desk is accountable to X, Y and Z, but that actually manages the partnership. So the structure within your organisation as an attraction really matters in terms of how the partnership works. Sarah Bagg: Because if you've got loads of casual staff on a Saturday and Sunday and the manager that manages the partnership doesn't work Saturday and Sunday, something needs to be in place for that communication to be clear and the supplier to get the right information and therefore investigate and get back to the person and the organisation as quickly as possible. So I just think it's a 50-50 level of responsibility, but we've always thought this kind of it feels like suppliers are down here somewhere and it's the client, you're up here just because one's paying for the other. Kelly Molson: Yeah, no, I get that and I've felt that in some circumstances, it's good to highlight that. Okay, few more questions. What would be your two top tips for attractions when it comes to the procurement process? Sarah Bagg: Definitely would be to if you want to get advice, and this should be for any consultant out there, too. Is that even if you don't think you need because you've got great team to manage the procurement process, get some external advice early, even if it's just like pay for one day's consultancy in the grand scheme of things, that's going to be like a tiny pin brick in the big budget. And it might allow you to go if you start the project, say, for instance, in 2022, and thought, I need a new system, but I can't afford it till 2023. Have the conversation with the consultant early. They all should be able to give you an indication of timelines. Sarah Bagg: So therefore, then you can work back and know when you've got to start the process, because no one everyone always underestimates how quickly time goes, holiday, absence. Then you've got to rely on getting all the suppliers ducks in a row in terms of organising demos and presentations. And then people within your organisation. Who is going to help you because you can't do it all on your own? Through the procurement process, you're going to be sick on holiday. You're going to be sick on holiday. Sarah Bagg: You've got a million other projects to go. There needs to be more than one person and ideally, it would be a project team, people, different departments, but somebody that is accountable to take that support and to take it forwards. Kelly Molson: Yeah, great tips. Same question for suppliers. What would be your two top tips for suppliers going through the process? Sarah Bagg: I think, in terms of procurement, listen to the brief and respond to the brief. Don't just put out some blanket template response. We increase sales by X to X so that when the references come up, you can go to that client and say, "They're saying that they've helped you increase sales by X." They're like, "Yeah, they did. The previous system was shocking and our relationships are really great now" because anyone can say, airy Fairy sells waffle, as I call it. Give the potential client some facts where you've actually helped. But even if you can, got two examples, that's better than just coming up with sales waffle, in my opinion. And I would say, get somebody to review your processes. Sarah Bagg: When I started working for Tor, in that consultancy period, I reviewed all of the tender processes that were going on in the organisation and in the end, obviously, I started working, so I had to put my words into practise. But I think getting somebody to look at it from an outside perspective, sitting in on some demonstrations and seeing it from a new perspective always helps. I'd probably say that, to be honest with you, for any organisation, occasionally, it sometimes takes a new person starting, doesn't it, to go, Why are we doing it this way? Kelly Molson: Yeah. Because we've always done it that way.Sarah Bagg: Yeah. Kelly Molson: Can't we do it a different way? Good advice. Yeah, I like that. And to be fair, you probably answered my last question is, why is it important to work with a consultant? You answered an element of that briefly in that get an outside pair of hands, getting outside view sorry, on what you're doing. Also, I guess you've got knowledge of systems that they may not be aware of, so you're keeping up to date with the current trends and the current things that are happening within the industry. What else would you say was a reason for working with a consultant? Sarah Bagg: Many people will think, "I can't afford a consultant", so they see it as a cost to the project. Whereas, and I know people will say, “Well, of course you're going to say this because you're a consultant”, but I've always thought consultancy and expert impartial advice is a cost saving because it's filling the gaps that you don't have. Like, even that global entertainment company didn't have ticketing expertise to be able to do a market review. They identified that in their business. So actually, if they had moved forwards without putting that step and getting that independent person involved, they wouldn't have been able to move forwards with clarity and reassurance that they're making the right decision. Kelly Molson: Yes. Sarah Bagg: And those decisions end up with lengthy contract terms unpicking a mess, which I'm sure everyone at home is nodding, going, "Oh, God, I've been there".Kelly Molson: For sure.Well, they make the decision that actually they don't have the time, capacity or the budget to go ahead with the project anyway, so there's that to consider too, isn't there? Offer what we call a discovery session, discovery workshop, which could be it's exactly what you were saying about getting someone in just to do a day or two consultancy with you to give you an overview of where you're at and what actually would be the right steps to move forward with. And that's kind of what we do as well. And it's a really good way of evaluating, actually, can you do this project at this point? Do you need to do it now? Do you need to put this on hold for six months? Do you need an X person in?Kelly Molson: Do you need this person to be in the role before you go ahead with this project so that's invaluable? Sarah Bagg: Or do you even need to do it at all? Because I think sometimes there's a tendency to have blinkers on, not because anyone's fault, but because you've just been dealing with the day to day grind and actually, has anyone tried to make this partnership work? I know it should be suppliers. So this is a shout out to all suppliers there. Don't sit back on your laurels with contracts. I heard somebody say a while ago, somebody that I met, a conference, they were like, "Oh, it's great, I haven't had to deal with my supplier for weeks, months now or something, ages." And I was like, "Is that a good thing? Is that a good thing that you haven't heard from your partner, ticketing partner, for such a long time?” Yes, it means the system's not down or whatever, but surely there should be more engagement. Sarah Bagg: Are you getting the most out of the system to engage with your customers and make you more money?Kelly Molson: Yeah, that to me says that isn't a healthy relationship, though. That sense I get from that is that you're hearing from them because stuff is going wrong. You're not hearing from them, so nothing's going wrong, but that's still not right. No, you should try and to engage and improve. Sarah Bagg: And I think this sort of sits outside procurement, but one thing leads to another. Is that my biggest piece of advice, and I said this at the Ticketing Business Forum the other week when I was asked that suppliers need to and whether it's ticketing or whatever is to really target decide which part of the market they are targeting and as I call it, pick a lane. Because I honestly don't believe you're trying to be everything to everyone is going to service the industry well. Your current clients will soon be left behind because they're not important enough anymore. Because another group is. Do you really have a big enough development team to service all these requirements from all stretches of our sector? And it doesn't help when you're trying to shortlist because all this supplier says they're everything to everyone. Sarah Bagg: How does that help anyone try and push if he wants to, I don't know, develop your membership area? Is that important to that supplier? In terms of their roadmap? Kelly Molson: Yeah. So niche within a niche, Sarah. That's what they say, niche within the niche. Sarah Bagg: There's enough suppliers out there, 24 plus that actually everyone could have a niche and everyone could be doing it really well and there won't be any niche or a flat there. Kelly Molson: That's good advice. And we don't need to send out RFPs to maybe four of them. Yes, all 24. Amazing. Thanks, Sarah. I could talk about this topic all day long. I think, as you're well aware, I've got lots to this conversation, but I would like to know what book you'd like to share about to our listeners.Sarah Bagg: For those of you that haven't probably seen on LinkedIn, I'm also a life coach and it feeds quite into a lot into consulting about how I ask my clients questions. And I love this book, it's all about time. It's called Four Thousand Weeks and it's about the average we have this time on the planet and how we should use the time. And what I love about it is it's like lots of time management books always like they make you try and let's eat out every minute and productivity hustle harder. I feel I'm like exhausted listening to, whereas this really takes quite a reflective view of what's important to you and take a step back and I think we can all learn massive lessons from that in this ever fast paced world that we live in. So, yeah, Four Thousand Weeks would be my recommendation. Kelly Molson: Great book. I like that. I think I might go and check that out there. I think I might go and check that out there. Not going to lie. Hectic is the word that I'll describe the beginning hectic and I could do with taking a bit of a step back and evaluating how I spend a lot of time. I'll add that to my list. Listeners, if you want to win a beam with the chance of winning a copy of that book, if you head over to our Twitter account and you retweet this podcast announcement with the words, I want Sarah's book, then you might just win it. Who knows, you might get lucky. So, it's been lovely to chat. Thank you. Sarah Bagg: Lovely to have me on. Kelly Molson: I will see you at an industry event very soon because we always bump into each other and it's always a pleasure. But yeah, thanks for coming on and sharing about the procurement process. We will link out to all of Sarah's contact details and her website in the show notes. So if you do want to get in touch for a chat book that day of consultancy, go ahead and do it. Sarah Bagg: Thank you. Kelly Molson: Thanks for listening to Skip the Queue. If you've enjoyed this podcast, please leave us a five star review. It really helps others find us. And remember to follow us on Twitter for your chance to win the books that have been mentioned. Skip The Queue is brought to you by Rubber Cheese, a digital agency that builds remarkable systems and websites for attractions that helps them increase their visitor numbers. You can find show notes and transcriptions from this episode and more over on our website, rubbercheese.com/podcast.

There will always be things procurement does not know. Even if all of the data in the world were magically made available, there would be quality issues and analytics challenges to overcome. Data has to be validated - at scale - before the business can be confident making decisions based upon it.  In this episode, Philip Ideson is joined by Florin Tufan, Co-Founder and CEO of Veridion. Florin was recognized by the 2020 Romania Forbes 30 under 30 program for his willingness to take on the entrepreneurial risk associated with tackling the problem of firmographic data on an enterprise scale. During this conversation, Philip and Florin discuss: Why a company's age impacts the data quality challenges they are likely to face through layers of legacy systems What firmographics are and why procurement should be investing in them The role that AI needs to play for robust firmographics data to be made actionable quickly and at scale  

Hello and welcome to the Business of Architecture. I'm your host Rion. Willard, and this is part two of my interview with Jeronimo van Schendel, where he focuses on his own entrepreneurial ventures, as the CEO and co-founder at Bildia, an estimating and procurement software platform for the construction industry. ► Feedback? Email us at podcast@businessofarchitecture.com ► Access your free training at http://SmartPracticeMethod.com/ ► If you want to speak directly to our advisors, book a call at https://www.businessofarchitecture.com/call ► Subscribe to my YouTube Channel for updates: https://www.youtube.com/c/BusinessofArchitecture ******* For more free tools and resources for running a profitable, impactful, and fulfilling practice, connect with me on: Facebook: https://www.facebook.com/groups/businessofarchitecture Instagram: https://www.instagram.com/enoch.sears/ Website: https://www.businessofarchitecture.com/ Twitter: https://twitter.com/BusinessofArch Podcast: http://www.businessofarchitecture.com/podcast iTunes: https://podcasts.apple.com/us/podcast/business-architecture-podcast/id588987926 Android Podcast Feed: http://feeds.feedburner.com/BusinessofArchitecture-podcast Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9idXNpbmVzc29mYXJjaGl0ZWN0dXJlLmxpYnN5bi5jb20vcnNz ******* Access the FREE Architecture Firm Profit Map video here: http://freearchitectgift.com Download the FREE Architecture Firm Marketing Process Flowchart video here: http://freearchitectgift.com Carpe Diem!

Guest: Chris Yelland is an energy analyst and managing director at EE Business Intelligence (Pty) Ltd and he joins John to consider the motivation and implications of President Cyril Ramaphosa's transferral of the authority to direct the procurement of new electricity generation capacity and ensure security of supply, from minerals resources and energy minister Gwede Mantashe to electricity minister Kgosientsho Ramokgopa.See omnystudio.com/listener for privacy information.

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

Procurement is used to being under pressure to deliver savings, but is that pressure enough to make procurement break the law? That is exactly what happened at Kraft Heinz after their 2015 merger. The low-hanging fruit had all been picked, savings targets remained high, and all sense of oversight had fallen away in favor of a corporate culture that incentivized hitting targets no matter what the cost. In this week's episode of Dial P for Procurement, host Kelly Barner covers: What happened at Kraft Heinz when procurement was expected to hit aggressive savings goals post-merger Internal oversight breakdowns that allowed questionable activity to continue for far longer than should have been possible The fall out… which continues to this day  

On this episode of the Decisions that Matter Podcast, we are sharing a conversation between Procurated Founder and CEO David Yarkin and Ken Hess - Deputy Secretary for Procurement for the Commonwealth of Pennsylvania. Together they discuss the trends that procurement professionals should be aware of when purchasing for Fleet!

Guest Host, Megan Smyth (Director of Legal Education and Sr. Legal Counsel at NASPO) Joins the Pulse to speak with Daniel Glad, Director of the Procurement Collusion Strike Force, Department of Justice. Daniel explains the origins and mission of the PCSF, its role in combating collusion in procurement, and the importance of the Sherman Act. Stay tuned for Part II!#procurement #state #education #NASPOPulsePodcast #SupplierInterviews #GovernmentProcurementFollow & subscribe to stay up-to-date on NASPO!naspo.org | Pulse Blog | LinkedIn | Twitter | Youtube | Facebook

In this episode, Soo sits down with Marcos Eloi, Chief Procurement Officer at the Kraft Heinz Company, the third-largest food and beverage company in North America and the fifth-largest food and beverage company in the world. Eloi discusses his philosophies surrounding procurement strategy and supplier relationships, his passion for technology, the “design to value” methodology, and finding the collaboration in competition.

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

In 1907, J.P. Morgan was called back from a trip to help stop a series of bank runs on Wall Street. After watching a string of insolvent banks fail, he decided that the Trust Company of America was worth saving. He said, "This is the place to stop the trouble, then." Over 100 years later, JPMorgan Chase CEO Jamie Dimon made a very similar decision about First Republic bank. He and treasury Secretary Janet Yellen came up with the idea of “stopping the contagion” affecting regional banks. When the auction was over and the smoke had cleared, JPMorgan Chase was the owner of First Republic - with a little help from their friends in the Federal government. In this week's episode of Dial P for Procurement, host Kelly Barner covers: The role that JPMorgan Chase plated in the rescue of First Republic and in the 2008 rescue of Bear Stearns and Washington Mutual How JPMorgan Chase has become by far the largest bank in the country by skirting the regulations put in place to prevent just that The details of the auction that allowed JPMorgan Chase to acquire First Republic, and why knowing the rules and the decision criteria is the best way to win

Welcome to episode 87. In this episode, I chat to Mike Lander, CEO of Piscari, a former procurement director who now assists sales teams in negotiating with procurement departments. Mike and I discuss: - the common mistakes agencies make when negotiating with procurement - what procurement looks for when selecting an agency - and why they are interested in your financials. We also dive into a five-step framework to help you negotiate more effectively and shed light on some questionable tactics employed by less experienced procurement professionals. During this conversation, you'll gain valuable insights into the world of procurement negotiations. Be sure to follow Mike on LinkedIn and grab a free copy of his guide from his website. https://www.linkedin.com/in/mikelander/ https://piscari.com/negotiation-guide/

Our guest today is retired British Army Major General Ashley Truluck. Ashley brings together his military experience and lover for military history in a variety of ways, including being active in the Society for Army Historical Research and battlefield tourism. He attended the Royal Military Academy at Sandhurst and holds a BA in International Studies, History, and Procurement. His many assignments and commands included time with the Royal Corps of Signals, The Brigade of Gurkhas, the 3rd Armoured Divisional Signal Regiment, and the General Staff. Ashley's military service took him around the world, and he retired at the rank of Major General. He was awarded Companion of the Order of the Bath and Commander of the Order of the British Empire (both firsts for Military Historians are People, Too!). From 2020-2021, he served as the High Sheriff of Wiltshire (also a first!), a position he used to promote the Wiltshire Community Foundation. Ashley is an experienced sailor and traveler, and avid hill walker. Since his retirement from the military, he has held numerous administrative posts in the private sector. He is chairman of the Society for Army Historical Research, which awards the prestigious Templar Medals, and frequently serves as a battlefield tour guide for The Cultural Experience, a UK-based historical tour company. He has led tours in Belgium, France, Portugal, Spain, and Malta. Finally, Ashley is involved with the Chalke Valley History Festival, which is the largest festival dedicated to history in the world. Join us for a fascinating chat about the British Army, Wellington, having James Holland for a neighbor, Napoleonic battlefields in Spain, Ed Sheeran, curry, and command and control! You can follow Ashley on Twitter @Truluck_Wilts. Shout-out to the Queen's Head in Broad Chalke, Wiltshire! Rec.: 04/20/2023

Have you ever wondered what Neuro-Linguistic Programming is, and if, and how, applying the learning can be beneficial to you in your business? ABOUT THE GUESTMy guest today is Brigitta Hoeferle, CEO of The Centre of NLP in Atlanta, an NLP Master practitioner, and host of The Success Patterns Show podcast.Brigitta describes herself as disruptive & positive by design; tenacious & strategic by default; thought provoking & fun by nature. Today Brigitta and I will chat about Neuro-Linguistic Programming and how it may be used as a tool to achieve success in business with particular alignment to Purchasing, Procurement, and Supply Chain Management.Discover more about Brigitta and here work using these links:Website:    https://centerofnlp.com/Website:    https://www.brigittahoeferle.com/Facebook:  https://www.facebook.com/brigittahoeferleInstagram: https://www.instagram.com/brigittahoeferle/Twitter:      https://twitter.com/GittahoeferleLinkedIn:   https://www.linkedin.com/in/brigittahoeferle/Pinterest:  https://www.pinterest.ph/nlpatlanta/_created/YouTube:   https://www.youtube.com/brigittahoeferlePodcast:    www.successpatternsshow.comABOUT THE HOSTMy name is Dave Barr.I have been working as a Procurement Manager for well over 20 years and have had the joy of working in a number of global manufacturing and service industries throughout this time.I am passionate about self development, business improvement, saving money, buying quality goods and services, developing positive and effective working relationships with suppliers and colleagues and driving improvement through out the supply chain.Now I wish to share this knowledge and that of highly skilled and competent people with you, the listener, in order that you may hopefully benefit from this information.CONTACT ME, The Real Life Buyer @Email: david@thereallifebuyer.co.ukWebsite: https://linktr.ee/thereallifebuyerIf you are a Purchasing, Supply Chain or Logistics professional why not apply to my private Facebook Group ? Just look for the "Purchasing and Supply Chain Community Hub".Find and Follow me @reallifebuyer on Facebook, Instagram, Twitter and now TikTok.I am proud to say this podcast is now rated as in the top 40 in the UK. See position number 25 here  https://blog.feedspot.com/uk_podcasts/  for more.Click here for some Guest Courses - https://www.thereallifebuyer.co.uk/guest-courses/Click here for some Guest Publications - https://www.thereallifebuyer.co.uk/guest-publications/

In this episode of The ESG Experience, Helee Lev and Ryan Nelson are joined by Marcus Burrow, Conservice's VP of Energy & Sustainability Solutions, to discuss energy procurement, renewable energy, understanding deregulation across different states, solutions for managing utility data and energy procurement efforts, and more.

Years of supply chain disruptions have caused global organizations to rethink the role of procurement - and procurement teams are doing some reflecting of their own. This is the time for procurement leaders to reexamine their operating model in preparation for the next potential crisis.  In this episode, based on an AOP Live session, Art of Procurement's Philip Ideson and Kelly Barner are joined by Jake Taylor, Senior Director of Advisory at ProcureAbility. He provides his view on how leading procurement organizations are realigning themselves with the business and reinforcing that alignment with their operating model.  Jake answers questions on topics such as: The pros and cons of various procurement operating models Change management considerations that will put operating model adjustments into context Actionable insights that will help you make purposeful changes to your procurement operating model  

Welcome to another exciting episode of the Digital Supply Chain podcast! I'm your host, Tom Raftery, and today, I'm thrilled to bring you an insightful discussion I had with Keith Hartley, the CEO of LevaData.In this episode, Keith delves deep into how LevaData is revolutionising the way sourcing professionals in the manufacturing industry understand, manage, and optimise their supply chains. With an innovative approach that harnesses the power of artificial intelligence and large language models, LevaData is making significant strides in the industry.Keith shares the fascinating journey of LevaData and its mission to provide unparalleled insights into parts, ingredients, and metals data. He underscores the critical importance of data in the current digital era and how it can be leveraged to drive strategic decisions, optimise operations, and gain a competitive edge.But that's not all. Keith also outlines the future of LevaData and the broader supply chain management landscape. He envisions a world where procurement and supply chain planning converge, with a focus on part-level and ingredient-level intelligence. This vision, as he explains, will undoubtedly revolutionize the way we approach supply chain planning and management.Finally, Keith invites listeners to experience LevaData for themselves. He extends a personal challenge to all, to engage with the software and see firsthand the transformative potential it holds.So, if you're a professional in the manufacturing industry, a big data geek, or simply someone interested in the intersection of AI and supply chain management, this episode is a must-listen. Don't miss out on these valuable insights! As always, I look forward to hearing your thoughts and comments.Stay tuned for more enlightening conversations on the Digital Supply Chain podcast. Until then, keep innoASCM CONNECT 2023: EuropeI have been invited to speak at at ASCM CONNECT 2023: Europe taking place in Brussels, June 27-28. Listeners of this podcast get 15% off registration with promo code DIGITALSUPPLYCHAIN15. You can register here for the event.If you do come, say “Hi!” - I'll be the one with the hat!Support the showPodcast supportersI'd like to sincerely thank this podcast's generous supporters: Lorcan Sheehan Krishna Kumar Christophe Kottelat Olivier Brusle Robert Conway Alexandra Katopodis Alicia Farag Joël VANDI And remember you too can Support the Podcast - it is really easy and hugely important as it will enable me to continue to create more excellent Digital Supply Chain episodes like this one.CSCMP European Conference Registration pagePodcast Sponsorship Opportunities:If you/your organisation is interested in sponsoring this podcast - I have several options available. Let's talk!FinallyIf you have any comments/suggestions or questions for the podcast - feel free to just send me a direct message on Twitter/LinkedIn. If you liked this show, please don't forget to rate and/or review it. It makes a big difference to help new people discover it. Thanks for listening.

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

Why is British American Tobacco (BAT) trying to act quickly in response to Scope 3 emissions? (1:56)How do we get internal support to drive change and impact on Scope 3 emissions? (03:00)What's changed in the business environment that has allowed this response/change? (4:52)Examples of what BAT is doing to reduce Scope 3 emissions. (08:20)The role of data in driving Scope 3 emissions across the different ecosystems. (10:15)Advice to supply chain leaders looking to reduce Scope 3 emissions. (13:00)In this episode of the Supply Chain Podcast, host Thomas O'Connor and guest John O'Reilly, Group Head of Procurement, Strategy and Sustainability at British American Tobacco (BAT), discuss how supply chain leaders can drive mutually beneficial Scope 3 initiatives in collaboration with suppliers. John offers first-hand guidance from BAT's experiences with Scope 3 initiatives, including earning stakeholder buy-in, leveraging procurement to evaluate supplier priorities and gaps, and identifying win-win opportunities through data. Thomas and John also discuss  recommendations that supply chain leaders can use to build connected Scope 3 agendas and awareness for both their organization and their suppliers.John O'Reilly joined British American Tobacco (BAT) in 2008. As Group Head of Procurement, Strategy and Sustainability, John integrates sustainability across BAT procurement, driving step changes within its global supplier base. This ensures BAT's suppliers are aligned in achieving BAT's corporate ESG goals, including climate, human rights, biodiversity and waste. During his tenure, John has contributed to maintaining operational delivery, cost management and security of supply.

The Sinaloa Cartel is a drug trafficking organization based in the Mexican state of Sinaloa. It was founded in the late 1980s and is named after its home state. The cartel is one of the largest and most powerful drug trafficking organizations in the world, with operations in the United States, Europe, Asia, and South America.The Sinaloa Cartel is led by Ismael "El Mayo" Zambada and was previously led by Joaquín "El Chapo" Guzmán, who was extradited to the United States in 2017 and sentenced to life in prison in 2019.The cartel is involved in the production, transportation, and distribution of drugs, including marijuana, cocaine, heroin, and methamphetamine. It is known for its use of violence and intimidation to maintain its power and control over drug trafficking routes and territories.Despite numerous efforts by law enforcement to dismantle the cartel, it continues to operate and remains a significant force in the global drug trade. Its operations have been linked to corruption, money laundering, and violence, and have had a significant impact on the social and economic fabric of the regions in which it operates.In this episode, we get a look at how the Sinaloa cartel is trading the fentanyl it's producing for high powered weapons from Europe. (commercial at 8:45)to contact me:bobbycapucci@protonmail.comsource:The Sinaloa Cartel trafficked weapons from Austria in exchange for fentanyl; this was their strategy, according to the DEA - InfobaeThis show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5080327/advertisement

Cyber attacks have been on the rise since 2020, occurring with increasing frequency and having a more detrimental impact to the companies affected. Cyber risk regularly tops C-level risk rankings as a high priority and short term concern. Almost 20% of all data breaches are associated with third-parties in a company's supply chain. We can see how this plays out by looking at the case of Expeditors International and how a 2022 cyber attack not only impacted them as a company, but it also led to a lawsuit brought by a customer: iRobot. In this week's episode of Dial P for Procurement, host Kelly Barner covers: What happened to Expeditors International of Washington just over a year ago How the cyber attack impacted iRobot's business The options available to companies, like cyber risk insurance and internal safeguards, and how industries may respond when a cyber attack takes down one of their own  

The construction and manufacturing industries are both heavily responsible for emissions—many of which come from Scope 3. Peggy talks about how best practices for procurement can help construction operate on slim margins and be more sustainable. She also discusses: How much emissions construction contributes both directly and indirectly. A new report that identifies total spending from procurement. Suggestions and strategies for how to improve procurement, ultimately achieving greater profitability and sustainability. In this segment, Peggy references her previous interview with Mark Kroese, Microsoft, and Eugenio Longo, TCS Europe, about Scope 3. peggysmedleyshow.com  (5/9/23 - 821) IoT, Internet of Things, Peggy Smedley, artificial intelligence, machine learning, big data, digital transformation, cybersecurity, blockchain, 5G, cloud, sustainability, future of work, podcast This episode is available on all major streaming platforms. If you enjoyed this segment, please consider leaving a review on Apple Podcasts.

Pricing can be a complicated subject when trying to win government contracts.  Government pricing rules can be different, dependent on whether you're dealing with federal, state or local government. Then, organizations within federal, state or local government can have different rules for procurement, including pricing.In this episode of Myths of Selling to Government, host Rick Wimberly of Government Selling Solutions presents seven rules that always apply when working to win government contracts, regardless of federal, state or local government procurement rules. Some of these rules may surprise you. For example, the government is not always looking for the lowest price. If not, then what are they looking for, you may ask. (It's not a limited time offer.) Find out in this episode of Myths of Selling to Government with Rick Wimberly.

Procurement has come a long way as a function. The most innovative organizations are transforming procurement into a hub of strategic thought partnership, pushing and challenging the business to get stronger. Anna Barej, vice president of procurement, is leading a massive and exciting procurement transformation at Best Buy. In this interview, she tells Per Hong what she has learned about building a new kind of procurement function. Supply Chain Shocks is produced by the supply chain resilience experts at Kearney, a global management consulting firm. As the original operations consulting firm, we help our clients confidently set a course to navigate disruptions and transform their operations. Learn more at Kearney.Com.  

This is the first episode in our new buyers series and today we're joined by Mitch Orland, VP of Merchandising and Procurement at Earth Fare. Earth Fare is a health and wellness supermarket with 20 locations in 8 states in the Southeast US. Mitch has deep food industry experience including being a restaurant owner and former Executive Chef at Earth Fare, and he now manages a 15 person merchandising team at Earth Fare. Listen in as Mitch shares about: - How Earth Fare's product submission process including category reviews - Best practices for engaging with buyers from email content to timing follow up - How brokers add value for buyers - Different models of distributing to Earth Fare from self-service to local distributors to UNFI - Best practices for promoting with Earth Fare, educating employees, and in-store demos - How and when a brand's on-shelf performance is evaluated by the Earth Fare team - Industry trends - And more! And stay tuned at the end for a story from Startup CPG founder Daniel Scharff about recently getting into Earth Fare with Machu Picchu - and thanks for Mitch for that great idea - he wanted you all to also hear from a brand that recently worked with Earth Fare, which I found really helpful. This episode was sponsored by Social Nature. Go to business.socialnature.com. This episode was sponsored by Promomash + Crisp. Go to promomash.com/startupcpg. This episode was sponsored by IFT. Go to iftevent.org.

This month we meet Liam Bruno, a Double Demon currently serving as Senior Manager for Procurement at Walgreens. Liam's focus is on integrating ESG into day-to-day operations. ESG is, of course, well established and proven to create value when executed well, but there are many obstacles. Still, forward thinking firms like Walgreens are widening their definition of stakeholder to include social and environmental interests; seeing the potential payoff of cooperation between this wider interest group. In essence, Liam's role is seeking, what economic theory calls, a Pareto optimal solution, where all these interest groups are served while taking away from none. How does he do that? Listen in.

On Episode 391 of Impact Boom, Chris MM Gordon of the Irish Social Enterprise Network discusses the Irish social enterprise landscape and why legal frameworks and procurement policies are vital to the movement progressing successfully.

Procurement teams are tasked with moving the ball on so many ‘important' projects in parallel that it can be hard to put them in priority order. In fact, procurement could ask five executives which effort - cost savings, risk mitigation, or ESG - is the most important to the company and get five different answers. Clearly, building a mechanism to decide is the right place to start. In this episode, Philip Ideson is joined by Chris Riley, a Principal in Supply Chain and Procurement at Deloitte Consulting based in Perth, Australia. Chris has experience in a variety of procurement roles in the UK, Singapore, and Australia, with companies such as Ford, Cap Gemini, Lloyds Banking Group, and Rio Tinto.  During the conversation, Chris and Phil have the opportunity to discuss: Where procurement should go next, after the elevated role they have taken on over the last couple of years in response to supply and cost pressures How portfolio management and leadership strategies based on operational excellence can drive significant short and long-term improvements in procurement performance The role procurement can take on to support the corporate desire to spend with a social conscience

Mourad Tamoud joined Schneider Electric in 1997 as Supply Chain & Logistics Manager. In 2012 he became Senior VP of Global Supply Chain China, a post in which he had oversight of manufacturing and distribution operations for the region, and was responsible for safety, quality, customer satisfaction, procurement, and supply chain.Mourad was first appointed to the position of Executive Vice President of Global Supply Chain Operations for Schneider Electric in June 2016. As of January 2019, Mourad added Procurement to his responsibilities and served as Chief Supply Chain Officer overseeing the end-to-end supply chain: including Procurement, Industrial Operations, Logistics & Network Design, and Planning, as well as driving the strategic agenda for the entire Supply Chain organization. He is also a member of the Schneider Electric Executive Committee.Discover more details here.Some of the highlights of the episode:From engineering school to supply chain and logisticsChallenges Schneider Electric faced during the pandemic and how they addressed itSTRIVE and the Zero Carbon ProjectThoughts about artificial intelligenceHow to hire right and key advice for the futureFollow us on:Instagram: http://bit.ly/2Wba8v7Twitter: http://bit.ly/2WeulzXLinkedin: http://bit.ly/2w9YSQXFacebook: http://bit.ly/2HtryLd

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

Unsere beiden heutigen Gäste sind Geschäftsführer der Krefelder Fressnapf-Gruppe. Unter dem Motto “Happier Pets. Happier People” arbeiten die beiden zusammen mit mehr als 16.000 Menschen aus über 50 Ländern in über 1.800 Märkten in 13 Ländern dafür, das Zusammenleben zwischen Mensch und Tier einfacher, besser und glücklicher zu machen. Unser erster Gast hat nach seinem Studium der Wirtschafts- und Sozialwissenschaften in Dortmund, das er als Diplom-Kaufmann abgeschlossen hat, 15 Jahre in der Telekommunikationsbranche gearbeitet, zuletzt als Vice President Controlling und Procurement bei der Versatel AG. Seit mehr als 8 Jahren ist er bei Fressnapf, seit 2021 als CFTO. Unser zweiter Gast hat Wirtschaft in Witten Herdeck und der UCLA Anderson School of Management studiert. Nach seinem Berufseinstieg bei Bertelsmann, war er zunächst über 9 Jahre bei McKinsey und danach ebenfalls über 9 Jahre bei der Rewe Group, zuletzt als CMO. Mitten in der Corona Pandemie startete er als CEO der Fressnapf Holding SE. Seit fast 6 Jahren beschäftigen wir uns mit der Frage, wie Arbeit den Menschen stärkt - statt ihn zu schwächen. In mehr als 360 Folgen haben wir uns mit über 400 Menschen darüber unterhalten, was sich für sie geändert hat und was sich weiter ändern muss. Wir sind uns ganz sicher, dass es gerade jetzt wichtig ist. Denn die Idee von “New Work” wurde während einer echten Krise entwickelt. Wir suchen nach Methoden, Vorbildern, Erfahrungen, Tools und Ideen, die uns dem Kern von New Work näher bringen! Darüber hinaus beschäftigt uns von Anfang an die Frage, ob wirklich alle Menschen das finden und leben können, was sie im Innersten wirklich, wirklich wollen. Ihr seid bei On the Way to New Work - heute mit Christian Kümmel und Dr. Johannes Steegmann Episode 371 gibt es auf allen gängigen Podcast-Plattformen, wie Spotify oder Apple Podcasts (oder direkt auf otwtnw.de). Einfach nach ‘On the Way to New Work' suchen und abonnieren, um keine Folge zu verpassen. Christoph und Michael veröffentlichen immer montags um 6:00 Uhr und im Jubiläums-Monat (#6JahreOTWTNW) immer auch am Donnerstag um 6.00 Uhr.

Effective today, Art of Procurement has a new brand: an uploaded logo, look, and feel that align with our vision for procurement and the expanded content and events that are available to the AOP community. This rebrand comes after eight years of gradual shifts. Starting with the launch of the podcast in 2015, Art of Procurement has grown to become the leading source of trusted, actionable insights for forward-thinking procurement leaders. In this bonus episode, Partners Philip Ideson and Kelly Barner explain the intent and process behind this change: How our rebrand goes beyond just sporting a ‘new look' The need for procurement advocacy across the executive suite How this brand update aligns with our larger mission to 10X the impact of procurement  

In this episode: How to Bridge The Gap Between Sales and Procurement with Jill Robbins https://podcasts.google.com/feed/aHR0cHM6Ly93d3cuYnV6enNwcm91dC5jb20vNTgwMjYucnNz/episode/ZmYzNzc3YjAtNWIzMC00NTM4LTljYTMtNDNmNDlmNmYzMTdj?sa=X&ved=0CAUQkfYCahcKEwiY_O2s4cv-AhUAAAAAHQAAAAAQAQ How to Negotiate Internationally (International Procurement Negotiation) With Rebecca Howard https://podcasts.google.com/feed/aHR0cHM6Ly93d3cuYnV6enNwcm91dC5jb20vNTgwMjYucnNz/episode/ZDYyZDExZTYtMDM2My00ZGIxLTg0M2ItODJiOWNkZGE1YTM0?sa=X&ved=0CAUQkfYCahcKEwiY_O2s4cv-AhUAAAAAHQAAAAAQAQ How to Handle Digital Negotiations with Liz Milan, Director of Procurement of DiscoverOrg https://podcasts.google.com/feed/aHR0cHM6Ly93d3cuYnV6enNwcm91dC5jb20vNTgwMjYucnNz/episode/QnV6enNwcm91dC0xNTAzMDk3?sa=X&ved=0CAUQkfYCahcKEwiY_O2s4cv-AhUAAAAAHQAAAAAQAQ

In this exciting episode of the Digital Supply Chain podcast, I had the pleasure of talking with Mike Sigler, Senior Director at Nexer. We dove deep into the fascinating world of AI, particularly ChatGPT, and explored its immense potential in the realms of supply chain and manufacturing.Mike shared his insights on how ChatGPT can help businesses save time, make better decisions, and optimize processes. We discussed numerous use cases for generative AI in the supply chain, from demand forecasting and inventory management to production scheduling and workforce planning.But it's not all smooth sailing. We also touched on the potential risks and challenges of incorporating AI into the supply chain, such as overreliance on technology, data quality issues, and the so-called "black box problem." Importantly, we emphasized the need for human touch and gatekeeping, especially in the early stages of AI adoption.We also tackled the critical aspect of change management and user adoption. As Mike pointed out, AI isn't here to replace jobs, but rather to change and enhance them, empowering people to be more efficient and informed in their work.And as a little bonus, I shared my personal experience using ChatGPT for cooking inspiration and recipe suggestions. Who knew AI could be so tasty?For more information on Mike Sigler and Nexer, you can find him on LinkedIn or visit the Nexer group website.I hope you enjoy this insightful conversation as much as I did. Don't forget to subscribe to the Digital Supply Chain podcast for more fascinating discussions on the future of technology in supply chain and manufacturing!From Maine, With Love - An Allagash Brewing PodcastCome hear the ins and outs of beer and brewery life with Allagash Brewing Company.Listen on: Apple Podcasts SpotifyPodcast supportersI'd like to sincerely thank this podcast's generous supporters: Lorcan Sheehan Krishna Kumar Christophe Kottelat Olivier Brusle Robert Conway Alexandra Katopodis Alicia Farag Joël VANDI And remember you too can Support the Podcast - it is really easy and hugely important as it will enable me to continue to create more excellent Digital Supply Chain episodes like this one.Podcast Sponsorship Opportunities:If you/your organisation is interested in sponsoring this podcast - I have several options available. Let's talk!FinallyIf you have any comments/suggestions or questions for the podcast - feel free to just send me a direct message on Twitter/LinkedIn. If you liked this show, please don't forget to rate and/or review it. It makes a big difference to help new people discover it. Thanks for listening.

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

Despite the efforts that have been made to eradicate slavery, the practice has adapted. People all over the world are being held against their will and forced to provide labor, endure inhuman treatment, and are even subject to forcible organ harvesting.   Tim Nelson is the CEO of the charities Hope for Justice and Slave Free Alliance. He was working in the banking industry when he met a ‘slave hunter' through a friend - a chance encounter that started his mission to expose and address the slavery and human trafficking that exist within today's supply chains. Today he is fighting both worldwide through an ever-expanding network of team members and partners. In this episode, Tim shares his knowledge and and advice with Philip Ideson about: Some of the products, services, and supply chains that are at high risk of involving modern slavery  Internal and external drivers of change that are starting to move the needle on modern-day slavery The role that procurement professionals can - and must - play in working to protect human rights and protect companies from reputational risk  

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

Keith Weinhold answers listener questions about real estate investing.  He advises listeners on how many properties they need to own to become a millionaire, how to invest $40,000 to reach a $100,000 down payment for a rental property, and how to find the best future real estate markets.  Keith emphasizes the importance of positive cash flow, avoiding over-leveraging, and owning properties in multiple job growth markets and states.  He also discusses the potential for hyperinflation and the benefits of owning real assets to combat inflation.  Keith encourages listeners to leave a rating and review for the podcast and consult with professionals for individualized advice. **Taylor's question [00:01:07]** How many properties must I own to become a millionaire? Keith explains that it depends on the profitability of the properties, how much they go up in value, and how much rent is charged.  **Mitrel's question [00:05:04]** Should I invest my $40,000 in the stock market to reach my $100,000 down payment goal for a rental property? Keith advises on risk tolerance and suggests alternative options such as I bonds. **Kevin's question [00:09:08]** What are the forward-looking indicators to find the best future real estate markets? Keith talks about the prospect of hyperinflation and provides insights on finding the best real estate markets. **Forward Looking Indicators for Real Estate Markets [00:09:16]** Keith answers Kevin's question about selecting MSAs with forward-looking indicators, including population growth, employment, and upcoming government infrastructure projects. **Sponsor Ads [00:15:45]** Keith thanks Ridge Lending Group, JWB Real Estate Capital, and Mid-South Home Buyers for sponsoring the show. **House Hacking in Southern California [00:18:03]** Keith advises Connor on whether to invest in an out-of-state rental or house hack in Southern California, considering high real estate prices, tax rates, and tenant protection laws. **Real Estate Financing Options [00:19:03]** Keith discusses financing options for single-family homes and fourplexes, including FHA and VA loans, and the advantages and disadvantages of house hacking in Southern California versus investing out-of-state. **Hyperinflation and the US Economy [00:21:40]** Keith addresses a listener's question about the possibility of hyperinflation in the US economy, defining hyperinflation and discussing the factors that contribute to it, including a nation's debt and foreign demand for its currency. **Leverage in Real Estate Investing [00:25:00]** Keith answers a listener's question about being over-leveraged in real estate investing, explaining the risks of taking on too much debt and emphasizing the importance of buying properties that are cash flow positive. **Real Estate Investing Strategies [00:28:00]** Keith explains how to avoid over-leveraging and how to project positive cash flow from day one. **Benefits of High Leverage [00:29:09]** Keith explains how high leverage can help you build wealth faster and why it's best to finance your properties. **Encouragement to Leave a Podcast Review [00:30:07]** Keith encourages listeners to leave a podcast review and explains how it helps the show reach more people. **Disclaimer [00:31:32]** A disclaimer is given that nothing on the show should be considered specific personal or professional advice. Resources mentioned:  Show Notes: www.GetRichEducation.com/445 I-Bonds: https://www.treasurydirect.gov/savings-bonds/i-bonds/ Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Find cash-flowing Jacksonville property at: www.JWBrealestate.com/GRE Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  Top Properties & Providers: GREmarketplace.com Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free—text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold   Welcome to GRE! I'm your host, Keith Weinhold. I answer your listener questions today.    A 12-year-old listener asks, how many properties must I own to become a millionaire?  Another asks, “Should my first property be a house hack or an out-of-state rental”?    One question is about the imminent prospect of HYPERinflation.   Also, “What are FORWARD-looking indicators to find the best future RE markets?” Those questions and more questions all answered, today, on Get Rich Education! ___________   Hey, welcome in to GRE. I'm your host and Founder, in fact, of this very show… and all Get Rich Education platforms, a 20-year REI and Active Member of the Forbes Real Estate Council. My name is Keith Weinhold. Ya probably know that by now.   This is Episode 445 of Get Rich Education.   When I do these listener question episodes, I generally begin with some of the more basic questions.   Today's first question comes from Taylor in Wooster, Ohio. Taylor is age 12 and he simply asks:   How many properties must I own to become a millionaire?   Well, thanks for that, Taylor. I don't often get questions from a 12-year-old.    I love that you're listening and the fact that you ARE greatly increases the chances of you building wealth when you're an adult, yet young enough to enjoy it.   Like a lot of questions in real estate, the answer to how many properties you must own to become a millionaire “depends”.   It depends on how profitable your properties are - how much they go up in value and how much you're getting from the rents that you charge the tenants, how long you do a good job of keeping them as tenants, as well as how capable you are of controlling your property's expenses.   So, you could own as little as just ONE property and be a millionaire, Taylor.   Owning MORE properties is better than owning fewer properties. That way, if you have one that isn't profitable, you'll have profits from your others.     And you can own more properties when you can use part of your OWN money & part the bank's money… in owning the property.   Now, Taylor, if you have one million dollars, say, you had a million bucks in stacks stuffed in your closet, you need to understand that that is not enough.    You're 12 years old now. You might live another 80 years. Then you'd need that million to last you 80 years.    Even a 50-year-old with a million dollar stack of dollars bills in their closet would not have enough money to live on for the rest of their life.   You might need closer to 10 million dollars. That's called a decamillionaire. So think about setting your net worth target higher. Think, “How can I be a decamillionaire?”   But actually, you don't just want to think about the height of your stack of dollar bills reaching any certain number of millions ONLY. It matters. But what matters more is how fast your stacks are GROWING.   That's called cash flow. If your stacks are growing at a rate every year that exceeds all of your expenses, you are financially-free. That's why it beats being debt-free.   Another thing, Taylor, I know that your hometown of Wooster, Ohio is between Columbus and Akron so - though I'm not familiar with Wooster - but I do know its the county seat of Wayne County -    …you do tend to have markets nearby that can create CF really well - that's that ability to GROW your cash stacks, hopefully to a height of 10 million someday.    Thanks for your question, Taylor.   You know, it warms my heart to know that kids listen to the show. I remember shortly after launching the show in 2014 that a Dad & son from New Jersey wrote in and told us that they look forward to listening to the show together every week.    I like to do that family-friendly show, from Day 1. A clean lyrics show since inception.   I like to keep it classy. I like to make that show that would make my late Grandma Weinhold proud - though I don't think she ever knew how to listen to this show.   That's part of my brand… and it warms my heart to see children in the audience.  ______________   The next question comes from Mitrel. I don't know where Mitrel is from, because some questions come in on our YouTube Channel, but he says…   I have a good job and $40,000 in savings, expect an upcoming BOOM in real estate and need $100,000 for a down payment.    Does it make sense to gamble my $40K in the high risk stock market to get up to the $100K sooner and capitalize on the RE purchase?   If I lose the $40K, I'll recover it in time with my job anyway over time.   If I win & get it to $100K, I'll have my income property and be off to the races with leverage and Real Estate Pays 5 Ways.   If I simply tried to preserve the $40K in a savings account, I'd lose to inflation anyway.   That's his question. Alright, Mitrel. You've got $40K, want to get to $100K for your down payment on some rental property.    Now, we have properties at GRE Marketplace where $30 or $35K is enough to get started… but with your $100K down payment goal, I sense that you might have a specific purchase in mind.   Of course, it's about getting a 20-25% down payment + 4% CCs  - as a percent of your purchase price - and you'll want to hold some reserves.   Well, to get your cash stash from $40K up to $100K, it has to do with your risk tolerance.   It sounds like you're open to risk with putting it in the stock market short-term to try to reach your goal faster.   So, yeah. You would probably want to do that OUTSIDE of a retirement account since they generally have early withdrawal penalties.   In a savings account, yes, you're aware that with true inflation, that would just debase your savings' purchasing power.   If you're open to risk, I guess one could get in & out of crypto at just the right time - if you do that, I'd choose bitcoin.   But you know, whether you go with risky stocks or risky bitcoin, the problem with that is that you have to get your timing right twice.   Ideally, whether it's a Russell 2000 Index Fund or Apple Stock or Ethereum, you want to buy close to a near-term low and then sell close to a near-term high.   That is more difficult to do than it sounds, and it's just one reason that stock, ETF, and mutual fund investors don't build wealth.    One other thing I'll mention as you're trying to patch together your first RE down payment is I-bonds. They currently pay a guaranteed 7%.    The way they work is that the interest rate they pay you is the CPI Inflation rate plus a fixed rate on top of that.   You can get I-bonds at TreasuryDirect.gov   But there is a $10,000 annual limit that you can put into I-bonds.    Another disadvantage is that I bonds can't be purchased and held in a traditional or Roth IRA, Mitrel. The I- bonds have to be held in a taxable account.    But that might work for you in this case, Mitrel, since it's a shorter-term hold, hopefully it's shorter-term anyway, until you've built up your $100K cash to get your RE and get off to the races, hopefully getting paid 5 ways.   Another disadvantage of I bonds is there is an interest penalty if they're redeemed for cash in the first five years. They knock off 3 months of your earned interest.   I hope that you found at last one insight on those options that helps you out, Mitrel.  ________________   The next question comes from Kevin. He asked this one quite a while ago.   [Listener question played]   3) What are the forward-looking indicators to select MSAs? He typically looks at population growth and employment.    That is a rather astute question, Kevin. Yes, you're looking at some of the right measures for the tide that floats a RE market up.    First, we want to think about landlord-friendly states. Yes, the MW & South has a preponderance of them. But there are some outliers. You'll also find pretty favorable eviction processes for LLs in PA, TX and AZ.   When it comes to forward-looking RE indicators and their sources, first, let me give you two resources that most everyone knows about, then we'll drill deeper.  The NAR publishes forecasts for home sales, prices, and other market trends. Their reports give you future RE market insight at both the national and local level. Zillow offers forecasts too on the housing market, including home values, rents, and other market indicators. Now, one indicator and one place that a lot of people don't know where to look, Kevin, is your ability to discover upcoming government infrastructure programs. Think about learning where the next new highway intersection or highway interchange will be built. Or perhaps it's a new seaport expansion project or a new bridge that is going to be built in 5 years. There are a lot of places where you can find out that information ahead of time, and unlike stock investing, it's completely legal - totally alright - to learn about this ahead of time.  Get a heads up on where the next bridge is going to be built and how that can make nearby property values rise - that's not considered illegal insider information. You can check the websites of government agencies responsible for upcoming infrastructure development in your target state or region.  That area's, say, Department Of Transportation makes this public so that contractors can engage in the bidding process for major infrastructure projects. These are known as government PROCUREMENT websites. For example, in Illinois, that's under an Illinois.gov website. Those sources can be kinda wonky & dry, but putting in the work over there can help you see the future. Now, major news outlets, and just regular, old school, legacy media television channels like good ol' WPHL in Philadelphia or KMSP Minneapolis or anywhere, they often report on upcoming projects and government initiatives, like an airport expansion. Now, if you happen to LIVE in an investor-advantaged area, Kevin, well and you do, Dayton, Ohio. Joining an “in real life” industry association that focuses on infrastructure development can really give you direction & foresight and you'll grow your network too. That'll give you access to upcoming projects - as will attending public meetings like town hall meetings. And then finally, the US Census Bureau and other sources make all kinds of population projections. That helps you see the future.    And hey, you might as well use the Census' resources since your tax dollars are paying for it.   And those industry associations and public meetings often use & apply those population projections to upcoming major projects.   So, there's more, but that's a good bit there. I hope that helps you, Kevin.    Today, I am bringing you the show from Anchorage, Alaska.   Next week, it'll be from Las Vegas, Nevada.   And in two weeks, I'll be bringing you the show from Phoenix, Arizona.   So, Anchorage, Las Vegas, and Phoenix. That is the largest city in the 49th, 36th, and 48th states admitted to the union respectively.    Only a remorseless geography nerd like me would break it down that way, wouldn't I?   Yes, we'll be constructing makeshift, mobile GRE recording studios coming up.   If you've got a question that you'd like me to answer, go to GetRichEducation.com/Contact. That's where you can either write a message, or leave a voice message listener question - like Kevin did.   I answer more of your listener questions next. I'm KW. You're listening to Episode 445 of Get Rich Education. ____________   Welcome back to Get Rich Education. I'm your host, Keith Weinhold, grateful to have you here.   Before we return to your listener questions… thanks to this week's sponsors. They support us so, please, consider supporting them.   That is Ridge Lending Group. Consider YOUR next mortgage loan for income property there and see the difference that a lender that works specifically with investors like you… can make.    They serve almost all 50 states. That's President Caeli Ridge & all the good-looking people over there at RidgeLendingGroup.com   Then there's JWB Real Estate Capital. Income property specialists that provide you with the actual investor-advantaged real estate that you can buy in bustling, fast-growing Jacksonville.  That's all-around good guy Gregg Cohen & the team at JWB. They always have good hair days over there.    They really make it easy for you. Find your next cash flow property at JWBRealEstate.com/GRE   Finally, there's Mid South Home Buyers, providing you some of the best rent ratios in the entire South in Memphis and Little Rock.    They've got the service that you've been raving about for years now.    That's Terry Kerr, Liz Brody and all the fine peeps over there at MidSouth that shake your hand, look you in the eye, have a symmetrical smile, and even regularly recite your first name mid-sentence for ya. (Ha!)   Get started at MidSouthHomeBuyers.com   I have been inside the physical offices of all 3 of those sponsors that I just mentioned.   If your company is interested in advertising on GRE, let us know. We'd like to check you out first. Just like listener questions, you can also indicate that on the same page. Let us know at GetRichEducation.com/Contact You'll see the “Advertising Inquiry” area there.   Conner asked me a question. “Keith, absolutely love your videos. I live in expensive Southern California (Orange County). Would you recommend my first property be a primary that I house hack or invest in an out-of-state rental?” Thanks, Connor.   OK, Connor. Well, there's a lot to consider.   Let's look at the Socal househack.   As you're surely already aware, real estate prices and tax rates are both very high in California.    California also has a Tenant Protection Act enacted in 2019 that puts strict eviction laws into place. You might have rent control there too.   Now, as a SoCal househacker, that could, of course, take the form of buying one big SFH where you live in one of the rooms and rent out the other rooms.   The younger you are, the more likely it is that you're tolerant of living with roommates. If you want to stay alone or with your spouse or whatever & want privacy, then you'll househack a duplex, triplex, or fourplex.   Any one of those, SFH up to 4-plex, you can use an FHA loan on and pay just 3.5% down, or VA loan if you have VA benefits and pay 0% down. With either of those low down payment programs, you must live ON-SITE, usually for at least a year.   FHA recently approved 40-year mortgage loans and they will roll out next month. Yes!   In Orange County, CA, with really high prices, it might take a fixer-upper type home to make it affordable. If you aren't handy, that's a disadvantage on the house hack.   Socal is simply one of the most DISadvantaged places in the nation for long-term rental property, though there are still ways to make it work.   Then, if you go out of state, you can make it really passive. It won't be a more active business like it would there for ya in Orange County.   Now, the downside of buying an out-of-state rental, like through GRE Marketplace, is that it's going to take a 20 to 25% down payment.   But you can still find respectable properties in safe neighborhoods, in say, Memphis for as little as $100K to $120K. That means you might not have to come out of pocket for much more than you would a SoCal rental with it's lower PERCENT down payment.   And, of course, the big advantages of the out-of-state rental are low purchase prices, high rents, advantageous LL-tenant law, your property is already renovated or brand new, and it is turnkey PMed if you so choose.   That's exactly why a lot of people are choosing out-of-state properties at GREMarketplace.    Those are some of the major trade-offs, Connor. Thanks for the question.   The next question comes from Jesse in Reno, Nevada.   “With high inflation for two years and cyclical trends entrenched, more nations making foreign trade deals outside of the dollar, and the Treasury printing dollars like mad, I cannot believe the price for a shopping cart full of groceries at Safeway any more. Are we headed for a hyperinflationary period within the next decade?”   Well, that's an interesting question, Jesse. Inflation is an awful malady that disproportionately affects the lower classes more than the upper classes.   But do I believe that there's any significant chance of hyperinflation in the next decade, Jesse? Let me answer that.   Now, first of all, a lot of people - not necessarily you, Jesse - but a lot of people throw around the term “hyperinflation” without really knowing what it means at all.    A consensus of economists define HYPERinflation as an inflation rate of 50% or more every month. Yes, month.    With compounding, that would be inflation of more than 600% per year, not the… closer to 6% CPI inflation that we've had lately.   We could very well have longer-term waves of RECURRING inflation.   In America, our debt-to-GDP ratio is high. It's about 120% right now. Back in 1990, it was just 55%.   Now our debt-to-GDP ratio also hit 120% back in the 1940s, but that was as a result of us having to pay for WWII. And the productivity of the 1950s quickly brought the ratio down.   Here's the problem. Today's 120% is not due to war; it's due to all these politicians' various accumulated promises over time.    That includes CONTINUOUS military spending.   And you know, historically, every fiat currency ends with the END of that currency. Every single one goes to die. The British pound is the world's OLDEST currency in use today.   But to get hyperinflation, it generally takes two key factors:   First, a nation needs to have debts denominated in a currency that that nation can't print.    Now, for emerging markets, its often dollar-based debt that they have and those nations can't print dollars.    100 years ago, Weimar Germany had gold-based war reparations. That was their problem.    You cannot print gold, so they printed MASSIVE amounts of their currency. In more modern times, Venezuela and Zimbabwe experienced hyperinflation.   The second key reason hyperinflation occurs is when there's no foreign demand for your currency… so you hyperinflate it.   So, to create hyperinflation, it takes a tremendous amount of printing… plus no demand for that currency.    The US still has foreign demand for our dollar and there's a lot of debt denominated in the dollar globally. That represents demand for it.   Since the US can print its own currency, we're not very likely to default on our total of $32T debt at all.    We're motivated to let inflation keep running, at whatever fluctuating rate, Jesse.   So to answer your question, Jesse, no. No hyperinflation in the US in the next decade.   And as far as the prolonged elevated inflation that we're having, as a listener, I think you know how to beat that by now. Own real assets.  If you own a house, have a 30-year mortgage. Don't have it “paid off”. You need a mortgage to benefit most. Thanks for the question, Jesse.   Our last question comes from Zack in Claremore, Oklahoma. Zack asks:   Keith, is there such a thing as being “OVER leveraged?” Would you finance everything you can as long as you can create arbitrage?   Great question, Zack. The short answer is, “Yes, I would. I would finance everything up as much as I could without being overleveraged.”   Now, what “overleveraged” means IN GENERAL - out in the larger business world is that you've borrowed too much money in relation to your ability to pay it back.   In real estate, being overleveraged means that you take on so much debt that you can't make your monthly payments on your principal, interest, and operating expenses.   As long as my properties are cash flow positive, even by a little margin, I have found no limit as to how much I would finance, Zack.   Let me use an example. Say that you buy a rental duplex with $4,000 of monthly rent income. Your mortgage and all of your long-term operating expenses are $5,000, leaving you with a NEGATIVE cash flow hole of $1,000 every month.    A $1,000 per month hole is a $12,000 each year hole that you've dug.    If you're financially precarious elsewhere, that can be a difficult hole to fill in and you could descend into delinquency when you miss your first payment, then deeper into foreclosure when you're several months behind, then the bank takes over your property.    You lose your property, lose your credit score, and lose the ability to get new loans for years. You were overleveraged.   You've borrowed too much money in relation to your ability to pay it back since your rent income was $4,000 and expenses were $5,000.   Well, when you buy right, that's not likely to happen. First of all, your mortgage loan underwriter is going to check that you have enough income and enough reserves to meet their qualification standards before you can get the mortgage in the first place.    That's a check against becoming overleveraged, yet things could still go wrong.   For one thing, with FHA loans, your debt-to-income ratio can be an eye-popping maximum of 57% and you can still qualify for the loan.   But you're usually going to be buying your out-of-state rental property with a CONVENTIONAL loan.   Now, INSTEAD of becoming overleveraged, you would buy in the opposite scenario, projecting positive cash flow from day one.   On your duplex instead, if you had just $4,200 of rent income and $4,000 of expenses, you've got just $200 of cash flow, but that is a cushion.   And like I've described on previous episodes, historically your rent income rises faster than your expenses since your mortgage P & I payment stays fixed.   That's why, over time, you often widen that delta from +$200 cash flow so that it just keeps widening to a greater & greater cushion.   So, to review, you're unlikely to find yourself overleveraged if your income exceeds your expenses on day 1, when you have predominantly FIXED RATE LOANS…   … and then another measure of protection is when you own properties in multiple job growth markets - in multiple STATES even - you're better protected against any changes in the law or regulations or changes in that region's economy or even any detrimental disruption to your PM in each of your chosen investment areas.   I dislike overleverage. But I do like HIGH leverage. Because leverage makes compound interest feel really slow.    It is best to FINANCE your properties, even though mortgage rates aren't as low as they were two years ago.    Look at it this way. With 20% down, you could buy five financed properties instead of one all-cash. Over time, five properties appreciating will build you more wealth than one appreciating.   If the properties don't cash flow with 20% down, then get three with 33% down on each. That'll accelerate your wealth-building & help you control the mortgage.   Then… if rates go down, you can still refinance. If rates don't go down, you'll be glad that you bought multiple properties instead of one.   Thanks for the question, Zack.   I hope you enjoyed listener questions today. I hadn't done them for a while. If you did, please, go ahead and tell a friend about the show.   Also, if you've ever wanted to tell me what you think about the show… there's a great way for you to do that & I will see it and read it myself.    You know, I recently learned that in Apple Podcasts Germany, we only have 3 podcast reviews in that entire nation on that platform.    And that prompted me to ask you - whatever nation you're in, to please, you don't have to, but if you'd be so kind, leave a podcast review.    When you do that, it not only helps our show reach more people, but, I do actually read your review of the show, so I get that feedback.   So if you like what I'm doing here, I'd be grateful if you went ahead, and whatever your podcast platform is…   …Google “how to leave an Apple podcasts review” or “how to leave a Spotify review” and go ahead an do that - leave a rating & review for the Get Rich Education podcast and I'd be grateful.    I hope you found one or more listener questions today that really relate to you or your interests, or YOUR unlimited wealth-building potential. Thanks in advance for telling a friend about the show, and for your rating & review.   Until next week, I'm your host, Keith Weinhold. Don't Quit Your Daydream.