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Procurement Reimagined
Procurement Reimagined episodes
- Risk-First, Audit-Ready: How Police Bank Unified Vendor Management with Gatekeeper
In this conversation, Daniel Barnes and Bradley Dollin discuss the challenges and solutions in unified contract and supplier management. They examine the importance of risk-first onboarding, the benefits of centralised visibility in supplier management, and the value of streamlined SLA workflows. The discussion also highlights the role of managed services in strengthening procurement processes, alongside the cultural shifts within organisations towards more effective supplier management practices.
Takeaways
Unified contract management reduces risk and spend.
Risk-first onboarding gives foresight in supplier management.
Centralised visibility streamlines supplier risk assessments.
Time savings free teams to focus on strategic work.
SLA workflows improve supplier performance tracking.
Managed services support the delivery of procurement initiatives.
Cultural shifts enhance perceptions of procurement teams.
User-friendly systems increase stakeholder engagement.
Guided procurement fosters stronger supplier relationships.
Data-driven decisions enable proactive supplier management.
23 min - Rethinking Procurement From Cost to Value with Luke TomlinsonIn this conversation, Daniel Barnes and Luke Tomlinson, discuss the evolution of procurement practices, focusing on mistakes made in early careers, the importance of understanding the aftermath of procurement decisions, and the need for a shift from a cost-centric mindset to a value-driven approach.They emphasise the significance of soft skills, mentorship, and learning from industry leaders to navigate the complexities of procurement effectively.takeaways
- Focusing solely on cost can lead to missed opportunities for value.
- Building strategic partnerships is crucial for long-term success.
- The aftermath of procurement decisions must be monitored continuously.
- Soft skills are essential for effective negotiation and stakeholder management.
- Learning from mistakes is a vital part of professional growth.
- Generational differences can influence procurement strategies and mindsets.
- Mentorship plays a key role in developing procurement professionals.
- A holistic view of procurement can lead to better decision-making.
- Understanding the dynamics of human interaction is critical in procurement.
- Continuous learning and adaptation are necessary in a changing industry.
24 min - AI in Procurement: Boosting Productivity, Redefining Roles, and Building the Future with Dylan Martin
In this conversation, Daniel Barnes and Dylan discuss the evolving role of AI in procurement, exploring its potential to enhance productivity, transform job functions, and the importance of developing an AI policy.
They delve into the phases of AI adoption, the balance between opportunities and risks, and strategies for persuading organisations to embrace AI technologies. The discussion emphasises the need for critical thinking and the potential for AI to improve supplier relationships and overall procurement processes.
Takeaways- AI can significantly enhance productivity in procurement roles.
Understanding the phases of AI adoption is crucial for effective implementation.- AI can help delegate mundane tasks, allowing professionals to focus on strategic activities.
- There is a need for an AI policy to ensure compliance and security.
Critical thinking remains essential in evaluating AI outputs.- AI can transform job functions, but it also presents risks that need to be managed.
- Organisations must rethink their operational processes to leverage AI effectively.
- Building strong supplier relationships is key to innovation in procurement.
- AI can improve the customer experience within organisations.
- The future of procurement is bright with the integration of AI technologies.
Chapters
- 00:00 Introduction and Background
- 02:37 The Evolution of AI in Procurement
- 05:19 Phases of AI Adoption
- 08:30 AI's Impact on Job Roles
- 11:14 Navigating AI Risks and Opportunities
- 13:54 Rethinking Procurement Roles
- 16:59 Overcoming Internal Resistance to AI
- 19:47 The Future of Procurement with AI
- 22:33 Conclusion and Final Thoughts
31 min - AI can significantly enhance productivity in procurement roles.
- Human First, Tech Forward: Finding Balance in Modern Procurement with Karthik Rama, CEO and Principal Consultant at Procurement DoctorsIn this episode of Procurement Reimagined, we speak with Karthik Rama, CEO and Principal Consultant at Procurement Doctors to discuss the evolution of procurement practices, common mistakes made by professionals, and the importance of mentorship.Karthik shares personal experiences, lessons learned from failures, and insights into the current landscape of procurement, emphasizing the need for a balance between traditional skills and technological advancements. The conversation also highlights the significance of human connection in procurement and concludes with recommendations for thought leaders in the field.Takeaways
- The biggest mistake in procurement can be viewing it as a data entry job.
- Understanding the broader context of procurement can enhance effectiveness.
- Siloed thinking in procurement can lead to project failures.
- Due diligence is crucial in consulting and procurement projects.
- A balance between technology and traditional procurement skills is essential.
- Emotional intelligence is a key skill for procurement professionals.
- Growing in breadth of knowledge is more important than job hopping.
- Mentorship can significantly impact career development in procurement.
- Networking and human connection are vital in the procurement field.
- Learning from failures can lead to better procurement strategies.
22 min - Unlocking Procurement’s Potential With Storytelling and Strategy
In this episode of Procurement Reimagined, host Daniel Barnes speaks with Rachel, who shares her insights on the evolving landscape of procurement.
They discuss the importance of recognising and articulating the value of procurement roles, the significance of storytelling in engaging stakeholders, and the necessity of aligning procurement goals with broader organisational objectives.
Rachel emphasises the need for procurement professionals to ask questions and understand the needs of cross-functional teams, while also addressing common mistakes made in the field. The conversation concludes with a series of quickfire questions that reveal personal insights and recommendations for professional growth.
TakeawaysUndervaluing your own contribution can hinder career progression.
Clearly articulating procurement’s value is essential for effective engagement.
Understanding cross-functional objectives strengthens procurement’s impact.
Storytelling plays a vital role in communicating procurement’s purpose.
Asking questions remains a simple yet powerful tool.
Procurement strategies should align with wider business goals.
Avoid unnecessarily complicating supplier and contract management.
Stakeholder engagement requires a genuine understanding of their needs.
Being active on platforms like LinkedIn supports professional visibility.
Recognising the value of collaboration over competition is fundamental.
Chapters00:00 Introduction to Procurement Reimagined00:33 Lessons from Procurement Mistakes03:17 Understanding Value in Procurement06:10 The Importance of Storytelling09:55 Engaging Stakeholders Effectively12:49 Quickfire Questions and Insights19 min - How AI Frees Procurement to Focus on What MattersIn this episode of Procurement Reimagined, host Daniel Barnes discusses the transformative impact of AI on procurement with guest Moundir.They explore the significant opportunities AI presents, such as automating legwork, enhancing supplier relationship management, and enabling procurement professionals to focus on strategic tasks.The conversation also delves into the essential AI capabilities that procurement teams should adopt, the evolving role of procurement professionals in an AI-driven landscape, and the importance of communication and learning agility.Moundir shares insights on valuable resources and events in the procurement space, emphasizing the need for continuous learning and adaptation in a rapidly changing environment.takeaways
- AI can automate time-consuming tasks in procurement.
- Procurement teams should focus on strategic sourcing and category management.
- AI capabilities must align with specific use cases in procurement.
- Upskilling and reskilling are essential for procurement professionals.
- AI will not replace jobs but will change the nature of work.
- Communication mastery is crucial for effective procurement.
- Learning agility is necessary to stay relevant in procurement.
- Networking at community-focused events is valuable for procurement professionals.
- Every problem presents an opportunity for innovation.
- Building strong supplier relationships is key to procurement success.
30 min - Why Procurement Needs More Conversations, Not More DocumentsIn this episode of Procurement Reimagined, we discuss the evolution of procurement practices with guest Moundir Khenfous, Director of Indirect Procurement at CAE.We explore significant procurement mistakes, the importance of focusing on people and processes before technology, and the value of transferable skills in career development. The conversation emphasises the need for procurement professionals to adapt and embrace change, fostering collaboration and agility within their organisations.
Takeaways
- Don't make the paper pretty; focus on quality conversations.
- Fix your people and processes before introducing technology.
- Transferable skills are essential for career flexibility.
- Rethink procurement processes to enhance agility.
- Embrace bypasses as opportunities for improvement.
- Learning agility is key to career growth.
- Unlearning outdated practices is necessary for adaptation.
- Procurement can lead to diverse career paths.
- Enhancing stakeholder relationships improves procurement outcomes.
- Creating self-serve frameworks can streamline low-risk transactions.
Key Quotes:
- "Don't make the paper pretty."
- "Rethink the box to infuse agility.
Book a call with a Vendor and Contract Management Expert here or download Gatekeeper's Introduction to Vendor and Contract Lifecycle Management (VCLM).
15 min - Rewriting the Procurement Playbook Through Collaboration
In this episode of Procurement Reimagined, we speak with Tim Harvey, a seasoned procurement professional, discussing the evolution of procurement practices.
We explore early mistakes in procurement, the importance of collaboration over competition, and the common pitfalls that professionals face today.
Tim emphasises the need for digital workflows to streamline processes and reduce the burden on non-procurement staff. The conversation also highlights essential skills for procurement professionals, such as curiosity and the importance of documentation.
Tim shares valuable insights and recommendations for those looking to improve their procurement strategies.
Key Takeaways- Collaboration unlocks more opportunities than competition.
- Focusing solely on price can lead to poor procurement decisions.
- Documentation is crucial in procurement to avoid future issues.
- Curiosity is a vital skill for procurement professionals.
- Digital workflows simplify the procurement process for everyone.
- Procurement professionals should not teach others how to do their job.
- Value should be considered beyond just cost in procurement.
- Networking and learning from others can enhance procurement practices.
- Start with why is essential for effective leadership in procurement.
Book a call with a Vendor and Contract Management Expert here - https://www.gatekeeperhq.com/book-gk-demo-step-1
GATEKEEPER'S GUIDE TO VENDOR LIFECYCLE MANAGEMENT Actionable checklists, tips and best practices. Download the ebook now for FREE: https://www.gatekeeperhq.com/free-vendor-management-ebook
Chapters
00:00 Welcome to Procurement Reimagined
01:03 Lessons from Early Mistakes in Procurement02:59 The Importance of Collaboration in Procurement05:53 Common Procurement Mistakes and How to Avoid Them08:45 The Role of Digital Workflows in Procurement12:12 Key Skills for Modern Procurement Professionals15:00 Valuable Insights and Recommendations in Procurement20 min - Everything You Need to Know About DORA
We dive deep into the Digital Operational Resilience Act with Liam Mckenna, Partner at Mazars and Austin Kelly from Mazars. If you would like to work with Liam and Austin, please contact them here.
Book a call with a Vendor and Contract Management Expert here - https://www.gatekeeperhq.com/book-gk-demo-step-1
GATEKEEPER'S GUIDE TO VENDOR LIFECYCLE MANAGEMENT Actionable checklists, tips and best practices. Download the ebook now for FREE: https://www.gatekeeperhq.com/free-vendor-management-ebook
Contact Liam from Mazars here: https://www.mazars.com/Users/our-team/liam-mckenna
We dive deep into the Digital Operational Resilience Act with Liam Mckenna and Austin Kelly from Mazars. If you would like to work with Liam and Austin, please reach out to them here.
DORA (Digital Operational Resilience Act) is a new regulation that aims to address the increased digital risk organisations face. It focuses on five key pillars, including ICT risk management, incident management and reporting, digital operation resilience testing, and third-party risk. Non-compliance with DORA can damage an organisation's relationship with regulators and lead to remediation programs and penalties. Organisations need to start preparing for DORA compliance by scoping the project, conducting a gap analysis, developing a roadmap, and implementing mitigation actions. Key challenges include weaknesses in IT risk management, lack of asset management, and the need for standardised contract clauses. Organisations should take DORA seriously and not just treat it as a compliance project. They should invest in ongoing risk assessments, engage with third parties, and commit to implementing robust controls.
Key Takeaways
-DORA is a new regulation that addresses the increased digital risk faced by organisations
-It focuses on five key pillars: ICT risk management, incident management and reporting, digital operation resilience testing, and third-party risk
-Non-compliance with DORA can damage an organisation's relationship with regulators and lead to penalties.
-Organisations must start preparing for DORA compliance by scoping the project, conducting a gap analysis, developing a roadmap, and implementing mitigation actions. Challenges include weaknesses in IT risk management, lack of asset management, and the need for standardised contract clauses
-Organisations should take DORA seriously, invest in ongoing risk assessments, engage with third parties, and commit to implementing robust controls
Chapters
00:00 Introduction
00:55 Overview of DORA
06:09 Non-Compliance and Penalties
09:44 Preparing for DORA Compliance
13:16 Challenges in DORA Compliance
25:25 Key Considerations and Conclusion
30 min - Creating a Digital Procurement Function For the Future with Reba Cox of MongoDB
Hello and welcome to another episode of Procurement Reimagined, brought to you by Gatekeeper. Joining us today is Reba Cox, Global Head of Procurement, Travel and Sustainability at MongoDB.
Join us as Reba shares her passion for procurement and discusses the importance of adapting to the changing world and industry. Learn how to build positive relationships with stakeholders and the need for continuous improvement. Reba also explains how technology and strong relationships can significantly impact an organization's efficiency and profitability.
Reba is the Head of Procurement, Travel, and Sustainability at MongoDB and has ten years of experience growing and scaling procurement organizations. She has led all of the FinOps launches for global internal tools as the company grew to 4,600+ employees. She has a strong passion for mentoring young women and empowering them to speak up and raise their hands. Reba is currently writing a (hopefully) future New York Times Best Seller called "What a Girl Wants, How to be who you are and get what you want".
Book a call with a Vendor and Contract Management Expert here - https://www.gatekeeperhq.com/book-gk-demo-step-1
GATEKEEPER'S GUIDE TO VENDOR LIFECYCLE MANAGEMENT Actionable checklists, tips and best practices. Download the ebook now for FREE: https://www.gatekeeperhq.com/free-vendor-management-ebook
Key Highlights:
- Why Procurement is Awesome (00:39 - 01:30)
Reba shares her passion for procurement and mentions that it is the only role in a company that allows you to learn how the company runs. As part of your day-to-day routine, you will get to interact with people from sales, operations, legal and finance teams. This gives you an insight on how they make decisions, the technology they use, and their pain areas. You can then piece this together to get a sense of how the company runs. Only procurement gives you this working knowledge across different business verticals.
- Why and How to Build Positive Relationships with Stakeholders (01:54 - 03:21)
The typical procurement workflow pivots around chasing multiple stakeholders to remove the workflow blockages. Now, think if the same stakeholders viewed you as an essential part of getting their work done, would there be fewer blockages? The way to cultivate positive relations with your stakeholders is to understand their pain points and current gaps. Next, identify the gaps as system, process, or communication issues and then fill them with efficient processes and automation. Your stakeholders will start viewing you as an asset that provides value. Go out of your way to get the vendor to sign up for a certification that your legal team requires. Provide solutions for sales in your purchase-to-pay cycle and automate routine tasks for the stakeholders.
Quotes:
- “I think one of the coolest things about being in procurement is that we know a little bit about everything that happens at the company”.
- “Every year, we do a big gap analysis, and we say, what's a systems issue? A process issue or communications issue”.
Curated Episode List:
If you enjoyed this episode of Procurement Reimagined, here’s a curated list of some recent episodes that you will enjoy:
- A Pivot to Agile, Collaborative, and Outcome-Focused Procurement with Lauren Tennant, Founder and CEO of Horizon Seven Training [Link]
- Eight Thought Leaders Share Their Insights on Procurement: A Special Compilation Episode [Link]
- Navigating the Challenges of Healthcare Procurement: A Conversation with Lennart Eltzholtz, MD of Sana Einkauf & Logistik GmbH [Link]
- Trusted Partner and Value Creator: Two Sides of the Procurement Coin with Milind Deepak Tailor of Diebold Nixdorf [Link]
23 min
About Procurement Reimagined
From the publisher's feed
Welcome to Procurement Reimagined, a podcast by Gatekeeper. We believe traditional procurement has had its day - the world is changing and our industry needs to change with it. On the podcast we share…
the best practices to help you streamline your procurement processes, navigate supplier and vendor onboarding, and ultimately get the most value out of your contracts.