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.

Undervaluing 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.

Takeaways

Key Quotes:

Book a call with a Vendor and Contract Management Expert here or download Gatekeeper's Introduction to Vendor and Contract Lifecycle Management (VCLM).

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.

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

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

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]

• Anna Lakomy on LinkedIn

• Reimagining Procurement by Filling Implementation Gaps with Nadia Stoykov, Chief Procurement and Supply Chain Officer at Tesca Group

• Procurement Reimagined Podcast Link

• Reimagining Procurement by Filling Implementation Gaps with Nadia Stoykov, Chief Procurement and Supply Chain Officer at Tesca Group

• Lennart Eltzholtz on LinkedIn

• Reimagining Procurement by Filling Implementation Gaps with Nadia Stoykov, Chief Procurement and Supply Chain Officer at Tesca Group