The Procurement Software Podcast

In this episode of the Procuretech Podcast, host James Meads is joined by Ruth Cremer.

Ruth is a former investment manager for IT startups at Europe's most active seed investor. She's also an adviser to the German version of the famous TV series Dragon's Den (or Shark Tank, for US listeners).

She joins James for a conversation about how startups should behave when applying for funding, her new book, and why numbers are sexy.

Funding tips for Procuretechs – Ruth Cremer from Entrepreneurial Education

Timestamps:

Starting her own business out of frustration and desperation.

Numbers are sexy, and procurement and supply chain is sexy too!

How much do venture capital companies know about the industries they are investing into?

7:22

Everyone has to start somewhere.

VCs tend to focus on either B2C or B2B products.

9:17

What investors want to see in a pitch.

The classic mistakes that founders typically make.

Making tech easy for non-tech savvy people to use.

The importance of having a broad mix.

14:46

How big the market is for a start-up.

How to get to enterprise customers.

16:46

Easier for startups to sell to small and medium-sized enterprises.

The VC world and what they look for.

19:17

The typical warning signs of a potential startup.

Checking the business model.

How to do research on startups.

Resources for research on funding rounds.

24:21

Using LinkedIn to see if a company is growing too fast.

LinkedIn insights.

26:41

How corporates can make it easier to work with startups.

Making the compliance process easier.

Start-ups can do something here.

How to learn more about Ruth.

And that wraps up another episode of The Procuretech Podcast!

Thanks to Ruth for sharing her insights with us today, and big thanks to you for listening. We'll be back at the same time next week, so see you there!

If you want to learn more about Ruth or Procurement Education, check out the useful links below.

Stay in touch!

Connect with Ruth on LinkedIn

Check out Ruth's website

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

In this episode of the ProcureTech Podcast, host James Meads is joined by Joël Collin-Demers, Principal Consultant at Pure Procurement. The two discuss readiness for digital change in procurement versus the capacity for change.

Joel explains that he works with various customers on their digital initiatives and helps them optimise their processes and applications. He notes that while many companies are ready to make the jump to digital procurement, they often lack the capacity and resources to do so.

Importance of change management in digital transformation

We discuss how companies should first assess their current system and make sure they have the necessary resources to make the switch. He also emphasises the importance of training and up-skilling the existing workforce so they can become more proficient in digital procurement.

Finally, he emphasises the importance of taking a holistic approach to digital transformation and ensuring that all departments are on the same page. Joël has been working in procurement and sourcing for over a decade and now runs his own business. He is passionate about finding the best combination of solutions for clients to help them reach their desired business outcomes. Each organisation has different needs based on their industry, budget, and constraints, so there is no one-size-fits-all solution.

James adds that when a CPO of a well-known company talks about a certain solution, it may be great for their organisation, but not necessarily for yours, so you need to consider the maturity, size, country, and degree of centralisation and maturity of your own organisation when making these type of decisions.

Readiness for change

This conversation focused on readiness for digital change.

There are five suggested components to consider:

Overall software budget

Your company culture

Available talent (or do you need to hire?)

Mindset of your team and stakeholders

Having a C-level sponsor.

We then look at a framework for understanding readiness for digital change. This framework is composed of Awareness, Desire, Knowledge, Ability and Reinforcement.

Readiness for change means having an organisational attitude that is favourable to change and having an executive level sponsorship, mission vision, and a roadmap to follow.

Capacity to change

Capacity to change is an intangible element that includes knowledge and ability needed to successfully change.

The conversation discusses how organisations need to consider both attitude and capability when looking to make changes. This includes having a change management team, an understanding of the skills and knowledge needed, a conducive company culture, a sponsor and budget, a governance structure, and the ability to measure workload and improvement initiatives.

Additionally, the advantages of consulting backgrounds are discussed, as those who come from these backgrounds have seen many more businesses and have greater exposure to what "good" looks like.

Finally, the conversation touches on agility and how information flow and governance structures play a role in implementing changes.

Stay in Touch!

Connect with Joël on LinkedIn

Visit Pure Procurement's website

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

Today on The Procuretech Podcast, we welcome Sarah Scudder, Chief Marketing Officer of SourceDay. They're a Texas-based supply chain software company. Sarah previously appeared on the show way back in Series 1.

SourceDay's mission is to ensure that manufacturing companies always get their parts on time. I can relate to this mission, having been a direct materials buyer in the automotive industry before the 2008-09 recession.

Sarah begins by talking about their career trajectory, which started with a plan to pursue fashion and eventually produce her own fashion shows. She goes on to describe how a volunteer opportunity in her senior year of college led her to procurement and supply chain. Sarah ended up working as an intern for a local company in California that did sourcing and procurement in marketing.

After some soul-searching, Sarah decided that her personality and strengths were better suited for a smaller business. She then took a job working in a sales and marketing, helping to restructure and pivot the business to become a software driven procurement company.

Part of this role included her taking a challenge to post on LinkedIn every day for 90 days, which resulted in people reaching out to her, rather than her reaching out to them. This led her to pivot her career to focus on her newly found passion for demand generation, pipeline creation and marketing.

This ultimately led to Sarah joining Source Day as the Chief Marketing Officer, where she has been for the past year and eight months. Sarah shares how networking has been essential to her career growth and success, both in sales and marketing. She credits her networking skills for undoubtedly helping her land her current job at Source Day. Her introduction to SourceDay's CEO and co-founder came through her network. Without it, she wouldn't have landed the job.

Sarah is also big on community building and hosts a meetup group twice a month, a podcast, and a series of live-streamed show formats. She leverages her network to get advice, feedback, and to secure speakers for these.

Sarah gives some solid gold advice on how leveraging your network, building a personal brand and being a content creator can lead to a wealth of opportunities which otherwise would not present themselves. I can only concur with this. I highly recommend anyone out there to get started, especially if you're a bit stuck about how to pivot into a different career path.

This episode will equip you with the "how" and the "what". All you then need to consider is the "why" and the "where" you want to go with it!

Stay in touch!

Connect with Sarah on LinkedIn

Visit SourceDay's website

What the Duck? Podcast (Sarah is the host - supply chain stuff)

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

In this episode of the Procuretech Podcast, host James Meads is joined by Ward Karson, Chief Operating Officer of Raindrop – an enterprise spend management suite based in California.

They discuss the current trend for consolidation in the procurement tech space, what this means for the future, and how Raindrop plans to make some big waves.

Disrupting with Accessible Solutions – Ward Karson from Raindrop

In light of the recent shock acquisition of Coupa, more mergers and acquisitions are likely on the way. Against this backdrop, how is Raindrop looking to disrupt and challenge the big players in the full-suite game?

0:02:49

History and background on Raindrop.

Raindrop has been around for four years, and Ward has over 30 years of experience as a procurement practitioner. Raindrop's aim is to create an enterprise Procure-to-Pay (P2P) solution to compete with legacy tech.

0:04:19

Acquisitions and their impact on procurement tech. .

In the past few weeks we've seen the acquisitions of Coupa, UBS, Credit Suisse, and the Silicon Valley Bank. This is a very interesting time, where organizations that are struggling may get acquired and consumed. As a result, expect the entire P2P space to be changing in the coming years.

0:06:10

Discussing the disparity between CRM and SRM uptake.

Even small startups have CRM systems, and this is testament to the changes happening in the industry. So why don't companies use supplier relationship management systems, despite the fact that it would make sense for them to do so?

0:07:35

Addressing  the growing SRM market and potential ERP acquisitions.

0:10:57

Predictions on the future of ERP.

Ward draws on his experience working for Oracle and predicts that more traditional ERP providers are going to go out and acquire solutions, as opposed to developing them.

0:14:59

The true value of user-friendly solutions.

Ease of use is incredibly important in any procurement tech solution. Not just from the perspective of accessibility. The real value is that it increases stakeholder adoption.

0:16:41

Exploring the pros and cons of legacy tech.

Legacy tech in the P2P space doesn't exactly have a reputation for user-friendliness or accessibility. This is where there's space to disrupt.

0:22:11

Risk appetite and modular solutions.

Modular solutions allow for fast strategic pivots and agile business practices. Monolithic legacy tech solutions can be so costly to implement that they present a serious risk to ROI.

0:23:48

The benefits of digitally native solutions.

As Millennials rise to senior positions in the industry, it's unsurprising to hear that immediacy is becoming ever more valuable. Digitally native solutions represent the speed and ease that the market now demands.

0:24:49

Ward's advice for IT procurement managers: What to look for in a future-proof, modern procurement tech solution.

And that wraps up another episode of the Procuretech Podcast!

Thanks to Ward for sharing his insights with us today, and big thanks to you for listening. We'll be back at the same time next week, so see you there.

If you want to learn more about Ward, Raindrop, or Procurement Software, check out the useful links below.

Stay in touch!

Connect with Ward on LinkedIn

Check out Raindrop

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

Welcome back to series 4 of The Procuretech Podcast!

Join procurement content creator and consultant James Meads as he hosts weekly conversations with experts in the digital procurement space. With insights from thought leaders and news on the latest tech, we aim to excite and inspire you about the future of the industry.

Introduction to Series 4 – Solo Episode with James Meads

This episode is something a bit different. A solo episode from James that serves as an introduction to the new series, as well as a chance to catch up on recent trends in the digital procurement marketplace.

So what can you expect from the new series?

03.25

We're going to be concentrating predominantly on overcoming objections and ensuring successful outcomes. There are so many botched digital transformations out there. Tech is not a magic wand that solves problems on its own. So we're going to do more episodes on topics like change management, proposing a business case, influence and persuasion, and developing the right talent, so that implementation can be a success.

05.53

We'll also be touching on some of the big developments in the procurement tech ecosystem since our last series. Such as the acquisition of Coupa software that was announced back in December. What impact will this have on our industry at large?

07:25

Are ERP's days numbered? We'll look at how funding difficulties and the rise of  millennials to leadership positions is driving change. Can the big suites keep up with a market that demands good UX? It's going to be an interesting battle, so watch this space!

11:32:

Tech companies in emerging markets are well positioned to grow and disrupt. Look at Penny, setting a great example in Saudi Arabia and the Middle East. These solutions offer something really unique, so that's something we'll also be watching very closely.

Check out this recent video interview with Muddasir Ahmed from SCM Dojo for more on this topic.

14:15

Best of breed solutions seem poised to keep poaching business from the legacy suites. As does anyone coming into the market with new technology. We've got a couple of episodes coming up with Raindrop on that topic.

15:56

Solution providers look set to keep evolving into SaaS providers. Trends in the gig economy point to procurement teams becoming smaller and more specialised.

16:57

We could see Sourcing-as-a-service come into play from some of the E-sourcing platforms.

18:00

And then last but not least,  VC funding is going to continue to be tough for startups.  We've kind of got to the point now that all of the early adopters of procurement tech, have adopted it. So we've stuttered a little bit on the growth of the bell-curve. This is going to be a big challenge for the industry going forwards.

20:16

And that rounds off the first episode of Series 4!

Stay tuned for more interviews to come in the following weeks. This series is going be much more diverse in terms of guests.

We're branching out from our traditional structure, where we invite guests on to talk about their software. We're still going to do those, but they're going to be less common sponsored episodes that will slot in every two or three weeks.

Instead we're going to branch out into much more diverse content, aimed at a wider audience.

As always, please subscribe to the show and leave us a review on Apple podcasts if you like what you hear. That really helps us to reach more people.

We also have a monthly newsletter where we give a round-up of everything that's happening in the procurement tech space. Links below.

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

Welcome back to The Procuretech Podcast!

This is sadly the last episode in our mini series, where we ask industry experts and influencers about everything happening in the digital procurement world.

 

Talent, Skills and Tech in Emerging Markets - Nolan Menachemson from Nolan School

 

For this episode, we’re going all the way to Australia, where my guest today actually has his own procurement school. 

His school has a really noble mission: To make procurement education affordable to students. 

So a very warm welcome to Nolan Menachemson from Nolan School.

 

02:00 

We open up by talking about Nolan’s mission to bring procurement education to as broad of a base as possible. 

In particular, we highlight the need for such accessibility when it comes to developing countries.   

 

04:44 

How technology has impacted and enabled Nolan to reach more students.

We consider that 10 years ago, it was barely possible to have a stable Skype call, let alone host a group webinar online.

 

05:31 

Automation of entry level positions, and the impact this is going to have in the future. 

We also discuss the digital divide, and just how different life is for people who don’t live in developed countries.

Focusing on the MIddle East, for example, the challenges faced there are very different to our own, and we have to get our heads around that.

 

07:36 

Some of Nolan’s students don’t even have electricity in their houses. So there’s a huge gulf of things that we might take for granted that these people just don’t have.

That gap needs closing before we can even begin to talk about cutting edge tech. 

 

09:08 

The absolute importance of mobile phones in the developing world. 

There are so many users out there who will never own a PC, but many of them have a mobile phone. 

As such, mobile represents a crucial frontier when it comes to unlocking the talent currently siloed away in developing countries. 

 

10:32

We talk about communications infrastructure challenges, using Papua New Guinea as an example.

Some countries seem to have entirely skipped the step of installing efficient broadband, and insteadleapt right from copper cables to wireless internet. 

 

12:56 

The increasing prevalence of remote or hybrid work, and the critical role tech plays here. 

 

14:09

Everything as a service, the Internet of Things, and the implications of moving aware from the PC as standard. 

 

18:11  

The critical role of technology in compliance, and how this helps reduce exploitative practices like slavery and child labour. 

We talk about Prewave, and their AI tool that scrapes news sources and social media accounts to back up compliance.

 

19:23 

There are three elements in combating scourges like corruption and modern slavery in the modern era. 

The first thing is a mobile device. The second thing is a search functionality application. And the third is social. 

When you combine these three things together, you put a lot of power into the hands of ordinary people. 

 

21:27 

To what extent does Nolan think that technology is going to be the driver in elevating our profession?

 

23:56 

We can use echnology to employ people who otherwise would be living a very poor life in a remote village. It's a way of educating people out in the sticks.

It’s also a great opportunity to get companies to think about their policies. 

 

25:23 

That’s all we’ve got time for, this episode. And sadly this is also  the end of our current series!

Big thanks to Nolan for coming on to the podcast today and sharing his insights. If you'd like to learn more about his work, you'll find all the links you need below.

We’ll be sure to keep you posted about the next series of the Procuretech Podcast.

But until then, thanks for listening and we’ll catch you next time! 

 

Connect with Nolan on LinkedIn

Check out Nolan School of Procurement

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

Welcome back to The Procuretech Podcast!

We're continuing our mini series where we ask industry experts and influencers about everything happening in the digital procurement world.

 

Risk Management, Tech and Resilience  - David Loseby from Leeds Uni Business School

 

Today we're tackling a big Elephant in the room that everyone's got their eye on right now: The world of third party risk management. 

My guest today is David Loseby. He’s a former CPO of Rolls Royce, a consultant, and is now moving into the academic field.

David is one professor who definitely has the real life experience to back up what he teaches!

 

01:40

We open up with a brief rundown of David’s background: An eclectic blend of the practical and academic. 

His drive is to bring more research impact into business. 

 

03:27 

As someone who’s currently structuring courses, how does David think the syllabus has changed in the last 10 years? Does the rise of tech impact the teaching process?

 

09:39:

We discuss the challenges of risk management. 

With a staggering complexity of unique challenges to every geography, no-one can be expected to model risk accurately on their own. It’s simply not humanly possible. 

This is why we need collaborative single sources of truth. 

 

11:41

The value of digital platforms in managing non-strategic spend, and how this relates to risk management. 

 

14:35

The impact of black swan events, and how even with lots of data there are some risks that you just can’t predict. 

 

16:23

There are two parts to the tehc ecosystem around third party risk management: Material traceability and substainability, and pre-empting risk with intelligence. 

 

18:00 

The critical importance of the SME population.

 

19:08

Licenses and onboarding packages for SMEs interacting with large enterprises. 

 

21:31 

Does David think that some tech platforms may grow a consultancy arm to manage tail spend on behalf of mid-market businesses?

 

23:19

David likens committing to procurement tech to a marriage. It’s an interesting metaphor, but one that makes quite a lot of sense. 

 

24:39

That’s all for today’s episode. 

Many thanks to David for sharing his insights, and if you want to learn more or connect with us here at the Procuretech Podcast you’ll find all the links you need below.

Thanks for listening, and we’ll catch you next time! 

 

Connect with David on LinkedIn

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

Welcome back to The Procuretech Podcast!

We're continuing our mini series where we ask industry experts and influencers about everything happening in the digital procurement world.

 

Procuretech Driving Procurement Excellence - Graham Crawshaw from CASME

 

Today’s guest is Graham Crawshaw, Director of Procurement Content for CASME - a sponsor-free membership organisation for procurement professionals. 

 

Having already been a guest on an episode of Graham's own podcast, it was high time to invite him onto the Procuretech Podcast.

 

02:08

We open up with a look back over Graham’s career. From indirect procurement at EMI, to running procurement roundtables, and eventually finding his role at CASME.

 

05:07

How does Graham think the impact of procurement technology has changed, comparing now to five or even ten years ago?

 

From writing a thesis on computer aided procurement in the early nineties and throughout his career, Graham’s had a unique vantage point. 

 

He shares the story from his point of view. 

 

06:51

How AI and machine learning are allowing us to push more frontiers in data analysis.

 

We also touch on the frustratingly slow uptake for procurement tech, and how surprisingly few businesses embrace the full potential of good analytics. 

 

12:39

Leaner teams on tighter budgets mean that there’s often an education gap in the mid-market. We talk about how to encourage smaller businesses to welcome digital transformation.

 

14:00

Discussing the challenges that procurement teams face in smaller organisations, and how they can get their voice heard. 

We also discuss the importance of UI and UX in appealing to Gen Z, and bringing fresh talent into our profession. 

 

15:00

The importance of interpreting data in spend analytics, and how pie charts alone do not represent actionable understanding. 

 

We explain the value of conversation and facilitation when it comes to educating people about technology, and how CASME’s sponsor-free approach makes it a unique source of knowledge. 

 

17:27

What does Graham think is driving the agenda when it comes to changes in procurement?

 

19:14

We touch on the fantastic work of Prof. Dr. Florian Kleemann. Florian spoke with us on a previous Procuretech Podcast episode, and  had some really interesting things to say on change management.

 

20:39

Graham shares his experiences from hosting a recent panel discussion on eProcurement.

 

23:05 

What did Graham notice about the participants in that discussion group? Was there any correlations between industries, their maturity, their complexity and their willingness to adopt procurement tech? Or was it fairly random? 

 

24:38

We wrap up today’s podcast by thanking Graham for his time and asking where you can learn more about CASME.

 

You’ll find all the relevant links below.

 

Thanks for listening, and we’ll catch you next time! 

 

Connect with Graham on LinkedIn

Check out CASME

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

Welcome back to The Procuretech Podcast!

We're continuing our mini series where we ask influencers and industry experts for their thoughts on everything that's happening in the digital procurement world.

Evolution from All-In-One Suites to Hybrid – Melissa Drew from IBM

Back in episode 20, Melissa Drew from IBM gave us a masterclass in AI and machine learning. So we were really pleased when she agreed to come back on and take part in another episode.

For anyone that didn't listen to the original episode, Melissa has 28 years of industry and consulting procurement experience. She’s currently a keynote speaker, board member for a nonprofit, and soon to be a published author.

 

2:11  

We open up our discussion with a quick catch-up on Melissa’s background: A history with procurement that goes all the way back to 1996.

 

3:06  

What are Melissa’s memories of some key milestones in tech over the years? How has tech impacted her career?

From cloud technology to AI, we take a tour of all the biggest tech developments from Melissa’s perspective. 

5:03  

Are best of breeds coming to replace full-suite solutions? How much did COVID impact the procurement tech landscape? 

Melissa explains some of the most important recent innovations in procurement tech.

 

8:41  

Will agile startups ever displace the Big Five, or should we expect to see more hybrid approaches in the future? 

 

12:09  

Melissa shares a very relevant story about working with chemical experts from her time in procurement.

From there, we talk about talent, strategic sourcing, direct category management, and the importance of leadership.

“If you have a leader that's doing nothing or saying nothing, they're really saying a lot."

 

15:00  

We talk about the underlying root cause of personnel problems: Talent attrition. 

The current management trend of rotating talent across categories means that in-depth experience is becoming rarer. 

Can AI compensate for dwindling human expertise?

 

18:31  

We talk about Melissa’s upcoming book: An unfiltered, honest look at how to develop a solid foundation for transformation. 

This includes some advice that might upset the big boy consultancies…

 

20:47  

We wrap up this episode by thanking Melissa for her insights, and asking how to best reach out to her.

If you want to get in touch, you’ll find all the links you need below. 

Thanks for listening, and we’ll catch you next time.

 

Stay in touch!

Connect with Melissa on LinkedIn

Visit ProcurementSoftware.site

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

Welcome back to The Procuretech Podcast!

We're continuing our mini series where we ask influencers and industry experts for their thoughts on everything that's happening in the digital procurement world.

This episode we're talking about negotiation. And there's no one more influential in the negotiation space than the host of the Negotiations Ninja Podcast himself, Mr. Mark Raffan.

 

Will Negotiation Bots Replace Humans? - Mark Raffan from Negotiations Ninja

1:07

We open up by asking Mark about his background: From sales and online advertising to category manager, before finally transitioning to content creation and his own negotiation training business.

3:12

We discuss Mark's lengthy career in podcasting, now he's over 300 episodes deep. He reflects on some of his favourite episodes. He gives special mention to an interview with Brain Burns, in which it's safe to say they were not exactly aligned...

4:40

Going back to Mark's time working in Category Management, to what extent did he come across procurement technology back then?

Mark mentions how common Coupa was back then, alongside niche players like Scout, which is now part of Workday. It's very interesting to see how tech has progressed and it's especially fascinating to Mark to see how the use of tech with negotiation has progressed.

We move to talking about the future impact of tech, and Mark highlights process automation and error elimination as huge benefits.

8:17

We talk about how the mid-market is still slow to adopt digitisation.

10:06

Looking at big platforms like Coupa and Ariba, we're now seeing this sort of Salesforce model, where platforms put their own app stores in place.

This is almost an admission that these big players can't be everything to everyone.

Especially when looking to the mid-market, having a modular structure that allows users to cherry pick features is hugely important.

11:50

We discuss the value of experience. When an experienced professional with over 30 years of experience leaves an organisation, how much can technology hope to fill that gap?

12:47

To what extent can technology replace humans when it comes to negotiation? Does Mark think we'll ever see a robot able to replace humans when negotiating for something really complex and high end?

17:50

We take Grainger as an example. The whole reason Grainger exists is because a technical buyer or MRO category manager didn't have the time to spend all day doing three bids and a buyer for something that cost $5,000.

AI can solve all sorts of problems- so as long as you've got a competent person evaluating the results to make sure that it's not doing something stupid from time to time.

18:43

Mark breaks down the present and future of automating negotiations. He doesn't think that truly complex negotiations can be carried out by bots yet. But he's keen to emphasise the word yet in that sentence.

He would be very cautious about saying we'll never get there. Because technology is achieving things today that we'd have thought were totally impossible ten years ago.

21:45

Nobody knows the answer for sure.

It's not unrealistic to expect that we'll be able to teach a robot to do very complex negotiations. But will we be able to teach them the emotional intelligence required to deal with cultural differences in negotiation between nationalities or between different cultures? That's going to be the most complex part for AI to replicate.

23:49

Mark runs a negotiation training business. How does advancing tech impact how he builds his long term business strategy?

26:02

Mark thinks it's very, very interesting to think about things like using AI to train people in negotiation. But he's keen to highlight the fact that we're both very biassed here.

Mark and I think about technology every day. That's our business. But for most procurement professionals it's not on their mind.

They've got operational concerns to focus on. They're not really thinking about how technology is going to take them to the next level.

28:35

We're getting there with adopting tech. And certainly some organisations are way more advanced than others. But we're not there yet. Especially not in the mid market.

29:29

We wrap up this episode by asking Mark how you can get in touch with him. You'll find all the relevant links below.

Thanks for listening, and we'll catch you next time!

Stay in touch

Connect with Mark on LinkedIn

Check out Negotiations Ninja

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn