“Each turn of the flywheel builds upon work done earlier, compounding your investment of effort. A thousand times faster, then ten thousand, then a hundred thousand. The huge heavy disk flies forward, with almost unstoppable momentum.” – Jim Collins, Good to Great
At Art of Procurement, we believe that helping procurement teams effectively align their capabilities and outcomes with the goals of the businesses underpins the transformation of a team from transactional to strategic. In this podcast, we discuss a concept that is a big part of our Procurement, Inc approach and a core part of how we manage the Art of Procurement business itself: the flywheel.
Because this concept may be new to many of our listeners (it was new to us when we discovered it), we’re going to cover the idea in two episodes. This week we provide the broader business context of the flywheel concept, and in part two (next week) we will contextualize the flywheel for procurement teams and discuss ways to put it into practice.
In this podcast, you will learn about the following from Art of Procurement Founder and Host Philip Ideson:
What is a flywheel and what value does it generate for a business?
The sub-elements of the flywheel concept and where you have likely seen one in action as an individual consumer (whether you received it or not)
Why it is the accumulation of smaller efforts, executed consistently, that is more important to success than one ‘big bang’ moment
