Well, what an end to the week. Here at the Art of Procurement Towers, I am still trying to come to terms with even beginning to understand the impact of Brexit. And a cursory glance at the rest of the media suggests I am not alone. So, I’m going to wait for the dust to settle before wading into those shark infested waters!
So with that in mind, here are five non-Brexit articles that I appreciated this week:
- I think we have all been in negotiations where we didn’t trust the people on the other side of the table – I know that I have! This piece, How to Negotiate with a Liar, by Leslie John of Harvard Business School, really piqued my interest. I love the five tips that Leslie shares and would really recommend that you check this out.
- I am featuring two pieces from the Harvard Business Review this week. In this second piece, Dale Rogers, Rudolf Leuschner and Thomas Choi discuss The Rise of FinTech in Supply Chains. I hear more and more about FinTech every day, and I think this is an area where procurement can drive the conversation, providing more value to our CFO’s over and above cost savings.
- What to do with tail spend? As we continue to (rightly) dedicate more of our scarce resources to the more impactful categories and projects, tail spend often get’s forgotten about. However, tail spend still usually makes up at least 20% of total spend. In Realize the Value of Procurement Spot Buying, Nicklas Brandstrom of Capgemini shares three recommendations for gaining control of your tail.
- Regular readers will know that Jack Miles recently joined the Art of Procurement as an Executive Advisory Board member. One of the key areas where Jack and I share philosophies is the notion of courage. In How to Have the Courage to Integrate Spend Management, Jack writes about the importance of courage in driving transformations, and also, importantly, the foundations that you need to ensure your courage has the desired effect.
- Finally this week, an older article (from May) that I just came across but wanted to share. Penny Wise and Pound Foolish: How Not to Treat Strategic Suppliers by Kevin O’Marah of SCM World discusses an interesting trend that we need to adapt to: that supplier power is increasing, and this is driving the increasing need to think differently about how we manage those suppliers most critical to the success of our companies.
Happy reading, and have a great weekend!
PS – In case you missed it, check out The Procurement Revolution! Down with the status quo!