Podcast: A Procurement Compendium
Having the opportunity to reflect back on a successful career in its entirety is a gift, and in “A Procurement Compendium,” Peter Smith shares that gift with the whole procurement community. In this week’s podcast, he shares insights from his career with Philip Ideson, including the importance of competition and the dangers of supplier dependence, why procurement is not in decline (yet) and what new CPOs should do to succeed early on.
It is easy to see that the human element is key in any business. Get it right, and you’re golden. Mess it up, and no technology or consultant can save you. Well, just like supply chains and production cycles, humans are seasonal creatures. This is especially true in the winter, as the days become shorter and darker and COLDER (unless you live in Florida like Phil does). In this article from the Minneapolis Star Tribune, business advice columnist Liz Reyer provides some great Tips for Handling the Winter Blues at Work.
+ This week in 2017: Episode 163: Procurement Takes The Leap And Embraces ‘Vested’ W/ Kate Vitasek
+ This week in 2016: Episode 111: Procurement Math & More: 10 Sins Of Day-To-Day Procurement
What We’re Reading, Watching & Listening To:
+ Procurement hasn’t experienced much stability since we elevated ourselves out of the swamp of tactical purchasing. First we sourced, then we automated and now we ‘transform’. We’ve been so occupied with all the change going on in procurement that we haven’t noticed the change taking place around us. Take finance for example, as this Visual Capitalist infographic and article show, they have competing value drivers, internal perception challenges and an evolving set of responsibilities – just like procurement.
+ No one ever declares that they want to be a ‘micromanager’ when they grow up. So why is it so easy to fall into that trap? In this HBR article (no subscription required), we discover three ways to kick the micromanagement habit for good. If you don’t need this advice personally, the timing is also perfect to print it out and leave it on a certain someone’s desk at the office. Just in time for new year’s resolutions!
+ If you have any professional gift exchanges coming up in the next few weeks, this article might be just what you’re looking for: The 13 Best Business Books to Give as Gifts, According to TED Speakers. With a range of topics and authors, there is bound to be something on this list for everyone.
+ ISM-New York Report on Business (Buyers Meeting Point)
+ Reverse Auctions: It’s Time to Embrace the Future (Purchasing Index)
+ 15 Practical Ways To Improve Your Leadership Communication Skills (Forbes)
+ The Introvert’s Guide to Office Parties (Procurious)
+ The most important skill in the future will be the ability to “connect the dots” in your own way! (LinkedIn)
In A Procurement Compendium, Peter Smith writes about the things he wishes he had done differently during his career. This kind of reflection is natural at the end of a career or as we conclude a specific role, but wouldn’t it be better to do it when we can still make a change? Stop and think about the things that are going well now and the things that could use some improvement. Identify one thing that is in your control and take action to make a change. Develop better organizational habits, take a class, start reading a trade journal, experiment with a trusted supplier. There is no time like the present to change your future perspective.