TOP STORY: Risk Management to the n-th Degree
Just when you think you’re starting to make headway with supply chain risk, someone asks the inevitable question: “What about our tier two suppliers?” In this week’s must read, we get insight into the rising challenge of managing sub-tier supply chain risk from research published by the Business Continuity Institute (BCI) on CIPS’ Supply Management. As it turns out, we’re losing ground on second tier supply risk management year over year, a critical situation as 40% of risk occurs between tiers 2 and 10 of the supply chain.
ON THE POD: Mastering The Procurement Data Challenge W/ Joe Yacura
Procurement can no longer turn a blind eye to bad data. If we are going to leverage our data for advanced applications such as AI, machine learning, RPA, etc. we have to address data quality now – without spending more time or allowing it to become more fragmented.
Joe Yacura is a former CPO of organizations such as Fannie Mae, Bank of America and American Express, and is the co-author of the 3rd Annual Data Quality and Governance Study.
Listen to this week’s podcast, which is based on an AOP Live session, to learn why a focus on data quality may provide the boost your transformation effort needs.
HEARD ON THE STREET: Love is in the air because the supply chain is on the move.
“Cupid gets the credit for the holiday, but really Valentine’s Day is the work of logistics and supply chain. UPS alone transports more than 3,000 tons of flowers for Valentine’s Day – requiring the company to add an additional 130 flight segments.” (Material Handling & Logistics)
“Millions of dollars have been poured into systems that promise efficiency, transparency and savings. But procurement teams are still struggling; there is still little to no confidence in the quality of supplier data and there is still no mechanism in place to improve it.” (Stephany Lapierre via LinkedIn)
“How many times do you have to scream at people to make them realize that they will never be successful tinkering with shiny new automation tech tools if that cannot design end-to-end processes that achieve their desired outcomes? Automation tools can truly help make processes work effectively across disparate systems, once you have got rid of the awful process debt weighing down your organization.” (HfS Research)
TURN BACK TIME: Previously on the Art of Procurement podcast…
This week in 2019: Episode 239: The Long-Term Impact Of Risk-Averse Recruiting W/ Andrew Daley
This week in 2018: Episode 171: 6 Elements To Consider When Benchmarking Your Procurement Team W/ Joseph Richardson
This week in 2017: Episode 122: Beyond The Numbers: A Deep Dive Into The Deloitte 2017 CPO Survey W/ Lance Younger
This week in 2016: Episode 023: 14 Questions To Ask To Assess The Longevity Of Your Supplier Contract
BITS & PIECES: How NOT to use business emails
+ How to Design an Agenda for an Effective Meeting (HBR – Subscription Required)
+ Soft skills: 7 things leaders should never do in email (Enterprisers Project)
+ Bringing procurement into the future with AI (Fleet Owner)
+ Don’t Chicken Out in Your Supply Chain (Supply Chain Brain)
