TOP STORY: How Johnson & Johnson fills its procurement talent pipeline
According to a 2019 Accenture survey, one third of CPOs don’t have the right skills and talent in house to deliver against their transformation plans – despite the fact that nearly all of them (94%) expect significant digital transformation within procurement in the next 3-4 years. In this week’s top story, we read an account of how J&J is addressing the procurement talent crunch. Spoiler alert: their approach is strategic and long term, but it has delivered amazing results.
ON THE POD: Breaking Up Is Hard To Do – This Month In Procurement
In this episode, Philip Ideson and I discuss our major take-aways from February’s podcast interviews and share our point of view on a new topic: how to manage a healthy ‘breakup’, managing relationships, responsibilities, and results at the end of a project. We also provide a look ahead to the topics and guests on the schedule for March.
HEARD ON THE STREET: No excuses!
“It’s one thing to deal with an engineer who wants to choose their own software suppliers, but what was worse was a systematic disdain for policy creation all the way up to the leadership level. There is really no excuse for this.” (Spend Management for Startups – Matthew Ziskie)
“DocuSign’s own research shows that 27% of companies use contract management tools. More companies, 31%, manage contracts using spreadsheets like Microsoft Excel.” (DocuSign Wants to ‘Democratize’ Contract Negotiations – Bloomberg Law)
“40% of retail corporations are digitally transforming successfully. In fact, those with a mix of digital and retail commerce are some 50% more likely to be thriving than their peers who are either all digital or all/mostly physical in their commerce patterns, (inc.digital digital DNA research 2019).” (What Lego’s Retail Expansion Teaches Us About Digital Leadership For Any Business – Forbes)
TURN BACK TIME: Previously on the Art of Procurement podcast…
This week in 2019: Episode 242: Moving Up Or In To Procurement W/ Louis Bastone
This week in 2018: Episode 174: Food For Thought: Challenging Our Procurement Assumptions
BITS & PIECES: Dos & Don’ts of Supplier Relationships
+ How to grow supplier relationships effectively (Executive Education)
+ Managing Your Brand Through The Coronavirus Crisis (Forbes)
+ The February ISM-New York Report on Business: Short Term Upturn (Buyers Meeting Point)
+ The Case for AI in Financial Services Procurement (Payments Journal)