Aaron McMillan’s Post

Don't miss the latest edition of Procurement Magazine! We highlight the inspiring Sam de Frates on the front cover and how Mars is utilising global sourcing to enhance decision making for Procurement. Tania Seary, Founder of Procurious is our Lifetime of Achievement in Procurement with her passion on elevating women in the industry and her progress towards a more inclusive approach, which you can read about in this edition. More highlights include: • An Executive Insight with Anders L. at Focal Point, about his journey to founding the company and navigating challenges in supply chains. • Stephany Lapierre, Founder and CEO of TealBook explores quality data, collaborating with Google, customer-centricity and the company's innovative approach. • stc Kuwait is enabling digital transformation with innovative procurement strategies and partnerships of the future, supporting the Kuwait 2035 vision. • Michael V. explains how Coupa Software is working to multiply margins for its customers through visibility, simplicity and powerful data. • CEO and Co-founder of Penny Software, Iyad Aldalooj, talks about his career and the inspiring future of the business. • Bamboo Rose are reshaping supplier relationship management. Find out how! Plus, don't miss the Top 10 AI Tools to harness complete control of the value chain for your business. Filled with insights and success stories from industry leaders, it's a must-read this month. Happy reading ⬇️ #Procurement #GlobalSourcing #ProcurementInnovation

📊 Harnessing Market Intelligence for Smarter Procurement 📊 Market intelligence is a powerful tool that can significantly enhance your procurement strategy by providing valuable insights into market trends, supplier performance, and competitive landscapes. Here’s how to effectively use market intelligence to make better procurement decisions: Understand Market Trends: Keep Up with Changes: Monitor market trends to stay informed about price fluctuations, supply chain disruptions, and emerging opportunities. Forecast Demand: Use trend analysis to forecast demand more accurately, ensuring you source materials and services at optimal times. Evaluate Supplier Performance: Benchmarking: Compare supplier performance against industry standards and competitors to identify the best partners. Risk Assessment: Use market data to assess supplier risk profiles, including financial health and compliance history. Identify Cost Savings: Competitive Pricing: Leverage market intelligence to identify competitive pricing and negotiate better terms with suppliers. Alternative Sourcing: Discover new suppliers and sourcing opportunities that can provide cost savings without compromising quality. Enhance Negotiation Power: Data-Driven Decisions: Use detailed market data to inform your negotiation strategies, giving you leverage to secure favorable terms. Supplier Insights: Understand suppliers’ market positions and pressures to negotiate more effectively. Drive Innovation: Industry Insights: Stay ahead of industry trends and technological advancements that can improve procurement processes and product offerings. Collaborative Opportunities: Identify opportunities for collaboration and innovation with suppliers that can lead to competitive advantages. Optimize Procurement Strategy: Strategic Sourcing: Use market intelligence to develop and refine your strategic sourcing plans, aligning them with market conditions and business objectives. Agility and Adaptability: Incorporate market insights to quickly adapt to changes in the supply chain and market landscape. Leveraging market intelligence effectively requires a proactive approach and a commitment to continuous learning. By integrating these insights into your procurement processes, you can make more informed decisions, reduce costs, and drive better business outcomes. How do you use market intelligence in your procurement strategy? #MarketIntelligence #ProcurementStrategy #DataDrivenDecisions #SupplyChainManagement

As we are into the final quarter of the year, many organizations are evaluating their procurement strategies and budget allocations. Beroe's procurement intelligence platform empowers procurement teams to make informed decisions by providing real-time data and AI-driven insights. By leveraging our platform, you can: 1. Swiftly navigate market changes 2. Real-time market insights to Eliminate uncertainty 3. Enhanced decision-making 4. AI-powered analytics   Beroe can help your procurement teams by taking uncertainty out of the equation—setting the optimal direction, helping you navigate at every turn to find the optimal route to unlock efficiencies in a changing world. Let's connect to discuss how Beroe can help your team optimize procurement spend and achieve strategic goals.

How do you build a procurement community of 160,000, or why do you join an industry group or association without being actively involved? When James E. Martin, CSP, reached out to me, I must admit that I was unaware of his Purchasing & Global Supply Chain Professionals group, let alone that its membership had grown to over 160,000 since its founding in 2007. His frankness was even more refreshing: While the 160K number is impressive, he told me that a core of 14,000 to 20,000 is actively engaged. It reminded me of a discussion I had many years ago with Tim Cummins, who said that 5% to 10% of members in any association or group are actively engaged, and perhaps another 5% to 10% are moderately engaged; the majority join but don't really spend time interacting within the community. 14,000 to 20,000 members actively engaging regularly is impressive. However, with the changes occurring within the industry, why are so many sitting on the sidelines and not sharing their views and experiences? Don't get me started on tagging versus non-tagging and the fallacy of likes and consensus comments. But that is a discussion for another day. In the meantime, I invite you to watch this raw, unrehearsed, off-the-cuff video discussion because you may learn as I did that while James speaks softly (but passionately), the influence of his group carries a big stick. By the way, I joined James' group, and I look forward to actively participating in his engaged community. So, why are most members of a group or association not engaged while others are having meaningful dialogues? Don Klock Maggie Brommer John Yuva Thomas Perkins, MBA, CPSM, CPSD Kelly Singleton, SCMP Youssef Karkar يوسف كركار Mary Lue Peck Rick Hunsinger Barry C. Kull Louis Liang CPPM Manya Trivedi Jamie Corn, MBA Stephane Leduc Heng Liu Tom Derry Lee Kornfeld Lalitha Rajagopalan Jacob Gorm Larsen Melanie Larimer Thangapandi Sakthivel Gaurav Sharma Philip Pandhal MSc Karan Brar Peter Bambridge Alex T. Video Interview Overview: In the Informal Discussion / Knowledge Sharing meeting led by James E. Martin, the focus was on the dynamics of procurement and supply chain management, highlighted through Martin’s extensive LinkedIn group, which supports over 160,000 members, providing actionable insights rather than high-level discussions. The conversation encapsulated the evolution of procurement technology since the 1980s, addressing the pitfalls of consultants and the limitations of AI while emphasizing practical improvements over mere valuations. Jon Hansen contributed his experiences and underscored the need for trustworthy solution providers amid a landscape of uniform marketing. The meeting also explored corporate dysfunctions relating to software implementation, stressing the necessity for effective solutions catering to real business challenges. https://lnkd.in/gJBzZfWe

Dial in on April 10th to see Pierre Laprée of SpendHQ to talk about key elements of showing the value of procurement, using data to drive the story, especially during the current economic times. Register Here with the Art of Procurement: https://lnkd.in/gYK4VgXu

🚀 The Future of Procurement: Digital Transformation Ahead! How about the procurement professionals?🚀 📈 After 2024 DPW conference, we've seen the future landscape of procurement roles shift dramatically under the influence of digital technologies (Demand Intake, Procurement Orquestration, Autonomous Sourcing with Globality, Inc., Aerchain, Zip, etc). 👥 Evolving Roles for Procurement Professionals: Data Managers will continue to grow in importance, reflecting the increasing need for data-driven decision-making in procurement. Category and Key Supplier Managers are becoming more crucial as digital capabilities become a key competitive differentiator. A significant reduction in Tactical and Operational Buyers as automation integrates deeply into procurement processes. 📊 The trend is clear, and already from 2018! Automation will reduce the need for repetitive tasks, allowing procurement professionals to focus on more strategic and impactful activities. 📖 Source: Martin Högel, Wolfgang Schnellbächer, Robert Tevelson, and Daniel Weise. Delivering on Digital Procurement's Promise. The Boston Consulting Group, 2018.

Our founder, Marijn Overvest, shared that last year, during a procurement workshop, he met a senior buyer who shared an eye-opening insight. Just six months after implementing predictive analytics, her company saw a 30% reduction in supply chain disruptions. “It was like we suddenly had a crystal ball,” she said, emphasizing the transformative power of foresight in procurement. Predictive analytics is revolutionizing procurement by enabling more informed and proactive decision-making. Here are key ways this technology can empower procurement professionals: 1. Demand Forecasting: Anticipate product demands to optimize inventory levels without overstocking or understocking. 2. Supplier Performance: Predict supplier risks and performance, enabling proactive measures before issues arise. 3. Cost Management: Forecast price trends and manage budget more effectively by anticipating market changes. 4. Procurement Planning: Align procurement strategies with business objectives more accurately and timely. 5. Embracing predictive analytics isn't just about keeping up with technology—it's about staying ahead of the curve in a competitive business environment. PS: Interested in learning how to leverage predictive analytics in your procurement processes? Visit https://lnkd.in/eyEeiHKc for courses that can help you transform data into actionable insights. Stay ahead of disruptions by enhancing your decision-making capabilities today. Let’s navigate the future of procurement with confidence. #Procurement #PredictiveAnalysis #DataAnalytics PPS: Surprise element—this image is AI’s take on our conversation. What are your impressions?

How can supplier intelligence drive performance and enhance your operations? What does best-in-class supplier performance look like and what value can it unlock for your organization? In collaboration with ProcureTech, we've surveyed 100+ Procurement & Sourcing leaders about the current state of supplier performance intelligence and explored these valuable research findings in our new whitepaper "Elevating Performance: Strategies for enhancing supplier performance across the lifecycle." Within this comprehensive whitepaper, we’ve shared enlightening and inspiring insights on: 💡 How Procurement is using supplier performance intelligence 💡 The maturity of Procurement’s supplier data 💡 How performance data is driving supplier collaboration and improvement 💡 The supplier performance areas to understand and measure 💡 The tools and solutions that Procurement is using to drive improved decision-making 💡 And much more! In parallel with the launch of our whitepaper, we also hosted a webinar together with ProcureTech to explore and dig in to this valuable research in an engaging discussion with: –Malin Schmidt (Founder & CEO, Kodiak Hub) –Laura Chavarria (Head of Product, Kodiak Hub) –Lance Younger (CEO, ProcureTech) –Daniel G. Wilson (Head of Indirect Procurement, Philips) –Yuri Hembitski 🇺🇦 (Global Head of Procurement Excellence, Novonesis) Download the whitepaper here 👇 🐻 https://lnkd.in/d8tz-viK Christian Möllerström Josephine Walbank Mutya Buena Benerayan

 “It's not about what it is, it's about what it can become.” - Dr. Seuss Fantastic day spent at the Procurement & Supply Chain Live 2024 catching up with some old friends and making some new ones. There was a range of topics covered on Day 2 with the common, and most important, themes very much at the fore: Sustainability & Scope 3, Supply Chain Visibility, Risk & Resilience and AI. Supported by some great and inspiring people; the keynote speakers, fireside chats and panel discussions were full of insight and experience that everyone could take something away from. For me, the key takeaways were; ✅ The power of collaboration: getting to know and align with your suppliers ✅ The value of Supplier Relationship Management (assuming you do it right!) ✅ The need for standardisation: some problems require a common solution ✅ The importance of available, accessible and quality data (data-centricity) ✅ People, and there are great people working in procurement & supply chain! A lot of this is not new but it is being applied to new challenges and supported by some exciting tech developments, which were on show with case studies and practical examples of how to engage, employ and excel with them. It was my first time at this particular event, it will not be my last. #PSCLiveLondon

In today's rapidly evolving business landscape, procurement is no longer just about cost-cutting. It's a strategic function that can drive innovation, create value, and enhance a company's competitive advantage. This article explores the multifaceted nature of innovation in procurement, outlining three key approaches: > Outside-in innovation: Leveraging the knowledge and expertise of suppliers to access new technologies and co-create solutions. > Inside innovation: Transforming the procurement function itself through automation, data analytics, and skills development. > Inside-out innovation: Positioning procurement as a driver of value for the entire organization by sourcing innovative products, collaborating with other functions, and promoting sustainability. Discover how these approaches can help you enhance brand reputation, improve customer satisfaction, drive revenue growth, and achieve organizational success. #procurement #innovation #supplychain #purchasing #sourcing #strategicprocurement #innovation #digitaltransformation #procurementinnovation #supplychaininnovation #futureofprocurement #valuecreation #costsavings #competitiveadvantage #businesssuccess #growth