Art of Procurement
BTW EP 01: Buy: The Way... To Purposeful Procurement
Feb 19, 2025
Rich Ham, CEO of Fine Tune, an expense management consultancy, shares his insights on the critical flaws in current procurement incentive structures. He discusses how these issues hinder true value creation and profitability. The conversation highlights the need for a shift from mere cost-saving to a more collaborative, value-driven approach. Ham also explores the impact of technology on procurement roles and the importance of diverse perspectives in overcoming systemic challenges. This dialogue sets the foundation for a transformative journey in responsible procurement.
22:13
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Quick takeaways
- Flawed procurement incentive structures often prioritize short-term savings over long-term value, stifling innovation and comprehensive performance within organizations.
- A collaborative approach among stakeholders is essential to identify and address procurement challenges, fostering more purposeful systems that maximize business and societal benefits.
Deep dives
The Impact of Corporate Purchasing Decisions
The purchasing habits of corporations have far-reaching effects on both their financial performance and the environment in which they operate. Corporations effectively 'vote' with their dollars, shaping not only their internal operations but also social and ecological outcomes. Understanding the implications of procurement choices is critical, as flawed incentive structures can lead to unintended negative consequences over time. Therefore, improving the procurement function can lead to more intentional outcomes that bolster both business performance and societal benefits.
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