Art of Procurement

In this four-part special series, host Philip Ideson speaks with members of the LavenirAI team about the current and future impact of AI on procurement. In each episode, they explore key aspects of the topic to prepare procurement for the changes to come, and for the changes that are already here.   In the third episode, Philip Ideson is joined by Bill Michels, Chief Commercial Officer at LavenirAI, to talk about how procurement can leverage automation to be more successful. Key topics include: Embracing automation to achieve next-level efficiency and stronger data sets Stronger predictive analytics, forecasting, and planning through automation The rise of data scientists and automation specialists as key players in procurement Links: Bill Michels on LinkedIn [POD] Special Series: AI-Empowered Procurement  

Bill Michels, Chief Commercial Officer at LavenirAI, joins the podcast to discuss the impact of automation on procurement and the skills needed for success. They cover topics such as the most valuable skills for procurement, where to invest in skills development, and the impact of AI on job functions and hiring.

Clive R. Heal, Founder and CEO at LavenirAI, discusses the procurement metaverse, how to leverage it, and the transformational impact it is having on procurement. Topics include the future skill set of procurement, embracing AI opportunities, and facing fears around AI.

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

“We have the opportunity to do more, to shape the role of the procurement, shape the expectations that the C-suite has of procurement, define what procurement can do, and link that to the other capabilities that procurement has. That’s what a good procurement roadmap should do.” - Len Prokopets, Managing Director, Procurement and Outsourcing Advisory at KPMG Procurement has experienced unprecedented change and disruption in the past several years. Procurement operating models and priorities continue to evolve as new trends take hold, including economic turmoil, ESG, supply disruptions, shifting workforce dynamics, new regulatory requirements, and technology innovations such as generative AI.  Procurement must navigate these changes to help the broader organization adapt, innovate, and deliver. To help their clients understand this changing environment and benchmark their strategies and investment priorities, KPMG recently conducted a survey of 400 global procurement leaders. The study captured insights on procurement’s current challenges, goals, and priorities as well as the path forward. In this episode, based on an AOP Live session, Dipan Karumsi, Principal and Leader of Procurement and Outsourcing Advisory at KPMG, and Len Prokopets, Managing Director, Procurement and Outsourcing Advisory, discuss key market insights from the survey with Philip Ideson and Kelly Barner. Their guidance for forward-looking procurement leaders includes: The key investments that procurement leaders are making in response to today’s challenges and priorities  What savings levels procurement organizations are targeting going forward How procurement budgets and headcount are likely to change Emerging technologies being adopted and implemented Links: Dipan Karumsi on LinkedIn Len Prokopets on LinkedIn Watch Again: Rising to the Challenge: Driving Procurement Excellence in 2023 Subscribe to This Week in Procurement  

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

“It's important for providers to understand it’s not just about providing technology, but a solution that actually drives value. They have a responsibility to ensure that the implementation and adoption go well because it has a long-term effect.”  - Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group Evaluating P2P solution providers can be challenging, but it is critical for procurement to tailor how they assess and select their solutions to the specific needs and expectations of their stakeholders. Procurement should look for solution providers that fit into ongoing transformation initiatives and align with their organization’s maturity level while also relying on data-driven benchmarking to evaluate their best options. Philip Ideson recently spoke with Andy Warzecha, Principal and Chief Market Intelligence Officer, Christopher Sawchuk, Principal and Global Procurement Advisory Practice Leader, and Rick Gardner, Director, from The Hackett Group. They discussed how procurement can implement The Hackett Value Matrix to create new opportunities for innovation and improvement.  In this conversation they address:  How to drive more cost savings and value for the organization The impact of AI in the procurement solution space How to increase adoption to achieve greater spend visibility Procurement’s ability to generate value beyond savings   Links: Andy Warzecha on LinkedIn Christopher Sawchuk on LinkedIn Subscribe to This Week in Procurement  

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.

“Developing trustworthy and reliable suppliers is critical to your business, and maintaining those relationships is beneficial to the organization as a whole.” - Saurabh Mehta, Chief Revenue Officer and Managing Partner of Ops and Performance at Consus Global  Developing strong supplier relationships can have a profound impact on the overall health of a business and it is one of procurement’s most critical responsibilities.  While a certain subset of suppliers may fulfill a tactical role, others have the potential to be true collaborators alongside procurement in driving value for the business - if procurement can undergo a mindset shift in the way they think about, approach, value, and measure supplier relationships.  In this episode, based on an Art of Procurement webinar, Kelly Barner explores this mindset shift with Saurabh Mehta, Chief Revenue Officer and Managing Partner of Ops and Performance, and Manish Agarwal, Vice President of Supply Chain, both from Consus Global.  In the episode, they discuss: How and in what ways supplier relationships have changed in recent years Why procurement should work to understand the supplier’s perspective How a strong supplier relationship does (or doesn’t) affect pricing Tactical and strategic tips for building strong, healthy relationships with suppliers   Links: Saurabh Mehta on LinkedIn Manish Agarwal on LinkedIn Watch Again: Next Level Supplier Relationships Download: Procurement Digitization: The need of the hour? Subscribe to This Week in Procurement  

Procurement 6 is a short podcast from Art of Procurement that publishes in the Art of Procurement feed every Friday morning at 6am US Eastern Time. Presented by a member of the Art of Procurement team, each episode has 6 short segments that summarize the week in procurement. Segments range from procurement tips to podcast summaries, from details of events to news or overviews of blog posts that capture our attention.