Art of Procurement

“There are two ideal profiles for a procurement founder … you have industry veterans that live the problem, feel the pain, go out and create a solution to solve that pain. That’s been a tale as old as time. … There’s also serial entrepreneurs that don’t have a procurement background but understand a problem and want to go study it and bring on others to help them.” In recent years, there has been an “explosion” of procurement tech startups. But not all procurement startups are able to reach their full potential. In this episode from Digital Outcomes 2023, Philip Ideson speaks with Jack Freeman, procure tech investor and Partner at PeakSpan Capital, about the challenges and opportunities procurement tech startups face, particularly in category specialized solutions like SaaS, vertical software, finance, or construction.  Jack shares his perspective on: The most common reasons procure tech startups struggle  Strategies for avoiding the most common roadblocks founders and CPOs face when working with or launching young or emerging technologies The skills and background procurement tech founders should develop to successfully raise the capital they need to scale their technologies and go to market The nuances of what makes a successful procure tech founder Links: Jack Freeman on LinkedIn Watch Digital Outcomes 2023 on Demand  

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.

As companies face the weight of inflation and the potential for recession, executives are reevaluating their decentralized approaches to procurement management and decision making. Instead, many organizations are making the move back toward centralized procurement models to keep a sharp eye on the bottom line. The focus has shifted from viewing cost savings as a 'nice-to-have' to a necessity for operational continuity. In this episode, based on a recent AOP Live session, Mu Wagh, Chief Operating Officer at Procure Analytics, and Matt Reddington, their Vice President of Operations, discuss how a strong corporate culture can help companies navigate challenging economic times as they transition to centralized control in procurement. Mu and Matt provide valuable advice on how to strike a balance in the transition to centralized control without adding friction into the procurement process or doing harm to the organizational culture.  Strategies to increase compliance without disrupting procurement teams Tracking savings and spend analysis as a measure of purchasing efficiency and procurement success Establishing feedback mechanisms from different user groups to ensure procurement delivers what they need   Links: Mu Wagh on LinkedIn Matt Reddington on LinkedIn Watch the Webinar on Demand  

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.

“If the C-suite doesn't understand the full procurement value proposition, then they will make decisions that impact procurement without really understanding the negative effects of those decisions.” Philip Ideson, Founder & Managing Director, Art of Procurement Believe it or not, 2023 if officially halfway over. It seems like just yesterday (or 10 years ago) that we were sharing our first podcast episode of the new year. In this week’s episode, Philip Ideson and Kelly Barner sit down to talk about the half of the year gone by as well as what they think the second half of 2023 has in store. They talk about: The three key messages Philip laid out in his annual message and whether they have stood the test of time Major trends that have dominated news headlines this year and how they have (or have not) affected procurement New developments from AOP’s team, online presence, and content programs  

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.

“The pandemic made everything about value. I believe that all healthcare premises – along with insurance systems and the patients themselves – became much more focused on the concept of value.”  Few industries faced the same level of challenge that healthcare did during the pandemic. Everyone from doctors, to support staff, to procurement was pushed to do their best on behalf of patients. As they cooperated to overcome these difficulties, each stakeholder group was changing a little bit - sometimes in ways that would alter their perspective on the experience forever.  In this episode, Philip Ideson interviews Heba Farouk, Chief Supply Chain Officer for Saudi German Health and one of the first practitioner executives Art of Procurement has featured from the Middle East. She shares her firsthand experience with the operational and perception-based evolution of procurement and supply chain in the healthcare industry. During the conversation, they discussed: Heba’s experience as a supply chain leader in a hospital system during the COVID-19 pandemic Subsequent changes to the role of procurement and supply chain within the patient care experience How the definition of value has changed forever for doctors, patients, and 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.

“To increase confidence within the C-suite, procurement must show it can work within the business to address internal risks and create value. Procurement teams need to meet their internal stakeholders where they are and break down the barriers that prevent them from achieving the best outcomes for the business.” The global procurement landscape is rapidly evolving to better align with the strategic vision and mission of the organization. Business leaders value the impact that procurement teams can have in their organizations, and they’re especially pleased with procurement’s ability to tackle external risk. However, confidence wanes when they consider procurement’s ability to collaborate internally. At SAP Sapphire 2023, Philip Ideson had the opportunity to speak with Baber Farooq, Senior Vice President and Head of Market Strategy for SAP Procurement Solutions. They discussed the findings of a new research study by Economist Impact: Decoding Confidence in the Procurement Function. The study surveyed 500 executives, including CFOs, COOs, CPOs, CSCOs, and CHROs in early 2023 and the resulting report explores how these executives perceive procurement’s performance today and how it needs to evolve for the future. During the conversation they discussed: Key priorities and challenges facing the procurement function today and tomorrow, and what is needed to optimize results How senior leaders view procurement’s role in the enterprise Ways procurement can prepare to meet challenges and trends such as supply chain disruption, rising costs, growing macroeconomic uncertainty, and increasing ESG expectations  

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.