Two years ago, Lisa Martin took over as the Teva Pharmaceutical’s chief procurement officer and set about a major transformation of the procurement function, and she has focused on four buckets of opportunity in order to do so.
As CPO of Rio Tinto, Ramsay Chu has a few challenges on his plate – a commodities industry in turmoil and intense competition in particular. But while it’s certainly a challenging environment, it also offers the opportunity to impact the business in more creative and innovative ways.
What do artificial intelligence, The Terminator and procurement have in common? You might be surprised to learn, writes David Rae, that they all play a part in current thinking about the future of people and talent.
Procurement should consider, for a moment, how much innovation is created among smaller businesses, regardless of whether they are a supplier to your business or not. Innovation is just as likely to be found in the basement of a PhD graduate’s apartment, or the laboratory of a university, or within a micro start up which is struggling to stay afloat as it is in the labs of a multinational.
While the freelance economy might not change the very heartbeat of procurement, it does allow us to open the door to any type of expertise and knowledge whenever we want it, cost effectively and efficiently.
Cost modelling is, of course, one of the levers that, when utilised correctly, by procurement can deliver the most impressive results. I remember speaking at length to former Royal Philips CPO Neil Deverill about how much he loved should-cost modelling, and how Jimmy Anklesaria of Anklesaria Group, and a should-cost guru, felt it was one of the profession’s secret weapons.
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