As is often the case with a crisis, today’s immense challenges also come with opportunities – forcing new perspectives and priorities. The ongoing Covid-19 pandemic has placed procurement and supply chains at the front page around the world, and the function is now a prime topic in board rooms. I can’t imagine a better opportunity to raise the function’s stature. For the sake of organisations, their employees, suppliers and the public, I sincerely hope most succeed.
As procurement is suddenly thrust to the forefront, organisations with less mature functions are finding themselves at a major disadvantage. There is a large and growing disparity between more advanced procurement organizations and the rest. A recent study by Forrester assessed only 17% of organisations as advanced (39% beginners and 44% intermediate). Those leaders reported drastically better performance in areas critical to navigating the crisis, from regularly assessing supplier performance and acting to improve (97% compared with 81% of intermediates and 17% of beginners), to proactively monitoring contracts for expiration and risk (94%, 74%, 16%, respectively) and regularly collaborating with suppliers to deliver tangible value (93%, 73%, 16%).
Less advanced procurement leaders must narrow this gap, and I have found no better way than learning from successful peers. The upcoming Ivalua NOW virtual conference on 5 May presents a perfect opportunity to do so from the convenience of your home office. As always at Ivalua’s events, the agenda is dominated by customer presentations, with this year’s theme being the “journey to procurement excellence.”
Ivalua’s view has always been that technology should empower leaders to innovate and bring their best ideas to life, not constrain them. We don’t believe companies should have to compromise between rapid time-to-value and having the flexibility to evolve and adjust nor any compromises for that matter. As such, while the event will showcase customers at all stages of their transformation journeys, the focus is on those innovating to build a competitive advantage – the advanced organisations by Forrester’s definition.
They’ve been there, done that and overcame the challenges.
Some particularly interesting sessions to help you accelerate your transformation include:
The need to accelerate procurement transformation has never been greater. Don’t miss this chance to learn from many of today’s most innovative leaders. Registration is free of charge for practitioners, so put on your most comfortable lounge clothes, find a quiet corner to kick back in and join the journey to procurement excellence.
Procurement Leaders is proud to have Ivalua as research partners for the Data & Innovation stream. Alex Saric is Ivalua’s CMO.
Find more resources from Ivalua to inspire and inform you here.
This contributed article has been written by a guest writer at the invitation of Procurement Leaders. Procurement Leaders received no payment directly connected with the publishing of this content.