In this conversation, Daniel Barnes and Bradley Dollin discuss the challenges and solutions in unified contract and supplier management. They examine the importance of risk-first onboarding, the benefits of centralised visibility in supplier management, and the value of streamlined SLA workflows. The discussion also highlights the role of managed services in strengthening procurement processes, alongside the cultural shifts within organisations towards more effective supplier management practices.

Takeaways

• Unified contract management reduces risk and spend.

• Risk-first onboarding gives foresight in supplier management.

• Centralised visibility streamlines supplier risk assessments.

• Time savings free teams to focus on strategic work.

• SLA workflows improve supplier performance tracking.

• Managed services support the delivery of procurement initiatives.

• Cultural shifts enhance perceptions of procurement teams.

• User-friendly systems increase stakeholder engagement.

• Guided procurement fosters stronger supplier relationships.

• Data-driven decisions enable proactive supplier management.

• Focusing solely on cost can lead to missed opportunities for value.
• Building strategic partnerships is crucial for long-term success.
• The aftermath of procurement decisions must be monitored continuously.
• Soft skills are essential for effective negotiation and stakeholder management.
• Learning from mistakes is a vital part of professional growth.
• Generational differences can influence procurement strategies and mindsets.
• Mentorship plays a key role in developing procurement professionals.
• A holistic view of procurement can lead to better decision-making.
• Understanding the dynamics of human interaction is critical in procurement.
• Continuous learning and adaptation are necessary in a changing industry.

In this conversation, Daniel Barnes and Dylan discuss the evolving role of AI in procurement, exploring its potential to enhance productivity, transform job functions, and the importance of developing an AI policy.

They delve into the phases of AI adoption, the balance between opportunities and risks, and strategies for persuading organisations to embrace AI technologies. The discussion emphasises the need for critical thinking and the potential for AI to improve supplier relationships and overall procurement processes.

Takeaways

• AI can significantly enhance productivity in procurement roles. Understanding the phases of AI adoption is crucial for effective implementation.
• AI can help delegate mundane tasks, allowing professionals to focus on strategic activities.
• There is a need for an AI policy to ensure compliance and security. Critical thinking remains essential in evaluating AI outputs.
• AI can transform job functions, but it also presents risks that need to be managed.
• Organisations must rethink their operational processes to leverage AI effectively.
• Building strong supplier relationships is key to innovation in procurement.
• AI can improve the customer experience within organisations.
• The future of procurement is bright with the integration of AI technologies.

Chapters

1. 00:00 Introduction and Background
2. 02:37 The Evolution of AI in Procurement
3. 05:19 Phases of AI Adoption
4. 08:30 AI's Impact on Job Roles
5. 11:14 Navigating AI Risks and Opportunities
6. 13:54 Rethinking Procurement Roles
7. 16:59 Overcoming Internal Resistance to AI
8. 19:47 The Future of Procurement with AI
9. 22:33 Conclusion and Final Thoughts

• The biggest mistake in procurement can be viewing it as a data entry job.
• Understanding the broader context of procurement can enhance effectiveness.
• Siloed thinking in procurement can lead to project failures.
• Due diligence is crucial in consulting and procurement projects.
• A balance between technology and traditional procurement skills is essential.
• Emotional intelligence is a key skill for procurement professionals.
• Growing in breadth of knowledge is more important than job hopping.
• Mentorship can significantly impact career development in procurement.
• Networking and human connection are vital in the procurement field.
• Learning from failures can lead to better procurement strategies.

In this episode of Procurement Reimagined, host Daniel Barnes speaks with Rachel, who shares her insights on the evolving landscape of procurement.

They discuss the importance of recognising and articulating the value of procurement roles, the significance of storytelling in engaging stakeholders, and the necessity of aligning procurement goals with broader organisational objectives.

Rachel emphasises the need for procurement professionals to ask questions and understand the needs of cross-functional teams, while also addressing common mistakes made in the field. The conversation concludes with a series of quickfire questions that reveal personal insights and recommendations for professional growth.

• Undervaluing your own contribution can hinder career progression.

• Clearly articulating procurement’s value is essential for effective engagement.

• Understanding cross-functional objectives strengthens procurement’s impact.

• Storytelling plays a vital role in communicating procurement’s purpose.

• Asking questions remains a simple yet powerful tool.

• Procurement strategies should align with wider business goals.

• Avoid unnecessarily complicating supplier and contract management.

• Stakeholder engagement requires a genuine understanding of their needs.

• Being active on platforms like LinkedIn supports professional visibility.

• Recognising the value of collaboration over competition is fundamental. Chapters

  00:00 Introduction to Procurement Reimagined 00:33 Lessons from Procurement Mistakes 03:17 Understanding Value in Procurement 06:10 The Importance of Storytelling 09:55 Engaging Stakeholders Effectively 12:49 Quickfire Questions and Insights

• AI can automate time-consuming tasks in procurement.
• Procurement teams should focus on strategic sourcing and category management.
• AI capabilities must align with specific use cases in procurement.
• Upskilling and reskilling are essential for procurement professionals.
• AI will not replace jobs but will change the nature of work.
• Communication mastery is crucial for effective procurement.
• Learning agility is necessary to stay relevant in procurement.
• Networking at community-focused events is valuable for procurement professionals.
• Every problem presents an opportunity for innovation.
• Building strong supplier relationships is key to procurement success.

Takeaways

• Don't make the paper pretty; focus on quality conversations.
• Fix your people and processes before introducing technology.
• Transferable skills are essential for career flexibility.
• Rethink procurement processes to enhance agility.
• Embrace bypasses as opportunities for improvement.
• Learning agility is key to career growth.
• Unlearning outdated practices is necessary for adaptation.
• Procurement can lead to diverse career paths.
• Enhancing stakeholder relationships improves procurement outcomes.
• Creating self-serve frameworks can streamline low-risk transactions.

Key Quotes:

• "Don't make the paper pretty."
• "Rethink the box to infuse agility.

Book a call with a Vendor and Contract Management Expert here or download Gatekeeper's Introduction to Vendor and Contract Lifecycle Management (VCLM).

In this episode of Procurement Reimagined, we speak with Tim Harvey, a seasoned procurement professional, discussing the evolution of procurement practices.

We explore early mistakes in procurement, the importance of collaboration over competition, and the common pitfalls that professionals face today.

Tim emphasises the need for digital workflows to streamline processes and reduce the burden on non-procurement staff. The conversation also highlights essential skills for procurement professionals, such as curiosity and the importance of documentation.

Tim shares valuable insights and recommendations for those looking to improve their procurement strategies. Key Takeaways

• Collaboration unlocks more opportunities than competition.
• Focusing solely on price can lead to poor procurement decisions.
• Documentation is crucial in procurement to avoid future issues.
• Curiosity is a vital skill for procurement professionals.
• Digital workflows simplify the procurement process for everyone.
• Procurement professionals should not teach others how to do their job.
• Value should be considered beyond just cost in procurement.
• Networking and learning from others can enhance procurement practices.
• Start with why is essential for effective leadership in procurement.

Book a call with a Vendor and Contract Management Expert here - https://www.gatekeeperhq.com/book-gk-demo-step-1

GATEKEEPER'S GUIDE TO VENDOR LIFECYCLE MANAGEMENT Actionable checklists, tips and best practices. Download the ebook now for FREE: https://www.gatekeeperhq.com/free-vendor-management-ebook

Chapters

00:00 Welcome to Procurement Reimagined 01:03 Lessons from Early Mistakes in Procurement 02:59 The Importance of Collaboration in Procurement 05:53 Common Procurement Mistakes and How to Avoid Them 08:45 The Role of Digital Workflows in Procurement 12:12 Key Skills for Modern Procurement Professionals 15:00 Valuable Insights and Recommendations in Procurement