Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Digital Reinvention: Understanding Procurement’s Importance In The Emerging Digital World

64 views

Published on

The impact of technological breakthroughs in the emerging digital age is significant not only for procurement but for the enterprise as a whole. The reason for this is that 70% of digital innovations in industry “are delivered through the supply chain.”

Despite the important role that an organization’s supply chain plays in digital success, a McKinsey study found that of the companies that participated in their survey, only 2 percent report that the supply chain is part of their “forward-looking digital strategies.”

This 2 percent revelation raises two very important questions:

1. Why despite its recognized importance to organizations regarding the realization of their digital objectives is procurement not even on the radar screen?
2. What can procurement professionals do to elevate its presence and influence in the emerging digital world?

Join Procurement Insights’ Jon Hansen to answer these as well as other important questions regarding procurement’s digital reinvention along with the guest panel of industry thought leaders, Colin Cram & Rob Handfield who will talk about what must take place for you and your organization to digitally reinvent your future success.

Published in: Technology
  • Be the first to comment

  • Be the first to like this

Digital Reinvention: Understanding Procurement’s Importance In The Emerging Digital World

  1. 1. Digital Reinvention: Understanding Procurement’s Importance In The Emerging Digital World Welcome to Today’s Webinar, presented by Zycus Thank you for joining us, we will begin momentarily.
  2. 2. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Zycus Comprehensive Solution Suite
  3. 3. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Zycus : The Consistent Leader Zycus has been Recognized as a LEADER in Gartner’s 2013, 2015, 2017 and 2018 Magic Quadrant for Strategic Sourcing Application Suites
  4. 4. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Today’s Expert Panel Robert Handfield Executive Director of the Supply Chain Resource Cooperative  Rob Handfield is the Bank of America University Distinguished Professor of Supply Chain Management at the North Carolina State University Poole College of Management, and director Supply Chain Resource Cooperative based in Poole College.  He is a leading speaker at executive forums such as the Power Conference at the Institute for Supply Management, The Center for Business Intelligence, and the Conference Board. He has consulted with over 25 Fortune 500 companies, including Caterpillar, GlaxoSmithKline, Freightliner, Boston Scientific, Delphi, Chevron, British Petroleum, Chevron Phillips, Federal Express, Spectra Energy, and others. He has published more than 100 articles in top management journals including California Management Review, Sloan Management Review.  He is also a consulting Editor of the Journal of Operations Management, one of the leading supply chain management journals in the field, and is the author of several books on supply chain management, the most recent being Supply Market Intelligence, Supply Chain Re-Design and Introduction to Supply Chain Management
  5. 5. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Today’s Expert Panel Colin Cram FCIPS Chief Executive Marc1 Ltd.  Colin Cram, runs a successful international consultancy, conference, training and journalism business. Specialist areas include procurement, outsourcing, shared services, organisational re-engineering, cost reduction and combating fraud. Customers include government organisations and major multi-nationals.  Colin, a Fellow of the Chartered Institute of Purchasing and Supply, held senior procurement positions for over 30 years, including central government, higher education, scientific research and local government. With unrivalled experience of UK public sector procurement.  A regular chair and speaker at major UK and international conferences (30 in 2013/14) and workshops, he creates the programmes and a unique body of course materials and tools. He lectures on university degree courses, writes regularly for professional journals and broadcasts regularly. He has been a member of EU working groups on Procurement, Innovation and Sustainability and is a regular judge on business awards panels.
  6. 6. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Today’s Expert Panel Jon Hansen Editor and Lead Writer, Procurement Insights  As the Editor and lead writer for the Procurement Insights Blog, Jon Hansen has written nearly 3,000 articles and papers; as well as five books on subjects as diverse as supply chain practice, public sector policy, emerging business trends and social media.  In addition to being a much sought after speaker and moderator internationally, Jon is also the host of the highly acclaimed PI Window on The World Show on Blog Talk Radio, which has aired more than 800 episodes.  A two-time Ottawa Finalist for the Ernst & Young Entrepreneur of the Year Award, out of a group of 15,000, Blog Talk Radio named Jon Hansen as one of their top 300 hosts.
  7. 7. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay After The Webinar TweetChat . . . #DigitalProc
  8. 8. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Today’s Agenda  What is digital reality?  What is digital reinvention?  What is digital readiness?
  9. 9. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reality
  10. 10. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Check out this On-Demand Webinar at : https://zyc.us/2TlZWeD
  11. 11. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Poll Number 1 My organization’s supply chain has already been digitally transformed?  Strongly Agree  Somewhat Agree  Somewhat Disagree  Strongly Disagree  Not Sure
  12. 12. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reality The impact of technological breakthroughs in the emerging digital age is significant not only for procurement but for the enterprise as a whole. The reason for this is that 70% of digital innovations in industry “are delivered through the supply chain.”
  13. 13. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reality Despite the important role that an organization’s supply chain plays in digital success, a McKinsey study found that of the companies that participated in their survey only 2 percent report that the supply chain is part of their “forward-looking digital strategies.”
  14. 14. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reality Based on the HBR reported findings, this means that “most incumbent firms are failing to adjust to the digital era.” Transform Or Be Transformed: The New Digital Reality – Activate Digital 2018 Spotlight Article
  15. 15. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reality Transform Or Be Transformed: The New Digital Reality – Activate Digital 2018 Spotlight Article In this context, these businesses would be wise to recognize that digital reinvention is not a case of “if” but rather “when.” Or to put it more succinctly the time is now, and organizations will either transform or be “transformed”.
  16. 16. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention
  17. 17. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Poll Number 2 With what do you most associate with digital reinvention?  Algorithms  Blockchain  Revenue Growth  Change Management  Talent Shortage
  18. 18. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018) Algorithms are the heart and brains of the Digital Supply Chain.  algorithms “predict and manage the business.”  Algorithms use formulas that “rely on real data to draw conclusions and take action.”  Artificial Intelligence/Machine Learning (AI/ML) technology is being applied to make them(supply chains) smarter every day.
  19. 19. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018) “Under Armour, for example, made big progress using its Connected Fitness data (gathered from smart shoes and other sources) to create algorithms that provide better performance for its customers, and better business results for Under Armour.”
  20. 20. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018) Blockchain is the answer to all Digital Supply Chain problems.  Yes  No
  21. 21. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention “Actually no! Blockchain pilots have been conducted in supply chains around the world, yet almost none of them had a strong enough business case to justify scaling up the technology.” The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018)
  22. 22. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention “The problem: Too many companies focus on proving the technology works rather than assessing the value that Blockchain can bring to their enterprise.” The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018)
  23. 23. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018) “Aricent, however, avoided that trap and applied Blockchain to its Dev Ops process. The global design and engineering firm experienced double-digit improvements in cost, quality and cycle time. ”
  24. 24. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention Digital Supply Chains drive revenue growth.  This has been a good news/bad situation.  Good because many companies focused on creating a customer-centric supply chain and made major improvements toward that goal.  Bad because most of these companies did not drive (or track) revenue growth from supply chain actions. The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018)
  25. 25. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Check out this On-Demand Webinar at : https://zyc.us/2TlZWeD
  26. 26. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018) “A company that did a good job of driving revenue in this area is Colgate-Palmolive. They introduced a Wifi- connected toothbrush. The toothbrush collects information on the use of the brush and oral care. The information, available through an app, helps you do a better job of brushing your teeth, getting the right coverage and improving oral health. All of that also lines up with creating more revenue, not just from toothbrush sales, but also of toothpaste!”
  27. 27. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention Change is not impossible, it just feels that way.  Companies around the world reported that their progress toward a Digital Supply Chain was slower than they expected, and, of course, slower than they would like.  Companies found that the workforce (and management) did not have adequate skills to operate in a digital environment.  Organizational silos prevented an efficient way to gather data, generate algorithms, come to the best conclusions. The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018)
  28. 28. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018) “Companies that are “digital natives” (e.g., Uber) don't have these challenges. Traditional companies went to great lengths to collect data and work differently. For example, Corning has made remarkable progress defining its Digital Supply Chain vision and outlining the steps needed to move forward.”
  29. 29. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Reinvention A talent shortage is a problem.  The No. 1 issue for companies that are trying to implement a Digital Supply Chain is finding the right talent.  Existing training programs do not identify the Digital Supply Chain imperatives and people are not learning new skills.  The need for more customer knowledge is frequently missing.  Acquiring, cleaning and using data is frequently a weak skill. The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018)
  30. 30. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Readiness
  31. 31. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Poll Number 3 From a digital supply chain standpoint, I am digitally ready?  Strongly Agree  Somewhat Agree  Somewhat Disagree  Strongly Disagree  Not Sure
  32. 32. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Readiness The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018) “Existing training programs do not identify the Digital Supply Chain imperatives and people are not learning new skills.”
  33. 33. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Readiness “The need for more customer knowledge is frequently missing.” The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018)
  34. 34. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Readiness “Acquiring, cleaning and using data is frequently a weak skill.” The Year Of The Digital Supply Chain – Forbes Article (December 20th, 2018)
  35. 35. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Digital Readiness Other Areas . . .
  36. 36. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Something To Think About . . . Digitally Speaking Amazon Business as Disruptor or Innovator in eProcurement?
  37. 37. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay &
  38. 38. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay After The Webinar TweetChat . . . #DigitalProc
  39. 39. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Speaker Contact Information  Procurement Insights Blog: https://procureinsights.wordpress.com/  Twitter: @piblogger1  LinkedIn: https://ca.linkedin.com/in/jwhansen  News Story Hotline: 819-230-2131
  40. 40. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Frequently Asked Questions (FAQs)  Attendees of today’s event will receive an email thanking you for attending. In this email is the link to your CEH certificate and the archive of today’s presentation.  Continuing Education Hour certificate. CEHs are awarded to attendees who participated for at least 50 minutes of the seminar. You will receive an email within the next 24 hours containing your CEH Certificate.
  41. 41. Source to Pay Suite: Spend Analysis | eSourcing | Contract Management | Supplier Management | Savings Management | Project Management | Request Management | Procure-to-Pay Thank you! Check out this On-Demand Webinar at : https://zyc.us/2TlZWeD

×