Art of Procurement
I recently had the opportunity to be a guest on Philip Ideson’s Art of Procurement podcast. This was a fantastic opportunity to bring the treasury conversation to the procurement world. We talk about challenges facing both treasury and procurement organizations, and how these groups can work together better.
Conversations about transformation are everywhere today. The pace of change and disruption continues unparalleled in our consumer lives and spills over into our business lives. In the face of this disruption, many of our processes remained untouched and are creaking and groaning. They might not be pretty but we make them work.
I’ve been having many recurring conversations this year with individuals across the world about the significance of the challenges facing many organizations. Digital transformation, flat or reduced staffing levels, turnover, and new regulations apply mounting pressure to our organizations. The human reaction to those pressures causes us to focus inward in an attempt to solve those problems. In our minds, we are controlling what we can control. So we make new processes that allow us to control our world and our pieces of the process. Often the accidental outcome is that while we may optimize our part, we weaken the overall process or simply shift the work elsewhere. Do any of your processes get optimized in their individual area and then just lined up to make one big process, as opposed to integration throughout the process? Think about it for a few minutes- where is this happening in your organization?
Part of our conversation on the podcast also revolves around the need to break out of the individual functional silos so many of us live in. We all must do a better job understanding the perspectives of those affected by our processes. I’ve been writing about this need from the Treasury perspective as many organizations are focusing on working capital optimization and need to have cross functional perspectives. To see suggestion on how to tackle these challenges, see my article published on Association for Finance Professionals website: 5 Ways to Break Down Operational and Strategic Silos.
Philip and I talk about how procurement can work better with treasury and get out of their silos. We also talk about the changing role of analytics for procurement organizations and how to develop these programs to aid in your organization’s transformation.
We also review my article in Supply and Demand Chain executive and discuss how to create better analytics programs. The article can be found here: A Path or a Ditch? Navigating Transformation Using Supply Chain Analytics.
I had a fantastic time on this interview talking with an expert in the Procurement space and hope you enjoy the interview as well! – Amber Christian