The future of procurement: Intelligent spend management drives resiliency

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Who would have predicted in 2019 that a global respiratory pandemic would cause a shortage of flour in supermarkets? It’s the kind of ancillary effect that’s virtually impossible to see coming — but it’s exactly the kind of swerve that businesses have to be ready for. So how do we begin to discuss the future of procurement? With experts, of course.

The solution is not planning for every possible contingency. How could we? Rather, it’s gaining visibility into your systems – increasing efficiency and flexibility – to create resilience. The ability to roll with unforeseen changes is a survival trait now, and will be a characteristic of thriving businesses in the post-pandemic landscape.

On this episode of Tech Unknown, we discuss building flexibility and creating resilience in the future of procurement and beyond.

Listen, learn, leap: The future of procurement

We take a hard look at what changes procurement and spend leaders can make right now to prepare for a new normal. Not only that, we also look at how AI and machine learning are fundamentally changing the nature of the procurement function — and how procurement leaders can adapt to new roles within the organization.

  1. What the top challenges for spend management are in the current landscape, and how businesses can meet them
  2. How intelligent spend management can redefine the procurement function
  3. How procurement can take on purpose-driven issues like sustainability, ethical sourcing, and equality

About our guests

Drew Hofler is the Vice President of Portfolio Marketing at SAP Ariba and a public speaker.

Phil Ideson is the Founder & Managing Director of Art of Procurement, the author of Procurement, Inc., and host of the Art of Procurement podcast.

Mark Perera is the Chief Executive Officer of Vizibl and the author of the forthcoming book Procurement with Purpose.

Marcell Vollmer is the Chief Innovation Officer at Celonis and expert on SAP solutions.

Wise words for the future of procurement

“I would define intelligent spend management as managing every source, every category of your vendor related spend, and having one unified view into that spend holistically. Versus handling it, as most companies do, as silos depending on the type of spend that they’re doing.” Drew Hofler

“Become the trusted adviser and build a compelling value proposition. So you’re not ruling by process, you’re actually providing a service that’s so good that the rest of the business wants to work with you.” Phil Ideson

“Procurement has such a big impact in terms of what they’re buying. Fifty to 80% of the total spend can be going outside of the business. And the effect it has on the environmental, social and economic side is huge in terms of where they’re buying that from and how they work with their suppliers.” Mark Perera

“Procurement leaders need now to focus on risk management. We all have seen this with the latest crisis, COVID-19. But we have also seen it before: the financial crisis, we have seen Fukushima, we have seen the flood in Thailand. So therefore, risk management is a top priority.” Marcell Vollmer

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Tamara McCleary
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Tamara McCleary

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