November 02, 1:00pm - 2:00pm
For too long, procurement has complained about “not having a seat at the table.” This complaint has little merit; supply management executives should indeed be more engaged in executive board decisions and planning, but to get a “seat at the table,” supply management executives need to provide a reason for why they should be there! This session will discuss the key contributions to enterprise value that an empowered procurement function can provide, beyond “stacking ’em higher and buying ’em cheaper.”
Attendees of this session will learn:
- why this time is the “golden age” of procurement. At no other time in history has procurement had such an opportunity to create value, to drive different forms of engagement with internal stakeholders, to take on the role of a “trusted advisor” and “partner,” and to begin to truly drive opportunities for creating mutual value for both suppliers and their own enterprise.
- the key capabilities and roles that procurement must be able to adopt to create new forms of value. Such roles will include the ability to influence, financial savvy, a technical vernacular, ability to build cost models and financial analyses, and an ability to solve problems that result in collaborative solutions with trusted supplier partners.
- the critical nature of talent management as the basis for development of procurement’s new role in the organization. If you don’t have a talent management strategy for filling the void, you can’t expect to get to the table. This means developing people who have a natural curiosity and are willing to delve into new problems with a new set of tools, and that have an ability to execute with integrity to get to the right outcomes.
This session will also provide specific examples and insights from Handfield’s 25 years of working in the field of procurement as an academic, a consultant, and a writer.