Procurement Reimagined: The Compilation

In this episode of Procurement Reimagined, we bring together a collection of the best insights from our previous episodes that focus on how our guests can reimagine procurement to unleash accelerated value at their organisations.

From agile and future-proofed procurement to digitalising procurement and the role of AI, we’ve got you covered on all critical touchpoints in procurement. But before we dive in, a special word for our loyal and growing audience. 

Our journey would not have been possible without the participation of our ever-increasing audience base; thank you for making this show a success. With your continued support, we will make the coming episodes even bigger and better! 

Let’s start by meeting the eight legends on today’s show: 

• Nadia Stoykov is the Chief Procurement and Supply Chain Officer at Tesca Group.
• Andra Fola is the CEO and Co-Founder of Solutionary Minds
• Sarah Kaye is the Vice President of Procurement at Spin
• Natalia Pilipchak joins us from Mobile Tele Systems, where she is the Transformation and Excellence Director 
• Rees Thomas is the Head of Procurement at Graze
• We also hear from Canda Rozier, who is the President of Collabra Consulting
• Elouise Epstein is a Partner at Kearney, one of the top 10 consulting firms.
• We end the episode by listening to  Michelle Vita, the Senior Director of Procurement and Strategic Sourcing at Datadog.

Key highlights:

•  Nadia Stoykov: 02:37 - 08:04 

• Get Good Leaders and the Right People in Place
• You Can’t Digitalise Procurement Without a Human Interface
  
  

• Andra Forla: 08:37 - 12:21

• Managing Procurement in Recession 
• Mentor Talent, but Don’t Micromanage
  
  

• Sara Kaye: 12:51 - 15:29

• Cost Cutting vs Cost Control and Why You Need Both
• Does Your ERP Consolidate, Clean, and Analyse Your Data?

• Natalia Pilipchak: 15:53 - 21:52

• How to Use the Global Crisis to Reimagine Procurement at Your Business
• Excellence is Doing Common Things in Uncommon Ways

• Rees Thomas: 22:23 - 25:17

• An Analytical System to Identify Root Causes While Solving Problems
• Define Your Requirements Before Buying an Analytic Stack

• Canda Rozier: 25:35 - 30:04

• Not all New and Shiny Tools Will Endure and Provide Value
• Identify and Solve Problems Common to Business and Procurement Goals

• Elouise Epstein: 30:57 - 35:03

• Consolidate Your Supplier Base for Effective Risk Management
• The Framework for Efficient Risk Management

• Michelle Vita: 35:46 - 39:33

• Leverage Data to Weave Agility into Your Procurement Processes
• Collaboration is the Cornerstone of Agile Procurement

Quotes:

• “Till it's realized in a company that sales and procurement are two sides of the same coin, nothing is going to change. Because procurement needs to be seen as an enabler of growth”. Nadia Stoykov

• “Prioritizing the projects in procurement and then prioritizing the goals of each project are critical to running an efficient procurement process. Prioritization cannot mean everything for everybody.” Andra Forla

• “I think we should be looking at cost control proactively because it's very much how you can get to the root of some very large opportunities to deliver a positive impact for the business. Being involved at the budget planning stage really gives you that ability to understand where the heavy hitter costs are so that you can start to really get creative with your solutions.” Sarah Kaye

• “ When you're in a global crisis, I think things are moving a little bit faster, and all the previous judgments, previous sacred calls, they look not so obvious, and you can start to challenge them and reimagine procurement and its relevant metrics.” Natalia Pilipchak

• “One of the key benefits of digitisation is it frees up time, and it gives you more time to focus on what you should be focusing on. The other benefit I see is having all the relevant information in one location”.  Rees Thomas

• “I think there's going to be an interesting balance or a tug of war, if not a balance, between how procurement helps support companies growing and how they help them with cost containment and reacting to whatever the downturn might be.” Canada Rozier

• “I got interviewed for an article some time ago, and they would ask me to play out procurement 50 years into the future. I said if we do not get rid of the legacy ERPs, we will never get to any future. “ Elouise Epstein 

• “I think there's also a little bit more of a strategy element when you're talking about agile procurement because it's less reactive, more proactive.” Michelle Vita