Monthly Top 5 - May 2021

Hi there,

I hope you had a good month!

With the BBQ season well underway, I've put together a nice little skewer of articles for you to enjoy this month. Easy on the sauce! Everything has already been marinated just right...All kidding aside, there's some great novel thoughts in the articles selected this month. It's always encouraging to see that innovation and thought leadership is alive and well in Procurement.

Enjoy this month's newsletter and don't hesitate to reach out.

Sincerely, 

Joël

Top 5 Source-to-Pay Articles - May 2021

#1 - How AI is Changing the World of Contract Creation and Management

The always forward looking Jaggaer blog explores which parts of the Contract Management process are the ripest for improvements with Artificial Intelligence technologies. The underlying logic described in this article can be applied to other functional areas as well.

Reading articles like this is all about building your AI literacy. As you nurture it, you will become good at spotting where AI can help you and where it can't... 

How AI is Changing the World of Contract Creation and Management
by Amenallah Reghimi at Jaggaer

#2 - Is Procurement Moving Away from Category Management?

If you've implemented a Category Management program, what is the next frontier to keep leveling up Procurement's impact in your business?

If you're embarking on the Category Mangement journey, what lessons learned can you leverage from other organizations to take a shortcut?

Great article from Philip on the subject!

Is Procurement Moving Away From Category Management?
by Philip Ideson at Art of Procurement

#3 - What are the Impacts of US Infrastructure Plan on Procurement?

There's a new team in the White House and they've got big plans for infrastructure spending. If the proposed plan is adopted, it would have a big impact on many commodities which would also impact many US trading partners. What the Procurement angle here?

Procurement IQ does a great job of succinctly calling out the potential impacts in this article.

Biden’s Infrastructure Plan Aims to Transform Procurement
by Riley Mallon at Procurement IQ

#4 - What's the ROI on Supplier Diversity Programs?

Supplier diversity programs are not just a moral issue, their also just good business! This article provides some great points to consider when putting together and pitching a supplier diversity program within your organization.

In short, the composition of the world's population is always changing. The best companies take note of this and adjust their strategy accordingly.

Driving Value through a Supplier Diversity Program
by Vengat Narayanasamy at Buyers Meeting Point

#5 - Lessons from M&A Applicable to Procurement

I strongly believe that your ability to quickly have tough conversations has a massive impact on the quality of your relationships. In this short article, Jason Busch highlights this lesson and others from his time in the Mergers & Acquisition space and draws parallels to Procurement.

A quick, interesting read to remind us what actually moves the needle.

Analysts’ Corner: 3 lessons from M&A Deals That Can Benefit Procurement Pros
by Jason Busch at Spend Matters

You wrote or read a great article? Send it my way, I'd love to read it.