A virtual conference of CPOs offered insights to enhance the competencies and capabilities of procurement organizations
PRINCETON, N.J.--(BUSINESS WIRE)--Zycus, a world leader in procurement technology solutions across the source-to-pay cycle, successfully conducted its first ever CPO Google Hangout discussion on Skills for the Modern Procurement Professional' with senior procurement leaders on July 17, 2014 from 1:00 p.m. to 1:30 p.m. EST.
I liked the application, I liked the content, I think that the folks contributed well and we complemented each other well. I thought there was some good dialogue and, of course, I learned a couple of things, which was also very good
Reflecting Zycus' innovative and adaptive culture, this initiative is our unique way to reach out to procurement professionals personally through the use of a social media platform that encourages CPOs to disseminate ideas and knowledge, said Zycus CEO and founder Aatish Dedhia. With the intent of serving a global live audience, Zycus broadcasted this technology-age round table virtual conference live on the Google Hangout event page and on YouTube.
This 30-minute virtual conversation was led by the subject matter expert Andrew Bartolini, Chief Research Officer, Ardent Partners, and moderated by Richard Waugh, VP Corporate Development, Zycus Inc. The panelists for the discussion featured:
- Dawn Buchanan, Chief Procurement Officer, Digital River
- Rick DeHart, former Chief Procurement Officer, Scientific-Atlanta and Cisco
- Tina Richards, Senior Director, Procurement, SAIC
Organizations are seeking ways to transform their procurement departments to compete and thrive in this era of global commerce. Procurement professionals will have to acquire new skills that will enable them to maximize value for the company and, at the same time, help advance their careers. Executives have to chart clear strategies and workable plans to enhance their technical competencies and emotional quotient in light of these new realities so that they can not only compete, but also to stay ahead of the curve.
I liked the application, I liked the content, I think that the folks contributed well and we complemented each other well. I thought there was some good dialogue and, of course, I learned a couple of things, which was also very good, commented Rick DeHart, former Chief Procurement Officer, Scientific-Atlanta and Cisco, in the feedback session conducted after the CPO Hangout.
Below are some of the key takeaways for procurement executives, from this virtual conference:
- With increasing use of end-to-end S2P suites, CPOs expect their people to focus 80% of their time on strategy, sourcing development and strategic commodity development and about 20% of their time on the operational aspects.
- To improve their efficiency, procurement organizations will use the new mantra: Do more with less, or do more with the same' without putting additional pressures on their existing headcount. Undoubtedly, technology is going to be the key enabler here.
- Procurement professionals will need to increase their visibility and start focusing on building business consulting skills, collaboration skills, finance acumen, and relationship management skills to move up the career ladder.
- The increasing need for analytical and technological skills will create a neo-tribe of procurement professionals' with a potential to transform the procurement department into a strategy powerhouse.
Moving forward, these hangouts will be held on a monthly basis to enable better networking and create widespread structured discussions on various procurement-related topics. Zycus extends a special invitation to panelists participating in these conversations.
In the upcoming Google Hangout session, scheduled for Thursday, August 14, 2014, 1:00 p.m. EST, professionals will discuss and participate in a conversation about The Procurement Metrics that Matter.' This session will be led by Patrick Connaughton, Senior Research Director, The Hackett Group.
Zycus is committed to positioning procurement at the heart of business performance. With our spirit of innovation and a passion to help procurement create even greater business impact, we have evolved our portfolio to a complete Source-to-Pay suite of procurement performance solutions - Spend Analysis, eSourcing, Contract Management, Supplier Management, eProcurement, eInvoicing and Financial Savings Management. We are proud to have more than 200 solution deployments among Global 1000 clients across verticals like Manufacturing, Automotives, Banking and Finance, Oil and Gas, Food Processing, Electronics, Telecommunications, Chemicals, Health and Pharma, Education, and more.
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