This week Rich speaks to Tim Snow, CPO at Inmarsat about enhancing the agility and efficiency of procurement.
Emphasising the importance of procurement taking a proactive and involved role from the onset of strategy development, the conversation highlights the necessity for procurement to be seen as a partner capable of driving quality, pace, and commercial thinking, rather than simply executing processes.
Key topics include the importance of building meaningful stakeholder relationships, the role of agility in procurement, the balance between speed, compliance, and vendor relationships, and fostering a culture of continuous improvement and innovation within procurement teams. The dialogue further delves into strategic partnerships, the measurement of procurement success beyond cost savings, and the concept of '10x'ing procurement to vastly enhance its contribution to business strategy and outcomes.
00:25 Introduction to Procurement's Speed Challenge
00:46 Interview with Tim Snow: The Importance of Getting Things Done in Procurement
02:26 The Reputation and Agility of Procurement Teams
04:42 Strategies for Accelerating Procurement Processes
07:31 Balancing Speed, Agility, and Compliance in Procurement
15:55 Addressing Common Procurement Bottlenecks
21:14 Fostering a Culture of Innovation and Continuous Improvement
23:22 Leveraging Strategic Partnerships for Better Outcomes
27:00 Evaluating the Success and Impact of Procurement Initiatives
32:32 The Concept of 10x'ing Procurement for Future Success
35:39 Closing Remarks
