Old St Labs recently took part in the Art of Procurement Podcast. Our discussion with Philip, the proprietor of Art of Procurement, was initiated when Old St Labs founder Mark Perera shared a slide that was produced by Joanna Martinez at a recent Procurement Leaders conference. Here is the slide.
The slide was hugely popular and created strong discussion (over 129 posts) on LinkedIn and other social media channels.
Is it time to change?
We’ve been discussing the ‘value vs. price’ paradigm for a long time in the procurement space, often with few tangible results to show for it. The passionate and engaged nature of the comments on this post however, led me to believe that procurement teams, suppliers and internal business partners might finally be ready to align on what a joint approach to value might look like.
Philip certainly seemed to feel the same way and based on this he lined up a call for Joanna (the slides original creator) and myself to discuss value based procurement.
You can hear us discussing this dynamic topic by following the link below.
In the podcast we address;
- Why we need to shift the conversation with our leadership team from providing savings to providing value.
- How can you find an organisational pain point around which we can create value?
- Is Spend Under Management really a metric we should be focusing on?
- Examples of different areas around which we can provide value, including:
- Using technology to enable to frictionless stakeholder experience.
- Increasing sales through CSR initiatives.
- Facilitating supplier led product innovations.