Digitization of Purchasing: Utilizing Digital Means and Practical Tools

1. Introduction
2. Outline 00:01:51
3. Objective 00:02:48
4. Today’s Competitive Issues 00:04:18
5. The Impact of Suppliers on Total Company Costs 00:05:56
6. Simplified Income Statement 00:06:57
7. Modified Statement - Sales Increase 00:07:47
8. Modified Statement - Reduce Purchase Cost 00:08:41
9. Forth (4th) Industrial Revolution 00:09:25
10. Digital Procurement Issues 00:10:05
11. Procurement Today & Tomorrow 00:11:06
12. Self-Assessment 00:16:32
13. Four Fights - Fighting Ignorance 00:18:16
14. Four Fights - Fear 00:20:26
15. Four Fights - Guesswork 00:21:49
16. Four Fights - Diffusion 00:23:37
17. What Are The Technologies? 00:25:17
18. Artificial Intelligence 00:26:40
19. AI - Application 00:28:11
20. Blockchain - BC 00:30:45
21. How Blockchain Works 00:32:23
22. Blockchain Application 00:33:39
23. Internet of Things (IOT) 00:34:34
24. IOT - How It Works 00:35:28
25. IOT -  Application - Intent  00:38:01
26. Advanced Analytics (AA)  00:40:50
27. AA Techniques 00:42:22
28. Concepts & Practices 00:44:33
29. Why Improve Supplier Performance? 00:45:19
30. Guidelines For Supplier Improvement Programs 00:47:52
31. Goals & Objectives For Supplier Improvement 00:51:29
32. Goals & Objectives Cont. 00:54:11
33. Procurement Operational Performance Costs 01:00:57
34. Supplier Impact - Cost of Quality 01:06:23
35. Cost of Quality 01:09:03
36. Cost of Quality Cont. 01:11:11
37. Opportunities - Waste 01:13:44
38. Leveraging Technology 01:18:05
39. Digital transformation Defined 01:18:23
40. Where Would Procurement Have The Greatest Impact - Utilizing Digital Technology 01:19:15
41. Where Would Procurement Have The Greatest Impact - Utilizing Digital Technology Cont. 01:19:31
42. Enterprise Alignment 01:24:23
43. To Lead Cultural Change 01:24:31
44. Managements Changing Role 01:29:31
45. Education and Training Plan 01:31:20
46. Employee Involvement and Empowerment 01:32:12
47. Stakeholders 01:33:45
48. Approaches To Strategic Change 01:34:34
49. Collaboration 01:36:14
50. What Is An “A” Customer 01:36:24
51. Lifetime Customer 01:37:31
52. CRM And The Lifetime Customer 01:39:03
53. Collaborative Relationships 01:41:14
54. Increasing Supplier Involvement 01:43:20
55. Reducing Effort/Time 01:43:34
56. You Don’t Understand My Business 01:43:47
57. Cost Reduction Tools 01:44:51
58. Supplier Performance Attributes 01:46:36
59. Performance Evaluation 01:47:59
60. Evaluation Cont. 01:50:36
61. Creating Successful Strategic Supplier Relationships 01:52:50
62. 7 - Tips -Mastering Procurement 01:54:01
63. 7 - Tips -Mastering Procurement Cont. 01:55:37
64. 7 - Tips -Mastering Procurement Cont. 01:56:20
65. What’s Next? 01:58:17
66. Recap 01:58:34
67. Closing Remarks 02:02:29
68. Presentation Closing 02:05:05

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  Michael W. Gozzo

  Michael W. Gozzo provides consulting and training services to all levels of management and is a Supply Chain Specialist including Purchasing (Supplier Collaboration), Inventory Control and Production/Operations Management.  With many years of practical international experience, he offers a supe [...]

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• Advanced Analytics (AA) 00:26:46, 00:40:55
• Artificial Intelligence (AI) 00:28:11
• Audit 01:13:14
• Blockchain 00:30:56, 01:22:42
• Commodity 00:13:50, 01:38:01
• Control Tower (CT) 01:
• Cost 00:46:56, 00:55:58, 01:06:23, 01:13:07
• Cost Of Goods Sold (COGS) 01:06:45
• Customer Relationship Management (CRM) 01:39:30
• Enterprise Resource Planning (ERP) 01:39:22
• Income Statement 00:06:58
• Internet of Things (IOT) 00:34:30, 00:38:08
• Inventory 00:46:57, 01:06:59, 01:16:11
• Lead Time 01:06:04
• Procurement 00:02:02, 00:06:31, 00:08:51, 00:10:22, 00:45:53, 01:01:55, 01:22:38
• Profit 00:05:50
• Profit Sharing 0:14:58
• Purchase Order 01:22:46
• Revenue 00:06:36, 00:15:12
• Stakeholder 01:33:51
• Supplier 00:06:01, 00:08:54, 00:15:02, 00:51:21, 00:52:06, 00:56:59, 01:05:42, 01:10:40, 01:24:41, 01:41:56, 01:43:25, 01:50:12
• Vendor 01:41:40

Advanced Analytics (AA): Advanced Analytics is the autonomous or semi-autonomous examination of data or content using sophisticated techniques and tools, typically beyond those of traditional business intelligence (BI), to discover deeper insights, make predictions, or generate recommendations.

Artificial Intelligence (AI): Artificial intelligence is intelligence demonstrated by machines, as opposed to the natural intelligence displayed by humans or animals.

Audit: A formal examination of an organization's or individual's accounts or financial situation

Blockchain: Blockchain.com is a Bitcoin block explorer service, as well as a cryptocurrency wallet supporting Bitcoin, Bitcoin Cash, and Ethereum. They also provide Bitcoin data charts, stats, and market information.

Commodity: A basic good used in commerce that is interchangeable with other goods of the same type.

Control Tower (CT): A procurement control tower is a modernized, centralized procurement nerve-center. This location acts as a solution designed to unify procurement systems, data, and multiple enterprises within a secure and cloud-native environment.

Cost: The sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location

Cost Of Goods Sold (COGS): The direct expenses related to producing the goods sold by a business. The formula for calculating this will depend on what is being produced, but as an example this may include the cost of the raw materials (parts) and the amount of employee labor used in production.

Customer Relationship Management (CRM): Customer relationship management is an approach to managing a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.

Enterprise Resource Planning (ERP): Refers to a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, risk management and compliance, and supply chain operations.

Income Statement: One of the three primary financial statements used to assess a company's performance and financial position (the two others being the balance sheet and the cash flow statement). The income statement summarizes the revenues and expenses generated by the company over the entire reporting period. (investinganswers.com)

Internet of Things (IOT): The Internet of things describes physical objects with sensors, processing ability, software, and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks.

Inventory: A company's inventory typically involves goods in three stages of production: raw goods, in-progress goods, and finished goods that are ready for sale. Inventory or stock refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilization.

Lead Time: The number of days from when a company places an order for supplies, to when those items arrive.

Procurement: Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared.

Profit: A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

Profit Sharing: Profit sharing is a compensation program that allows businesses to distribute a portion of their profits to employees. These plans can provide direct or indirect payments, and can be based on factors like the company's profitability, employee salaries, and bonuses. In publicly traded companies, profit sharing plans often involve allocating shares to employees.

Purchase Order: A legal contract between a buyer and a vendor. It lists the materials or services to be purchased on specified terms and conditions (quantity, price / pricing conditions, delivery date).

Revenue: In accounting, revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenue is also referred to as sales or turnover. Some companies receive revenue from interest, royalties, or other fees.

Stakeholders: A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers and suppliers.

Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.

Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.