We do love our acronyms in procurement, but rather than being an exclusionary tactic designed to keep “them” out, I like to think that shortening our long phrases to “TLAs” is in line with the resource efficiency we apply to spend management.
We started off the summer talking a lot about organizational transformation, digital and otherwise. It quickly became apparent that one of the easiest paths to achieving that transformation, regardless of how far along you are, is by aligning your people, processes and data across your enterprise. Or, what we call Process Under Management.
Back in the day I did some work for a wealth management firm in New York. At that time, I was introduced to the area of Behavioral Finance, and more broadly, behavioral economics. While not new concepts, they gained new relevance – and urgency – during the financial meltdown 10 years ago. As my client used to say, investors are often their own worst enemies. In times of stress, even the most solidly constructed investment portfolio can be undermined through panic, overreaction and poor decision making. Part of the advisor’s role was, and is, saving people from themselves. There are parallels in technology decision making.
During my family summer holiday trip to San Diego I was confronted with the notion of budget management front and center. To get around during our trip, I rented a mid-sized sedan, but upon arriving at the rental car center I soon realized we had an extra piece of luggage that would not fit in the car. The rental car agent gave me the option of either upgrading to a luxury SUV, which would double the cost of the rental, or wait for a less costly SUV rental that would not be available until later in the day.
As summer races by it’s easy to lose track of what’s happening in source to pay industry news (plus, it’s hard to compete with beach-reading lists). But a lot has happened since Services Procurement Month ended, and you can catch up on what you missed here.