PODCAST: Take a Long Term Approach to Generating Procurement Driven Value
Guest: Mark Perera, Founder & CEO, Old St Labs
Episode Number: 100
Publication Date: Tuesday October 25th 2016, 10AM AEST
“How you handle the extended innovation network, that’s the future of procurement. But it’s going to take a while. The early adopters, innovators, are starting to invest both in that change of mindset, and the partnering side, and bringing new value chips to the space. If you can start unlocking the potential of your suppliers in their niche areas, and the business is willing to get beyond the not invented here side, then you’re in a magical space.” – Mark Perera, Founder & CEO, Old St Labs
Mark Perera is on a mission to help companies build deeper and more valuable business relationships.
As a repeat procurement entrepreneur – having previously founded Procurement Leaders – Mark today helps companies use technology to change the value they can create from their most material supplier relationships.
At the heart of today’s Art of Procurement is how we – as procurement professionals – can focus on generating business value and away from savings being at the heart of our value proposition.
First, Mark believes that a mindset shift is required from inside procurement before we can convince others of the value we can generate from stronger supplier relationships. We discuss the need to change the way that procurement is measured as a critical step in that mindset shift, but that such a change needs to be an iterative process.
Other areas that Mark and I discuss include:
- The founding story of Old St Labs and Vizibl
- Why building an extended innovation network is key to the future of procurement.
- How to increase the focus on supplier partnering over time to enable long term change.
- The important of a proof of concept
- Why external consultants are often key to enable you to rebuild trust with suppliers as you look to embark on a value-driven relationship