Excerpt from Tim Cummin’s Blog
Impacts Of The Networked World On Contracts & Procurement
The impacts of the networked world have been significant for most of the world’s population, but perhaps more so for those in the world of contracts and procurement than many others.
· Emerging generations are ‘no longer capable of deep thought’ and this will have a long-term and negative impact on innovation
· We are faced with very real challenges in dealing with the volume and speed of information made accessible by globally networked technologies
· The pressure to make decisions faster, to generate results more quickly and to adapt rapidly to the streams of new information that hit us is not just demanding, but can overwhelm our analytical capabilities
How does this relate to the activities of a procurement or commercial group, making new market or acquisition decisions, or contemplating major bids or contracts, or perhaps undertaking investments in new process or organization?
· Today, there is a rapidly declining need to turn to traditional market researchers or analysts
· This thinking aligns directly with the trend we are seeing in ‘best practice’ contracting. Rather than trying to define long-term, fixed solutions, we are instead needing to develop relationship structures that are far more agile and adaptable to changing circumstances, capabilities and needs.
· We are certainly at a point where leaders in our community must give active thought to the way we should deliver our services and model our tools and instruments to achieve greatest effect and benefit.
What are your thoughts? Is the globalization of information limiting our abilities to be innovative, speeding up information to the point that it exceeds our comprehension?
What is your agency doing? Are you automating the procurement process through the use of automated spend data programs, p-cards, etc.? If so, have you seen an increase in effectiveness and benefit to your organization because of the implementation of such tools?
To view the full article you can visit Tim Cummin’s Blog at this address: click here
I totally agree especially with this part “Rather than trying to define long-term, fixed solutions, we are instead needing to develop relationship structures that are far more agile and adaptable to changing circumstances, capabilities and needs.”