Episode 7: The Rise of Spend Culture
By Katherine McCleery | August 31, 2020
In this episode of The Sourcing Hero, we welcome Aman Mann, Founder and CEO of Procurify. We discuss how technology can empower procurement and bring value, especially during the difficult time we’re in. As companies have gone remote and decentralized spend during the pandemic, Procurify’s focus on simplification can actually reduce the number of policies and procedures needed.
When you change the spend culture in an organization it builds trust and empowers individuals to make the right choices.
Listening Guide
[00:45] What is a Sourcing Hero? Aman defines a Sourcing Hero as someone who works for the greater good of the organization by creating value for others.
[04:38] Powered by Procurify. Hear stories of real-life heroes who used Procurify to make a difference for their organization.
[06:48] How to rise up. Embracing technology, a fresh perspective, and even changing the terminology we use to describe procurement can take it to the next level.
[09:04] The pandemic impact on spend. People have been surprisingly adaptive in light of current events, rather than reactive.
[09:56] Centralizing spend while remote. The right culture, processes, and systems can empower procurement to adapt to a fully remote workplace.
[20:41] The Procurify difference. Find out how a company rooted in compassion is making a big difference in the industry.
Highlights
A Sourcing Hero works for the greater good.
A hero by definition is someone whose actions are for the greater good of others. Procurement accomplishes this by adding value to an organization. Their vantage point has so many different accumulated datasets that give them the ability to make a real difference and move the organization forward.
Technology as the foundation for success.
Aman has seen firsthand how Procurify can serve as the foundation for success in procurement. The right technology can aid in making sure you have the right budgets, processes, and systems in place to improve your bottom line. It can bring visibility to the true power of procurement.
How to elevate procurement.
Individuals moving into procurement should look at the way the world is changing, particularly regarding technology, and figure out how they can bring that into their organization. Technology brings about a new way of doing procurement and it yields more strategic thinking. Procurify is also trying to introduce new terminology such as “spend culture” and “spend management” to reflect a new way of thinking. A fresh perspective can catapult an organization.
Effects of the pandemic on procurement.
During the financial crisis of 2008, people were very reactive and that caused some unfortunate repercussions. However, during the pandemic crisis, people adapted quickly and were willing to rely on technology. Procurify aims to empower people to think about spend proactively rather than reactively to ensure that organizations are successful, especially during times like these.
How to centralize spend while fully remote.
The pandemic has caused decentralization of spend because everyone is in different locations now. Rather than putting more policies and procedures in place to try to exercise control, Procurify helps unlock organizational changes needed to actually reduce needed policies and procedures in order to build trust in your organization. It empowers individuals to make quick, smart decisions rather than holding them accountable to broken processes and systems.
A company built for value.
Procurify wants to be a company built for value. They invest in innovation and new technology for customers while continuing to adapt and change. Aman describes his company as ego-less and coming from a place of compassion. He will do whatever it takes to continue to drive value because he wants to see success in his customers and invest in doing good.
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Host: Katherine McCleery, Head of Marketing
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