Reimagining Procurement with Creativity and Innovation with James Meads

Welcome to this episode of  Procurement Reimagined, brought to you by Gatekeeper. Today, we are joined by James Meads, Founder of Procurement Software, a platform for simplifying digital procurement. 

Join Daniel and James as they discuss the need for creativity and innovation in the procurement industry. Explore how traditional methods are outdated and discover the role of technology in driving change. Learn about the challenges procurement professionals face and the importance of effectively communicating the value that procurement can bring.

James is the Founder of Procurement Software. He also hosts The Procuretech Podcast. He is also a Digital Procurement Advisor and Content Creator. He mentions that he created ProcurementSoftware.site to offer an easy-to-use, free resource for anyone interested in the procurement tech landscape. 

Key Highlights:

• 02:43 - 04:05 -  The Need for Creativity and Innovation in Procurement

A big challenge in procurement is attracting the right talent.  How do we attract people into procurement who have the soft skills, ability, and flexibility to thrive in procurement? A profession that runs on email, Excel, and antiquated ERP systems is a big turn-off for younger professionals, the millennials, Gen-Zs, and recent college graduates. Procurement leaders aren’t thinking of ways to add creativity and innovation to the professions and are struggling to find the right talent. Today, no one wants to work in a bureaucratic and technocratic profession that functions on legacy technology.

• 10:38 -  12: 56 - The Role of AI in Procurement

James explains that the biggest benefit of AI adoption in procurement is automating routine day-to-day tasks. A lot of the spade work that procurement still finds itself doing can increasingly be automated. A case in point is the use of generative AI that can be used to generate standardised RFP and NDA documents once you specify the jurisdiction and industry where it will be used. Using AI automation will also fuel creativity by freeing up the professional's time, enabling them to spend more time with suppliers and understand their capabilities and the needs and wants of the business.

• 18:45 - 20:49 - Internal Challenges in Procurement and How to Overcome Them

A major challenge is the attitude of the business to the procurement function, which is compounded by the fact that procurement leaders aren’t very good at marketing themselves to the business. Procurement must sell itself as an enabler to allow CEOs and our senior stakeholders to understand the value we can deliver. The business needs to view procurement from the lens of value creation rather than policing spending.  

Quotes:

• “I think that creativity remains a cliche and is woefully underplayed in procurement. So people don’t want to come into the profession with a bureaucratic and technocratic approach and one that uses legacy technology”.
• “Adopting AI-driven automation will help creativity in the procurement process in the sense that it will free up the time and bandwidth of the procurement professional to stop having to spin so many plates and hopefully be able to spend more time with stakeholders and suppliers”.

• “Patience is not one of my strong points, but I genuinely think that if we are able to communicate with the board as well as sales or departments like environmental health and safety, change will happen”.