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Supply chain is “the network created amongst different companies producing, handling and/or distributing a specific product. Specifically, the supply chain encompasses the steps it takes to get a good or service from the supplier to the customer.” as explained by Investopedia. Supply chains are the moats that can protect the organizations and help them attain higher savings, if managed well.

Honing Procurement Talent

Image credit: CMU Facebook Page

Procurement forms an important part of a healthy supply chain. Right from determining the requirement to deciding on the optimum stock level to finding the correct suppliers and sourcing from the right region at the best cost to maintaining contracts and supplier relations to analyzing how much money was spent and what was the savings, procurement is a complicated function. Yet when effectively carried out it contributes well to the organization’s profit margins.

For a function that is so complex and critical, organizations need to ensure they hire the correct talent and hone them to match the demands of the procurement job.

MBA in Supply Chain Management was quoted as the ‘Hot New MBA’ by an article in Wall Street Journal. The article goes on to say, “sensing growing demand, more than a half-dozen universities have recently introduced undergraduate majors, M.B.A. concentrations and even entire degree programs dedicated to procurement, inventory management and global supply-chain strategy.”

Zycus strongly believes in not just providing cutting edge procurement technology but also help procurement to emerge as a function that delivers value beyond savings. Keeping this in mind Richard Waugh, Vice President of Corporate Development for Zycus, recently delivered a lecture series to MBA candidates at Carnegie Mellon University’s Tepper School of Business.  Waugh participated in two sessions of Professor Nicola Secomandi’s Supply Chain Management course where he focused on practical procurement technology applications and their impacts on business.  Waugh also delivered a guest lecture for the school’s Operations Management Club (Ops Club), in which he shared global best procurement practices and performance benchmarks and demonstrated how leading companies are using technology to achieve best-in-class performance levels.

The students were happy to hear about practical application of their study. Here’s what some of them said “Richard Waugh did an excellent job of demonstrating to our Supply Chain Management class how to approach the analysis of procurement performance,” says CMU student Jared Worful. “He discussed how techniques that we are learning in our class are relevant within procurement environments.”

“Richard’s talk brought real-life application to what we are learning here at Tepper,” agrees student Linh Thi Do.

Read more on how Zycus is planning to take the association with Carnegie Mellon University’s Tepper School of Business ahead.

 

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