To master the right procurement strategies and implementation process is not all that is required of a procurement manager. The ability to build stable partnerships, be flexible and adapt to changes, and have strategic cost management and supplier management systems in place are also required of them.
Specialising in a well-executed procurement management process is one way to help your business gain a competitive edge; i.e. through lowering on cost hence offering a more competitive rate, is one way to stay one step ahead of your competitors in the long term.
In the real estate industry, the effectiveness of a procurement process plays a huge role in determining the success of your property projects. Adopting the right procurement methods goes far beyond just tendering and purchasing activities. Knowing the differences between procurement and purchasing will not only help you understand the functions of these activities but also the workflows and required personnel. Some organisations also use procurement maps to help them identify and map out objectives with strategies.
Whether you are a property management or facility management manager, this collection of 14 conscientiously curated videos by procurement management experts will not only detail and breakdown processes but also provide top tips, from sourcing to vendor-supplier management strategies, all created to help you learn and master procurement as a whole.
1. Procurement Strategising
Uploaded by: Neil Hudson
Date Published: 17 March 2016
Summary: Neil Hudson is an experienced procurement manager at Semafone. Having been in the procurement scene for over 20 years, he is adequately qualified to share the top 5 elements to consider when procuring – people, need, planning, communication and process. Watch this video to understand how to and why it is important to incorporate these five aspects into your procurement process.
Title: Procurement Tips from Trent
Uploaded by: Supply Chain Secrets
Date published: 31 December 2019
Summary: Rob O’Bryne, founder of Logistic Bureau, invites Trent Morris, commercial director, to address how you can approach procurement by identifying your business strategy and structure before deciding on which type of suppliers to source. Watch this video to know what you need to look out for when forming a procurement plan for your company.
2. Procurement Sourcing Strategy
Title: Philip Wood, Director of Strategic Sourcing & Operations - Microsoft
Uploaded by: SIGinsidesource
Date Published: 27 March 2017
Summary: In this clip, Dawn Tiura, CEO and president of Sourcing Industry Group, interviews Philip Wood, Director of Procurement Operations and Compliance at Microsoft. Philip talks about the measures taken to minimise third party sourcing risks and the new ways to integrate and simplify the procurement process. This insightful video is a must-watch to get a peek at current sourcing and procurement challenges from the man behind Microsoft’s procurement operations.
Title: Lesson 6 - SCM Sourcing 101- Learn sourcing of materials in procurement, purchasing management
Uploaded by: Americo e-Learning
Date Published: 24 August 2016
Summary: Americo Cunha, a professor with more than 15 years of teaching experience in Operations Management, Project Management, Business Process Management and Industrial Engineering shares about the sourcing processes for vendors and various sourcing alternatives available when selecting suppliers.
3. Vendor-Supplier Management Tips
Title: Supplier Relationship Management | CIPS
Uploaded by: CIPS
Date Published: 5 June 2020
Summary: Kim Laslett from Lincs Housing Partnership discusses the importance of supplier relationship management and how to apply critical management skills when liaising with procurement professionals. This video is indeed a handy guide in managing vendor – supplier relationships. For more information on relationship management among trade professionals in the real estate industry, click here.
Title: The Key Steps of Supplier Relationship Management (SRM)
Uploaded by: Procurement Matters
Date Published: 9 March 2019
Summary: David Atkinson, founder and managing director at Four Pillars Consultant, gives us advice on methodologies for creating relationship management strategies that help align entire organisations. Getting the organisation involved can streamline your procurement process as a whole – find out how.
4. Vendor Contract Management
Title: 5 Things To Put In Your Vendor Contract
Uploaded by: Property Management Systems
Date Published: 2 May 2018
Summary: Marc Cunningham, President and Owner of Grace Property Management & Real Estate, advise us on what to include in a vendor contract and why we should insert them. Click on this video to learn how to avoid issues with vendor contracts that can lead to unmatched expectations between vendors and suppliers in the real estate scene.
Title: 9 Tips for Successful Vendor Contract Management
Uploaded by: Venminder
Date Published: 19 August 2019
Summary: Cindy Horn, Chief Operations Officer at Venminder, enlightens us with tips and best practices to meet industrial regulatory expectations and how to reduce risks of unclearly defined roles within contracts. It is important to focus on contract details to avoid miscommunication of objectives between property managers and vendors in real estate. So be sure to check out this video to learn how you can manage vendor expectations.
5. Vendor Risk Management
Title: Third Party Thursday Video: Vendor Risk Assessments
Uploaded by: Venminder
Date Published: 7 August 2018
Summary: In this video, Stephanie Della Cameron, Client Support Operations Manager at Venminder, teaches us how to conduct a risk assessment on vendors. As property managers, it is important to know how to manage risk from third parties or vendors. This detailed explanation will help you take on the necessary steps in properly executing your procurement process.
Title: Streamline Vendor Risk Assessment with Security Assessment Questionnaire
Uploaded by: Qualys, Inc
Date Published: 23 March 2017
Summary: Hariom Singh, Product Management Director at Qualys, explains what vendor risk means and how to manage it. He also surfaces the challenges that risk managers will face when assessing vendors. Watch this to hear his proposition on how to overcome these challenges through risk management.
6. Spend Analysis
Title: Procurement experts on spend management
Uploaded by: Tradeshift
Date Published: 31 August 2015
Summary: Alex, Procurement Consultant at Tradeshift and Amy, Senior Procurement Manager shares insights on spend analysis of their company and also highlights a company purchaser’s thought process and their motivations in helping them reduce cost by spending efficiently. By studying real-world applications of spend analysis and understanding the psychology behind employees’ motivation to spend, you can realign your employees to your company’s financial procurement objectives better.
Title: 6 Steps to Spend Analysis
Uploaded by: Sourcing Force
Date Published: 16 May 2019
Summary: Benoit Constanty, Head of North American Market and Finance and procurement expert put together a short video on how you can run a successful spend analysis in 6 simple steps. Applying these tips will enable you to integrate your financial data and suppliers, ensuring that you make the best spending decisions for your company, whether you are a property manager or vendor.
7. Tendering Best Practices
Title: ITT Tender Basics – Tender VLE
Uploaded by: Hudson
Date Published: 19 May 2018
Summary: In this video, Daniel Hall, procurement and content manager at TenderVLE brings up important points to note in preparing an invitation to tender (ITT). Project managers will find these pointers especially useful in helping them outline their expectations to vendors bidding for the tender.
Title: 5 Tender mistakes and how to avoid them – Maurice Downing
Uploaded by: Corfocus
Date Published: 9 September 2011
Summary: This 10-minute video is a must-watch. Presented by Maurice Downing, tendering specialist and Director of Corfocus himself, the video discusses the main pitfalls of the tendering process. Through his years of experience on the evaluation panel selecting vendors, this is undeniably a trusted guide of things to avoid as a vendor competitively bidding for a tender.
With a rapidly-changing business environment, procurement within support services company should not be taken lightly or overlooked. Many organisations are already starting to understand the importance of eprocurement – utilising technology within procurement to increase efficacy. So start honing procurement best practices and developing expertise in it to save time and money today!