Spend management

Procurement Leaders’ Superpower: Adaptability

22 October 2024  |  11 minutes read

The Index indicator analysis found that overall, across all six factors, the rate of change has risen sharply since 2019—183% over the past four years and 33% in the past year alone.

 
 
Source: Accenture, January 2024

Nothing stands still for long, but as I look around me, I cannot help but notice that we are all having to change and adapt to new business circumstances faster and more often than before. For some of us, this unrelenting wave of changes has meant learning new skills, and for others, it has meant developing new superpowers to support the business. 

Marketing teams have always been close to Procurement teams. We couldn’t do our job without them, and we have somewhat of a symbiotic relationship. We come to them with endless last minute and urgent requests, new vendors to deal with, new services to source, and they must find ways to support us and cope with the admin burden that comes with it.  

They are a team for whom change is a constant, and for whom adaptability can genuinely be considered a superpower. Those in procurement who have developed this new muscle memory are not just surviving — they’re thriving. Here’s why. 

The Evolution of Procurement 

I first started my career in the FMCG (Fast Moving Consumer Goods) industry in the 90s, and back then procurement was all about cutting costs, negotiating contracts, and ensuring supply chain efficiency. Those skills are still important, but they are no longer enough. The world has changed. Globalisation, technological breakthroughs, and increasingly complex supply chains have introduced new challenges that demand a different kind of power—adaptability. 

Recent global disruptions, from pandemics to conflicts, have underlined the importance of this superpower. These sudden events can impact supply chains severely, putting the spotlight on procurement teams who need to pivot quickly, anticipate challenges, and maintain operational continuity. 

Why Adaptability is a Procurement Superpower 

A quick google search will give you a definition for adaptability.  It is the ability to bend without breaking, to evolve in the face of change, and to turn obstacles into new opportunities. In procurement, this superpower is about staying ahead of the curve, managing risks, and seizing new possibilities. 

  1. Overcoming Supply Chain Disruptions: When disaster strikes—whether it’s a natural calamity, political crisis, or sudden market shift—procurement teams with adaptability can quickly find new suppliers, adjust logistics, and keep the supply chain alive. This resourcefulness can be the difference between success and failure. 
  1. Harnessing Technological Innovation: Technology has the potential to transform procurement processes. AI and machine learning, new forms of payments or even new tools such as our own Soldo Spend Management Platforms are enabling more efficient procurement. But to harness the full power of these innovations, procurement professionals need the superpower of adaptability to integrate these tools into their daily operations and strategies. 
  1. Championing Sustainability and Ethics: With rising demands for sustainability and ethical sourcing, procurement teams must adapt their practices to meet new standards. This may involve seeking new suppliers, renegotiating contracts, or implementing new benchmarks to ensure products and services align with ethical and environmental goals. 
  1. Navigating Risk in a Complex World: Risk is everywhere, and it’s changing shape. Whether it’s cyber threats, climate risks, or economic volatility, today’s procurement teams need to adapt their risk management strategies continually. The superpower of adaptability helps them anticipate risks and respond proactively, rather than reactively. 

How to Cultivate the Superpower of Adaptability 

Like any superpower, adaptability can be nurtured and strengthened – this is something that I personally spend a lot of time talking to my team about. Here’s what I have often shared with them, which I think can just as easily apply to procurement teams and help them hone this critical skill: 

  1. Commit to Continuous Learning: Encourage continuous learning to keep up with the latest trends, technologies, and global developments. A well-informed team is an adaptable team. We are all time poor though, so the key here is to focus on “bite size” learning rather than trying to consume large amounts of knowledge and drowning in the detail. I personally love podcasts as a channel to learn – I can consume it on the go, and because they are very often experienced based, I find them more relatable. And if you are short of inspiration, you could just start with Soldo’s own podcast, The CFO Playbook.   
  1. Adopt a Progressive Mindset: Embrace change as an opportunity for growth and challenge the way you are doing things currently. Some can also refer to this as a growth mindset; both embrace looking at things from a different angle, and being willing to take calculated risks, learning from failures, and being open to new ways of doing things. This mindset is the fuel that powers adaptability. 
  1. Tackle the Inertia: Don’t settle for what you currently have, just because it’s the way it’s always been. We are human, and so it’s both tempting and easy to get comfortable with the uncomfortable, but in a world where change is inevitable, getting ahead will not only make you stand out in the crowd and bring advancement opportunities you could scarcely dream of, but it will also be invigorating and spur you on.  
  1. Invest in Cutting-Edge Technology: Use technology as your enabler. Invest in tools that enhance visibility, reduce admin burden, streamline decision-making, and improve process efficiency. Technology amplifies the superpower of adaptability, and it allows procurement teams to respond to changes swiftly and effectively. 
  1. Engage in Scenario Planning: This is often the hardest to implement, but it doesn’t have to be difficult. I personally use team ‘get togethers’ to encourage that sort of thinking. There is something about getting teams in the same room that makes planning for potential disruptions something that can actually be fun. By anticipating various scenarios and developing action plans, procurement teams can respond with agility when real-world challenges emerge. 

Start with Small Steps and Quick Wins

It’s all very well but “how can I find the time to do all this when I am drowning in admin?”, I hear you say. Well, start by tackling the admin so that you can free up time to be much more strategic. I mentioned it already, but don’t accept what is uncomfortable just because it’s always been done that way. If there are repeated and mundane tasks taking considerable time from your teams, then I can almost guarantee that there will be a corresponding technology solution to help you. This is something that we specialise in at Soldo, and our customers are testament to how much time can be saved with simple tools. 

The 2023 Forrester Consulting Total Economic Impact™ (TEI) Study found Soldo delivered a 358% ROI over a 3 year period.

Start small and implement tools that can be rolled out with minimal disruption, and this will provide the quick wins to spur you on. 

Conclusion 

In a world where change is inevitable, adaptability is procurement’s true superpower. It’s the force that enables teams to navigate disruptions, embrace innovation, and drive success in the face of uncertainty. Those who master this superpower of adaptability will lead the charge, and shape the future of procurement. 

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Written by Isabelle Duarté

Isabelle Duarté is the CMO at Soldo. She leads the strategic direction for driving awareness and demand for the company.

With a multilingual and multicultural background, Isabelle has over two decades of experience building and executing marketing strategies for global software businesses like Okta, Symantec, BlueCoat and VMware.

Isabelle is fluent in five languages, and her obsession with technology crosses over into her love for Leica cameras and her one concession to fluffiness — her passion for Airedale Terriers and their canine cohorts.

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