AFLA Conference Archives-Emerging Business Practices that are Redefining Procurement

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Video Summary

Charles, a speaker at an event, engages an audience in a discussion about the evolving role of procurement in businesses. He identifies diverse roles within the audience, focusing on procurement, fleet management, and sales. Charles emphasizes the significance of procurement practices, highlighting emerging trends that are transforming it. He discusses four main areas: diversity and inclusion, new competitive advantages, consumer purchasing technology trends, and market watching.<br /><br />Charles elaborates on supplier diversity, its role in social responsibility, and how procurement can align with diverse workforces and customer bases. He stresses the importance of regularly updating supplier diversity programs.<br /><br />He outlines how procurement can be a competitive advantage, evidenced by companies like Starbucks showcasing ethical sourcing as a selling point. Charles suggests examining sourcing practices to differentiate organizations from competitors.<br /><br />Regarding consumer purchasing technology, Charles speculates about the future of digital wallets in corporate procurement, particularly for P-card programs, and highlights the transition from plastic to digital.<br /><br />Lastly, he discusses market fluctuations and their impact on procurement, stressing the importance of strategic planning. Charles concludes by urging the audience to embrace these changes positively to enhance organizational success, recognizing the potential challenges and opportunities these shifts present.

Asset Subtitle

Charles Dominick

Meta Tag

Location Nashville, TN

Year 2015

Keywords

procurement

supplier diversity

competitive advantage

consumer purchasing technology

digital wallets

market fluctuations

strategic planning

diversity and inclusion

ethical sourcing

Nashville, TN

2015