Modern Supply Chain: Top Takeaways from Gartner Symposium

by Alex Wong

Regional Sales Manager

Modern Supply Chain Takeaways from the Gartner NA Supply Chain Symposium/Xpo

This year, the PaymentWorks team had the privilege of attending the Gartner NA Supply Chain Symposium/Xpo. This cornerstone event brings together the sharpest minds in procurement supply chain management. The symposium is renowned for its in-depth sessions led by Gartner experts, offering a unique blend of research-backed insights and real-world applications. From where I stood, it also offered a who’s who of industry leaders, movers, and shakers. As a first-time attendee, I’ve compiled my personal takeaways from the event, reflecting the latest trends and strategic advice shared by leaders in the field.

Gartner: The Buzzwords

Transforming Supply Chains with Simplified Workflows

Embracing Digital Transformation and Interdepartmental Collaboration

Quality Management Systems: A Game Changer

The Role of AI in Modern Supply Chains

Comprehensive Approaches to Supplier Risk Management

The Urgency of Addressing SCM Disruptions

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Gartner: The Buzzwords

As one might expect from Gartner, there were plenty of sessions focused on thinking about change management. Almost all of the sessions focused on how to think about planning, then planning about planning, getting your organization on board with that planning, and then executing on that planning. If you want to succeed in procurement and supply chain, be a planner!

Key (planning!) themes that recurred throughout the event included:

Digital Transformation: While in 2024, all areas of all businesses are focused on digital transformation, supply chain professionals have a particularly acute burden of overhauling antiquated processes and procedures. And they need to do it ASAP, mostly due to the next bullet.
Resilience: While I could just write “Covid” here, and you would all get my drift, I will elaborate. It was fascinating to be a fly on the wall while attendees marched from session to session, arming themselves against every possible disruption that their imaginations could conjure. Being resilient now equals surviving (for the business and the career, it seems).
Data: Harnessing the power of supplier data permeated all aspects of the conference. The analysts challenged attendees to leverage data to accelerate operations and decision-making. I’ll echo that. At PaymentWorks, we grasp the power and impact of getting supplier payment and compliance data correct. Without that foundation, the rest of your procure-to-pay and supply chain processes are built on sand.
AI: Supply chain professionals are increasingly interested in artificial intelligence because of the significant benefits it offers in enhancing efficiency, reducing costs, and improving decision-making processes. (I had AI write that for me—could you tell?) My own thoughts: Automation is a need; businesses will not survive without it. The status quo simply will not suffice.

Some Reflections

Looking at this list and reflecting on the conference as a whole, I was reminded of something we heard last year at the Gartner CFO & Finance Executive Conference:

“You can measure the outcomes all you want, but if you’re not changing the input behavior, it’s really difficult to get the output you want.”
— Chimnay Trivedi, Treasurer, GE Healthcare

There is all this noise about transformation, data, and AI, yet barely a squeak about getting the inputs right. As I sell a product foundational to supplier data, I think about this all day and end up shaking my head at how little thought the experts give to this topic. What is the point of building an automated, efficient, game-changing process if it’s filled with data you cannot trust? Asking for a friend.

So, from an objective outsider to you, the supply chain and procurement professionals grappling with seismic shifts in your world, some advice:

Apply more scrutiny to the business case. Will this shiny new thing work with the data you currently have on your suppliers?
Push harder on assumptions – Transformation for the sake of transformation? Or transformation with impact?
Don’t do it if it doesn’t result in more and better supplier data.

Below are session highlights from the show itself.

Transforming Supply Chains with Simplified Workflows

One standout session discussed the “Personal Journey of Transformation in a SAP-centric Supply Chain.” The key takeaway was the pivotal role of software in simplifying workflows. By enhancing workflow simplicity, companies can significantly boost employee satisfaction, enabling teams to understand and achieve their goals more effectively.

Happier employees are more productive and aligned with their tasks, driving operational efficiency.

Embracing Digital Transformation and Interdepartmental Collaboration

Another insightful session, “Act on 4 Key Business Trends to Define Your Priorities,” highlighted the importance of early stakeholder involvement during digital transformation. The session stressed:

Change Management: Engaging users early to ensure smooth adoption.
Environmental, Social, and Governance (ESG) Considerations: Incorporating sustainability into core business strategies.
Cybersecurity and Compliance: Remaining adaptable to global, regional, and local regulations.
Agility through Hyper-Connected Teams: Encouraging departments to collaborate effectively can accelerate project timelines by enhancing agility.

Quality Management Systems: A Game Changer

The session on “Turning Stones to Diamonds – A True QMS Story” revealed the substantial benefits of implementing a Quality Management System (QMS). Organizations that adopt QMS could see their processes streamlined by more than two-thirds, alongside a 90% reduction in documentation and an 80% decrease in training requirements.

These systems not only streamline operations but also enhance risk detection and continuous improvement across development, manufacturing, and distribution. The key is to engage employees at various levels and empower them to be involved in the transformation. (Hmm, more change management it seems.)

The Role of AI in Modern Supply Chains

AI’s impact on supply chain management was a major theme at the symposium. From the “Market Trends and Magic Quadrant Insights for Source to Pay” session, it was clear that AI and data analytics are essential for making informed decisions regarding supply chains. The integration of AI across systems and tools seen at the expo highlights its growing importance in supply chain operations.

Comprehensive Approaches to Supplier Risk Management

The need for robust supplier risk management was another critical theme, especially in sessions like “Zero-Dark-Thirty—Win in Polycrisis by Embracing AI & Risk Management.” Lessons from COVID-19 have underscored the importance of focusing on strategic rather than tactical management and embracing a holistic approach to supply chain management (SCM).

This includes considering environmental, social, and governance (ESG) factors and staying ahead of emerging technologies like AI and synthetic biology.

The Urgency of Addressing SCM Disruptions

“Market Guide for Supplier Risk Management” emphasized that the market is highly fragmented with various tools that still don’t meet all needs comprehensively. Effective tools should monitor risks in near real-time, provide analytic scoring, manage action plans, and continually learn from data. Key risk factors include cyber risks, financial stability, compliance, capacity, and sustainability, among others.

We loved the sessions, and we especially loved connecting with new folks across the board. Overall, the Gartner NA Supply Chain Symposium/Xpo provided invaluable insights into the future of supply chain management, highlighting the critical intersection of digital transformation, risk management, and the need for agile, interconnected teams. At PaymentWorks, these insights resonate deeply with our commitment to providing a top-tier vendor onboarding and management platform that aligns with these evolving industry standards.

Get Ready For Vendor Management Appreciation 2024

The party continues all year long! In short, we’re still celebrating Vendor Management Appreciation Day (VMAD), and we highly encourage you to join us!

Why? In truth, there’s no expiration date on honoring one of the most important, under-recognized roles across industries: vendor management.

Join us in observing Vendor Management Appreciation Day (VMAD)! We’re gearing up for the 2024 celebration, and we want you to be a part of it!

VMAD is a new holiday geared toward unifying vendor management professionals and celebrating innovation in the field.

Moreover, we’ve released gifts each month to help you supercharge your vendor management efforts. Additionally, we’re planning some awesome events so everyone can connect and celebrate the important, strategic role of vendor management.

In the meantime, learn more here, and grab some free vendor management goodies.