During our annual CPO Rising 2017 Summit, we hosted our first ever CPO Honors Gala Dinner. During the Gala Dinner, four distinct CPOs and/or procurement teams received CPO Honors awards for their outstanding work and achievement in procurement in 2017, while two highly-regarded CPOs were inducted into the CPO Rising Hall of Fame. The CPO Honors were developed by Ardent Partners to recognize individual and team achievement in the current year. We were thrilled to honor these Best-in-Class performers. From leadership and innovation to technology usage and team performance, these four winners have demonstrated that top-performing procurement departments are a competitive advantage that can drive bottom line results.
The Technology Excellence Award Winner: Boston Scientific
The “Technology Excellence Award” and was presented to the procurement department that best leveraged technology solutions to impact procurement operations and performance To win this award, a procurement team must demonstrate a willingness to adopt and implement new procurement innovation and effectively utilize a range of procurement and supply management technology to improve the overall value of the procurement function. The 2017 winner of the Technology Excellence Award was the Procurement Team at Boston Scientific.
In 2017, the Boston Scientific Procurement Team removed the disconnected elements from other systems and streamlined the process of information management across the whole spectrum of its procurement operation. They also took a more prominent role in running the source-to-settle cycles, which freed the procurement team to drill deeper into the structure of their supplier base to look for additional and novel opportunities. Boston Scientific was able to drive financial impact through savings and also augment that with different types of value. They significantly shortened time-to-react to changes in regional and global conditions. The savings that were delivered were real cash savings and now procurement/sourcing is helping the company to achieve its budget goals. The usage of technology enhanced cycle times, reduced repetitive tasks, improved visibility and audit tracking, and developed repeatable best practices most efficiently.
“For the past two years, we have been driving a transformation of our indirect sourcing organization. In addition to aggressive cost savings objectives, we set out to build the capabilities of a world-class sourcing organization. Technology has played a key part in this transformation and enabled our team to be more effective and efficient, and better serve our internal customers and suppliers,” said Tim Dolan, Global Director of Indirect Sourcing, Boston Scientific.
On behalf of the Ardent Partners team, I would like to congratulate Boston Scientific on this great achievement.
To see a few images from the event click here – CPO Honors: Stars Shine Bright at the 2017 Summit
The CPO Honors 2018 Awards Gala is scheduled for November 7, 2018. Please be sure to check back in early 2018 when we will be begin accepting nominations.