THE FACULTY QUARTERLY
MARCH 2016

A Fire Monkey year for sure-fire CPO success!

As the Chinese New Year of the Fire Monkey begins in Singapore, so too does the challenge for CPOs in the region to embed a sustainable cost-conscious culture across a range of territories. Nurturing a resilient organisational culture in regard to cost management is made all the more complex when an organisation spreads across multiple countries in the South East Asia region.

For Singapore's senior commercial leaders, the alignment of a procurement strategy to overall business objectives and organisational culture is a key issue to be managed this calendar year. This and other pivotal challenges for procurement professionals were discussed by Asia Roundtable members and guests at The Faculty’s CPO Meeting in Singapore in early March.

"Moving your organisation from old ways to new – and making that changes endure - is a tough task and one that differentiates good from outstanding leaders" says Marisa Menezes, Commercial Director at The Faculty and facilitator of the Asia Roundtable.

“CPOS know that in regard to change management, two things are critical – your cost base and your culture" Marisa added, citing the recent findings of The Faculty’s Making it Stick report, which showed that the basic tenets of a cost culture needs to be addressed before endeavouring to achieve more strategic initiatives. “Change management and benefits realisation can't be achieved without a focused and consistent approach to embedding a cost conscious culture.”

The Faculty’s Asia Roundtable is a dynamic and growing peer-to-peer network designed to accelerate the resolution of key issues facing CPOS in the region. Its members currently include Orica, DBS Bank, Rio Tinto and BHP Billiton.

In the year of the fire-monkey, the most successful CPOs in Asia will be those that demonstrate the monkey’s best attributes: agility, courage, and most importantly, determination. 

For information on the Asia Roundtable Program for 2016, please contact Marisa Menezes at marisa.menezes@thefaculty.com.au or +61 3 9654 4900.

Image credit: Coinworld.com