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🎙️ Why Most Procurement Fails at Risk Management and How to Fix It | Steve Smiley

In this episode, host Cynthia sits down with Steve Smiley (  / stevensmiley  , a consultant, board member, and interim CEO with over 30 years of experience and $500 million in supply chain savings delivered.

Steve reveals the hidden reasons why most procurement teams struggle with risk management, from overreliance on legacy suppliers to poor price forecasting and lack of executive alignment. He also breaks down how he helped top companies like Colgate-Palmolive, Mars, and Tropicana build smarter, data-driven procurement systems that balance cost, risk, and resilience.

💡 In this episode, you’ll discover:

Why procurement often fails to anticipate supply chain disruptions

How to apply cross-hedging and price modeling to reduce volatility

What it takes to get C-suite buy-in for smarter sourcing decisions

How to identify and prioritize high-risk, high-impact categories

The future of procurement through outsourcing and AI-driven strategies

Steven’s insights go beyond cost-saving tactics; he shows how to turn procurement into a strategic function that protects your business from uncertainty and unlocks long-term value.

🎧 Watch now and learn how to transform your procurement approach from reactive to resilient.

#SupplyChain #Procurement #RiskManagement #Logistics #SupplyChainPodcast #ProcurementStrategy #BusinessTransformation #Leadership #VserveEbusinessSolution

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🎙️Timestamps:
00:00:00 - Introduction to the podcast and guest, Steve Smiley.
00:00:24 - Overview of Steve Smiley's career achievements.
00:00:51 - Discussion on why Steve chose supply chain management and procurement.
00:01:10 - Steve's background in agriculture and economics.
00:01:32 - First job at Tropicana and experiences in procurement.
00:02:21 - Greatest experience at Colgate-Palmolive.
00:02:49 - Insights on market price changes and procurement strategies.
00:03:10 - Development of cash price forecasting methodologies.
00:04:06 - Introduction of cross hedging at Colgate.
00:04:54 - Discussion on convincing corporate executives for change.
00:05:01 - Connecting commodity cross-hedging with procurement negotiations.
00:06:31 - Cultural differences in executive and management levels during transformations.
00:07:42 - Importance of showing ROI to the C-suite.
00:08:16 - Back simulation of past strategies to show potential benefits.
00:09:42 - Monthly commodity meetings to keep the C-suite informed.
00:10:08 - Targeting products in a large portfolio.
00:11:47 - Focus areas for logistics and transportation improvements.
00:12:54 - The importance of optionality in sourcing relationships.
00:14:01 - Internal vs. external sourcing processes.
00:15:52 - Balancing agility and cost savings in procurement.
00:16:12 - Advice on creating a competitive environment.
00:17:56 - The role of skills development in procurement.
00:19:09 - Future of procurement with AI and technology.
00:20:39 - Change management and overcoming resistance to new technologies.
00:22:56 - Advice for younger professionals entering the supply chain field.
00:24:30 - Importance of building partnerships with suppliers.
00:26:11 - Closing remarks and gratitude for participation.