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In light of recent reports indicating that the UK economy experienced zero growth between July and September 2024 (see the BBC UK Economy Zero Growth) , organisations are increasingly seeking strategies to enhance efficiency and maintain competitiveness. One such strategy gaining prominence is Managed Procurement Services (MPS).

Understanding Managed Procurement Services

Managed procurement involves partnering or, in some cases, outsourcing some of an organisation’s procurement functions to specialised third-party providers and use of Procurement Software. This could just be the ‘busy stuff’ that stops you focusing on the critical projects – projects under a spend threshold or large volumes of contract renewals.

“The combination of Procurement Practitioners (experts) and a Sourcing 2 Contract (S2C) software platform to handle tasks ranging from supplier selection and negotiation to contract management and risk assessment, allows your team to focus on their core operations.”

Benefits of Managed Procurement

1. Cost Savings and Efficiency: Specialised providers leverage their expertise and established supplier networks to secure goods and services at optimal prices, leading to significant cost reductions. Streamlined procurement processes also enhance operational efficiency. When the economy growth stagnates, this is a great way to find budget for critical investment.
2. Access to Expertise: Working with an MPS company is a great way to access procurement specialists with deep market knowledge and advanced tools, facilitating informed decision-making and strategic sourcing.
3. Risk Management: Effective MPS includes identifying and mitigating risks associated with supplier relationships, compliance, market volatility and contract management (including those deadly auto-renewals), thereby ensuring supply chain resilience. When you have tens, hundreds or thousands of suppliers and contracts, this is, arguably, the most critical value to your organisation.
4. Scalability: MPS can adapt to a company’s changing needs, providing flexibility to scale operations up or down in response to market conditions.
5. Enhanced Transparency: A well managed and governed procurement process offers improved visibility into spending patterns and supplier performance, promoting accountability and informed strategic planning.
6. Speed of Implementation: There is no faster way to access the savings and expertise than working with an MPS partner. They will, typically, have qualified and experienced experts ready to deploy to start positively impacting your organisation almost immediately. Normally, this means the returns from Procurement are recognised sooner than recruiting, deploying and building a larger internal procurement function.

Implementing Managed Procurement

To fully realise these benefits, businesses should select a Managed Procurement Provider that aligns with their specific needs and objectives. Key considerations include the provider’s industry experience, technological capabilities, and commitment to transparency and ethical practices.

Sourcing 2 Contract (S2C) Software

“You wouldn’t run finance without accounting software; so why would you run supply chain and procurement on a spreadsheet and emails?” – Anonymous CFO

The tricky part about managing supply chain is admitting just how big the task is and realising that managing hundreds or thousands of suppliers and their contracts is daunting and, frankly, impossible. There are some great experts out there doing the research for you, like James Meads with his Mid Market Tech Map.

As the UK economy faces challenges and an uncertain Q1 in 2025, crossing your fingers and hoping for a better economy is not a viable strategy; however, addressing a powerful procurement plan is the right strategy. Using procurement software and MPS offers a viable pathway for organisations to enhance efficiency, reduce costs, and build resilience, positioning them for sustained success in a competitive landscape.

Benefits of the Right S2C Procurement Software

1. Reduced Cost – the right S2C SaaS platform can significantly lower your costs for managing the supply chain from sourcing the right supplier to managing contracts. Do your research and you can find the right software for less than £20 per day.
2. Contract Management – all contracts in one place. Never lose a copy of a contract ever again and, critically, never get hit by an auto-renewal clause that over commits your organisation to unnecessary or exorbitant spend.
3. Contract Management – all contracts in one place. Never lose a copy of a contract ever again and, critically, never get hit by an auto-renewal clause that over commits your organisation to unnecessary or exorbitant spend.
4. Risk Mitigation – ensure compliance with regulation and help achieve ISO, Cyber Essentials and other accreditations by securely managing your suppliers and their contracts in one place.
5. Save Time – Pareto’s law stipulates that 80% of the outcomes come from 20% of the causes, or in this case: you will want to spend 80% of your time focussing on your top 20% of suppliers and other critical direct procurement. Let a software platform take the strain on the rest.
6. Stakeholder Management – from CXOs to budget & operational owners and your end clients, an effective S2C platform demonstrates control and clarity giving confidence that you are working with the right suppliers in the right way.

Action / ‘TO DO’ List:

• Review the ROI for Managed Procurement Services (usually 2 or 3 times greater return versus hiring a for a larger procurement department) + the reduced spend as a result of implementation.
• Review the market for MPS companies – avoid the gainshare providers who take their fee from the savings made on critical projects, it motivates the wrong behaviour and increases risk for your organisation.
• Investigate S2C SaaS Platforms – there is a large number of platforms on the market all covering a range of functions and levels of proactivity. Find one that is easy to implement so that you can deploy and maintain yourself if you don’t want to pay someone to help, has straightforward pricing (many are modular and can quickly add up) and can be used by procurement and non-procurement professionals. ProcurementSoftware.site is a great help.

Novo-K and Buyingstation

Novo-K’s Managed Procurement Services and our BuyingStation platform should be part of your consideration. Our S2C platform is £649 per month for up to 50 users and gives you access to all the modules – no hidden costs. Our team of expert procurement professionals are delivering projects daily for clients measured against the outcomes we deliver. If you would like help with your existing procurement function or have no idea where to begin please get in touch, we can quickly assess and give you options to transform or support your procurement aspiration and initiatives.

Download 3 years supplier spend from your finance system –

• Spend fragmentation – Are you buying the same goods/services from different suppliers? can you move to one supplier, leverage the spend and negotiate better rates?
• Top Suppliers – Do you have Significant spend with one supplier? Check if you have a contract, look to negotiate better rates. If there is no contract, go to market and obtain 3 quotes, include the maximum you will pay (include your reduced amount) to speed up responses and set expectations.
• Low Spend – Do you have lots of low value spend which goes unchecked? Implement and communicate a policy to prevent this by increasing approval levels.
• Collaborative Buying – Are other charities using your suppliers? Contact them and create a plan to leverage your collective spend. Then negotiate better rates. Win-win for all!

Working with supplier

• Error Checking – Do you have suppliers, with lots of small spend? Ask them to reassure you and check there are no billing errors. This can often deliver quick small but valuable savings.
• IT Spend – Do you have lots of software licences? Ask you suppliers to review the number of active users and switch off the others. If they are reluctant ask a competitor to do this for free.
• Subscription spend – Do you have lots of subscriptions? Review all your subscriptions. Are they all still required? Switch off any subscriptions not being fully utilised, often generating an instant saving
• Standardisation – Do you have a wide variety of options available to your team i.e. Stationary? Reduce the range and look for better value or use a portal
• Stock – Do you hold lots of stock on pallets? Ask Suppliers to do an audit and remove/reduce/recycle for savings. If they are reluctant, you can do internally or ask a competitor
• Energy usage – Have you completed an energy audit? Request a visit often free of charge from an energy provider to provide advice on how to reduce your bills.

Change Buying Behaviour

• Communicate – Does your team know how to buy? Give clear guidance on how to procure and purchase goods and services, with relevant thresholds for risk and value
• Alternative Suppliers – Do you consider smaller or diverse suppliers? Contact suppliers that align with the charity’s social goals, often achieving both cost savings and mission alignment
• Supplier Database – Do you have an Approved Supplier List? Build and Maintain an updated list of pre-approved suppliers to share with your team. Build closer relationships with these suppliers and lean on them for support when cost cutting
• High Risk High value? – Do you have the expertise inhouse to buy and ensure value for money? If not reach out to suppliers, other charities or industry experts. Don’t waste your own time and resources

At Novo-K, we help organisations streamline procurement, optimise supplier management and achieve cost savings with ease. With expert support and innovative tools like BuyingStation, we make managing your procurement straightforward and effective.

Technology is rapidly becoming an integral part of procurement, transforming how businesses manage their buying processes, enhance transparency, organise suppliers, contracts and drive efficiency.  Procurement and Finance Leaders are realising the benefit of leveraging technology in the same way they streamlined accounting and financial governance through finance SaaS solutions.  At Novo-K, we have taken the same concept and used a different approach—one driven by our hands-on experience.

As procurement practitioners working across private and public sectors, we understand the unique challenges organisations face. This first-hand knowledge inspired us to build BuyingStation, a platform that speaks directly to the needs of organisations with and without procurement professionals.  From complex supply chains to resource limitations, hundreds (sometimes thousands) of contracts to manage to non-compliant suppliers, we know what really works in the field. BuyingStation was designed to simplify procurement processes and provide greater clarity, give back control and inspire confidence, helping organisations achieve more with less.

Test-Drive BuyingStation for Free

We know that experiencing a product first-hand makes all the difference which is why we’ve introduced the option to test-drive BuyingStation for free. You can have access to all the modules and features where users can explore our platform for three days at no cost. It’s the perfect way to see how BuyingStation can simplify your procurement processes, improve traceability and enhance overall performance.

AI Flexibility and Custom Branding Options

BuyingStation has incorporated AI to help design simple quotation and tender requests to speed up those important purchases and help those new to procurement or not familiar with running a tender.  You can turn this feature on or off depending on your needs.

All Included

At Novo-K, we are all about providing solutions that meet the real-world needs of procurement.  Whether it’s managing supplier relationships or ensuring transparency across the board, BuyingStation has been designed to tackle the complexities of modern procurement head-on. Once you have taken it for a test drive, the good news is that you can sign up for the full suite of services for £649 per month with only one month’s subscription commitment.  This means you will have full access to:

• Contract Management
• Supplier Management
• Quotations & Tenders
• Project Pipeline
• Risk Assessments
• Savings & Spend Tracking

 

If you would like a personal demonstration of BuyingStation.com or have any questions, please contact the team on 0330 139 7969 or email buyingstation@novo-k.com

The Paris 2024 Olympics, celebrated as the “Greenest Games in History,” have drawn to a close, leaving behind a sustainability legacy that will be studied and emulated for years to come. Set against the backdrop of the iconic City of Lights, where world leaders once gathered to sign the landmark Paris Agreement, the Games sought to embody the principles of environmental stewardship, social responsibility, and lasting impact.

As the dust settles, it’s worth reflecting on the triumphs, trials, and takeaways from this monumental event.

A Bold Promise: Halving the Carbon Footprint

From the outset, the Paris 2024 Organising Committee made a bold pledge: to halve the carbon footprint of the Games compared to London 2012 and Rio 2016. This was no small feat, given that London 2012 had an estimated carbon footprint of 3.3 million tonnes, with Rio 2016 exceeding that at 3.6 million tonnes.

So, how did Paris 2024 fare? The answer lies in a series of innovative strategies and audacious initiatives that redefined the boundaries of sustainable event management.

Sustainable Construction and Eco-Friendly Innovations

Unlike previous Games, Paris 2024 placed a strong emphasis on reusing existing venues. Of the 35 stadiums, only two were new – the aquatics centre and an arena for badminton and gymnastics. These structures were built using low-carbon construction methods, with the aquatics centre featuring recycled materials such as plastic waste and locally sourced wood.

In the athletes’ village, sustainability took centre stage. Bedrooms were furnished with beds made from recycled cardboard, and coffee tables crafted from shuttlecocks. Organisers also doubled the availability of plant-based food, sourcing 80% of ingredients locally to minimise the carbon impact of food transportation. At Place de la Concorde, the menu was entirely vegetarian – a significant shift in a country known for its meat-centric cuisine.

Powering the Games Sustainably

Paris 2024 made significant strides in reducing reliance on diesel generators, which had been a staple of past Games. By connecting venues to the public electricity grid, organisers further reduced the carbon footprint and ensured that the infrastructure would benefit the city long after the Olympics had ended.

Additionally, the introduction of a 60km cycling network linking Olympic venues not only promoted greener transport options but also transformed Paris into a more bike-friendly city.

Tackling Challenges: Heat, Water, and Travel

The challenges were far from negligible. Rising temperatures posed a risk to athletes, leading to the installation of 2,500 temporary cooling units in the Olympic village. Concerns over water quality in the Seine were mitigated when Paris officials publicly swam in the river to allay fears, ensuring its safety for events like triathlon and open-water swimming.

However, the most significant challenge remained the carbon emissions from international travel. Paris 2024’s global ticket sales potentially increased the number of international spectators and their associated carbon footprint. Despite France’s ban on short-haul flights where train alternatives existed, the global nature of the Games made reducing travel-related emissions a Herculean task.

Criticism of Sponsors and Long-Term Impact

Despite the green ambitions, the Games were not without criticism. Coca-Cola, a long-time Olympic partner, faced backlash for its role as a leading plastic polluter. Although the company introduced beverage fountains to reduce plastic use, nearly 40% of drinks were still served in single-use bottles.

On a more positive note, Toyota’s commitment to providing hydrogen-fuel cell vehicles marked a significant step towards reducing emissions, despite ongoing debates over the energy efficiency of hydrogen technology.

Paris 2024 also set new standards in sustainable event management, playing a key role in updating the ISO 20121 standard, with a renewed focus on human rights, climate action, and legacy. These updates will guide future events, ensuring that sustainability remains a core consideration.

Moreover, the Games emphasised social and economic benefits for local communities. The Terre de Jeux programme inspired over 50,000 sports-related projects across France, while the Ville Active et Sportive label recognised cities with innovative sports policies. Paris 2024’s commitment to gender equality was also evident, with equal opportunities for male and female athletes, setting a precedent for future Games.

Sustainable Sourcing: A Gold Medal in Procurement

Behind the scenes of the Paris 2024 Olympics, another kind of race was taking place—the race to secure goods and services that aligned with the Games’ sustainability goals. With a budget of €2.5 billion, the Paris 2024 Organising Committee redefined procurement by embedding high environmental and social standards into every contract. This wasn’t just about purchasing; it was about pioneering. The Games saw a record number of small and medium-sized enterprises (SMEs) and social enterprises stepping onto the procurement stage, encouraged by a process that prioritised sustainability and inclusivity. From recycled cardboard beds to eco-designed furniture, every detail was scrutinised to ensure a minimal environmental impact. Paris 2024 not only raised the bar for future events but also set a precedent for responsible procurement that will echo long after the Olympic flame has been extinguished.

A Legacy of Sustainability – Conclusion

Paris 2024 proved that the Olympic Games can be a catalyst for positive environmental and Paris 2024 demonstrated that the Olympic Games can drive meaningful environmental and social change. By prioritising sustainability, the organisers not only reduced the event’s carbon footprint but also set a new standard for future hosts. While not without its challenges, Paris 2024 showed that large-scale events can be reimagined to leave a legacy for both the planet and local communities.

The lessons learned from these Games will influence how future events are planned, ensuring sustainability remains a central focus. Ultimately, Paris 2024 ignited a movement that will shape the future of global sporting events and their impact on the world.

In the ever evolving landscape of procurement, women are stepping forward, not just as participants but as leaders and changemakers. The recent “Women in Procurement Day,” held at the UKCEH in Wallingford, aimed to bring together female leaders to share their expertise, inspire career advancement, explore future trends and address gender disparities within the field.

Breaking Down Barriers

The procurement sector, like many others, has long been dominated by men, with women often facing significant barriers to entry and advancement. These barriers are multifaceted, encompassing everything from unconscious bias to institutionalised discrimination. At the event, it was highlighted that women often encounter ingrained beliefs leading to unnoticed prejudice. These biases manifest in various forms, such as the bandwagon effect, anchoring bias and confirmation bias, which can skew decision-making processes and limit opportunities for women.

To counter these biases, structured decision-making and diverse review panels were recommended. Additionally, fostering a culture of continuous improvement using Lean principles and Kaizen events can help in creating an inclusive and equitable work environment.

Building Networks and Mentorship

Networking and mentorship emerged as crucial themes during the event. Women were encouraged to build supportive networks and proactively seek what they need to succeed. Mentorship and coaching were identified as essential tools for navigating careers and overcoming challenges such as the glass ceiling and maternal penalties. Creating and maintaining a strong, authentic personal brand was also emphasised, with platforms like LinkedIn being valuable for building professional profiles, connecting with others and showcasing achievements.

Embracing Technology and Innovation

The role of technology and innovation in procurement cannot be overstated. Leveraging data, analytics, automation and AI can help to drive efficiency and sustainability, creating new opportunities for women in the sector. Embracing digital transformation and innovative digital solutions was highlighted as a vital strategy for advancing procurement functions and supporting capacity building.

Ethical Leadership and Governance

Commitment to ethical leadership and robust governance is paramount in building trust and credibility in procurement. Women leaders were urged to prioritise these values, ensuring transparency and accountability in their roles. Ethical leadership also involves advocating for workplace equality and addressing unconscious biases that affect supplier selection and diversity.

Personal and Professional Growth

Investing in personal and professional growth is essential for women in procurement. Structured development plans, feedback, mentoring and coaching were recommended to help women advance in their careers. Understanding one’s values, strengths and weaknesses and motivators is crucial for better navigating career paths. Moreover, resilience and self-worth are key attributes that women need to cultivate. Being able to shake off imposter syndrome that a lot of women tend to foster will be an enabler to help women to face challenges and achieve success in procurement and beyond.

Moving Forward

The “Women in Procurement Day” event served as a powerful reminder of the potential women have to transform the procurement landscape. By breaking down barriers, building strong networks, embracing technology and committing to ethical leadership, women can not only advance in their careers but also pave the way for future generations of female leaders.

The journey towards gender equality in procurement is ongoing; with the right strategies and support systems in place, women can continue to lead the charge for change, creating a more inclusive and dynamic sector for all.

In 2015, I started Novo-K with a view to take corporate sector methodology and distil it down for medium-sized enterprises and charitable organisations. In the years that followed, we recognised the need to consolidate contract and supplier information so that these organisations could gain real clarity over their third-party spending. We noticed that the available tools in the market were inaccessible to these organisations, primarily due to cost.

In the early days at Novo-K, we helped clients by building procurement portals on SharePoint and internal systems for accessing critical and BAU procurement information. It was a step in the right direction, however, over time, we realised it’s lack of scalability and recognised more work was needed. We required a solution that was not only easy to use, with the right functionality but also capable of delivering tangible ROI for our clients. So the journey to create a proprietary system began, resulting in BuyingStation.

BuyingStation allows organisations to gain Clarity across their third party spend, have the right Control in place and ultimately, have the Confidence that they are working with the right suppliers in the right way.

Designed and developed by procurement practitioners who have worked with a diverse range of clients. We understand the needs of both procurement and non-procurement professionals. By listening to our clients, studying market trends and identifying areas for improvement, we have developed technology that streamlines procurement processes, delivering savings and increased efficiencies through one centralised platform. BuyingStation brings together Contract Management, Supplier Onboarding, Project Pipeline, Spend Tracking and the ability to build Quotations and Tenders using AI.

Traditional procurement platforms often adopt a one-size-fits-all approach, with typically only 10% of their functionality utilised, while organisations are charged for all features. At BuyingStation we have prioritised affordability and ROI. With simplified terminology and a user-friendly interface, our platform empowers both procurement professionals and non-specialists to leverage its full potential, maximising value at a cost that also aligns with the budgets of small and medium sized businesses.

At its core, BuyingStation is all about simplicity, with our ethos being Keep it simple. We have stripped away the unnecessary bells and whistles that often bog down other procurement tools, focusing instead on delivering the essential functionality that businesses need to succeed.

But simplicity does not mean sacrificing power. BuyingStation is packed with advanced features and capabilities, all carefully designed to streamline the procurement processes and drive better outcomes.

www.buyingstation.com

In the ever-evolving landscape of procurement, there is shift underway with focus on not just the upfront cost of a product or service, but its total cost over its entire lifespan. This approach commonly known as whole life costing (WLC), is changing the way organisations make procurement decisions, offering a more comprehensive and insightful perspective.

Whole life costing (WLC) is a methodology that goes beyond the immediate financial outlay of acquiring goods or services. It encompasses a broader spectrum of costs associated with a product or service throughout its entire lifecycle, providing a holistic view of the financial impact of a procurement decision. As Chris Voss aptly puts it, “Successful negotiation is not about getting to ‘yes’; it’s about mastering ‘no’ and understanding what the path to an agreement is.” This resonates deeply with the essence of WLC, emphasising the importance of understanding all facets of a procurement decision before reaching an agreement.

By adopting a WLC approach, organisations gain a deeper understanding of the true cost of ownership. WLC also enables decision-makers to evaluate the total cost of a product or service over its lifespan, considering factors such as reliability, durability, energy efficiency and environmental impact.

Whole life costing has gained prominence as organisations seek to optimise their procurement processes and maximise the value of their investments. By integrating WLC into procurement strategies, businesses can identify cost-saving opportunities, mitigate risks, and enhance sustainability efforts.

Novo-K is a leading procurement consultancy business renowned for its innovative approach to strategic sourcing and is at the forefront of embracing WLC. Their expertise lies in leveraging WLC to drive efficiency, maximise value, and mitigate risks for their clients.

CASE STUDY: Leveraging Whole Life Costing in Laptop Procurement

Situation:

Novo-K was engaged in a global client project involving the procurement of laptops. The client faced several challenges as their approved distributor lacked arrangements to procure directly from the Original Equipment Manufacturer (OEM), resulting in increased procurement costs.

Objective:

Our objective was to optimise the procurement process for the bulk requirement of laptops by leveraging our expertise in whole life costing (WLC). This included the process of procuring laptops that included taking into account the long-term arrangements while considering the total cost of ownership over the entire life cycle of the devices.

Actions:

• We collaborated closely with the client’s IT team to define laptop specifications, considering the overall requirements and estimated budget, utilising WLC principles by taking the following into consideration:

1. Product Cost
2. Warehousing Cost
3. Delivery Cost
4. Software licensing Cost
5. Maintenance Cost
6. Software Subscription Cost
7. Decomissioning Cost

• From a strategic point of view, we evaluated the relevance to various types of decision-making and assessment processes. This included its application to decisions required at various stages of an asset’s life as well as procurement decisions
• We discussed the qualitative aspects as well, such as the supplier’s ability to deliver to certain standards, deliver on time and provide appropriate long-term support, along with the consideration of an asset’s effectiveness in the long term
• Assessed the operational needs of the laptops, including costs, performance requirements, software compatibility, durability and the decommission process of the product.
• Conducted thorough market research to identify top distributors capable of fulfilling the client’s requirements and accessing OEM products.
• Leveraged Novo-K’s proprietary “Sourcing 2 Supervision” process, issuing a tender to selected suppliers, ensuring transparency and competitive pricing, integrating WLC factors into the evaluation criteria.
• Identified the potential risks associated with each procurement option, such as supplier’s due diligence and assurance of supply
• Assessed the short-term and long-term benefits and drawbacks of each option, considering both quantitative and qualitative factors.
• Negotiated with the OEM and with Tier 2 distributors to establish a commercial model that aligned with the client’s budget and procurement objectives, by considering WLC principles.
• Throughout the procurement process, emphasised the importance of considering the total cost of ownership and long-term value rather than just upfront costs, incorporating WLC insights and analysis.

Result:

Our strategic approach made a significant difference by securing a framework contract with a selected distributor and aligning with the OEM’s global pricing model, leading towards a remarkable 14% cost savings for the client. This reduction in procurement cost underscored the effectiveness of whole life costing in driving value and optimising procurement outcomes.

Aftermath:

The successful application of whole life costing in this procurement project demonstrated our capability to unlock hidden value and drive sustainable procurement practices. It positioned us as a trusted partner for clients seeking strategic procurement solutions focused on long-term value optimisation. This case study highlighted the transformative impact of whole life costing in reshaping procurement practices and fostering well informed decision-making in strategic sourcing.

Novo-K recently joined forces with Arsenal Football Club, bringing together elite sports procurement and finance professionals for a day of networking and knowledge sharing. Amidst the excitement, pivotal insights emerged, shedding light on the transformative role of procurement in elite sports.

Richard Holmes, a leading figure from The Final Third and a champion of sustainability in elite sports, shared  invaluable insights  from years of experience and a personal passion and drive. Richard Holmes advocated for collaboration between sports clubs and local communities, highlighting its potential to drive sustainability and innovation within the industry.

Following on from Richard’s powerful session a collective call for sustained action resonated within the group. Fisayo Roberts advocated for a prolonged commitment to embedding sustainability within the cultural fabric of sports clubs, stressing the importance of continuity.

Key to this shift is the realisation that sustainability must surpass every aspect of a club’s operations. Tom Roche highlighted the significance of collaboration in fostering a sustainable supply chain, while Jai Pushkin from Defrae stressed the transformative impact of working with local suppliers to achieve cost efficiencies and support communities.

Jason Roberts from Kaleida championed diversity and inclusivity in procurement practices, allowing clubs to enhance their impact while saving valuable time. Michelle Banks from Brouha highlighted the pivotal role of sponsorship in advancing ESG goals, urging clubs to leverage partnerships as platforms for storytelling and community engagement.

As the event progressed, Novo-K’s track record with elite sports organisations like Chelsea Football Club took centre stage. Through strategic partnerships and innovative procurement solutions, Novo-K has established itself as a trusted ally in the pursuit of excellence and efficiency in sports procurement.

However, the day held an even greater importance; Novo-K unveiled the Elite Sports Procurement Collaborative (ESPC) as a game-changer in the realm of sports procurement. More than just a community, the ESPC represents a dynamic ecosystem where procurement professionals and suppliers converge to unlock opportunities and drive success. Novo-K’s ESPC launch captivated the audience, igniting innovation and collaboration in sports procurement.

Novo-K’s Collaboration in Elite Sports event signifies a commitment to partnership, innovation, and community in elite sports procurement. With the launch of ESPC, a new chapter unfolds—a future where collaboration knows no bounds and success knows no limits. Join us as we redefine the rules of the game and unlock a world of possibilities in elite sports procurement.

Personal Reflection:

As the Client Executive and now The ESPC Lead, I’m genuinely excited about the potential of ESPC in revolutionising Sports Procurement. The journey ahead is full of promise and anticipation, and I’m eager to see where it leads. Here’s to embracing the future and all the exciting possibilities it brings. Cheers to the journey ahead!

In the dynamic landscape of the modern workplace, the principles of Equality, Diversity, and Inclusion (EDI)  form the essential foundations for cultivating workplaces that are both equitable and progressive. The recent EDI in Action Webinar, that we hosted at Novo-K, brought together a dedicated community of professionals committed to turning words into tangible actions. We discussed the importance for substantial transformations within organisations, emphasising the urgency to create an inclusive workplace that goes beyond lip service, fostering a culture where diversity thrives, and everyone feels valued and empowered.

Our webinar featured insights from thought leaders shaping the landscape of Equality, Diversity, and Inclusion. We were privileged to have Madeleine Joubert, CPO at BDO, Harinder Bansal, Head of Procurement at Motability Operations and Laura Daniel, Head of Procurement at GWR, share their experiences. Their insights and personal experiences highlighted actionable steps for creating a more inclusive workplace, making the journey towards diversity more accessible and impactful for all.

Promoting Openness and Fairness

At the heart of their discussions was a simple yet powerful idea: honesty breeds trust. They stressed the importance of being upfront in job adverts, especially about pay. This transparency, they argued, sets a positive tone and helps tackle inequalities head-on. Additionally, they highlighted the importance of paying people fairly for the value of their work and providing thorough training to foster inclusivity. They celebrated the impact of having diverse leaders, not just for reflecting society but also for bringing fresh perspectives to the table.

Tackling Bias and Building Awareness

Another big topic was biases in the recruitment process. Instead of merely discussing biases, they called for action to confront and overcome them. Advocating for training programmes to help hiring managers recognise and address biases, they also championed the need for fair policies and frameworks to ensure everyone has an equal chance, regardless of their background. They emphasised the value of embracing individuals with disabilities and different perspectives, seeing it as an opportunity for innovation and success.

Leading with Accountability and Action

Accountability and proactive measures were also key themes. They stressed the importance of crafting job descriptions that are inclusive for all and actively seek out diverse candidates. Recognising the need to address the challenges faced by underrepresented groups, they called for educational outreach efforts to nurture diversity and break down barriers.

Navigating Parenthood, Procurement, and Education

Their discussions also touched on the challenges of balancing parenthood with career progression and the importance of spreading awareness in industries less familiar with EDI principles. They spoke about the need for support structures for working parents and the importance of teaching equality and inclusion from an early age.

Towards a More Inclusive Future

In summary, their insights highlighted a shared commitment to creating inclusive workplaces. By prioritising transparency, confronting biases, and taking proactive steps, organisations can pave the way for a future where diversity is celebrated and normalised as part of the everyday culture.

As we embrace these lessons and take action, we move closer to a world where everyone has an equal opportunity to succeed.

 

 

 

 

Cybersecurity in the supply chain involves protecting digital assets and information exchanged among suppliers, manufacturers and distributors. It aims to prevent unauthorised access, data breaches and disruptions that can impact operations. Key measures include access controls, data encryption, regular audits and fostering a security-aware culture. With the increasing complexity of cyber threats, organisations must adopt proactive measures to ensure the resilience and integrity of the global business environment.

Cyber Attacks

A cyber attack happens when an attacker accesses a company’s network via its suppliers or any other portion of the supply chain, introducing an infection which compromises company data.​

Cyber Security

Cyber security aims to reduce the risk of such cyber-attacks, protecting companies against the unauthorised exploitation of systems, networks and technologies thorough the whole supply chain network.

BEHIND THE SCENES

$1 trillion: The world economy loses more than $1 trillion each year due to cybercrime

To fully understand what drives a cyber attack, it is essential to deep-dive into the mind of a hacker. Analysing the method and motivations behind a cyber attack helps organisations further safeguard their digital assets. Here are a few possible reasons why hackers are motivated to conduct cyber attacks: 

1. COMPANY RATIONALITY

Companies often think their supply chain isn’t a cyber security risk because they don’t share anything valuable or confidential.​

2. HACKER’S RATIONALITY​

Any sensitive data that might cause reputational damage is important. A hacker might sell it or, ask for a ransom.​

3. TARGETED ORGANISATIONS

Small or medium size organisations with weak security are easy targets as their systems are much easier to access. Companies with large client bases are also valuable targets as they withhold vast data sets that can be used if breached.

4. MEDIA INVOLVEMENT​

Media buzz around compromised information unfortunately assist the motivations of a hacker as the data that has been stolen increases in its value. As a result, the ransom amount to retrieve the data also increases.

EFFECT ON THE ORGANISATION AND THE SUPPLY CHAIN

Organisations that suffer cyber security breaches may face significant fines. ​There are also non-financial costs to be considered such as: 

• Reputational damage
• Fines​
• Operational disruption​
• Loss of business​

175 days: The average number of time that a threat has undetected access in a network.

How can Novo-K help you protect your organisation?

Novo-K Cyber+ offers you more than just cybersecurity. Alongside a detailed analysis of your supply chain cyber security, you additionally benefit from guidance on next steps provided by an expert team of procurement specialists.

MONITOR

Here’s how Novo-K Cyber+ can help your organisation monitor cyber risks in your supply chain: 

• Unlimited Novo-K Cyber Plus reports​- Use reports to your advantage by identifying and uncovering potential cyber threats to your organisation. Our partner Darkbeam’s extensive coverage ensures unrestricted access to invaluable intelligence, allowing you to stay informed about emerging risks, potential data breaches and other cyber threats.
• 25 Threat intelligence keywords monitored by analytics​- Leverage the power of analytics to monitor and analyse 25 key threat intelligence keywords relevant to your industry. Our advanced analytics system keeps a vigilant eye on digital channels, identifying potential threats associated with specified keywords. Stay ahead of emerging risks with real-time insights, allowing you to proactively address and mitigate evolving cybersecurity challenges.
• 25 suppliers monitored for vulnerabilities​- Proactively assess and monitor vulnerabilities in up to 25 critical suppliers, receiving timely alerts and insights to fortify your supply chain against potential threats. Enhance the resilience of your business by staying ahead of supplier-related risks.
• Suggested communication with suppliers- Foster a proactive and collaborative relationship with your suppliers through our Suggested Communication feature. Receive tailored recommendations on effective communication strategies, enabling you to address potential vulnerabilities and strengthen your overall supplier network.
• Monthly report into emerging supplier vulnerabilities- Stay informed about the evolving landscape of supplier vulnerabilities with our Monthly Report feature. Receive a comprehensive overview of emerging risks within your supplier network, empowering you to make strategic decisions and implement targeted interventions. This insightful report serves as a valuable tool in your ongoing efforts to enhance the security and resilience of your supply chain.
• Financial checks​- Ensure supplier financial stability with real-time checks, empowering you to make informed decisions and mitigate risks associated with financially unstable partners. Strengthen your risk management strategy with this essential tool.

MANAGE

Novo-K Cyber+ does not stop at identifying cyber threats. After monitoring your organisation’s supply chain, our offering provides expert insights and recommendations on how to manage the cyber risks identified. Here’s how Novo-K Cyber+ can help you manage your cyber risk:

• “MONITOR” pack + below​- Elevate your cybersecurity with an all-encompassing solution. The package includes every feature from the MONITOR pack, ensuring comprehensive coverage and proactive defence against cyber threats.
• RASA (Risk and Assurance of Supply Assessment)- Mitigate risks and ensure the assurance of your supply chain with our comprehensive Risk and Assurance of Supply Assessment (RASA). This thorough evaluation identifies potential vulnerabilities, allowing you to implement targeted measures to fortify your supply chain.
• Lower rate cyber consultancy​- Access expert cyber consultancy services at a reduced rate. Benefit from professional guidance to enhance your cybersecurity strategy without compromising your budget, maximising the value of your investment.
• RPR – Risk Prevention Report- Stay ahead of potential risks with our Risk Prevention Report (RPR). This feature provides a detailed analysis of potential threats and vulnerabilities, offering actionable insights to pre-emptively prevent risks and fortify your organisation against emerging challenges.
• Supplier due diligence- Strengthen your supplier relationships by initiating direct contact and conducting due diligence. This feature empowers you to gather essential information, address concerns, and foster transparency, contributing to a more secure and reliable supply chain.​
• Recommended procurement approach – Streamline your procurement processes with our Recommended Procurement Approach. Benefit from strategic guidance on the most effective procurement practices tailored to your organisation’s needs, ensuring a secure and efficient acquisition process. Optimise your procurement strategy to align with industry best practices and mitigate potential risks.

BENEFITS OF NOVO-K CYBER+

Reputation Management​: Protection against reputational damage​

Legal Compliance and Risk Assurance​: Cyber crime and GDPR and DPA 2018 compliance​

Financial Security​: A breach could cost your organisation up to 4% of its annual global turnover or €20 million (about £18 million) in regulatory fines​

Business continuity: Minimising the risk of disruptions and ensuring the continuous operation of critical systems​

Global Connectivity: Enhancing secure communication and collaboration in an interconnected digital world​

Privacy​: Safeguarding individuals’ and organisations’ private information from unauthorised disclosure​

​For more information about Novo-K Cyber Plus please feel free to get in touch with us @ info@novo-k.com.