Forging the Future: How Procurement Foundry is Revolutionizing the Industry
The procurement industry has seen substantial changes in recent years, driven by the need for greater efficiency, cost-effectiveness, and collaboration among professionals. One of the most significant developments in this field has been the creation and growth of Procurement Foundry, a dynamic community that has redefined how procurement and supply chain management professionals connect, share knowledge, and solve problems. Founded by Michael Cadieux, Procurement Foundry has quickly become an indispensable resource for professionals worldwide, offering a robust platform for collaboration, education, and professional development. The organization boasts over 8,000 members worldwide, and has local and regional chapters across all regions and most major cities, both in the US and abroad.
The Genesis of Procurement Foundry
Michael Cadieux, a recognized global leader in indirect procurement, founded Procurement Foundry with a clear vision: to create a fully vetted, practitioner-based community where procurement professionals could find solutions from their peers in real-time. With over 25 years of experience in the procurement industry, including a significant tenure at Publicis Groupe where he managed a substantial portion of the company’s indirect spending, Cadieux was well-acquainted with the common challenges and inefficiencies in the field. These experiences led him to establish Procurement Foundry as a platform to facilitate instant, effective, and cost-efficient problem-solving among procurement professionals.
A Community for Collaboration and Growth
Procurement Foundry is not just a community; it is a comprehensive ecosystem designed to support the professional and personal growth of its members. The platform offers a myriad of resources, including discussion channels, webinars, real-time surveys, document libraries, and more. These resources are tailored to meet the diverse needs of procurement and supply chain management professionals across various industries, such as finance, healthcare, retail, and manufacturing, among others.
One of the standout features of Procurement Foundry is its ability to foster real-time collaboration. Members have access to an interactive, searchable chat platform that allows them to engage in discussions on a wide range of industry topics. This continuous exchange of ideas and knowledge helps members stay informed about the latest trends, best practices, and innovative solutions in procurement.
Another key feature is the monthly category specific meetings where members who manage similar categories get together to discuss various topics pertaining to the category. Such monthly meetings cover IT, professional services and marketing to name a few.
Educational & Professional Development
Education is a cornerstone of Procurement Foundry’s mission. The platform offers numerous educational services, including webinars, AMA (Ask Me Anything) sessions, and community-driven learning events. These opportunities allow members to deepen their understanding of procurement concepts, enhance their skills, and stay ahead of industry developments.
Additionally, Procurement Foundry places a strong emphasis on mentoring and development programs. These programs are designed to support members at all stages of their careers, from newcomers to seasoned professionals. By facilitating mentorship relationships and providing targeted development resources, Procurement Foundry helps its members achieve their career objectives and contribute more effectively to their organizations.
Finally, Procurement Foundry has developed a career center that includes a job board, access to mentors and discussion groups to learn new skills, prepare for interviews and receive guidance from other members. The platform allows members to post open roles as well as search the database for potential opportunities. The organization also offers scholarships to individuals who want to further their knowledge within sourcing and procurement.
Procurement Foundry also engages with its members through large scale conferences held throughout the year. FORGE is the events arm of Procurement Foundry. The four-person team is a dynamic and energetic group with over 100 years of combined experience in the events industry. They tailor-make original events to reflect community demand and need and work hand in hand with our sourcing peers to present the most topical and pressing issues of the day in fun and engaging formats. Each conference has a specific category focus and examples of FORGE events include Technology, ESG, Supplier Diversity and Digital Futures. The newest FORGE event will cover the marketing category and will take place in Boston on October 22–23, 2024.
The Impact of Foundry Sourcing
Soon, Procurement Foundry will launch a significant extension of its offerings through Foundry Sourcing. This is an innovative service that includes a Foundry Alliance Network (FAN). The FAN allows procurement professionals to discover innovative vendors and solutions and it leverages the collective expertise of the community to assist with sourcing challenges.
Foundry Sourcing represents a unique opportunity for procurement professionals and their companies. By tapping into the collective knowledge and experience of the community, organizations can find more effective and efficient solutions to their procurement needs. This collaborative approach not only saves time and money but also ensures that the solutions are tailored to the specific needs of the organization.
Corporate Membership and Benefits
Procurement Foundry offers a range of membership options, including corporate memberships that provide additional benefits and services. Corporate members enjoy unlimited access to the global community, including customizable content feeds, alerts, and dedicated customer support. They also receive discounts and incentives through the Procurement Foundry marketplace, access to member-only events, and bespoke content tailored to their requirements.
One of the key benefits of corporate membership is the access to a private and secure collaboration platform. This platform enables organizations to engage in spend category-specific collaboration rooms, participate in CPO (Chief Procurement Officer) events, and take advantage of mentoring programs. The tailored support and exclusive resources help organizations enhance their procurement strategies and achieve their goals more effectively.
Membership for both individuals and corporations is free of charge. The organization has a number of sponsors that support the activities of Procurement Foundry.
The Path to Continuous Improvement
The journey with Procurement Foundry begins with an initiation meeting between the organization’s team and the CPO, followed by team onboarding and community demonstrations. These initial stages are crucial for setting the foundation for a successful partnership. Once onboarded, organizations participate in monthly catch-up meetings to discuss their experiences, address challenges, and explore new opportunities within the community.
This continuous engagement ensures that organizations are always benefiting from the latest insights and developments in the procurement field. The proactive approach to communication and feedback fosters a dynamic and evolving partnership, enabling organizations to stay competitive and responsive to industry changes.
Visit www.ProcurementFoundry.com for more information
