Down the Procurement Pub with Dr Richard Russill, Xchanging, CIPS and Sun Kil Moon

How can it be the end of February already? That’s ridiculous. Only six months to the Reading Festival though, that’s the good news...  And this week we had the first Real World Sourcing briefing of the year, with Guy Allen leading on Managing Risk in the Supply Chain, at the very pleasant Don restaurant in the city of London. In the audience was Dr Richard Russill, procurement guru and author of ‘Procurement Risk’ himself. Dick is semi-retired in Pembrokeshire these days, but it was great to see him and the session was well received – more on that next week. The picture here shows three gentlemen of a certain hair colour enjoying a chat post event...

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One thought on the Tradeshift valuation (see Wednesday’s post about their funding round this week). If Tradeshift is worth $300, then the valuation of blurGroup, which we were a little questioning about here a while back, maybe doesn’t look so out of line after all!  But if Tradeshift is worth that, Tungsten’s floatation price starts looking very reasonable – and how much is Basware in particular worth?

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CIPS started consultation this week on a couple of significant proposals. Probably the more substantive really is the plan to introduce a new membership grade – “Chartered Member”.  The more visible is a potential re-naming of the Institute, making it the Chartered Institute of Procurement and Supply (rather than Purchasing and Supply).  We had regular arguments about the name back in the days when I was more involved. Is it just a distraction for CIPS when there are plenty of other things for it to tackle -  or are we now at a point where ‘purchasing’ really is a bit out of date? More on this next week too.

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Xchanging announced full year results yesterday. We'll have a more in-depth look shortly, but the headlines were 'in line with expectations' with full year profits up 10% to £55 million. The Procurement Services division had a 'more challenging year' but the second half was positive with contract wins from Severn Trent and Godiva getting a mention, as well as the MarketMaker4 acquisition, which looks promising by all accounts. The market responded with a drop of 5% in the share price, indicating slight disappointment - but that is on the back of a 20% increase over the previous 3 months.

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And finally, our music of the day comes courtesy of a recommendation from Sandra Higgison of Tungsten OB10, another big music fan, who put me onto Sun Kil Moon. Very good stuff - thanks, Sandra!

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