See how the Institute for Supply Management (ISM®) can help sharpen that edge.
When Hurricane Harvey made landfall in Houston—home to the sixth largest import terminal in the world, as well as the Gulf Coast—the nation was focused on the impact the disaster might have on oil and gas distribution, in addition to many other supply chain issues.
In order to understand the perceived impact from those within the industry, the Institute for Supply Management® (ISM®) Report on Business® team surveyed supply management executives from around the U.S.
They predicted short-term challenges for their companies because of the storm. They foresaw potential shortages of everything from fuel to plastic resins, with prices negatively impacted and deliveries delayed. They suggested that the ripple effect of such devastation would potentially hit 27 industries, from computers and electronic products to paper.
This illustrates the absolute importance of implementing a strong and agile supply chain for our nation’s economy to minimize the impact when interruptions occur.
The Institute for Supply Management® helps empower organizations to develop mission-critical supply management strategies to achieve a competitive advantage and manage the risks of unexpected events. Founded in 1915, ISM® is the first and largest not-for-profit professional supply management organization worldwide. Its 50,000 members manage about $1 trillion in corporate and government supply chain procurement annually.
Supply Management’s Influence and Impact
There’s a reason that supply management has become so critical. Across industries, the supply management group is responsible for 86 percent of a company’s spend. That makes ISM members’ typical focus—procurement in a supply chain context—especially important.
Every decision they make, and every supplier relationship they develop, can contribute to cost management, quality improvement, asset optimization, risk mitigation, and even impact a company’s social responsibility and sustainability directives.
As a result, Chief Procurement Officers (CPOs) and their teams are quickly becoming an influential part of a company’s leadership team. In fact, research from CAPS shows that 82 percent of CPOs are within one reporting level of the CEO, up from 60 percent in 1999.
It’s clear that supply management and its core procurement function have come a long way since ISM® was founded. Moreover, who could have predicted then that the Internet of Things (IoT), cognitive computing, robotics, print on demand, and social media would help transform the profession?
From Certification to Events, ISM® Benefits Industry
It’s ISM®’s charter to keep abreast of these changes and help companies tap into the latest innovations and research in order to stay competitive. Membership to ISM® gives supply management leaders and their teams access to the research, training, and other resources they need. Its products and services are developed by practitioners for practitioners, based on today’s real-world requirements for success.
ISM®’s Products and Services
- The ISM Mastery Model®, sets global standards for excellence. It outlines 16 competencies and 69 sub-competencies for career success, and provides a blueprint for leaders who want to maximize the contribution of everyone on their team.
- ISM®’s Certified Professional in Supply Management® (CPSM®) certification is recognized worldwide as the gold standard for supply management expertise and achievement. For leaders with global teams, it provides a uniform set of standards and helps ensure that everyone is contributing to their potential.
- ISM®’s Certified Professional in Diversity® (CPSDTM) certification helps supply management professionals improve the bottom line and accelerate innovation by gaining exposure to new customer bases.
- ISM2018, the profession’s largest global event, typically draws more than 2,500 participants. Focused on the theme of “Global Vision, Peak Performance,” ISM2018 May 6-9 in Nashville will feature 80 interactive sessions organized into six practitioner-led tracks. This event supplements the dozens of smaller conferences, seminars and webinars ISM® holds every year.
- eISM learning enables individuals to fill gaps in their knowledge and skills online, with Just in Time, Guided, and Self-Paced approaches tailored to individuals’ schedules and needs.
- Corporate Services works with corporations to deliver high-quality, tailored procurement and supply chain training solutions that deliver a significant return on investment.
- The ISM® Report on Business®, Manufacturing and Non-Manufacturing, are two of the most reliable leading economic indicators available. These monthly reports have been consistently accurate in indicating the direction of the overall economy in addition to the manufacturing and non-manufacturing sectors.
- ISM® initiatives, from the Gene Richter Scholarship to the Thomas™/ISM® 30 Under 30 Rising Supply Chain Stars Recognition program, reward those top-notch college students and young professionals who represent the future of supply management.
The Supply Management Renaissance
According to Tom Derry, CEO of ISM®, “Supply management is enjoying a renaissance as corporate boards and private equity investors reawaken to its potential value. From top-line growth and bottom-line profit to demand forecasting, its contribution is now widely recognized.”
Institute for Supply Management Impact
- Adding New Sources of Value
From a leading automaker that boosted earnings through new entertainment technologies to a baby food brand that can identify what trees its peaches come from, companies are differentiating themselves because of supply management’s creativity.
- Data-Driven Strategies
Supply management is leveraging big data and cognitive computing to analyze spending patterns, leverage volumes for lower pricing, and forecast market opportunities.
- Optimizing Regional Networks
This is done to reduce companies’ total cost of ownership, shorten lead times, accelerate time to market, and pivot in response to local revenue opportunities.
With the future bright for supply management, ISM® is poised to help leaders and their teams make the most of it.
For membership information, please go to: https://www.instituteforsupplymanagement.org/membership
Institute for Supply Management® (ISM®) is the first and largest not-for-profit professional supply management organization worldwide. Founded in 1915, ISM has over 50,000 members located in 100 countries.