Yesterday, professionals representing more than 200 procurement organizations from more than 30 different countries participated in the interactive, online seminar, “Procurement 2017 – Rise of the Millennials”.
(If you were unable to attend the live event, don’t worry, the event was recorded.)
The session featured two dynamic speakers, Mary Shea of Forester Research shared some recent study data on this ever growing segment of the working population.
Some of the facts that Ms. Shea brought included:
- Millennials are self-sufficient and astute, “search engine 1st” buyers
- They are eager to engage, but via different methods than their predecessors
- B2B businesses are behind the curve with regard to millennial strategies.
Ms. Shea pointed out that managing Millennials is a top 5 concern among Fortune 500 CEO’s, and noted several larger companies that have created environments that engage this population which is focused on co-creation and innovation.
She highlighted that the Millennial audience expects a personalized experience online, including their interactions with business technology, and that their desire to self-education leads them to higher levels of engagement with intuitive technologies.
Chris Dindia of Kindercare shared his experiences over the last 10 years with the organization. He noted that, for his business, the most dramatic changes have been in e-procurement through the ability to engage users like never before.
Mr. Dindia noted that KinderCare’s mission is focused on “child-care” and any activities that pull users away from the core mission need to be re-engineered. For procurement, that meant addressing some challenges in the buying experience.
Mr. Dindia’s discussion highlighted the user’s need to feel like they were shopping, but were actually inside an e-procurement tool. If e-procurement was easy to use, then users would want to use it. This could address the challenge of users leaving their centers to make PCard purchases.
During the event, Mr. Dindia shared some of the quantifiable results that KinderCare achieved through their e-procurement initiative including reductions in support calls and order tracking calls, as well as overall adoption and training.
Perhaps the most interesting data point shared by Chris was the fact that KinderCare's use of BuyerQuest delivers 300,000 FTE hours a year in increased productivity! Who wouldn't want an extra (free) 150 employees a year to help get things done?
Both Mr. Dindia and Ms. Shea offered valuable insights that any procurement organization could apply to empower and engage their Millennial population. We strongly encourage you to watch the webinar when time permits.
To view the recorded event, click here.