Hey Procurement Legend,

My Tuesday series of articles has got some brain juices flowing (it was bound to happen eventually), and I’m now pursuing how different mental models can be applied to procurement. I’ve noted over the years that procurement can be a bit of a clique. Siloed. Relying on past ways of doing the work.

I want to break this down, as much as a bearded man, who writes from his little office, in his garden, can.

If you’ve come across any mental models that you apply in your procurement role, please leave a comment and give some insights to our community about this.

The average Procurement interim day rate is now £521. I actually became an interim procurement professional after 18 months of working in Procurement & Contract Management and was able to command a high six figure salary fairly fast.

With day rates like this on offer, if you’re not opposed to taking some risk on, such as periods of time without work, and are financially stable, this could be a great way to earn a lot of money. Rates go way beyond this with many £800-£1000+ for senior procurement pros.

Value Erosion: The report mentions that many contracts lead to value erosion, with an average of 8.6% value lost due to inefficiencies, unclear roles and responsibilities, and distorted measurement systems.

Back in 2014, this figure was at 9.2% so we’ve seen a small improvement but the report notes that the worst performers are losing over 20% of contract value during the term.

My thoughts are absolute around this. We don’t treat Contract Management (post-signature), with the respect it deserves - which pains me as a Contract Management Pro.

How many pointless meetings have you had this year? How many projects or requests have you taking on that create noise and don’t fulfil your main objectives in your role.

We’re conditioned to say yes. Saying no is hard.

The next time you receive a request that doesn’t make sense to you, or you know is a waste of time. Pause. Reflect. Question the need for it. Figure out if it’s truly needed. Have courage to do so

If you’re not controlling your day someone else will hijack it. And that leads to an unfulfilled life.

Thanks for reading, legends.

Daniel