Ep. 23 – How Private Equity Redefines Procurement Value – with Will Harman

In private equity, the smartest procurement move isn’t scaling spend. It's scaling insight.

In this episode, host Richard McIntosh speaks with Will Harman, Founder & CEO of Trusted Value Creation and former Global Margin Expansion Lead at Apax Partners.

Will shares how private equity turns procurement into one of its most powerful levers for value creation. Drawing on his experience managing $12 billion in annual spend across 85 portfolio companies, he explains how PE firms create margin improvement through data-driven insight, precise timing, and selective intervention, instead of bulk buying.

From AI tools that turn spend data into opportunity maps to peer networks that unlock scale without complexity, Will shows why intelligent collaboration outperforms traditional cost-cutting. His perspective challenges procurement leaders to think differently, using PE’s focused, results-driven model to deliver measurable value and long-term business impact.

You’ll learn:

1. How private equity turns procurement into a core driver of profit and growth
2. Why collaboration often beats centralised buying for real results
3. How AI helps uncover opportunities before they reach the boardroom
4. What right-sized capability looks like in agile, fast-moving organisations
5. How PE’s value creation mindset helps procurement prove its business impact

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Get in touch with Will Harman on LinkedIn: https://www.linkedin.com/in/will-harman-a20ab41/

Learn more about Trusted Value Creation: https://trustedvaluecreation.com/


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About the host Richard McIntosh:
Richard McIntosh, Partner at H&Z Management Consulting, has spent over 23 years helping procurement leaders succeed. Richard is an avid rugby fan, and a children's rugby coach, with a passion for helping children to become their best selves through sports. He spends his time outside of work with his wife and children.

Get in touch with Richard McIntosh on LinkedIn: https://www.linkedin.com/in/mcintosh-richard/ 

Transcript

SPEAKER_01 0:02

Procurement has evolved over the last certainly the last five years and probably longer from being about how much cost can we take out to much more about protection of value. Can we actually fulfil our service to our customers, particularly if we're in a complex global supply chain, which a lot of the portfolio companies are.

SPEAKER_02 0:26

Welcome to the Procurement Initiative Leaders Podcast, the ultimate resource for top-level procurement professionals looking to stay ahead of the curve and drive meaningful change within their organizations. I'm your host, Richard McIntosh, partner at HZ, Europe's leading procurement consultancy. Join me as I sit down with Global Leaders in Procurement to uncover the latest trends, strategies and insights that are shaping the future of procurement. We tackle crucial topics like leadership, technology, value creation, cost management, supply chain resilience, and many more. Ready to up your game as a leader in procurement? Let's jump into this episode of the Procurement Initiative Leaders Podcast with me, Richard McIntosh. Today Will Hallman, former principal in the Operational Excellent Practice at APACs Partners and now a senior advisor to a number of major clients, joins us.

SPEAKER_01 1:19

Thank you, Richard. It's great to be here.

SPEAKER_02 1:21

Great, great. And I know you've just left APAX, but um really good if you can tell us a little bit about what Apex does, um, private equity and and and the role that you used to be in.

SPEAKER_01 1:34

Of course. So if I start, I'll start with private equity as a whole and then we'll we'll drill down into where I I used to fit into that. So in a private equity fund, you're typically raising funds from um institutional investors like pension funds or high net worth individuals and other people who have significant amounts of capital to deploy. So you raise a fund. In Apex's case, um the the larger funds were somewhere around $11, $12 billion, and you would use those funds to buy a number of companies or portfolio companies.

SPEAKER_00 2:07

Yeah.

SPEAKER_01 2:07

And um within a fund, you might own 15 or 20 companies, but because several companies would be running uh in different funds simultaneously, you may have quite a big portfolio. So I think in the Apex case it was about 85 at the time I left in July this year. So quite a large, um, extensive, quite varied global footprint of different businesses, of which largely you're typically the majority shareholder, although not always, but mainly you would be the majority shareholder. So that's what private and the aim of private equity is then to improve the valuation of those businesses through a combination of buying the right business in the first place, uh, benefiting from um long-term trends, but also value creation, and that's a very important concept of what you do to help the business to change during ownership that makes it more valuable. And that might include things like upgrading management, reducing cost, improving selling pricing, um, mergers and acquisitions. Um there are many, many types of value creation lever around. Right. Um and within carry on, yeah. And with it within Apex, I was I was part of the Operational Excellence Practice, as you mentioned, so that was a team of about 30 specialists in different functions, and I ran the global margin expansion program, and that was primarily focused around how we procured um around $10 billion a year in annual spending across the portfolio of AC5 businesses.

SPEAKER_02 3:42

Great, great. Um, and I was just gonna say that that value creation piece is the the bit we're gonna focus on in the in the in the rest of the podcast. Um brilliant. Oh, thank you, thank you for that. That's great. Um, and of course, what what what are you doing now?

SPEAKER_01 3:57

So I realize that over time my skartly I'm an expert in procurement. I've been doing it for about 30 years in lots of very um serious organizations, so I I guess I should be. Yeah. Um but also I know a lot about the the ecosystem of advisors and partners who help companies with value creation. So I'm I'm uh taking a bit of a break from private equity and just helping some clients in general to connect with specialist value creation advisors, and I partner up with some of the some of the firms that I used to work with when I was at Apex. Great, great, brilliant.

SPEAKER_02 4:32

Thanks, Will. That's brilliant. Um and if we just focus on that that value creation piece uh and and PE, um, you know, can you can you just give us a bit of an insight into how private equity firms view procurement? Um you mentioned you know that's a big big focus and it it's important, but yeah, kind of how how do they see it?

SPEAKER_01 4:54

So when I was uh before I worked in private equity, I was assuming that there was a big shared office somewhere in the world, and that the the private equity fund was calling together all of its procurement requirements and they were running a sort of shared service.

SPEAKER_02 5:11

Yeah.

SPEAKER_01 5:12

Um, which didn't seem all that exciting to me, to be honest. But what I found very quickly, even in the interview process, was that that doesn't happen very much. So it's much more about enabling across this large portfolio of companies them to do procurement better, and then deciding where you can be helpful in adding scale, and particularly where it's not helpful to try and add scale, yeah, and to navigate that path quite carefully. Yeah. So um there were there were three real layers to the approach that I deployed at Apex, and this will vary a lot depending on the private equity fund, but you it's it's sort of I would say reasonably typical for for a more sophisticated sort of procurement programme in private equity. So the three layers. So the first was data, just understanding um what's going on within the business, spend analysis, of course, being a critical thing, what are we buying from whom, uh, what categories are involved, and how much are we spending, and who's who's influencing those buying decisions? Yeah. And that is increasingly merging into opportunity assessments. So where are the opportunities within this spend? Artificial intelligence is influencing this whole field and discipline quite quickly. So there are some very nice um platforms available now that that have started to combine the two. And then the other angle around data is monitoring. So are there any adverse uh movements that we should be looking at? Are the profit margins of a business improving or declining? And does that does that suggest that we ought to speak to management or the or the board about taking action? Yeah. Or are there external events that we should be mindful of? And um, as you're well aware, there have been quite a few big ones in the last five years or so, starting with COVID, the the conflict between uh Ukraine and Russia, tariffs, um, I'm sure there are many others, but j just alone, but those have probably been the biggest disruptions in the supply chain since since the second world war. So monitoring and of data is extremely important. The second level is scale. So um, and this this uh adds value in a couple of different ways. So, as I mentioned, it's quite rare that a private equity firm would try and pull together a lot of the requirements of different assets or portfolio companies and try and buy them together. Firstly, it's really complicated. Secondly, you often don't have the commonality of requirements.

SPEAKER_02 7:43

Yeah.

SPEAKER_01 7:43

Um, and thirdly, and this goes back to my experience early in my career in the car industry, you often lose a lot with complexity and lengthy decision-making chains, often more than you gain through scale. So I've tended to avoid that as an approach. What I did do was a lot of directly negotiated deals with vendors, so discounts on commonly used software products, um, things like small parcel logistics. Yeah. But probably more importantly, work with external third parties on those things. So there are um financial institutions, for example, that help private equity businesses to buy insurance more cheaply, and they run their own commercial program to do that. Yeah. There are some very um effective group purchasing organizations, although that does tend to be quite a US-centric model, um, such as Core Trusts and others, who help private equity funds to buy things like um pharmacy benefits and office supplies and other commonly used items. So there's a lot to be had in terms of working with external third parties and the programs that they've already built. Yeah. And then the final element, arguably the most important element of scale, is about knowledge sharing. So you this the 85 companies gives you a huge network of very, very informed uh people with lots of diverse experience. So if you have a business that's trying to work with a contract manufacturer for um pharmaceuticals, for example, we would often have ways to lean on specialist knowledge within other portfolio companies, and then I would help to curate or orchestrate some of those conversations.

unknown 9:26

Yeah.

SPEAKER_01 9:27

And then the third tier is really about projects. So this is probably the area that is closest to a conventional procurement role or a consulting role. So you actually go into a business and you might do some big action, like you might um run a big sourcing effort around um temp labour or contract manufacturing. You might be using more sophisticated tools like should cost modelling, but the aim there is being very selective with the projects that the operating team, so my team and myself from the private equity fund gets involved in because you've usually only got a very small number of people supporting a lot of businesses, and you have to be very selective. Yeah. And also you have to be clear that there is a significant amount of value to be added, and that you're not distracting management from their numerous other priorities.

SPEAKER_02 10:15

Yeah, yeah, yeah. So you're looking for that very, very strong return on those particular projects.

unknown 10:21

Yeah.

SPEAKER_01 10:22

Absolutely. The timing, the timing has to fit, the skills of the myself or or or my team at the time would have to fit, and and um it would have to it would have to align very well with the the plans of the board and the business in terms of their their wider value creation aims. Yeah, okay, great, great.

SPEAKER_02 10:41

Um uh yeah, and then and then from your view when you when you're doing that, what you know what what are the biggest challenges that that you see in attempting to make those impacts?

SPEAKER_01 10:52

So I think um it's a it's it can be quite difficult to be credible because um often senior leaders will hope that you can answer their questions instantly. How much should I be paying for this resin that I'm buying from Mexico? Or do you have do you have a really fantastic software license with Microsoft that I can just use? Yeah. And often life is a bit more complicated than that, and it's a bit more contingent. So often the conversation is well, if you could if you can spare a bit of time to give me some background information, maybe I can speak to your team, maybe we can look at a contract, perhaps we can pull in an external specialist. So because procurement is so diverse, and I was I was looking at everything from the bulk procurement of toilet rolls through to negotiating contracts for laser crystals made by US defence contractors and everything in between, uh, you often don't have an instant answer.

SPEAKER_02 11:52

Yeah.

SPEAKER_01 11:53

And it's often a process that you're recommending. So finding the solutions that appeal to very senior leaders who tend to have you know quite short attention spans and a lot of urgency, understandably, yeah, is a key challenge. Um, I think the variety is also a challenge. So the US is very uh an exceptional market for private equity, amongst other things, but yeah there's a very extensive set of solutions and value creation levers that have developed in that market. Um, lots of group purchasing organizations, as I agreed earlier. A lot of that doesn't really travel outside the US because even if you get into a huge market like the EU, it's much more fragmented into different country markets, different languages. Yeah, vendors, even the biggest global vendors, will tend to have country PLs rather than a single EU PL, whereas they may have a US PL. Um so it it's much harder to deliver these scaled uh solutions outside the US, and you need to be quite selective and careful about some of the easier wins or quicker wins that you try and propose to portfolio companies out of the US. Yeah. And then I suppose the other thing is um that there it there is a challenge around credibility. So, particularly board members who will tend to have very strong finance skills, they will have uh backing uh or sorry backgrounds that are often from investment banking. Yeah, they're always extremely focused, again, rightly so, on the financial statements and how you're performing between against the budget, against the forecast versus last year. Um they've in the past they will often have experiences where procurement has failed to deliver those results that they can actually see in the financial statements.

SPEAKER_02 13:48

Yeah.

SPEAKER_01 13:49

And that that's a complex topic on it. There's probably a podcast on that on it, so that that can often be um that can often be a challenge. So there's a lot of trust that's required. You you need to deliver results for all of your stakeholders so they take you seriously because at your first point of contact, you can generally assume that they've been a bit disappointed by some of their previous touch points with procurement teams and external advisors. Yeah, absolutely. Yeah.

SPEAKER_02 14:17

So it's bringing it right to that, yeah, demonstrating that absolute P ⁇ L impact um uh value. Um and it's that's great. Uh what about the if we think about the kind of capability inside of the portfolio companies? I mean, how do, you know, how do PE firms think about about about you know the procurement function itself and and that? It does it matter to them or is it all about just financial results?

SPEAKER_01 14:43

I I think it matters a lot because um I'm sure we'll cover this in other questions. I think procurement has evolved over the last certainly the last five years and probably longer from being about how much cost can we take out to much more about protection of value. Can we actually fulfil our service to our customers, particularly if we're in a complex global supply chain, which a lot of the portfolio companies are, are we actually able to deliver? So it's it's become much more significant, uh, I would say, and and much more of a risk as an and an opportunity when the investment committee is is deciding whether or not to approve the placement or of a bid or the making of an investment.

SPEAKER_02 15:30

Yes.

SPEAKER_01 15:30

So so I think capability is hugely important. Um the uh the other interesting factor here is that many private equity portfolio companies would be they would have maybe a revenue of somewhere between 300 million and three billion dollars a year.

SPEAKER_02 15:47

Yep.

SPEAKER_01 15:48

Um you're not you're talking about medium-sized companies, yeah, and you have to think um about capability in that context. So they're not going to have the level of expertise or capability of an Amazon or an Apple or a General Motors.

SPEAKER_00 16:04

Yeah.

SPEAKER_01 16:04

But there's a lot of thinking around what is appropriate given the size and scale of the business, and then also the w the wider sort of priorities and and um uh plan around value creation that that the board is seeking to deliver. So it has it's highly context specific.

SPEAKER_00 16:21

Yes.

SPEAKER_01 16:21

And it's important, it's essential actually for anyone who's in the role that I used to do to understand that context before really offering an opinion or forming much of a review.

SPEAKER_02 16:30

Yeah, yeah, yeah. So you're thinking about what what's possible with with the level of resource that's in the in the function. Um, and I guess that's around leadership as well and and the skill sets that that that are there.

SPEAKER_01 16:46

It's it's that and it's also what's going on with the with the investment overall. So uh uh tuck in acquisitions or but buying further companies to add into the original portfolio company, that is a huge dimension of private equity uh investing. And it may be that you've got a team that is very competent, um, if I just pick an example within the UK, but you might know for sure that you're about to buy uh German, uh quite a large German business and bolt that on. So do they have the experience and um the skills to work internationally? And then have they got any experience of that process? Have they done have they done um an acquisition and have they delivered uh the famous synergies, the the cost reductions that should come by making by combining the businesses? Um so there's often a storyline there as well as as in addition to what's affordable, can or can the team support the the the most strategic levers that we're trying to use to increase the value of the business?

SPEAKER_02 17:51

Yeah, yeah, great, great. And and then just following on from that, you know, we would we're talking all the time about tech and and ai. You know, what what's what's the viewpoint there from PE firms? Are they is it is it replace replace people with technology or how do they how do they see that play?

SPEAKER_01 18:11

So my my own perception is in most private equity portfolio companies, you generally haven't got enough people in the procurement function.

SPEAKER_02 18:21

Yeah.

SPEAKER_01 18:21

Um so I so I would rarely, if ever, see it as a people replacement. It's it's really all about improving the outcomes and the return on investment, even if you have to spend a little bit more. Yeah. Um, I think even in the back office, even if you were doing things like automating accounts payable and so on, the typical private equity portfolio company doesn't have rooms full of people in shared service centres. It's much more uh transaction processing is a small fraction of the job of a lot of people. So um the business case is often is often quite unappealing on that basis. It's it's really about improving outcomes.

SPEAKER_00 19:00

Yeah.

SPEAKER_01 19:01

So um I think what is becoming extremely interesting actually is the analytics space. So I mentioned earlier spend analytics um and opportunity assessment are coming together. I don't think we have the complete or perfect project now, but you can now use a spend analytics tool to um understand where likely opportunities are, to understand how complex and costly and risk-intensive they will be to deliver, and therefore to run a prioritization across them. So that's extremely compelling. And that's the sort of thing that people in my former role love because without really distracting management, you can get a pretty good view of where the opportunities are in the business before you've necessarily needed to interview a lot of people and so on.

SPEAKER_00 19:47

Yeah.

SPEAKER_01 19:48

You'll need to progress into those interviews and actual stakeholder engagement before you firm up a plan, but you can give a senior stakeholder, so again, a CEO, a CFO, a COO, or a board member 80% confidence that it's worth it's worth taking up the time or distracting management with things like interviews before you move forward. Yeah. Some funds, um, I think with some success have looked across things like IT contracts to see variations, um, and they're starting to use that to have discussions with vendors about normalization of terms. Yes. Um, so that's that's a very interesting emerging area also. And then autonomous negotiation is um picking up quite well. I I think uh AI is changing extremely quickly, so that I I don't necessarily have the very latest as of today, but I think as of a few months ago, that was probably still a bit too much for most private equity portfolio companies. They didn't have the scale and they didn't have the repeatable negotiation scenarios that you would need to make autonomous negotiation work. So that's an area that continuing to sort of monitor and look at quite carefully. Yeah. And then the final area I've just mentioned is intake. So this is how does an average stakeholder who isn't in the procurement team, how do they engage with the procurement function?

SPEAKER_02 21:24

Yeah.

SPEAKER_01 21:24

I think AI is easing and helping around the intake very quite well in many cases. So if I want to buy a new desk, it can help to steer me to the right part of the process and make it all efficient and slick through an interface that I probably already want work with, so Teams or Slack or whatever, rather than having to log on to a dedicated procurement platform, which probably most people don't really want to do. That's it. Yeah, yeah, yeah.

SPEAKER_02 21:51

Okay, yeah, yeah, really interesting. I mean, that sounds like you know, far far more you know, very very targeted use of specific tools. there to make to make a significant impact rather than you know one big platform to to upgrade the company.

SPEAKER_01 22:09

Absolutely right. Absolutely right. And I know there's a debate within the procurement community and particularly those who are interested in tech around suites versus best of breed. Yeah yeah um I don't pretend to know the answer to that but I just know that in all dimensions these things are getting progressively better. And I I think AR it's an area where AI genuinely is having a meaningful impact as of today.

SPEAKER_02 22:37

Yeah yeah great great yeah um well it's just really you know just it in interesting how you know the operational excellence piece fits fits into you know the client the the PE owner and and and the uh and then how how you're you know improving uh you back to your mar margin improvement role um I mean cut kind of when you think about the different PE firms I mean what's the what's the differentiator here you know there are there some that don't do anything some that are really deeply involved kind of how how does how does that work?

SPEAKER_01 23:12

So um again I I'll draw the distinction between the US yeah and everywhere else. So in the US most or all private equity firms of any size will have at least a at least one procurement lead who is doing some procurement work in their portfolio.

SPEAKER_00 23:33

Okay.

SPEAKER_01 23:34

And then if you look at the largest funds um so people like Blackstone and KKR they will have quite significant teams of people doing that work. Yeah. In the case of Apex I was running a three I was running a three person team including myself yeah um which is probably on the larger side uh for procurement so um I think if you and they will be deploying particularly in the US they they focus a lot on the scale level that I spoke about they'll do a certain amount of data analysis and spend analysis yeah but they particularly major on some of those scale relationships like the group purchasing organizations and other deals that the PE firm has negotiated and is available for use by the the the portfolio companies. Yeah. If you step outside of the US and the market that I know by far the best is Europe um it's much more varied. So um there's still quite a lot of of very large to fairly large PE funds that don't have especially procurement person. I think they in the main they have started to hire them in the last one to two years, one three years maybe yeah um but there's there's quite a lot of newer um sort of procurement functional leads into the industry and then that leaves an enormous sway of the thousands of PE firms that there are with nobody who's actually a procurement professional. So often the initiative there will be taken either by somebody who has a different functional expertise and it's often the the finance lead if if the PE firm has has a per a finance operating partner or it's the deal team um and and um I either of those are very interesting uh conversations but I think it creates opportunities for technical specialists because there's huge arbitrage if you know the procurement landscape and how to do it well and you're speaking to somebody whose specialism is finance or doing deals then they're particularly receptive yes to what you have to say. Yeah yeah and and presumably they can make a a a very significant impact through through procurement yeah I mean I think um it does depend on the sort of portfolio that you have so APAX uh is an asset-like portfolio meaning that they will invest in a lot of uh businesses selling things like software or they own a lot of online marketplaces or they have some fairly complex um bit B2B services there are so procurement is often a sort of mid-level to lower level value lever in in most of their cases yeah um other funds are buying companies that make parts for auto companies or they may be selling um building products that's where it ramps up as a significant um part of the of the overall value creation chain yeah um and then the newer thing I think is well there are two additional dimensions so we talked about the global disruptive uh forces that have been around us for the last five years or so so that I think is making procurement significantly more important as a as a risk mitigator and a and a way of assessing risk but also in terms of enabling deals so private equity funds and Apex in particular they love and are very good at carve outs so that's buying part of a part of a larger parent company and separating it out and making it an independent entity that puts a lot of pressure on the procurement team so um often you'll you'll you'll you'll take ownership of a business that doesn't have a full procurement team because a lot of the team members have remained with the parent because they were working across the two business units. And also it means you have to negotiate a lot of new deals very quickly because often you can't take those with you. So I I think um cost down is still a big feature depending on the nature of the business and and how how cost and supply intensive it is but I think for every fund um even the more asset light ones as a as a risk uh mitigator it's it's increasingly and incredibly important right now and helping the deal teams to get more deals done particularly carve outs yeah and integrations um is is extremely important.

SPEAKER_02 28:07

Great great well brilliant um thank you uh incredibly insightful you know really interesting to see how private equity views procurement and and you know the val not just the value that it can create but the sustainable capability and um yeah you meeting all of those deal deal objectives. So great um thank you we'll we always wrap up with a a little bit of guidance. I know you've got a lot of procurement experience to bring from um you know from your early days as well as the PE uh days but um so I you know looking forward what's what's the one thing that procurement people should should focus on more I think curiosity so um I I have sometimes found myself in meetings with a lot of procurement people yeah and nobody's asking who I am or what job I do and actually I've probably had one of the best jobs in the room in most meetings because there aren't many procurement people who are getting to work on these really exciting deals right through the the diligence process into ownership and then exit that is that itself is a fantastic learning experience and an amazing opportunity but also just the diversity of companies and the ability to um work at all these different levels.

SPEAKER_01 29:29

So delivering projects yourself working with the best consultants around um and working with with great management teams in really interesting sectors ranging from confectioner to to toilet rental and to uh pharmaceuticals um it's an amazing job so yeah yeah i in any in any setting I would always be very keen to find out who are the other people in the room what are they doing and is is that of interest to me.

SPEAKER_02 29:57

Great yeah yeah yeah but yeah maybe procurement people are getting a bit bit complacent I mean that's the yeah taking taking that for granted um great and and of course you know what advice would you give for someone just entering our profession? I know it's changing very rapidly it's difficult to see what's what's happening you know one or two years ahead but yeah what what would what would advice would you give a youngster?

SPEAKER_01 30:20

So I I've always hugely valued my early career which was at Jaguar Landrover and I that gave just fantastic experience of an organization that knew what it was doing the underlying disciplines the data the quality systems the engineering that really taught me what a business should should be like um and also it gave me a lot of credibility and a lot of stories that were relevant as I then engaged with um people in other businesses so yeah the CFO of a software company you for example is often quite interested in the stories that I would tell about airbags and steering wheels when I was in the car industry. So I think get some early training in an interesting business is really important. Yeah and then I would um I suppose I would um just think quite carefully I I think there's a lot of good opportunities in areas that you don't think so um a medium sized private equity owned portfolio company is often a great opportunity because the management team and the board are moving very fast they're changing a lot of stuff yeah and you can actually um be in a lot of very lucrative roles so um I went from large corporate to consulting into private equity um the bit that I probably missed out was um sort of medium sized businesses because there's often a lot of great stuff going on yeah within those yeah great great brilliant well thank you really really appreciate that um we talked a little bit about the your your new role um uh but yeah where where can listeners get in get in touch with you so uh I'm on LinkedIn or my website which is www.trustedvaluecreation.com uh you can read a little bit more about the uh the services that I'm offering great and I'm often I'm often uh networking and hanging out at conferences and um breakfasts and uh evening drinks and things like that so trying to meet as many of our peers as possible.

SPEAKER_02 32:28

Great great Will thank you we'll put we'll put those links into the uh podcast notes um so people can can get in contact um well thank you very much thanks Richard thank you for joining us on the Procurement Initiative Leaders podcast I really hope you enjoyed it looking for more procurement insights tips and developments from leading procurement professionals join our procurement initiative community on LinkedIn just open LinkedIn and search for the Procurement Initiative and be sure to hit that subscribe button to never miss another episode