Future of Sourcing - Operational http://futureofsourcing.com/topic/operational en Innovations in Digitization: GEP http://futureofsourcing.com/innovations-in-digitization-gep <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Digitization.jpg"><a href="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Digitization.jpg" title="Innovations in Digitization: GEP" class="colorbox" rel="gallery-node-2240-JJAzOSc_a9s"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/fos-announcement-video_fos-site_hero_Innovations-in-Digitization.jpg?itok=7C4yEmeS" width="624" height="325" alt="Innovations in Digitization: GEP" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <div> <div> <div> <p><em><strong>On October 19th, the&nbsp;<a href="https://futureofsourcingawards.com/?__hstc=215510152.344406f4865c40604cf6029be7e958e0.1543422516683.1570835886974.1570842947555.661&amp;__hssc=215510152.2.1570842947555&amp;__hsfp=847670889">Future of Sourcing Awards</a>&nbsp;will celebrate organizations and individuals that have shown innovation, leadership and transformation in categories that are critical to the sourcing industry. Interviews with the finalists provide helpful insight about their projects, the problem they sought to solve and the impact to their organizations.</strong></em></p> </div> </div> </div> <div> <div> <div property="content:encoded"> <div>&nbsp;</div> </div> </div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div> <h3><em>Can you outline why your team embarked on this project and the problem that needed to be solved?</em></h3> </div> <div> <div> <div>The client, a Fortune 500 CPG company, wanted to improve its procurement resource efficiency, speed up operations and enable the team to focus on strategic goals and value creation rather than on day-to-day repetitive, administrative tasks. &nbsp;</div> <div>&nbsp;&nbsp;</div> <div>The overall goal was to improve the turnaround time and establish a standard process across all regions and workstreams for indirect categories. The commitment made during the business case to the client was: &ldquo;Journey toward best-in-class with high digital adoption.&rdquo; The objectives were to: &nbsp;</div> <div>&nbsp;&nbsp;</div> <div>&bull; Build efficiency into processes &nbsp;</div> <div>&bull; Speed up transactions, reduce turnaround time (TAT) &nbsp;</div> <div>&bull; Decrease manual effort involved in completing procurement transactions &nbsp;</div> <div>&bull; Eliminate repetitive, error-prone tasks and improve accuracy &nbsp;</div> <div>&bull; Enable value creation and optimization of skillset &nbsp;&nbsp;</div> <div>&bull; Reduce procurement&rsquo;s time spent on administrative tasks to focus on core deliverables &nbsp;</div> <div>&nbsp;</div> <div>To facilitate this, the company decided to bring in GEP for its proven expertise in providing AI-powered procurement and supply chain technology solutions. A thorough assessment of the current processes revealed opportunities for procure-to-pay automation, which would reduce time-consuming and labor-intensive tasks, improve accuracy, and optimize process efficiency significantly. &nbsp;&nbsp;</div> <div>&nbsp;&nbsp;</div> <div>The project presented GEP with the opportunity to demonstrate its expertise in providing Robotic Process Automation (RPA) solutions and strengthen its position as a provider of niche offerings in procurement technology.</div> </div> </div> <div>&nbsp;</div> <div>&nbsp;</div> <div> <h3><em>How were things done originally and what was the inspiration to innovate the process?</em></h3> <p><span style="font-size: 13.008px;">Prior to this project, there was no automation, and all P2P transactions were being processed manually. A few examples: &nbsp;&nbsp;</span></p> <ul> <li>On-time delivery: Buyers had to follow up with suppliers for purchase order (PO) confirmations within 48 hours of PO creation. A follow-up email had to be sent to the vendors. The time taken for each email was 5-7 minutes. On average, each plant has 7-10 vendors and there were more than 50 plants in North America, Latin America, Europe, and Asia. &nbsp;</li> <li>PO change request: The user was required to search and open the PO on the procurement software, enter the PO, identify the correct line number, and update the relevant fields, i.e., price, quantity, delivery date or payment terms. All these steps were done manually. &nbsp;</li> <li>Closing a PO: The user had to navigate through multiple screens, select the relevant PO and line number, choose action to close the PO and submit the request, which involved multiple steps and was a long process.</li> </ul> </div> <div> <div> <div>&nbsp;</div> <div>&nbsp;</div> </div> </div> <div> <h3><em>What KPIs did you use to measure success for this project? (For example: performance, customer satisfaction, revenue, sales or relevant financial gains?)</em></h3> <div> <div> <ul> <li>Opportunity assessments were conducted for each of the processes identified and before-and-after measurements were taken for key SLA, metrics, and TATs &nbsp;</li> <li>Process mapping was developed for before and after states. Benefits in steps reduction and time taken for manual steps were recorded and the efficiency gain was calculated &nbsp;</li> <li>Employee surveys were conducted to assess the impact of RPA implementations &nbsp;</li> <li>Client feedback was taken to assess the changes this has brought to their processes&nbsp;</li> </ul> <div>&nbsp;</div> <div>&nbsp;</div> </div> </div> <div> <h3><em>How do you plan to ensure that the new model remains relevant and adapts to the future needs of the market?</em></h3> <div style="font-size: 13.008px;"> <div> <ul> <li>An RPA Center of Excellence and a governing body have been established to understand various updates and assess new technologies emerging from markets &nbsp;</li> <li>Internal synergy council meetings have been set up to understand and learn from different teams and verticals &nbsp;</li> <li>Periodic opportunity assessments are conducted with various teams to understand new needs and how GEP can help &nbsp;&nbsp;</li> <li>GEP reaches out to business schools, interns, and consultants for new case studies to understand new requirements&nbsp;</li> </ul> </div> <div>&nbsp;</div> <div>&nbsp;</div> </div> <div style="font-size: 13.008px;"> <h3><em>What advice do you have for those who may want to implement this innovative approach in their own organizations?</em></h3> <p><span style="font-size: 13.008px;">Many organizations are highly motivated by the success stories of RPA and are taking strides to implement it in their organizations. &nbsp;</span></p> <div>In the hope of reaping RPA benefits quickly, companies often become myopic and don&rsquo;t see the big picture, risking automating a bad process. Therefore, before implementing RPAs, it is very important that companies look at their current processes, analyze them and try to remove any complexities or redundancies they may have. They should take steps to improve and simplify processes first, and then implement RPAs. Automating a bad process may have short-term efficiency but in the long run, will not be sustainable.&nbsp;</div> <div>&nbsp;</div> <div>It is recommended that companies establish a strong Automation Strategy Framework before undertaking RPA projects. For example, companies can adopt a 4-quadrant framework based on complexity and value potential parameters, which provides an objective view to identify and build a pipeline or a roadmap for RPA projects. &nbsp;</div> <div style="font-size: 13.008px;"> <div style="margin-left: 240px;"><span class="WACImageContainer NoPadding DragDrop BlobObject SCXW21611197 BCX4" role="presentation" style="-webkit-user-select: text; -webkit-user-drag: none; position: relative; cursor: move; left: 0px; top: 2px; display: inline-block; caret-color: rgba(0, 0, 0, 0.847); color: rgba(0, 0, 0, 0.847); font-family: &quot;Segoe UI&quot;, &quot;Segoe UI Web&quot;, Arial, Verdana, sans-serif; font-size: 12px; white-space: pre-wrap; width: 230px; height: 162px; transform: rotate(0deg); -webkit-nbsp-mode: normal !important;"><img alt="TableDescription automatically generated" class="WACImage SCXW21611197 BCX4" src="data:image/png;base64,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" style="-webkit-user-select: text; -webkit-user-drag: none; border-style: none; height: 243px; width: 350px; white-space: pre !important; -webkit-nbsp-mode: normal !important;" unselectable="on" /></span></div> </div> <div style="font-size: 13.008px;"> <div>&nbsp;</div> <div>Companies should also be flexible and have an omnichannel approach in leveraging various technology platforms to implement RPAs. The most important aspect is to define clear roles and responsibilities/RACIs for easy flawless governance. Having mechanisms in place for activity logs, strong password management, and strict controls will help avert any data and network security breaches.&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> </div> <div style="font-size: 13.008px;"> <div style="font-size: 13.008px;"> <h3><em>With innovations in digitization occurring very quickly in our industry, how do you see this specific project further transforming in the future?</em></h3> <div style="font-size: 13.008px;"> <div>Yes, GEP has many strong processes and projects that already bring immense value to our clients, but RPA has become a key enabler in maximizing this.&nbsp;</div> <div>&nbsp;</div> <div>The particular use case was critical to the transformational journey &ndash; it was directly tied to GEP&rsquo;s cost to serve. This RPA project was that catalyst, enabling the transformation of the processes to become more efficient and effective.&nbsp;</div> <div>&nbsp;</div> <div>GEP is already recognized as a leader in the procurement and supply chain consulting and outsourcing space. This RPA project enabled GEP to offer these services in a more cost-effective way and enabled us to bring this unique value proposition to clients.&nbsp;</div> <div>&nbsp;</div> <div>This project has demonstrated and firmly established GEP&rsquo;s competence in RPA and strengthened GEP&rsquo;s position as a market leader in procurement outsourcing services.</div> </div> </div> </div> </div> </div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/outsourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Outsourcing</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/innovation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Innovation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/future-of-sourcing-awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Future of Sourcing Awards</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Awards</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Innovations in Digitization: GEP - Future of Sourcing" addthis:url="http://futureofsourcing.com/innovations-in-digitization-gep"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Fri, 14 Oct 2022 17:56:47 +0000 Future of Sourcing Awards 2240 at http://futureofsourcing.com http://futureofsourcing.com/innovations-in-digitization-gep#comments Innovations in Digitization: Fannie Mae http://futureofsourcing.com/innovations-in-digitization-fannie-mae <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Digitization.jpg"><a href="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Digitization.jpg" title="Innovations in Digitization: Fannie Mae" class="colorbox" rel="gallery-node-2238-JJAzOSc_a9s"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/fos-announcement-video_fos-site_hero_Innovations-in-Digitization.jpg?itok=7C4yEmeS" width="624" height="325" alt="Innovations in Digitization: Fannie Mae" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <p><em><strong>This October, the&nbsp;<a href="https://futureofsourcingawards.com/?__hstc=215510152.344406f4865c40604cf6029be7e958e0.1543422516683.1570835886974.1570842947555.661&amp;__hssc=215510152.2.1570842947555&amp;__hsfp=847670889">Future of Sourcing Awards</a>&nbsp;will celebrate organizations and individuals that have shown innovation, leadership and transformation in categories that are critical to the sourcing industry. Interviews with the finalists provide helpful insight about their projects, the problem they sought to solve and the impact to their organizations.</strong></em></p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div> <h3><em>Can you outline why your team embarked on this project and the problem that needed to be solved?</em></h3> </div> <div> <div>Fannie Mae has been on the procurement digital transformation journey since 2013 when we first implemented Ivalua sourcing and contract management tool, called ProcureOne internally, to manage sourcing/contracting activities and P2P process. This built the foundation for the continued simplification and digitization of our work processes. This has also enabled us to weather the storm of the Covid-19 pandemic and continue serving our customers without missing a beat. &nbsp;</div> <div>&nbsp;</div> <div><span style="font-size: 13.008px;">Despite what we have accomplished, we continue to seek out ways to enhance our capabilities so that we can work better and smarter. The picture below demonstrates our vision and our approach in driving procurement digital transformation. We have been methodical about building a solid foundation and have completed the Foundational Digital Platform phase by implementing ProcureOne. We are now in the Enhanced Capabilities phase with a focus on contract analytics and collaborative contract authoring capabilities. &nbsp;</span><span style="font-size: 13.008px;">&nbsp;&nbsp;</span></div> <div> <div>&nbsp;</div> <div><span class="WACImageContainer NoPadding DragDrop BlobObject SCXW209942945 BCX4" role="presentation" style="-webkit-user-select: text; -webkit-user-drag: none; position: relative; cursor: move; left: 0px; top: 2px; display: inline-block; caret-color: rgba(0, 0, 0, 0.847); color: rgba(0, 0, 0, 0.847); font-family: &quot;Segoe UI&quot;, &quot;Segoe UI Web&quot;, Arial, Verdana, sans-serif; font-size: 12px; white-space: pre-wrap; width: 574px; height: 274px; transform: rotate(0deg); -webkit-nbsp-mode: normal !important;"><img alt="Diagram</p> <p>Description automatically generated" class="WACImage SCXW209942945 BCX4" src="data:image/png;base64,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" style="-webkit-user-select: text; -webkit-user-drag: none; border-style: none; width: 568px; height: 268px; white-space: pre !important; -webkit-nbsp-mode: normal !important;" unselectable="on" /></span></div> </div> </div> <div>&nbsp;</div> <div> <h3><em>How were things done originally and what was the inspiration to innovate the process?</em></h3> </div> <div> <div> <div>The contract analytics were done manually by pulling one contract at a time from ProcureOne and searching by key words. This is sufficient if you have one or two contracts to research but time consuming when there are many contracts to analyze. For example, looking for specific provisions or clauses, such as exposure to CPI changes or changes to LIBOR rates, could result in searching through hundreds of contracts manually. &nbsp;&nbsp;</div> <div>&nbsp;</div> <div>The contract review/redlining process was done outside of ProcureOne via email among the procurement team, our legal counterparts, and our suppliers. The reviewed contract documents were not tracked/stored in the system and version comparison is cumbersome to manage. This process requires extra time and diligence from all the parties involved. &nbsp;</div> <div>&nbsp;</div> <div>The continued efforts to provide insights to our customers and optimize our business processes drove the change. The basic contract analytics capability limited the level of insights available and the time it took to get them. While reviewing/redlining contracts among three parties by email is something the team can do and do well, it is neither optimal nor efficient. The market offerings for contract analytics have grown very quickly in the past few years; the contract authoring capabilities have existed for some time and has matured over the years. We decided to take advantage of these technologies and go through the short-term learning curve for the long-term benefits.</div> <div>&nbsp;</div> </div> <div>&nbsp;</div> </div> <div> <h3><em>What KPIs did you use to measure success for this project? (For example: performance, customer satisfaction, revenue, sales or relevant financial gains?)</em></h3> <div> <div> <div>We implemented the DocuSign Insight Contract Discovery and Analytics tool and an Ivalua Contract Authoring pilot. DocuSign Insight allows for an efficient search of hundreds of contracts and lessens human intervention. With this capability, we save hundreds of hours of research on time sensitive analysis. For example, we used the contracts analytics capability to identify all contracts that had exposure to significant changes in inflation. Similarly, we leveraged this capability to identify all contracts that have audit requirements/provision. We also efficiently compared changes between executed contracts and our standard contract templates to identify change patterns and template improvement opportunities. &nbsp;</div> <div>&nbsp;</div> <div>With the pilot implementation of Contract Authoring capability for non-disclosure agreements (NDA), we realized the benefits of a streamlined process, auto version control, easy version comparison, as well as an integrated DocuSign signature process. With this proof of concept, we are well positioned for a full-blown implementation for more complex contracts.</div> </div> </div> <div>&nbsp;</div> <div> <h3><em>How do you plan to ensure that the new model remains relevant and adapts to the future needs of the market?</em></h3> <div style="font-size: 13.008px;"> <div>Digital transformation is an evolving process. As technology continues to improve and offer better ways of doing things, we continue to learn, identify new use cases, and expand our use of the tools. Our main use of the DocuSign Insight is for searching for information in contracts. As we gained knowledge about the tool, we started to use it to analyze contract variance between templates and executed contracts so that we can identify improvement opportunities. We are considering using the tool to do the data input for contracts record or contract clause scoring. Business requirements and technology will continue to change, and we, in response, will continue to use the technology to improve our work processes and draw more insights to stay ahead of the changes.</div> <div>&nbsp;</div> </div> <div style="font-size: 13.008px;"> <h3><em>What advice do you have for those who may want to implement this innovative approach in their own organizations?</em></h3> <div style="font-size: 13.008px;"> <ul> <li>Digital transformation is a journey. Have a big picture in mind before you start the journey and be methodical about your approach. Sometimes one step at a time is needed for the ultimate success.&nbsp;</li> <li>Expect the learning curve. Train and communicate. The new tools/technologies bring new ways of working while at the same time, push people out of their comfort zones. For example, people use email and Word documents to manage contract redlining process for years and they know the process very well. Moving to using Contract Authoring, they need to learn how the process works and be proficient with it before they see the benefits. &nbsp;</li> <li>Develop in-house experts to facilitate the training and user adoption&nbsp;</li> </ul> <div>&nbsp;</div> </div> <div style="font-size: 13.008px;">&nbsp;</div> <div style="font-size: 13.008px;"> <div style="font-size: 13.008px;"> <h3><em>With innovations in digitization occurring very quickly in our industry, how do you see this specific project further transforming in the future?</em></h3> <div style="font-size: 13.008px;"> <div> <div>In addition to the benefits in efficiency, the contract authoring and contract discovery and analytics tools have encouraged the team to rethink what is possible. For example, some of the procedures established for the email contract redlining process out of concerns for the contract document integrity can now be eliminated, thanks to the document tracking and version control capability of the Contract Authoring. Many of the contract analytics that were too labor intensive to do in the past can now be done with the help of DocuSign Insight tool much more efficiently. The new capabilities further simplify team&rsquo;s daily work and enable the team to continuously optimize the work processes and proactively obtain insights from the contracts to facilitate their decision-making.</div> </div> </div> </div> </div> </div> </div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/outsourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Outsourcing</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/innovation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Innovation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/future-of-sourcing-awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Future of Sourcing Awards</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Awards</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Innovations in Digitization: Fannie Mae - Future of Sourcing" addthis:url="http://futureofsourcing.com/innovations-in-digitization-fannie-mae"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Fri, 14 Oct 2022 13:57:05 +0000 Future of Sourcing Awards 2238 at http://futureofsourcing.com http://futureofsourcing.com/innovations-in-digitization-fannie-mae#comments Innovations in Third Party Management: Supply Wisdom http://futureofsourcing.com/innovations-in-third-party-management-supply-wisdom <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Third-Party-Management.jpg"><a href="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Third-Party-Management.jpg" title="Innovations in Third Party Management: Supply Wisdom" class="colorbox" rel="gallery-node-2237-JJAzOSc_a9s"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/fos-announcement-video_fos-site_hero_Innovations-in-Third-Party-Management.jpg?itok=wk77L9bo" width="624" height="325" alt="Innovations in Third Party Management: Supply Wisdom" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <p><strong><em><span style="font-size: 13.008px;">On October 19th, the&nbsp;</span><a href="https://futureofsourcingawards.com/?__hstc=215510152.344406f4865c40604cf6029be7e958e0.1543422516683.1570835886974.1570842947555.661&amp;__hssc=215510152.2.1570842947555&amp;__hsfp=847670889" style="font-size: 13.008px;">Future of Sourcing Awards</a><span style="font-size: 13.008px;">&nbsp;will celebrate organizations and individuals that have shown innovation, leadership and transformation in categories that are critical to the sourcing industry. Interviews with the finalists provide helpful insight about their projects, the problem they sought to solve and the impact to their organizations.</span></em></strong></p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div> <h3><em>Can you outline why your team embarked on this project and the problem that needed to be solved?</em></h3> </div> <div> <div> <div><strong>Project: Supply Wisdom ESG&nbsp;</strong></div> <div>Since our launch in 2017 as a full-spectrum continuous risk monitoring solution, we have continually enhanced our framework to ensure that it aligns with changing market and client needs. In early 2021, increased attention by the new administration, regulators, consumers, and employees to ESG sparked the idea to leverage our existing capabilities to create a continuous ESG risk product with real-time ESG intelligence on third parties and locations.&nbsp;</div> <div>&nbsp;</div> <div> <div>When we polled sourcing and risk leaders to understand their ESG needs, they let us know that they didn&rsquo;t see solutions in the market that could provide a current view of their suppliers&rsquo; or supply chains&rsquo; ESG health. They also lacked visibility into how changes in the ESG risk landscape could impact their organizations. We evaluated the prevailing solutions in the market and concluded that none of them were meeting the need for current and comprehensive ESG intelligence. &nbsp; &nbsp;&nbsp;</div> <div>&nbsp;</div> </div> </div> </div> <div> <h3><em>How were things done originally and what was the inspiration to innovate the process?</em></h3> </div> <div> <div> <div>ESG solutions that existed in the market consisted of supplier assessments that are very lengthy, labor-intensive, and expensive. These surveys take a considerable time for the suppliers to complete and return and then create a massive burden to validate, review and analyze. In today&rsquo;s dynamic ESG risk landscape, data collected at a point in time is quickly stale. The shortcomings of these solutions were crippling efforts to efficiently manage ESG risk. &nbsp;</div> <div>&nbsp;</div> <div>While both Supply Wisdom&rsquo;s third-party and location frameworks have always included ESG-related metrics, these metrics were distributed across our framework within multiple different risk domains. Therefore, even though our clients had access to our real-time ESG data, our previous framework did not provide them with a clear and comprehensive view of the ESG risks in their supply chains. They were missing a consolidated view of their suppliers and supply chain ESG status.&nbsp;</div> <div>&nbsp;</div> <div>Forthcoming ESG disclosure rules will require enterprises to assess and publicly report on their supply and supply chain performance around ESG. Enterprises need to understand the ESG compliance and reputation risks associated with their suppliers and the locations in which they and their suppliers operate. The market need for this transparency of supply chain ESG health/risks and our unique capabilities to provide that transparency were the main drivers for this project.&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> </div> </div> <div> <h3><em>What KPIs did you use to measure success for this project? (For example: performance, customer satisfaction, revenue, sales or relevant financial gains?)</em></h3> <div> <div>Outcomes were measured in terms of customer satisfaction and feedback which has been extremely positive. Important evaluation criteria for our customers included: &nbsp;&nbsp;</div> <ul> <li>Timeliness: With Supply Wisdom ESG, they now have instant access to always current ESG risk intelligence vs. quickly stale data from point-in-time ESG questionnaires &nbsp;</li> <li>Efficiency: With Supply Wisdom ESG, they now have instant access to an accurate and consolidated view of their supply chain&rsquo;s ESG status vs. a burden to validate, review, analyze, and consolidate questionnaire responses&nbsp;</li> <li>Comprehensiveness: With Supply Wisdom ESG, they now have instant access to full-spectrum leading standards-based supplier and location ESG coverage vs. limited supplier ESG scope &nbsp;</li> </ul> <div>&nbsp;</div> </div> <div>&nbsp;</div> <div> <h3><em>How do you plan to ensure that the new model remains relevant and adapts to the future needs of the market?</em></h3> <div style="font-size: 13.008px;"> <div>We have a dedicated team responsible for continually monitoring new and emerging ESG standards and reporting requirements both domestically and abroad. As new standards and requirements emerge, they will be evaluated and incorporated via agile sprints to enhance our ESG framework. As an example, we are currently monitoring the IFRS sustainability reporting standards as they are in the process of expanding their ESG framework.&nbsp;</div> <div>&nbsp;</div> <div>A dedicated product team not only participates in technology forums but also works with numerous technology partners to ensure the rapid adoption of new technological innovations. Our product management and leadership teams actively participate in sourcing, risk, and compliance industry groups to ensure they have a pulse on market needs in this area. &nbsp;In fact, one such initiative founded and supported by Supply Wisdom, <a href="https://riskboard.org" target="_blank">the Risk Board</a>, was recently included on <a href="https://www.businesswire.com/news/home/20220811005174/en/Supply-Wisdom-Makes-Fast-Company’s-Fourth-Annual-List-of-the-Best-Workplaces-for-Innovators-as-an-Enterprise-Category-Standout" target="_blank">Fast Company&rsquo;s Fourth Annual List of the Best Workplaces for Innovators as an Enterprise Category Standout</a>. <a href="https://riskboard.org" target="_blank">The Risk Board</a> is a peer-to-peer risk management collaboration organization that allows for cross-industry collaboration and the exchange of best risk management practices.</div> </div> <div style="font-size: 13.008px;">&nbsp;</div> <div style="font-size: 13.008px;"> <h3><em>What advice do you have for those who may want to implement this innovative approach in their own organizations?</em></h3> <div style="font-size: 13.008px;"> <div>ESG is fast becoming a critical criterion for evaluating suppliers. As the first line of defense, Procurement can play a critical role in ensuring adherence to good ESG practices and mitigation of ESG-related reputation risks in a company&rsquo;s supply chain. The right ESG solution can enable companies to understand the current ESG health and risk status of any supplier or location at any point in the sourcing lifecycle from sourcing strategy and due diligence to ongoing vendor management and governance. Evaluation criteria for an ESG intelligence and monitoring solution should include:&nbsp;</div> <ul> <li>Timeliness - real-time intelligence vs. point-in-time, questionnaire-based solution&nbsp;</li> <li>Efficiency - instantly accessible always-current, accurate, and consolidated view of ESG status vs. a burden on internal teams to validate and consolidate&nbsp;</li> <li>Comprehensiveness - full-spectrum, leading standards-based ESG supplier and location coverage vs. limited supplier scope&nbsp;</li> </ul> </div> <div style="font-size: 13.008px;">&nbsp;</div> <div style="font-size: 13.008px;"> <div style="font-size: 13.008px;"> <h3><em>How did your team assess the risks/potential for your third party management strategy?</em></h3> <div style="font-size: 13.008px;"> <div>To assess the risk for this project&rsquo;s strategy we considered three factors &ndash; availability of ESG data, the market demand for an ESG service, and finally any technology and people resourcing needed to accomplish the project. &nbsp;&nbsp;</div> <div>&nbsp;</div> <div>In the development stages of our comprehensive ESG framework, we leveraged publicly available leading ESG frameworks including<a href="https://www.unglobalcompact.org" target="_blank"> UN Global Compact</a>, <a href="https://www.globalreporting.org/standards/" target="_blank">GRI</a>, <a href="https://www.weforum.org/stakeholdercapitalism" target="_blank">WEF</a>, <a href="https://www.ilo.org" target="_blank">ILO</a>, <a href="https://www.iso.org/iso-26000-social-responsibility.html" target="_blank">ISO</a>, and <a href="https://www.fsb-tcfd.org" target="_blank">TCFD</a>. We also received feedback on our preliminary ESG framework from leaders in compliance, sustainability, and corporate social responsibility programs. Additionally, we presented our ESG framework to procurement and risk leaders to ensure that the final version met their need for ESG transparency for their suppliers and in their supply chains.</div> </div> </div> </div> </div> </div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/outsourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Outsourcing</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/innovation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Innovation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/future-of-sourcing-awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Future of Sourcing Awards</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Awards</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Innovations in Third Party Management: Supply Wisdom - Future of Sourcing" addthis:url="http://futureofsourcing.com/innovations-in-third-party-management-supply-wisdom"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Fri, 14 Oct 2022 13:13:07 +0000 Future of Sourcing Awards 2237 at http://futureofsourcing.com http://futureofsourcing.com/innovations-in-third-party-management-supply-wisdom#comments Innovations in Third Party Management: Bank of Montreal http://futureofsourcing.com/innovations-in-third-party-management-bank-of-montreal-0 <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Third-Party-Management.jpg"><a href="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Third-Party-Management.jpg" title="Innovations in Third Party Management: Bank of Montreal 2" class="colorbox" rel="gallery-node-2236-JJAzOSc_a9s"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/fos-announcement-video_fos-site_hero_Innovations-in-Third-Party-Management.jpg?itok=wk77L9bo" width="624" height="325" alt="Innovations in Third Party Management: Bank of Montreal 2" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <p><em><strong>This October, the&nbsp;<a href="https://futureofsourcingawards.com/?__hstc=215510152.344406f4865c40604cf6029be7e958e0.1543422516683.1570835886974.1570842947555.661&amp;__hssc=215510152.2.1570842947555&amp;__hsfp=847670889">Future of Sourcing Awards</a>&nbsp;will celebrate organizations and individuals that have shown innovation, leadership and transformation in categories that are critical to the sourcing industry. Interviews with the finalists provide helpful insight about their projects, the problem they sought to solve and the impact to their organizations.&nbsp;Learn more the team at Bank of Montreal and their third-party management strategy with their Armored Car innovations.</strong></em></p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div> <h3><em>Can you outline why your team embarked on this project and the problem that needed to be solved?</em></h3> </div> <div> <div>The existing contracts for BMO&rsquo;s two armored car carriers (ACC suppliers) and Canadian cash processor were expiring. Our Sourcing team was originally engaged to support business-as-usual standard renewals, but we saw a greater opportunity to simplify, standardize and integrate our cash management process by moving to a sole source provider for turnkey cash management.</div> <div>&nbsp;</div> </div> <div> <h3><em>How were things done originally and what was the inspiration to innovate the process?</em></h3> </div> <div> <div>The initial driver for change came from the imminent expiration of our existing contracts, but not every great project starts with a need. In this case, we saw an opportunity to transform far beyond current state to simultaneously find a better way to manage cash and to reduce the administrative burden required by BMO. At first, our goal was simply to secure a competitive ACC deal, along with any other value-add opportunities that we could uncover or create. As we started work on the project, our goals expanded to include a transformation of BMO&rsquo;s cash ecosystem that would ultimately deliver an integrated end-to-end cash management solution and additional capacity for our branch teams to enhance the customer experience.</div> <div>&nbsp;</div> </div> <div> <h3><em>What KPIs did you use to measure success for this project? (For example: performance, customer satisfaction, revenue, sales or relevant financial gains?)</em></h3> <div>This project allowed us to transition work that had traditionally been performed by branch personnel (around-the-clock customer deposit drop processing, branch ATM servicing) to our selected sole source provider. This transformation saved an average of 18 hours of administration per branch per month, translating to 57 Full Time Employee (FTE) worth of work reduction and 43 FTE worth in capacity creation. The net outcome is $56MM CAD savings over the five-year contract term and a shift to more value-added activity focused on identifying and meeting customer needs and enhancing the employee experience.&nbsp;</div> <div>&nbsp;</div> <div>Supplier savings were secured through supplier economies of scale, resulting in incentives and cost reductions. Capacity creation was confirmed via time studies, and all savings were formalized as part of our approval process. The entire project was a departure from our expectations, as we were initially engaged to renegotiate existing contracts and maintain the status quo with our ACC suppliers. All the work reduction and capacity creation achieved were net new, and not even in scope of our initial expectations.&nbsp;</div> <div>&nbsp;</div> <div><span style="font-size: 13.008px;">This initiative has been extremely transformative to BMO&rsquo;s cash ecosystem, as it shifted work and accountability for cash management to a sole source provider while enabling a better connection between cash inventory and customer demand through the simplification, standardization and integration of our cash management process. Cash is now managed holistically as a turnkey process.</span><span style="font-size: 13.008px;">&nbsp;</span></div> <div>&nbsp;</div> <div> <h3><em>How do you plan to ensure that the new model remains relevant and adapts to the future needs of the market?</em></h3> <div style="font-size: 13.008px;"> <div>The contract has an initial base term of five years, with two 2-year renewal options that allow for assessment of performance and confirmation of expected benefits. This will allow BMO to continue to benefit from this project for years to come. Joint Steering Committee meetings and working sessions between BMO and our sole source provider to ensure process governance, issue resolution and benefit realization are ongoing. &nbsp;</div> <div>&nbsp;</div> <div>We also planned for implementation of a new cash forecasting system from our sole source provider that will use AI to develop algorithms that better align our cash inventories to customer cash needs. This system will only improve over time, providing us with better data and efficiencies in the future. It also complements a move from a long-time incumbent supplier to our sole source provider for Canadian cash processing to unlock route efficiencies and further reduce cost.&nbsp;</div> <div>&nbsp;</div> <div>In addition, tightly defined Service Level Agreements (SLAs) were established to formalize supplier performance requirements in clear detail and to establish remedies and penalties for non-performance. Supplier performance reviews include discussion of continuous improvement initiatives and opportunities for mutual benefit and gain sharing. Incentives were established to ensure timely, effective transition from a multi-supplier model by BMO and our sole source provider.</div> </div> <div style="font-size: 13.008px;">&nbsp;</div> <div style="font-size: 13.008px;"> <h3><em>What advice do you have for those who may want to implement this innovative approach in their own organizations?</em></h3> <div style="font-size: 13.008px;"> <div>The banking landscape in North America is occupied by institutions that succeed or fail based on tiny advantages or disadvantages over their peers. Every cost reduction or efficiency gain feeds into our overall Efficiency Ratio (expense divided by net revenue), and banks with lower ratios are generally more successful in the long term than their competitors. &nbsp;</div> <div>&nbsp;</div> <div>The 57 FTE worth of work reduction and 43 FTE worth in capacity creation that resulted from this project will improve BMO&rsquo;s Efficiency Ratio while allowing our branch staff more time to focus on meeting customer needs, translating into a definite competitive advantage. The case for embarking on Sourcing projects with a holistic end-to-end view makes itself and translates beyond banking or cash management to any industry or process. &nbsp;</div> </div> <div style="font-size: 13.008px;">&nbsp;</div> <div style="font-size: 13.008px;"> <div style="font-size: 13.008px;"> <h3><em>How did your team assess the risks/potential for your third party management strategy?</em></h3> <div style="font-size: 13.008px;"> <div>To assess any potential risks, we first gathered data from external market research organizations, internal experts and the greater Procurement network. We also engaged our incumbent and potential suppliers to ascertain what they would do in our position. The composite of this information was used to develop a category strategy which pointed us to launching a competitive event. &nbsp;</div> <div>&nbsp;</div> <div>Ultimately a sole source solution was chosen to mitigate risk and optimize the end-to-end cash management process. This allowed us to streamline supplier management and drive efficiency in our cash ecosystem. The result is improved service scheduling including the elimination of services no longer required. And all services were negotiated with price protection to manage cost over the potential nine-year term of the contract.&nbsp;</div> <div>&nbsp;</div> <div>In addition, we worked with the awarded sole source provider to re-establish their diverse spend reporting to support BMO&rsquo;s Supplier Diversity program.</div> </div> </div> </div> </div> </div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/outsourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Outsourcing</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/innovation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Innovation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/future-of-sourcing-awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Future of Sourcing Awards</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Awards</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Innovations in Third Party Management: Bank of Montreal - Future of Sourcing" addthis:url="http://futureofsourcing.com/innovations-in-third-party-management-bank-of-montreal-0"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Fri, 14 Oct 2022 12:42:18 +0000 Future of Sourcing Awards 2236 at http://futureofsourcing.com http://futureofsourcing.com/innovations-in-third-party-management-bank-of-montreal-0#comments Innovations in Third Party Management: Bank of Montreal http://futureofsourcing.com/innovations-in-third-party-management-bank-of-montreal <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Third-Party-Management.jpg"><a href="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Third-Party-Management.jpg" title="Innovations in Third Party Management: Bank of Montreal" class="colorbox" rel="gallery-node-2235-JJAzOSc_a9s"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/fos-announcement-video_fos-site_hero_Innovations-in-Third-Party-Management.jpg?itok=wk77L9bo" width="624" height="325" alt="Innovations in Third Party Management: Bank of Montreal" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <p><em><strong>This October, the&nbsp;<a href="https://futureofsourcingawards.com/?__hstc=215510152.344406f4865c40604cf6029be7e958e0.1543422516683.1570835886974.1570842947555.661&amp;__hssc=215510152.2.1570842947555&amp;__hsfp=847670889">Future of Sourcing Awards</a>&nbsp;will celebrate organizations and individuals that have shown innovation, leadership and transformation in categories that are critical to the sourcing industry. Interviews with the finalists provide helpful insight about their projects, the problem they sought to solve and the impact to their organizations.&nbsp;Learn more the team at Bank of Montreal,&nbsp;their third-party management strategy, how they approached their indirect procurement function, and how they assess risk.</strong></em></p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div> <h3><em>Can you outline why your team embarked on this project and the problem that needed to be solved?</em></h3> </div> <div> <div>Diversity and Inclusion are key pillars of BMO&rsquo;s commitment to boldly grow the good in business and in life. While BMO had a well-established supplier diversity program in place, in 2021, the team took the opportunity to assess the strength of the program and more specifically, BMO&rsquo;s ability to make an impact with our diverse supplier community. That&rsquo;s when we decided that we were missing a diverse supplier development program, and so BMO Elevate was born.&nbsp;</div> <div>&nbsp;</div> </div> <div> <h3><em>How were things done originally and what was the inspiration to innovate the process?</em></h3> </div> <div> <div> <div>As mentioned already, initially, BMO did not have a Supplier Development Program at all. BMO Elevate is the first such Program of its kind at BMO. We found that creating a way to ensure that diverse suppliers had access to key opportunities as well as giving these suppliers the development support required to meet the needs of a large complex organization was an area where BMO could do more. This in turn would support BMO&rsquo;s focus to dedicate more spend to diverse-owned businesses. As a result, we piloted and subsequently formally launched BMO Elevate.&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> </div> </div> <div> <h3><em>What KPIs did you use to measure success for this project? (For example: performance, customer satisfaction, revenue, sales or relevant financial gains?)</em></h3> <div>Outcomes are measured based on BMO&rsquo;s Diverse Supplier Spend targets. We are proud to say that although we are not yet fully through the 2022 program, we have exceeded our overall increased spend targets with the cohort of suppliers and currently moving into the mentoring stage of this year&rsquo;s program to help drive better connections and further opportunities.&nbsp;</div> <div>&nbsp;</div> <div>When we set out to create BMO Elevate, we did not know what to expect. Today, BMO Elevate is a 10-month, invite-only program for executives of a small group of diverse-owned businesses selected through a thorough process of assessing BMO&rsquo;s priorities, key spend categories and business opportunities and then defining a list of suppliers who can meet those needs and where the current relationship, if any, has potential for growth. The program&rsquo;s success exceeded all our expectations.&nbsp;</div> <div>&nbsp;</div> <div> <h3><em>How do you plan to ensure that the new model remains relevant and adapts to the future needs of the market?</em></h3> <div style="font-size: 13.008px;"> <div>Any program is only as good as the value it adds. So, while we do look externally to see how similar programs are designed and continue to reimagine what greater impact can look like, our suppliers and our businesses are critical to the process in telling us what value they see and what we can do more of to make it successful. We are committed to evolving the program based on the feedback and needs of the participants. &nbsp;</div> <div>&nbsp;</div> <div>We have taken a number of steps to ensure that both BMO and our participant organizations will continue to see benefits from the program well into the future. This includes external branding for the program to create awareness and engagement on our external website and information on how diverse businesses can work with BMO, influencing the Canadian Supplier Diversity landscape through a Supplier Diversity Roundtable where we intend to have our BMO Elevate participants share their views as diverse suppliers about what corporations and governments can do to better support diverse-owned businesses, and calling upon a BMO Elevate supplier to join a BMO Enterprise Supplier Diversity Council meeting to present on their business and the relationship with BMO.</div> </div> <div style="font-size: 13.008px;">&nbsp;</div> <div style="font-size: 13.008px;"> <h3><em>What advice do you have for those who may want to implement this innovative approach in their own organizations?</em></h3> <div style="font-size: 13.008px;"> <div>We have seen firsthand the benefits of this program, both for BMO and the suppliers we work with. Customers want to do business with companies who are leaders in D&amp;I. BMO Elevate represents a strong commitment to these values, that makes our customers and business partners proud to work with us. In addition, BMO Elevate helps create a more competitive marketplace for diverse suppliers, something that BMO can take advantage of through excellent new supplier partnerships, helping us to strengthen our supply chain and create lots of value for the bank. Having seen what programs like this can do for the market as a whole, we believe that it is in everyone&rsquo;s best interest for more companies to build and implement similar initiatives.</div> </div> <div style="font-size: 13.008px;">&nbsp;</div> <div style="font-size: 13.008px;"> <div style="font-size: 13.008px;"> <h3><em>How did your team assess the risks/potential for your third party management strategy?</em></h3> <div style="font-size: 13.008px;"> <div>To ensure the program was valuable for our suppliers and BMO and continued to grow in impact, as well as to assess any potential risks, we obtained direct feedback from participants and supporting BMO Executives following a pilot program in 2021 that largely influenced the formal program in 2022. This gave us real time knowledge of what was working and where we could improve, as well as allowing us the latitude we needed to change course quickly if any potential risks were identified.&nbsp;</div> <div>&nbsp;</div> <div>This approach has been incredibly successful, and seeing the program become embedded as a pride point for our leaders, employees and suppliers has been inspirational for us. Having suppliers comment about the robustness and thoughtfulness of the program, seeing the BMO Elevate program name recognized in broader conversations, having leaders in the organization reach out because they want to be a part of the efforts and seeing these diverse-owned businesses grow their relationships means we are achieving what we set out to do: drive our Purpose to grow the good, ensure fair access to diverse-owned businesses and see those relationships thrive.</div> </div> </div> </div> </div> </div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/outsourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Outsourcing</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/innovation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Innovation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/future-of-sourcing-awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Future of Sourcing Awards</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Awards</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Innovations in Third Party Management: Bank of Montreal - Future of Sourcing" addthis:url="http://futureofsourcing.com/innovations-in-third-party-management-bank-of-montreal"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Fri, 14 Oct 2022 04:17:56 +0000 Future of Sourcing Awards 2235 at http://futureofsourcing.com http://futureofsourcing.com/innovations-in-third-party-management-bank-of-montreal#comments Innovations in Governance & Compliance: Air Canada http://futureofsourcing.com/innovations-in-governance-and-compliance-air-canada <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Governance-%26-Compliance.jpg"><a href="http://futureofsourcing.com/sites/default/files/articles/fos-announcement-video_fos-site_hero_Innovations-in-Governance-%26-Compliance.jpg" title="Innovations in Governance &amp; Compliance: Air Canada" class="colorbox" rel="gallery-node-2222-JJAzOSc_a9s"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/fos-announcement-video_fos-site_hero_Innovations-in-Governance-%26-Compliance.jpg?itok=KX-z5jef" width="624" height="325" alt="Innovations in Governance &amp; Compliance: Air Canada" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <p><em><strong>This October, the&nbsp;<a href="https://futureofsourcingawards.com/?__hstc=215510152.344406f4865c40604cf6029be7e958e0.1543422516683.1570835886974.1570842947555.661&amp;__hssc=215510152.2.1570842947555&amp;__hsfp=847670889">Future of Sourcing Awards</a>&nbsp;will celebrate organizations and individuals that have shown innovation, leadership and transformation in categories that are critical to the sourcing industry. Interviews with the finalists provide helpful insight about their projects, the problem they sought to solve and the impact to their organizations. Learn more about how <a href="https://www.aircanada.com/us/en/aco/home.html">Air Canada</a> digitized its Source-to-Pay activites and what KPIs they are highlighting to measure success.</strong></em></p> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div> <h3><em>Can you outline why your team embarked on this project and the problem that needed to be solved?</em></h3> </div> <div>Air Canada embarked on the project to digitize its Source-to-Pay activities for a variety of reasons, including moving its procurement activities to a single platform, aligning the strategic procurement business with other aspects of the company&#39;s environmental sustainability priorities i.e reducing paper, and most importantly, to gain efficiencies by integrating processes and collaborating in one place. Prior to its digital transformation, Source-to-Pay activities were manual and disconnected. It was challenging to have full visibility and governance over the end-to-end process.&nbsp;</div> <div>&nbsp;</div> <div> <h3><em>How were things done originally and what was the inspiration to innovate the process?</em></h3> </div> <div>When conducting sourcing and contract activities, there was a lot of process variation across spend categories. Sourcing projects and contracts were still handled through personal emails and hard drives. There was an opportunity to integrate a corporate purchasing process for indirect spend. Air Canada needed a people, process, and technology transformation.&nbsp;</div> <div>&nbsp;</div> <div> <h3><em>What KPIs did you use to measure success for this project? (For example: performance, customer satisfaction, revenue, sales or relevant financial gains?)</em></h3> </div> <div> <div>One of the key metrics for us is user adoption which implies new process adoption and higher levels of compliance. We&rsquo;re also monitoring more transactional metrics to track volume, cycle time, and performance. We are leveraging BI dashboards to have all Source-to-pay governance metrics in a single platform.</div> <div>&nbsp;</div> </div> <div> <h3><em>How do you plan to ensure that the new model remains relevant and adapts to the future needs of the market?</em></h3> </div> <div> <div>We intentionally adopted a cloud solution with out-of-the-box configuration to allow our system to evolve and consume innovation as it is released. The technology team is routinely assessing new upgrades together with the process owners and integrating them into our configuration when relevant.</div> </div> <div>&nbsp;</div> <div> <h3><em>How did you get your company and/or stakeholders to get on board and support this project? </em></h3> <p>From a change management perspective, top-down leadership and corporate-wide sponsorship are essential to be successful. Air Canada&rsquo;s strong vision statement of &ldquo;One Standard, One Process and One Technology&rdquo; aligned all involved parties to the same goals. We invited affected stakeholders early on in the process to be involved with the project, and a change champion from most teams was available to participate. Additionally, we emphasized communication early and often and messages were conveyed widely and supported by leadership.</p> <p>&nbsp;</p> <p><em style="font-size: 1.231em; font-weight: bold;">What advice do you have for those who may want to implement this innovative approach in their own organizations?</em></p> <p style="font-size: 13.008px;"><span style="font-size: 13.008px;">We knew that it was time to evaluate how the available technologies could benefit us, so we worked with an external firm that performed an assessment, earmarking where we were at compared to our peers. The business case stemmed from that work and featured the financial and non-financial benefits of the transformation. The outcome of the assessment, paired with the expected benefits from the transformation, provided a compelling story that led to Executive approval.</span></p> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/innovation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Innovation</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/future-of-sourcing-awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Future of Sourcing Awards</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/awards" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Awards</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Innovations in Governance &amp;amp; Compliance: Air Canada - Future of Sourcing" addthis:url="http://futureofsourcing.com/innovations-in-governance-and-compliance-air-canada"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Wed, 12 Oct 2022 18:52:14 +0000 Future of Sourcing Awards 2222 at http://futureofsourcing.com http://futureofsourcing.com/innovations-in-governance-and-compliance-air-canada#comments How To Reduce CO2 Emissions In Your Value Chain http://futureofsourcing.com/how-to-reduce-co2-emissions-in-your-value-chain <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="http://futureofsourcing.com/sites/default/files/articles/Copy%20of%20FOS%20June%202022%20Article%20Graphics_0.png"><a href="http://futureofsourcing.com/sites/default/files/articles/Copy%20of%20FOS%20June%202022%20Article%20Graphics_0.png" title="How To Reduce CO2 Emissions In Your Value Chain" class="colorbox" rel="gallery-node-2220-JJAzOSc_a9s"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Copy%20of%20FOS%20June%202022%20Article%20Graphics_0.png?itok=7WVdPLTe" width="624" height="325" alt="How To Reduce CO2 Emissions In Your Value Chain" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <div> <div><em>&quot;The majority of a company&#39;s carbon emissions occur in its value chain. By engaging your suppliers in carbon reduction, you can contribute to the fight against climate change while keeping your businesses competitive and legally compliant,&rdquo; says Kristian Rönn, Co-Founder and CEO of <a href="https://normative.io" target="_blank">Normative</a>. Kristian shares deep insight into working closely with your value chain and three main approaches to engaging suppliers.</em></div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/addressing-carbon-emissions-in-the-supply-chain-through-a-circular-economy">Addressing Carbon Emissions in the Supply Chain Through a Circular Economy</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div>Climate change will not wait, and companies need to enact immediate and drastic emission reductions if we are to meet global climate targets.&nbsp;<span style="font-size: 13.008px;">If your company is like most others, most of your emissions will originate in your value chain, including both the upstream emissions from your supply chain and the downstream emissions from product use and disposal.</span></div> <div>&nbsp;</div> <div>Because they don&rsquo;t originate directly from your company&rsquo;s activities, these emissions are tricky to measure and even trickier to reduce. However,&nbsp;<strong style="font-size: 13.008px;"><a href="https://cdn.cdp.net/cdp-production/cms/reports/documents/000/005/554/original/CDP_SC_Report_2020.pdf?1614160765">according to the CDP</a></strong>, it&rsquo;s vital to do so as these value chain emissions account for an average of around 90% of a business&rsquo; total carbon footprint.&nbsp;</div> <div>&nbsp;</div> <div>So, if your company is looking to reduce its climate impact, logic says you should begin by making high-impact changes in your supply chain. Add in that reducing emissions could also result in substantial cost reductions and efficiency gains, plus earning the trust of investors and employees, and you&rsquo;ll likely want to get started as soon as possible.</div> <div>&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> <h2>Reduction Begins With Measurement</h2> <p>The first step toward reduction is to measure these value chain emissions fully. The most time-efficient way to achieve comprehensive and accurate emissions measurements is to use a carbon accounting platform.</p> <div>Once you have measured your emissions and identified your hotspots, devise a strategy for engagement and prioritization. Value chain engagement can take many forms: engaging your suppliers, switching to low-carbon financial investments, decarbonizing your product and service design, or implementing circular economy principles.</div> <div>&nbsp;</div> <div>For many companies, suppliers account for a large share of value chain emissions. So, in the following section, we&rsquo;ll explore methods businesses can use to engage their suppliers and reduce their value chain emissions.</div> <div>&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> <h2>Engaging Your Suppliers</h2> <div>Supplier engagement is a key mechanism to affect impactful emissions reduction &mdash; and those who work in procurement and sourcing are perfectly placed to begin this supplier engagement.&nbsp;<span style="font-size: 13.008px;">At Normative, we recommend three main approaches to engaging suppliers, with varying levels of complexity:</span></div> <div>&nbsp;</div> <div><strong>Informative Approach</strong></div> <div style="margin-left: 40px;"><strong>Summary</strong>: Sharing best practices and materials on addressing emission reduction</div> <div style="margin-left: 40px;"><strong>Level of Complexity</strong>: Medium to Low. Medium involvement for the company. Suitable for all companies.&nbsp;</div> <div>&nbsp;</div> <div><strong>Passive Enforcing Approach</strong></div> <div style="margin-left: 40px;"><strong>Summary</strong>: Updating internal procurement guidelines to prioritize suppliers that comply with sustainability criteria</div> <div style="margin-left: 40px;"><strong>Level of Complexity</strong>: High. High level of involvement for the company. Suitable for larger, high-revenue companies.&nbsp;</div> <div>&nbsp;</div> <div><strong>Active Enforcing Approach</strong></div> <div style="margin-left: 40px;"><strong>Summary</strong>: Updating supplier Code of Conduct to make it mandatory for suppliers to disclose their emissions. Obligatory reduction targets.</div> <div style="margin-left: 40px;"><strong>Level of Complexity</strong>: High. High level of involvement for the company. Suitable for larger, high-revenue companies.&nbsp;</div> <div>&nbsp;</div> <div> <div>Good communication is a crucial part of successful supplier engagement. Explaining why climate performance insights are important to you helps to build trust and identify opportunities for collaboration and support.&nbsp;</div> <div>&nbsp;</div> <div>Some of your suppliers may already be making good progress toward emission reduction, whereas others may not know where to start. Ask suppliers whether they are tracking emissions and following reduction targets. Make sure to communicate to suppliers what&rsquo;s in it for them:&nbsp;</div> <ul> <li>Contributing to the fight against climate change</li> <li><span style="font-size: 13.008px;">Staying ahead of upcoming regulation</span></li> <li><span style="font-size: 13.008px;">It&rsquo;s good business &mdash; they&rsquo;ll gain competitive advantages and unlock funding</span></li> </ul> <div>For suppliers still in the early stages and lacking know-how, consider running information-sharing sessions such as webinars. Point suppliers toward third-party services that can help them get started.</div> <div>&nbsp;</div> <div>There are many ways of encouraging suppliers to track and reduce emissions. For example, you can have a supplier recognition program. Additionally, within your procurement team, you can prioritize low-emission suppliers or impose specific sustainability requirements on suppliers.</div> <div>&nbsp;</div> <div>At Normative, we work with companies to reduce their carbon footprints, with a special emphasis on value chain emissions. In our work, we see that many companies want to act but don&rsquo;t know where to start. The good news is that a little bit of strategic focus and target-setting goes a long way &mdash; jump-starting your emissions reduction journey and bringing in new business opportunities.</div> <div>&nbsp;</div> <div>Find more about engaging your value chain to reduce carbon emissions in&nbsp;<a href="https://normative.io/insight/value-chain-engagement/?utm_medium=referral&amp;utm_source=partner&amp;utm_campaign=VCE_download_Future_of_Sourcing" style="font-size: 13.008px;"><strong>Reducing value chain carbon emissions: a practical guide</strong></a>&nbsp;at <strong><a href="https://normative.io/" style="font-size: 13.008px;">Normative.io</a></strong></div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="How To Reduce CO2 Emissions In Your Value Chain - Future of Sourcing" addthis:url="http://futureofsourcing.com/how-to-reduce-co2-emissions-in-your-value-chain"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/north-america" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">North America</a></div></div></div> Mon, 10 Oct 2022 17:50:12 +0000 Kristian Rönn 2220 at http://futureofsourcing.com http://futureofsourcing.com/how-to-reduce-co2-emissions-in-your-value-chain#comments Benchmarks Versus Best Practices: A Case for Both http://futureofsourcing.com/benchmarks-versus-best-practices-a-case-for-both <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="http://futureofsourcing.com/sites/default/files/articles/Copy%20of%20FoS%20Header%20Images%20%287%29.png"><a href="http://futureofsourcing.com/sites/default/files/articles/Copy%20of%20FoS%20Header%20Images%20%287%29.png" title="Benchmarks Versus Best Practices" class="colorbox" rel="gallery-node-1717-JJAzOSc_a9s"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Copy%20of%20FoS%20Header%20Images%20%287%29.png?itok=scHEHVXg" width="624" height="325" alt="Benchmarks Versus Best Practices" title="" /></a></div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/benchmarking-procurements-next-big-competitive-advantage">Benchmarking: Procurement’s Next Big Competitive Advantage</a></div><div class="field-item odd"><a href="/4-major-procurement-trends-to-watch-for-in-2020">4 Major Procurement Trends to Watch for in 2020</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>A topic that comes up time and time again in discussions with clients is the idea of benchmarks as a means to drive high performance. <a href="https://blog.thesmartcube.com/inside-procurement-benchmarks-best-practices" target="_blank">Are benchmarks valuable</a>? How much emphasis should we place on them as we think through what we want to get done in our function?</p> <p>This topic isn&rsquo;t specific to procurement. It&rsquo;s relevant across the board, regardless of function. But it&rsquo;s an especially acute debate on the General &amp; Administrative side of the house, where procurement plays a significant role.</p> <p>Benchmarks come up regularly in discussions about functional and corporate performance. Senior executives like to use them to quantify both financial and operational performance, providing a measure of current levels and a comparison to peers, as well as guidance as to where the function could potentially be.</p> <p>In fact, it&rsquo;s difficult to have an executive conversation without the term coming up, and executives spend a lot of time benchmarking. They labor over the relevant benchmarks to add to their plans, the right metrics to report on, and the best explanations for where they are and are not. Entire companies have sprung up to service this need. &nbsp;&nbsp;</p> <p>My take? Benchmarks are useful tools but within constraints.</p> <h1>The Good and the Bad of Benchmarks</h1> <p>Understanding metrics such as functional spend as a percentage of total spend, the number of transactions conducted per FTE, or costs tied to any one category, in comparison to appropriate peer groups, have real value. They help provide a level of quantitative granularity and sharpness to the discussion around performance optimization that you wouldn&rsquo;t otherwise get.</p> <p>But they can also lead to problems.</p> <p>During my consulting days, every time we&rsquo;d use benchmarks in our analyses, a huge amount of debate with client stakeholders would ensue. What was the basis of the numbers? Why did the numbers show what they showed? Why did that area fit in a specific quartile versus another? And why was this relevant &ndash; or not?</p> <p>The problem was that discussions around benchmarks often diverted the focus to the details of the numbers and not the substance of the conversations.</p> <p>I would also argue benchmarks are often used by senior management to drive changes that aren&rsquo;t necessarily right for the business. Particularly with functions such as procurement, unless the CPO reports into a C-level executive with a long term, strategic focus, benchmarks can be easily used to justify cost reductions that don&rsquo;t make sense &ndash; and in those cases, they become a means to a predefined end.</p> <p>So benchmarks must be used judiciously.</p> <h1>The Case for Best Practices</h1> <p>It&rsquo;s far more meaningful, I believe, to focus on best practices &ndash; or as I&rsquo;ve heard them referred to, better practices. That&rsquo;s because the word &ldquo;best&rdquo; varies based on the context.</p> <p>Best practices are qualitative in nature, but they spell out what should be done to move up any given performance quartile ranking. Placing focus on what we are or aren&rsquo;t doing relative to best-in-class is much more useful guidance. It allows us to concentrate the conversation on the specific changes that need to be made to improve performance.</p> <p>Further, we can visualize how different these changes are relative to the current state. We can quantify the level of change and investment that would be needed to get to the next-level performance state (and whether there is the appetite, and/or ability, to make that investment).</p> <p>Finally, and equally importantly, we can properly assess whether there is even a need to achieve &ldquo;top quartile&rdquo; performance in a given area. For example,we might be happy to forego being in the top quartile for that area because it would require a level of automation that isn&#39;t appropriate for the business or would reduce service levels beyond what&rsquo;s necessary and suitable for the business.</p> <h1>Sourcing Best Practices</h1> <p>So, where do we get these best practices from? There are a range of external third-party sources &ndash; from general consulting firms to specialist intelligence and analytics firms. Be sure you&rsquo;re thoughtful and comprehensive in where you look. Consider not only what your peers are doing within your sector, but also companies outside your sector. Get a handle on what similar category managers are doing in industries different from your own.</p> <p>You should also look to your supply base &ndash; and this doesn&rsquo;t just mean the larger established businesses, but also the startups,the high-growth firms and the emerging players. They&rsquo;re the ones typically pushing the envelope in what can be done.</p> <p>Finally, look internally across the company, especially if you are global and/or decentralized. So often, we miss a trick by not looking at our own colleagues across the firm to understand what they&rsquo;ve done well and how they&rsquo;ve done it.</p> <h1>Best of Both Worlds</h1> <p>In closing, benchmarks have value, but they&rsquo;re not the be-all and end-all. They serve as directional indicators but are not an exact science. They provide guides that must be underscored by best practices &ndash; the &ldquo;what&rdquo; and &ldquo;how&rdquo; of the work to be done.</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/benchmarking" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Benchmarking</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/best-practices" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Best Practices</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Benchmarks Versus Best Practices: A Case for Both - Future of Sourcing" addthis:url="http://futureofsourcing.com/benchmarks-versus-best-practices-a-case-for-both"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Fri, 23 Jul 2021 02:00:00 +0000 Omer Abdullah 1717 at http://futureofsourcing.com http://futureofsourcing.com/benchmarks-versus-best-practices-a-case-for-both#comments The Top 3 ERP Transformations that Support Buyers http://futureofsourcing.com/the-top-3-erp-transformations-that-support-buyers <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="http://futureofsourcing.com/sites/default/files/articles/Here%20are%20the%20Top%20ERP%20Transformations%20That%20Support%20Buyers.png"><a href="http://futureofsourcing.com/sites/default/files/articles/Here%20are%20the%20Top%20ERP%20Transformations%20That%20Support%20Buyers.png" title="The Top 3 ERP Transformations that Support Buyers" class="colorbox" rel="gallery-node-2027-JJAzOSc_a9s"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Here%20are%20the%20Top%20ERP%20Transformations%20That%20Support%20Buyers.png?itok=BfgrJZ7s" width="624" height="325" alt="The Top 3 ERP Transformations that Support Buyers" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <h1>The Top 3 ERP Transformations that Support Buyers</h1> </div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/the-future-of-payments">The Future of Payments</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>B2B companies are currently up to their necks in &ldquo;digital transformation.&rdquo; They&#39;re moving at a rapid clip to enhance the customer experience through technologies that automate processes while focusing on marketing, sales, and e-commerce. While this was percolating before COVID-19, it&rsquo;s now all-encompassing and tied into the overall business strategies. On the back end, ERP providers and their VARs are scrambling to keep up. Maybe, just maybe, it&rsquo;s time to take a step back and look at this through a different lens.&nbsp;&nbsp;</p> <p>Recently, software providers such as Infor and SAP, along with industry leaders like MDM and NAW, have all published white papers or held forums on the &ldquo;what&rdquo; and &ldquo;when&rdquo; of digital transformation elements. Strategy, roadmap, commitment and continual investment are the keys to staying ahead of the curve. What we have not heard is, &ldquo;How are my customers going to fund these projects&rdquo; or &ldquo;Which project has the most immediate financial impacts to my business.&rdquo; But the most important question is which project has the lightest internal lift, is the easiest to deliver and doesn&#39;t require change management to drive adoption from internal customers.&nbsp; &nbsp;&nbsp;</p> <p>As the brain and central nervous system for a business, ERP systems are very complex and can be challenging to maintain, especially older legacy systems. Most ERP solutions and resellers create additional revenue streams by providing customers with value-added technology, integrations and professional services. That&rsquo;s especially true right now when new systems are increasingly harder to sell.&nbsp;</p> <p>From the buyer perspective, implementing a new ERP is like open-heart surgery. Similarly, new technology projects are feared as a drain on internal resources, and who wants to part with cash in uncertain times? The risk appears too great in the current market climate, while the need to upgrade, enhance and automate is paramount. In short, they want an attractive, simplified facelift of functionality to the ERP that improves their agility in virtually serving customers.&nbsp;</p> <p>The focus is primarily on the external customer and often neglects areas within their customers&rsquo; business where change is not perceived as immediately necessary.&nbsp;&nbsp;</p> <p>Supporting their customers&rsquo; digital transformation efforts has stretched many ERP companies too thin for them to take on major integrations. If their professional services organizations aren&rsquo;t already tapped out by working on e-commerce, they&#39;re doing projects such as CPQ (configure, price, quote), mobile order entry or other customer-facing applications.&nbsp;</p> <p>Partnerships are a proven strategy for obtaining solutions without having to buy and build them internally. By partnering with industry-leading businesses with a back-end operational focus, ERP providers can offer add-ons that complement their newly digitized front-end processes, deliver them more rapidly and to a democratized customer base. With that in mind, here are three relatively easy back-office automation plays that ERP providers should consider right now.</p> <h2>Order Management Automation&nbsp;</h2> <p>Automating order management is a no brainer in the &ldquo;order-to-cash process.&rdquo; As businesses build eComm into their revenue organizations, they still need to accommodate all customers and their preferred transacting business methods.</p> <p>While expanding online order acceptance, any manual processes will consume resources and present error risks for businesses that grandfather in older processes like accepting orders via fax. That said, the result is a smooth and versatile system that speeds up back-office processes without causing undue strain on internal teams.</p> <h2>Accounts Receivable Automation</h2> <p>Accounts receivable automation pairs well with e-commerce upgrades. Customers may already accept payments online. However, for those who still need to invoice, accounts receivable automation can support efficient workflow creation. Such a move could improve cashflow and shorten DSO (days sales outstanding).</p> <p>However, it may require them to rethink how they submit invoices to their customers: via EDI, paper, PDFs or CD-ROMs, which (believe it or not) are still in use. AR automation requires standardizing and automating invoice transmission. That could require some change management and internal resources on the part of the ERP provider, working in conjunction with the technology provider to get customers set up.&nbsp;</p> <h2>Payment Automation&nbsp;</h2> <p>All businesses are already making payments to suppliers, maybe some of them through an ERP module, but there&#39;s still likely significant manual work involved. <a href="https://www.nvoicepay.com/solutions/" target="_blank">Best-of-breed payment automation solutions</a> take four payment modes&mdash;check, ACH, card and wire&mdash;and put them into one streamlined interface. When using this type of system, the buyer decides which invoices they want to pay and they don&#39;t even need to keep track of how each supplier wants to be paid. The payment service provider handles all the supplier enablement, and the software intelligently directs funds to approved suppliers in their preferred method.</p> <p>The concept of payment automation adoption is now over a decade old. In that time, payment automation providers have perfected the implementation process only to take a few weeks and minimal internal effort to get started. That means it can happen concurrently with front-end projects. The time and money saved (and potential rebates earned) by utilizing such a system enables businesses to allocate excess funds for other transformation projects.&nbsp;</p> <p>Overall, <a href="https://www.nvoicepay.com/resources/blog/financial-transformation-breakthrough-thinking-too-big/" target="_blank">digital transformation acceleration</a> is a positive thing for ERP providers and partners. Their customers, who are in an &ldquo;innovate or die&rdquo; situation, are open to more outside-the-box solutions than before and are leaning on their ERP providers as a result. They have the opportunity to make a mark on their customer&rsquo;s future success and garner recognition for their work.&nbsp;</p> <p>At the same time, they have to adopt innovation themselves. Every day, one ERP or another is coming out with a new module or integration. The day of the monolithic tech stack is gone. Customers want to pick and choose what works best for their business. To retain their customers, ERP providers have to connect to as many different solutions as possible.&nbsp;</p> <p>Right now, the back office is the best focus for improvements. Partner up and offer connected solutions, like automated order management, accounts receivable and payments. If you&rsquo;re looking for a place to start, I recommend automating payments first. That type of scenario creates a win-win situation because you create another revenue stream right out of the gate, and your customers generate a profit from something that used to be a drag on their bottom line. The revenue saved or generated from that initiative can pay forward into other automation options, creating a simplified system that pays your efforts forward.&nbsp;&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/e-commerce" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">E-commerce</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/enterprise-resource-planning-erp" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Enterprise Resource Planning (ERP)</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/nvoicepay" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Nvoicepay</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="The Top 3 ERP Transformations that Support Buyers - Future of Sourcing" addthis:url="http://futureofsourcing.com/the-top-3-erp-transformations-that-support-buyers"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Sun, 18 Jul 2021 17:00:00 +0000 Matt Mindrum 2027 at http://futureofsourcing.com http://futureofsourcing.com/the-top-3-erp-transformations-that-support-buyers#comments The Future of Work: Why the C-Suite Needs To Align With HR on Employee Mobility Issues http://futureofsourcing.com/the-future-of-work-why-the-c-suite-needs-to-align-with-hr-on-employee-mobility-issues <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="http://futureofsourcing.com/sites/default/files/articles/The%20Future%20of%20Work%3A%20Why%20the%20C-Suite%20Needs%20To%20Align%20With%20HR%20on%20Employee%20Mobility%20Issues.png"><a href="http://futureofsourcing.com/sites/default/files/articles/The%20Future%20of%20Work%3A%20Why%20the%20C-Suite%20Needs%20To%20Align%20With%20HR%20on%20Employee%20Mobility%20Issues.png" title="Why the C-Suite Needs To Align With HR on Employee Mobility Issues" class="colorbox" rel="gallery-node-2009-JJAzOSc_a9s"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/The%20Future%20of%20Work%3A%20Why%20the%20C-Suite%20Needs%20To%20Align%20With%20HR%20on%20Employee%20Mobility%20Issues.png?itok=fbAFV_nn" width="624" height="325" alt="Why the C-Suite Needs To Align With HR on Employee Mobility Issues" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <h1>The Future of Work: Why the C-Suite Needs To Align With HR on Employee Mobility Issues</h1> </div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/are-independent-contractors-covered-by-workers-comp-insurance">Are Independent Contractors Covered by Workers’ Comp Insurance?</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>A landslide of remote work requests is crashing into businesses, and it&rsquo;s revealing alarming holes in the way corporations are managing employee mobility. Chances are, remote work is already bogging down your HR department, and if you don&rsquo;t act soon, your company and employees could be exposed to global tax compliance and employee incentive problems.</p> <p>Most C-suite executives know the remote work revolution is coming, but not all see the pressing reasons to align with HR on employee mobility issues right now. I&rsquo;ve picked out some of the most important reasons alignment is needed and how C-suite executives can successfully plan for an increasingly mobile workforce.</p> <h2>Remote Work and Tax Enforcement Agencies are on a Collision Course</h2> <p>Most C-suite executives are seeing a massive workforce shift toward remote work and global employees. In fact, remote work has skyrocketed during the pandemic, with <a href="https://www.statista.com/statistics/1122987/change-in-remote-work-trends-after-covid-in-usa/" target="_blank">44% of employees</a> spending at least five days per week working in a mobile setting. What&rsquo;s more, it looks as though the number of remote workers will continue to climb in the future. According to a recent <a href="https://www.hrdive.com/news/gartner-over-80-of-company-leaders-plan-to-permit-remote-work-after-pande/581744/" target="_blank">Gartner survey</a>, more than 80% of corporate leaders plan to let employees work remotely at least part time after the pandemic subsides.</p> <p>For C-suite executives, a move toward more flexible work appears to be inevitable, and it presents new opportunities to lower operational costs and dip into a wider talent pool. However, some leaders don&rsquo;t realize how lenient tax officials and regulatory bodies have been up to this point, and even fewer see the potential compliance violations mounting on the horizon.</p> <p>As employees flock to new locations and their companies lack the resources to track their whereabouts, governments are increasing their ability to monitor who is working within what borders. More and more regulatory agencies now have the technology to monitor employee activity, and immigration offices are linking up across the globe to coordinate their tracking efforts. With a growing number of employees clamoring for remote work and few companies actively mapping out a compliance plan, companies could face heavy consequences in the near future.</p> <h2>Why Do C-Suite Executives Need to Align with HR on Mobility Tax?</h2> <p>As employees begin to work across state and country borders, their employers (often unknowingly) also become responsible for reporting wages and withholding taxes according to the specific obligations of the jurisdictions in which the employees are working. With so many different tax rules tagged to different areas, keeping track of mobility tax alone becomes extremely complicated. If C-suite executives and HR aren&rsquo;t aligned, these complications can escalate into company-wide problems.</p> <p>Here are a few of the most immediate potential consequences that could soon hit company leaders:</p> <ul> <li><strong>Tax and compliance penalties</strong>: With the confusion of COVID-19 throwing off processes, many regulatory agencies gave non-compliant businesses a pass in 2020. That&rsquo;s a trend that&rsquo;s likely to change in the near future. Unfortunately, if companies don&rsquo;t have a way to track where employees are and ensure tax compliance, they may risk damaging their reputation or incurring penalties, fines or even jail time.</li> <li><strong>An overwhelmed HR team:</strong> Remote work is popular among employees. In fact, according to a recent Buffer survey,&nbsp;<a href="https://buffer.com/2021-state-of-remote-work" rel="nofollow noopener noreferrer" target="_blank">97.6% of employees</a>&nbsp;want to work remotely at least part time for the rest of their careers. So, it&rsquo;s no wonder that C-suite executives are often quick to promise flexible work opportunities for employees. Unfortunately, if there aren&rsquo;t policies backing up those promises, they can overwhelm the HR team and impact a company&rsquo;s culture. As requests flood in, HR professionals will need to know where employees can work, for how long, and how to manage tax compliance in different scenarios to avoid an overwhelming workload of one-off requests.</li> <li><strong>Discouraged employees</strong>: Without a clear remote work policy, employees can become frustrated and even leave for other opportunities. If they don&rsquo;t have clear answers and direction about where they can work and how long they can work there, it can sour the entire company&rsquo;s culture.</li> </ul> <h2>What Critical Actions Should the C-Suite Take?</h2> <p>Adjusting to the mobile work onslaught may seem overwhelming, but there are some clear-cut actions C-suite executives can take with their HR teams to properly manage their global teams:</p> <h3>1. Let Your Company&rsquo;s Priorities Guide Your Efforts</h3> <p>Companies generally have three broad priorities fueling their policies: employee experience, cost reduction, and corporate compliance. By determining your company&rsquo;s biggest concerns and setting priorities accordingly, you narrow the scope of responsibilities&mdash;making it easier to drive remote work policies that promote your company&rsquo;s goals.</p> <h3>2. Designate a Remote Worker Project Manager</h3> <p>To lay out expectations for employees and push mobile work policies forward, it&rsquo;s important to assign a single remote worker project manager. As remote work requests ramp up and employees come up with inevitable questions, your project manager will spearhead new initiatives and help identify what processes your employees need.</p> <h3>3. Give Your Remote Worker Project Manager Support</h3> <p>It doesn&rsquo;t matter how capable your remote worker project manager is&mdash;they&rsquo;ll need support going forward. Addressing remote work requests on a case-by-case basis creates a bottleneck in HR. To properly manage mobility tax issues arising from remote work, your project manager and HR leaders may need to consider everything from immigration, corporate tax, employment tax, retirement benefits and other areas outside their expertise. That&rsquo;s why it&rsquo;s a good idea to empower your project manager to build a cross functional internal team that can address all remote work compliance work issues. Additionally, it is critical to give them the budget they need to bring in external vendors to address the complex mobility tax issues that come with remote workers.</p> <h2>C-Suite and HR Alignment is the Recipe for Better Work in the Future</h2> <p>As the workforce changes, C-suite executives have an opportunity to stay ahead of trends, keep HR employees happy and safely manage the tax complications that are inherent to remote work. To achieve this, it just takes stellar communication and policies that align C-suite executives and HR. By bracing for changes early, corporations can fight off the tax hazards that are on the way and propel work forward in this new employee landscape.</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/tax-compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Tax Compliance</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/remote-work" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">remote work</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/c-suite" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">C-suite</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="The Future of Work: Why the C-Suite Needs To Align With HR on Employee Mobility Issues - Future of Sourcing" addthis:url="http://futureofsourcing.com/the-future-of-work-why-the-c-suite-needs-to-align-with-hr-on-employee-mobility-issues"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Wed, 23 Jun 2021 02:00:00 +0000 Brett Sipes 2009 at http://futureofsourcing.com http://futureofsourcing.com/the-future-of-work-why-the-c-suite-needs-to-align-with-hr-on-employee-mobility-issues#comments