Future of Sourcing - Compliance http://futureofsourcing.com/tags/compliance en Sourcing Disruption to Continue In 2022 http://futureofsourcing.com/sourcing-disruption-to-continue-in-2022 <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/Sourcing%20Disruption%20to%20Continue%20In%202022%20%20Breteau.jpg"><a href="http://futureofsourcing.com/sites/default/files/articles/Sourcing%20Disruption%20to%20Continue%20In%202022%20%20Breteau.jpg" title="While 2021 was a bust for many who hoped that supply chain disruptions would abate, it appears the trend will continue well into 2022." class="colorbox" rel="gallery-node-2144-wvIGaiEoMXk"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Sourcing%20Disruption%20to%20Continue%20In%202022%20%20Breteau.jpg?itok=8Fo4AHZ6" width="624" height="325" alt="While 2021 was a bust for many who hoped that supply chain disruptions would abate, it appears the trend will continue well into 2022." 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>While 2021 was a bust for many who hoped that supply chain disruptions would abate, it appears the trend will continue well into 2022 says QIMA&#39;s&nbsp;Sébastien Breteau. He shares recent data that sheds light on sourcing diversification activities in China, Vietnam and India, as well as troubling data on human rights and worker safety.</em></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="/five-technologies-to-future-proof-supply-chain-inspections">Five Technologies to Future Proof Supply Chain Inspections</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"> <h1>Sourcing Disruption to Continue In 2022&nbsp;</h1> <p>A volatile 2021 taught businesses a tough lesson about the fragility of supply chains. Just when many thought we were out of the woods, the promising trends toward recovery reversed. Supply chains quickly snapped amid the resurgence of COVID-19 outbreaks, China&rsquo;s utility crisis, logistics woes, labor issues, and mass supply shortages.</p> <p>In more positive news, consumer demand is strong. Even against records shortages, consumers splurged during the holiday season, and spending hit an all-time high in the United States according to the <a href="https://www.cnbc.com/2021/12/03/holiday-shopping-2021-spending-set-to-blow-past-records-nrf-says.html" target="_blank">National Retail Federation</a> (NRF). After predicting a year-on-year increase of 8.5% to 10.5%, NRF revised this figure to a whopping 11.5%, affirming consumer appetite to spend.</p> <p>However, with supply still short, this means unprepared businesses are missing out on a big opportunity to seize consumer demand.</p> <p>While some of the media headlines positioned the supply chains&rsquo; issues as a &ldquo;<a href="https://www.npr.org/2021/12/13/1063901970/the-toymakers-supply-chain-nightmare-before-christmas" target="_blank">nightmare before Christmas</a>,&rdquo; recent data from QIMA suggests that the disruption is poised to linger long into 2022. Businesses should take note of the following trends, as they are projected to shape the sourcing landscape this year.</p> <h2>China Sourcing Veers Off Track, but Recovery in 2022 is Still Possible</h2> <p>Reflecting a pattern observed in many of Asia&rsquo;s sourcing markets in 2021, China flaunted a remarkable rebound in the first half of the year as it outpaced most other countries in containing the virus.</p> <p>While this success stuttered in Q3 onwards in Asia at large, the world&rsquo;s leading manufacturing market is showing itself to be even more resilient compared to its regional competition. Notably, inspection and audit demand in China exploded +21.5% in 2021 over 2020. This growth even trounced pre-pandemic 2019 by +13%.</p> <p>Unfortunately for China, though, the second half of 2021 proved disappointing for its giant manufacturing industry as widespread power outages shut down factories and stymied orders. Adding salt to the wound, the blackouts happened in September &ndash; just as factories were looking to fill holiday orders from their buyers.&nbsp;</p> <p>However, demand for inspection and audits in China rebounded relatively quickly in most major consumer goods categories, including textile/apparel, toys and homeware. An important exception was the electronics and electricals industry, which has seen inspection and audit demand diminish steadily since May 2021. This is happening as more electronic manufacturers feel the pain of the global semiconductor chip shortage.</p> <p>QIMA data on inspections and audits reflects caution from Western buyers, with buyers being hesitant to expand sourcing in China throughout 2021. Instead of returning to China in droves, the data suggests many buyers simply maintained their existing business relationships with Chinese manufacturers. Subsequently, China&rsquo;s share among the top-five sourcing regions of both U.S.- and EU-based buyers in 2021 remained at a three-year low.</p> <p>China&rsquo;s sourcing patterns in 2021 foreshadow a post-pandemic recovery that, while not being derailed completely, has veered off track. In addition, power outrages may remain a threat in upcoming months. Accompanying this threat, the upcoming Winter Olympics in Beijing may impose further manufacturing restrictions in northern China. Subsequently, while there is reason to be optimistic for China&rsquo;s sourcing footprint in 2022, buyers should nonetheless heed caution and be prepared for further disruption.</p> <h2>Vietnam&rsquo;s Boom and Bust Reflects Buyer Hesitation</h2> <p>The collapse of sourcing in Vietnam in 2021 sheds light on how volatile the modern global sourcing landscape is, revealing the compounding effects of pandemic-related disruptions.</p> <p>In the first half of 2021, Vietnam experienced a tremendous growth spurt as enthusiastic buyers from the West eagerly flocked back to a familiar sourcing market that had been enjoying much attention pre-pandemic. In January through June 2021 &ndash; a period where Vietnam was successfully containing the spread of the virus &ndash; QIMA recorded a robust +67% growth versus pre-pandemic 2019.</p> <p>This rosy success story was interrupted in late July by the arrival of the Delta variant, when the country entered a stifling lockdown period. The latest data from QIMA shows Vietnam&#39;s manufacturing industry remained sluggish through the end of the year, even though the virus containment measures were lifted in October.&nbsp;</p> <p>Sharp labor shortages are likely a factor in Vietnam&rsquo;s slow path to recovery, as factory staff left the cities en masse. This left a shocking shortage of over 100,000 workers in the south of Vietnam. As a result, in late November, over a third of factories in Vietnam were reported to be operating below 80% capacity. In many cases, orders were even being delayed by more than eight weeks.</p> <p>The footwear and apparel sector in Vietnam has been among the hardest hit by the lockdowns and accompanying labor shortages, with inspection and audit demand plummeting -29% year-over-year in the fourth quarter. As a result of this dramatic reversal of fortune, Vietnam inspections and audits grew by a modest 3% in the first half of 2021 compared to the double digit booms it tracked during the pre-pandemic period. Based on this lethargic rebound, Vietnam&#39;s recovery is expected to be gradual and should last well into 2022.</p> <h2>India Enjoys the Benefit of Sourcing Diversification</h2> <p>Even though <a href="https://thediplomat.com/2021/08/the-rcep-conundrum-japan-awaits-indias-return/" target="_blank">India infamously bowed out</a> of the recently launched Regional Comprehensive Economic Partnership (RCEP) free-trade agreement, it&rsquo;s nonetheless experiencing exciting new surges in sourcing. Acclaimed by experts as an increasingly attractive sourcing market among many product categories, recent QIMA data shows buyers are shifting their gaze from China and making India a preferred alternative sourcing market.</p> <p>When comparing 2021 to the pre-pandemic period, the South Asia region at large flaunted double-digit expansion in inspection and audit demand. But India, specifically, has emerged as the conclusive favorite &ndash; outperforming its neighbors and the region as a whole in three out of four quarters of the year.</p> <p>India&#39;s newfound success can be attributed to surging interest among U.S.-based brands by and large: QIMA survey data shows the share of buyers naming India among their top-five sourcing regions nearly doubled in 2021 compared to 2019.</p> <p>After crossing the 2021 finish line with an impressive overall +60% spike in inspection and audit demand compared to pre-pandemic 2019, this figure astoundingly jumped +129% among U.S.-based buyers. Now, the next test for India is whether it can combat the threat of Omicron and keep the momentum going in 2022.</p> <h2>Sourcing Volatility is Wreaking Havoc on Human Rights and Worker Safety</h2> <p>Against the turbulent headwinds of the pandemic, workers around the world face <a href="https://www.worldbank.org/en/news/press-release/2020/10/07/covid-19-to-add-as-many-as-150-million-extreme-poor-by-2021#:~:text=The%20COVID%2D19%20pandemic%20is,severity%20of%20the%20economic%20contraction.">rising poverty and mass job losses</a> estimated to be around four times that seen during the 2008-2009 global financial crisis, according to a report released last year by the <a href="https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_766949/lang--en/index.htm">UN International Labour Organization</a>.</p> <p>Even though diversification helped many buyers navigate disruptions in the short term, 2021 saw ethical compliance in global supply chains crumble at an alarming rate. Factory scores clocked in at a four-year low and nearly a third (29%) of the factories QIMA audited were identified as being critically non-compliant and in need of immediate intervention. This represents the highest share since 2017.</p> <p>Due to specific challenges presented by the pandemic, violations were unsurprisingly extensive in areas related to health and safety. In this area, 2021 scores dropped -7.5% compared to 2020. QIMA also tracked rampant violations in the area of working hours and wages, with scores dropping -8% in 2021 compared to 2020.&nbsp;</p> <p>By geography, QIMA audit data indeed shows deteriorating ethical scores in many key sourcing markets &ndash; especially in Southeast Asia. For example, Myanmar is among the worst offenders in the world: its 2021 ethical scores plunged -18% compared to 2020.</p> <p>These disheartening trends in human rights and worker safety are perhaps all too unsurprising and familiar. Unfortunately, data from recent years have shown human rights and ethical compliance falling by the wayside more and more as businesses are forced to operate in survival mode, prioritize cost concerns and diversify sourcing to less familiar geographies.</p> <p>We saw ethical compliance drop first during the throes of the U.S.-China trade war. Now the decline in ethical compliance continues to rear its ugly head during the pandemic and the ongoing supply chain crunch.&nbsp;&nbsp;</p> <h2>Looking Ahead</h2> <p>After a devastating 2020, many had placed their bets on 2021 being a year of recovery and a return to the pre-pandemic normal. Despite some glimmers of hope, the year did not live up to these expectations. Moreover, by some measures of sourcing metrics &ndash; such as ethical compliance &ndash; the situation became even more bleak.&nbsp;&nbsp;</p> <p>Amid new COVID-19 variants, disparate vaccination rates and varying regional approaches to virus containment, the pandemic continues to burden global supply chains. When you combine this with the woes of raw material shortages, logistics hurdles, labor issues and rapidly escalating ethical risks, global supply chains are expected to remain volatile throughout 2022.</p> <p>The struggles businesses have faced thus far do not have to be all for naught, as there have been many teaching moments throughout the pandemic. If emerging supply chain trends are kept top of mind, businesses will be able to exercise higher levels of agility and resilience &ndash; and nimbly adapt to the everchanging sourcing 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/compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Compliance</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/qima" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">QIMA</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/covid-19" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">COVID-19</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="Sourcing Disruption to Continue In 2022 - Future of Sourcing" addthis:url="http://futureofsourcing.com/sourcing-disruption-to-continue-in-2022"><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 class="field-item odd"><a href="/regions/asiapacific" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Asia/Pacific</a></div></div></div> Thu, 03 Mar 2022 17:00:00 +0000 Sébastien Breteau 2144 at http://futureofsourcing.com http://futureofsourcing.com/sourcing-disruption-to-continue-in-2022#comments The Importance of Building and Maintaining a Visible, Sustainable Supply Chain http://futureofsourcing.com/the-importance-of-building-and-maintaining-a-visible-sustainable-supply-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/The%20Importance%20of%20Building%20and%20Maintaining%20a%20%20Sustainable%20Supply%20Chain.jpg"><a href="http://futureofsourcing.com/sites/default/files/articles/The%20Importance%20of%20Building%20and%20Maintaining%20a%20%20Sustainable%20Supply%20Chain.jpg" title="Supply chain sustainability is now a business priority among business executives, employees and consumers." class="colorbox" rel="gallery-node-2123-wvIGaiEoMXk"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/The%20Importance%20of%20Building%20and%20Maintaining%20a%20%20Sustainable%20Supply%20Chain.jpg?itok=EeI9EcSO" width="624" height="325" alt="Supply chain sustainability is now a business priority among business executives, employees and consumers." 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>Supply chain sustainability is now a business priority among executives, employees and consumers, says Daniel Bachar,&nbsp;VP of Product Marketing at Logility. He discusses how&nbsp;<span style="font-size: 13.008px;">technology is essential to support traceability, environmental responsibility, fair trade and fair labor.</span></em></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="/sustainability-is-no-longer-optional">Sustainability Is No Longer Optional</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>Increasingly, supply chain sustainability is becoming a key corporate goal as organizations aim to minimize environmental damage and positively influence the people and communities in which they live and do business. Sustainability refers to managing the environmental, social and economic impact of a business in way that reduces harm and benefits the world.</p> <p>Today&rsquo;s organizations must be accountable and transparent for their business practices as conscious consumers want to know <a href="https://www.environmentalleader.com/2021/09/survey-finds-businesses-need-to-be-accountable-for-supply-chain-practices-ethics/" target="_blank">how products are sourced</a>, all the way from raw materials to labor to finished goods. Consumers aren&rsquo;t the only ones &ndash; employees and investors expect sustainability to be a top priority, too.</p> <p>Let&rsquo;s explore the importance of making supply chains more sustainable by gaining greater visibility to drive improvement and minimize negative social and environmental impacts.</p> <h2>Pandemic Heightens Sustainability Awareness</h2> <p>Eighty-three percent of executives responding to the <a href="https://sscs.mit.edu/" target="_blank">2021 State of the Supply Chain Sustainability Report</a> said the pandemic either accelerated supply chain sustainability activity or increased awareness and heightened their sense of urgency toward it. This research by the MIT Center for Transportation and Logistics further states, &ldquo;The connection between companies&rsquo; track records in sustainability and their ability to win market share and turn profit is likely to strengthen.&rdquo;</p> <p>Interestingly, some <a href="https://www.forbes.com/sites/theyec/2021/11/12/how-the-global-supply-chain-crisis-is-creating-opportunities-for-innovation-in-sustainability/?sh=26e43f94bbcb" target="_blank">sustainability-minded eCommerce</a> retailers are going out on a limb and bucking the trend of next-day delivery by offering slower customer deliveries to offset their carbon footprint and reduce waste. By including their sustainability measures in their descriptions, packaging and ads, they are working to inform consumers about the impact of their choices.</p> <p>Going into 2022, companies not committed to sustainability will have a hard time surviving. This should happen at every level of the supply chain, from sourcing raw materials to suppliers used to delivering products to end customers.</p> <h2>Supply Chain Visibility Matters</h2> <p>This practice of educating shoppers about their choices is in line with companies providing greater visibility in supply chains to satisfy consumer demand to know about the products they purchase: What are they made of? Where do these items come from? Are workers making these products treated well and paid fairly?</p> <p>Tracking chain of custody ensures compliance. When you couple increasing government regulations with rising consumer demand for ethical and sustainable products, it&rsquo;s easy to understand why brands should invest in compliance tools that provide tangible evidence to support their claims.</p> <p>Yet <a href="https://financesonline.com/supply-chain-statistics/" target="_blank">GEODIS research</a> shows 62% of companies have limited visibility of their supply chain, and just 15% have visibility on production. Yet having well-orchestrated, efficient supply chains requires comprehensive visibility &ndash; from beginning to end &ndash; across the entire network.</p> <p>An effective traceability solution enables supply chain professionals to view critical information that improves decision-making and helps ensure they meet the company&rsquo;s sustainability objectives.</p> <p>Using such data helps <a href="https://www.logility.com/blog/build-a-compliant-network-with-supply-chain-traceability/" target="_blank">improve operations and strengthens brand integrity</a> as it provides product-specific chain of custody information, visibility into every tier of your supplier network, verifiable sustainability claims and compliance with government regulations, among other benefits. Further, traceability solutions leveraging artificial intelligence (AI) can identify risks related to supply disruption and unearth banned or unauthorized suppliers.</p> <h2>A Digital Sustainability Solution is Key</h2> <p>Complacency is not an option. Supply chain sustainability and the visibility that goes along with it is critical &ndash; and that involves every single player and supplier from beginning to end. Having that visibility requires technology in the form of a digital supply chain solution that supports traceability, environmental responsibility, fair trade and fair labor.</p> <p>Supply chain sustainability is invaluable and holds the key to environmental preservation, satisfying consumer and internal stakeholder demand, and increasing your company&rsquo;s viability and profitability going forward.</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/environmental-and-social-governance-esg-0" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Environmental and social governance (ESG)</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/logility" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Logility</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Compliance</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 Importance of Building and Maintaining a Visible, Sustainable Supply Chain - Future of Sourcing" addthis:url="http://futureofsourcing.com/the-importance-of-building-and-maintaining-a-visible-sustainable-supply-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/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Fri, 11 Feb 2022 02:00:00 +0000 Daniel Bachar 2123 at http://futureofsourcing.com http://futureofsourcing.com/the-importance-of-building-and-maintaining-a-visible-sustainable-supply-chain#comments New Trends and Challenges For Sourcing http://futureofsourcing.com/new-trends-and-challenges-for-sourcing <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/New%20Trends%20and%20Challenges%20For%20Sourcing.png"><a href="http://futureofsourcing.com/sites/default/files/articles/New%20Trends%20and%20Challenges%20For%20Sourcing.png" title="New Trends and Challenges For Sourcing" class="colorbox" rel="gallery-node-2056-wvIGaiEoMXk"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/New%20Trends%20and%20Challenges%20For%20Sourcing.png?itok=LBX2Mjbf" width="624" height="325" alt="New Trends and Challenges For Sourcing" 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>New Trends and Challenges For Sourcing</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-three-pillars-of-successful-supply-chain-risk-management">The Three Pillars of Successful Supply Chain Risk Management</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>With the <a href="https://www.wsj.com/articles/global-recovery-accelerates-but-delta-variant-clouds-outlook-11627034563" target="_blank">COVID-19 Delta variant threatening pandemic recovery</a> around the world, brands that source products globally are facing supply chain challenges in a business landscape mired by transit limitations, factory shutdowns, surging shipping costs, delays, labor shortages and rampant supply shortages. As brands shuffle to meet volatile consumer demand, recent data on <a href="https://www.qima.com/qima-news/2021-q3-barometer-china-recovery-slows" target="_blank">inspection activity</a> and digital transformation initiatives outline the most recent trends that are reshaping sourcing and supply chain strategies.</p> <h2>Virus Resurgence Threatens China&rsquo;s Remarkable Rebound</h2> <p>Building on momentum after a promising first quarter, China&rsquo;s sourcing footprint continued to gain ground through the second quarter and recorded growth that exceeded 2019 levels, according to a <a href="https://www.qima.com/qima-news/2021-q3-barometer-china-recovery-slows" target="_blank">quarterly inspection and audit report.</a></p> <p>Demand for inspections and audits in China expanded by a colossal 34% year-over-year (YoY) in the second quarter of 2021, which represents 21% growth when compared to the same time period during 2019 &ndash; long before the COVID-19 pandemic tore apart global supply chains.</p> <p>However, with the world still entrenched in the pandemic and all eyes on the Delta variant, China&rsquo;s stunning rebound is putting a gentle foot on the brakes. The pace of expansion decelerated through the second quarter, slowing from 25% growth in April (compared to 2019 figures) down to 20% growth in May and then 17% growth in June.&nbsp;</p> <p>Unfortunately for China, the interest of Western buyers in its sourcing largely follows the same downhill trend &ndash; especially for North American buyers. While demand from U.S.-based brands for inspections in China was up by 10% in the second quarter (when compared to the second quarter of 2019), the pace of the rebound has also been losing steam on a month-to-month basis.</p> <p><span style="font-size: 13.008px;">While China&rsquo;s rebound in sourcing has been remarkable, it is worth noting that the recovery has not touched all consumer goods industries the same way. For example, while homewares and electronics recorded double-digit YoY growth in the first half of 2021 (compared to both 2020 and 2019), inspection and audit demand is still trailing behind pre-pandemic levels in some of the country&rsquo;s key sectors, such as eyewear and the clothing (textile and apparel) industries.&nbsp;&nbsp;</span></p> <h2>Sourcing Demand in South Asia Skyrockets</h2> <p>After a disastrous 2020, when clothing brands sat on mountains of <a href="https://www.ft.com/content/f030f125-0a15-4097-bb5f-4b0543544ec3" target="_blank">unsold inventory worth billions of dollars</a>, the textile and apparel sector is in comeback mode. As consumers emerge from quarantines and reenter public spaces, the clothing industry has compensated for its aforementioned reduced interest in China with continued expansion through various sourcing markets elsewhere in Asia.</p> <p>In particular, South Asia&rsquo;s established markets are recording explosive growth, with demand for inspections in textiles and apparel up 81% in India and 66% in Bangladesh in the first half of 2021 when compared to pre-pandemic 2019, according to the quarterly inspection and audit report.&nbsp;</p> <p>Growing demand for textile inspections was also recorded in markets of Southeast Asia (including Cambodia, Indonesia and Vietnam), South and Latin America (including Mexico, Haiti and Guatemala) and the Mediterranean (including Turkey, Morocco, Jordan and Egypt). Markedly, while the latter region has traditionally been favored as a sourcing market for European-based buyers, the second quarter of 2021 saw it recording an uptick in inspections and audits from U.S. buyers.</p> <p>The growth in these alternative markets suggest that brands remain focused on diversifying sourcing from new markets to circumvent sustained pandemic delays and alleviate uncertainties about the future.</p> <h2>Soaring Demand from Western Buyers</h2> <p>As the sourcing industry in multiple sectors and regions continues to defy the pandemic slump and vigorously climbs upward, some markets in Southeast Asia are benefiting from exceptionally high buyer interest. For example, Vietnam, Cambodia, Indonesia and Thailand all recorded double-digit growth in demands for inspections and audits in the second quarter, according to the quarterly inspection and audit report.</p> <p>Cambodia, in particular, remains high on the list of go-to alternative sourcing markets for U.S. buyers. In the second quarter of 2021, volumes for inspections and audits in Cambodia shot up nearly 100% compared to 2020; when compared to pre-pandemic 2019, 2021 volumes in the second quarter still represented a 23% YoY increase.</p> <h2>Digitization Illuminates Blind Spots and Enhances Quality Control</h2> <p>Up to 77% of companies admit to having sourcing blind spots in their supply chains, according to a recent survey of global brands from our digital and technology division QIMAone, and two-thirds report that they don&rsquo;t have streamlined communications in place with their suppliers.</p> <p>When you couple this lack of transparency with supplier delays &ndash; like we continue to see amid pandemic disruptions &ndash; it spells out disaster for a brand&rsquo;s sourcing footprint. Inevitably, to be successful, brands must illuminate these blind spots and achieve end-to-end supply chain visibility, particularly in the inspection process.</p> <p>Being successful on this front may require a shift in operational priorities, however. While pricing and perceived value have traditionally been seen as the main drivers of consumer trends, brands may be surprised to learn how influential quality measures are on the bottom line too. Poor quality costs can add up heftily and account for up to <a href="https://asq.org/quality-resources/cost-of-quality" target="_blank">40% of operational expenses</a> when there&rsquo;s an underlying problem.</p> <p>Moreover, some brands may be unprepared to level up quality control programs in an evolving consumer marketplace. According to a <a href="https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/survey-us-consumer-sentiment-during-the-coronavirus-crisis" target="_blank">recent survey on consumer sentiment</a>, product quality was found to be a key driver for 40% of younger consumers, suggesting that the focus on quality will continue to sharpen into the future.</p> <p>Considering the mounting prominence of quality, the case for sourcing digitization is quite compelling: 14% of brands say that product quality issues have a &ldquo;very serious impact&rdquo; on their business; but for those with highly digitized supply chains and sourcing processes, this number is cut down to just 7%.</p> <h2>Looking Ahead: Balancing Diversification With Compliance Objectives</h2> <p>Unfortunately, according to historical inspection and audit data, a sudden surge in export volumes has brands diversify sourcing markets &ndash; such as what we&rsquo;re seeing in South Asia and Southeast Asia &ndash; often comes at the cost of quality and ethical missteps, including compromised worker safety.</p> <p>This correlation is once again rearing its ugly head as brands try to move to the other side of pandemic recovery, according to data gathered by structural engineers during field audits at reopened factories. Among the factories inspected for structural, fire and electrical safety thus far in 2021, two-thirds were found in need of remediation, according to the quarterly inspection and audit report. Fire safety was a particularly dire concern, with over half of the factories audited in the first half of 2021 requiring improvements in the near term.</p> <p>Meanwhile, ethical compliance overall continues to plummet at an alarming rate, with average ethical scores dwindling by a further 4% (when compared to the first quarter of 2021) to scrape a three-year low. These troubling figures show that the ongoing specter of the pandemic &ndash; as factories globally struggle to reorganize, recoup and adapt to volatile consumer demand cycles &ndash; threatens to undo much of the pivots and improvements that brands made toward ethical supply chains in the pre-pandemic period.</p> <p>To forge ahead safely and responsibly in today&rsquo;s uncertain sourcing landscape, brands must prioritize human rights, environmental sustainability and quality in their recovery programs &ndash; or risk facing costly lawsuits, hefty fines, operational inefficiencies and irreparable brand damage.</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/covid-19" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">COVID-19</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/china" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">China</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/sourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Sourcing</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/qima" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">QIMA</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Compliance</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/digitalization" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digitalization</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="New Trends and Challenges For Sourcing - Future of Sourcing" addthis:url="http://futureofsourcing.com/new-trends-and-challenges-for-sourcing"><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/asiapacific" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Asia/Pacific</a></div></div></div> Wed, 22 Sep 2021 02:00:00 +0000 Sébastien Breteau 2056 at http://futureofsourcing.com http://futureofsourcing.com/new-trends-and-challenges-for-sourcing#comments COVID-19 Liability Protections Are Not Immunity http://futureofsourcing.com/covid-19-liability-protections-are-not-immunity <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/COVID-19%20Liability%20Protections%20Are%20Not%20Immunity.jpg"><a href="http://futureofsourcing.com/sites/default/files/articles/COVID-19%20Liability%20Protections%20Are%20Not%20Immunity.jpg" title="COVID-19 Liability Protections Are Not Immunity" class="colorbox" rel="gallery-node-1984-wvIGaiEoMXk"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/COVID-19%20Liability%20Protections%20Are%20Not%20Immunity.jpg?itok=U_HpZIak" width="1024" height="683" alt="COVID-19 Liability Protections Are Not Immunity" 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>COVID-19 Liability Protections Aren&rsquo;t Immunity</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="/5-activities-to-accelerate-post-covid-sourcing-strategies">5 Activities to Accelerate Post-COVID Sourcing Strategies</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>The light at the end of the tunnel is shining brighter for businesses that were forced to halt 2020 strategies and goals, customer acquisition and procurement. As the economy slowed to a halt, business leaders struggled to develop a risk management strategy that determined the how, why and when their COVID-19 safety protocols had been enacted. The waters were muddy because initial reopening strategies varied state by state and frequently changed based on infection rates in communities.</p> <p>Liability laws may be established in many states, but those laws don&rsquo;t define complete immunity from a potential lawsuit. On top of this, there are tightened regulations for securing and renewing liability insurance for businesses, which may now require verified documentation and the clear steps taken to protect employees as part of return-to-work strategies.</p> <p>In moments of crisis, like an unprecedented pandemic, it can be difficult to remember to record the actions that will inevitably help ensure safety and continuity of operations. There are a few challenges that our consulting firm found when speaking with clients and ways to bridge the gaps between compliance and bandwidth that can help build the bridge over troubled waters and provide a safe place to stand in the midst of chaos.</p> <h2>Pandemic Exhaustion</h2> <p>It has been a full year since COVID-19 started wreaking havoc on businesses and operations around the world. Business leaders and employees are worn out and apathetic to the added burdens of preventing workplace exposures, and many organizations would believe they&rsquo;ve done everything possible to protect team members in the workplace.</p> <p>The reality is that belief is not an adequate measure to prevent potential liability lawsuits if there are exposures at work. As a result, leaders may fear that auditing protocols enacted at the height of the pandemic may uncover missing information.</p> <h2>Missed Details and Fear of the Unknown</h2> <p>Documenting information or non-compliance found to be missed during an audit will help alleviate claims that your organization directly intended to harm employees by failing to act. If your organization had already enacted and documented protocols, this step could also pinpoint unintended omissions and provide a road map for leaders to clarify what specific actions were taken at that time.</p> <p>An organization&rsquo;s records should include deployment dates and information about internal and external policies, screening protocols, disinfection regimens, social distancing measures, and personal protective equipment requirements. Any internal messaging initiatives to communicate with team members should also be included in addition to updated sick leave policies.</p> <h2>Near-Constant Moving Targets by States</h2> <p>Businesses with team members and office locations around the country might find it especially difficult to maintain current records of state-by-state guidelines and regulations because they frequently change, expire to make room for new orders and have many different start and end dates.&nbsp;</p> <p>Further complicating documentation is finding a conclusive source for information. If there is uncertainty about how well-documented your internal strategy is, it&rsquo;s highly recommended to start and continue documenting regulation and guideline changes in relevant states until the pandemic has subsided.</p> <h2>Lack of Internal Bandwidth</h2> <p>One of the greatest obstacles that businesses face as they address this necessary attention to detail is internal bandwidth. Leaders are drowning in an extra-long list of operational issues to be addressed and this increased focus for the overall well-being of the organization itself can be suffocating.</p> <p>Whether you choose to hire a consultant or a new employee versed in organizational change, documenting changes combined with a clear plan for doing so in the future will prove valuable if a lawsuit is filed.</p> <p>The pandemic has laid bare that surprises will always be around the corner and business leaders have to learn the importance of clearly recording steps and decisions taken during a crisis in an effort to support and protect team members. While not every organization has the bandwidth to do so, it is important to find a way to ensure thorough documentation and have a plan in place to clarify any missing data.</p> <p>Filling in the blanks retroactively isn&rsquo;t a failure; it&rsquo;s a strong step to protect the livelihood of the team members you employ and the organization&rsquo;s total well-being in today&rsquo;s environment.</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/covid-19" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">COVID-19</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/cornoavirus" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Cornoavirus</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/liability" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">liability</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Compliance</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="COVID-19 Liability Protections Are Not Immunity - Future of Sourcing" addthis:url="http://futureofsourcing.com/covid-19-liability-protections-are-not-immunity"><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, 28 May 2021 02:00:00 +0000 Dave Luter 1984 at http://futureofsourcing.com http://futureofsourcing.com/covid-19-liability-protections-are-not-immunity#comments Compliance Does Not Equal Resilience http://futureofsourcing.com/compliance-does-not-equal-resilience <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/Compliance%20Does%20Not%20Equal%20Resilience.png"><a href="http://futureofsourcing.com/sites/default/files/articles/Compliance%20Does%20Not%20Equal%20Resilience.png" title="Sustainability Strategies to Rethink and Rebuild the Supply Chain for Enduring Risk Mitigation" class="colorbox" rel="gallery-node-1992-wvIGaiEoMXk"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Compliance%20Does%20Not%20Equal%20Resilience.png?itok=clWswRw0" width="624" height="325" alt="Sustainability Strategies to Rethink and Rebuild the Supply Chain for Enduring Risk Mitigation" 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>Sustainability Strategies to Rethink and Rebuild the Supply Chain for Enduring Risk Mitigation</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-growing-business-criticality-of-a-sustainable-supply-chain">The Growing Business Criticality of a Sustainable Supply Chain</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>Procurement organizations know that sustainability initiatives have far-reaching impacts on risk-management, cost and innovation. This is why most procurement teams historically invest in supplier compliance according to environment, social and governance (ESG) and sustainability risk-related issues.</p> <p>But in a year where entire health systems and economies were disrupted due to supply chain failures, procurement teams need to move beyond a compliance-only mindset &ndash; where they only tick off the boxes of regulatory compliance &ndash; and strategically rethink how to approach, value, build and optimize supply chains.</p> <p>CEOs are awakening to this urgency, with the latest sign of action coming from <a href="https://www.wbcsd.org/Overview/About-us/Vision-2050" target="_blank">WBCSD&rsquo;s Vision 2050</a>. Even President Biden signed an <a href="https://futureofsourcing.com/americas-supply-chain-resilience-why-president-bidens-executive-order-falls-short" target="_blank">Executive Order on Supply Chain Resilience</a> to assess vulnerabilities and strengthen the capacity to respond to international disasters and emergencies. These are clear indications that while risk identification will always be a key part of procurement strategy, driving improvements that will mitigate these risks over the long term &ndash; and help preemptively avert future risks &ndash; requires deeper engagement with suppliers.</p> <p>A more holistic approach to sustainable procurement is needed: An approach that embraces a performance mindset and engages suppliers in a long-term sustainable journey that creates value. Let&rsquo;s discuss how organizations can <a href="https://resources.ecovadis.com/rethink-rebuild/rethink-rebuild-supply-chain-how-to?utm_medium=referral&amp;utm_source=ebook&amp;utm_campaign=future-of-sourcing-may-byline" target="_blank">rethink and rebuild</a> their supply chain risk management strategies to create a more sustainable business that is not only resilient in pandemics, but also within the looming climate crisis, and extends corporate values of diversity and antidiscrimination throughout the value chain.</p> <h2>Align the Strategy</h2> <p>Embracing a performance mindset starts with the executive team aligning the company strategy with its mission. This starts with leadership considering which goals will have the biggest impact on the company to achieve success &ndash; boosting ROI, amplifying customer relations, building investment opportunities, etc.</p> <p>Once identified, leadership should clearly communicate across the company how those goals align with environment, labor and human rights, ethics, and sustainable sourcing and supply strategies. This sets a foundation for procurement and supply chain leaders to build and execute their strategies to support the mission. It also creates an environment where leadership is driving the transformation with initiatives led, and accountability shouldered, by top management.</p> <h2>Upgrade Tools to Benchmark and Engage Trading Partners</h2> <p>Many compliance programs use a narrow range of &ldquo;pass/fail&rdquo; criteria, but this is limited to avoiding risk. These systems cannot identify or incentivize trading partners to strive for great performance. Thus, trading partners aim for only the minimum required to comply.</p> <p>Integrating new tools for measuring and monitoring trading partner sustainability performance is needed to truly assure compliance. It enables trading partners to seamlessly share their sustainability performance to engage teams in risk and performance goals. Not only does a &ldquo;rich&rdquo; scoring system push trading partners to adopt a performance mindset, it also gives teams a way to rank and benchmark the top performers they want to work with.</p> <h2>Push Ownership Upstream to Suppliers and Buyers</h2> <p>Companies should encourage their trading partners to take ownership of their own share of the goals and mission. They can do this by incentivizing trading partners to achieve the highest performance possible and reward those with the best performance through awards, recognition events and more.</p> <p>The goal is to get trading partners to continuously make sustainability improvements. And for those that rank low, it&rsquo;s up to the company to help their trading partner develop an action plan to improve its performance.&nbsp;</p> <h2>Integration in the Procurement Process</h2> <p>Driving results beyond compliance also requires connecting the dots from the trading partner&rsquo;s performance ranking system to the procurement decisions and behavior. This includes setting targets and business rules linked to performance as well as technical integration by connecting software systems to drive internal adoption.</p> <p>The connection of business decisions to sustainability performance drives behavior change and higher performance from both buyers and suppliers alike.</p> <h2>Collaborate to Drive Improvements and Innovation</h2> <p>Collaboration with firms and stakeholders is vital. This can be achieved by proactively designing out problems in the supply chain in both products and processes. For example, incorporating Lean principles aligned with sustainability best practices such as reducing resource use and waste, valuing the workforce and reducing downtime can become part of the continuous improvement program.</p> <p>Companies can also go beyond performance targets and empower workers through education by making direct investments in their suppliers&rsquo; employee development. The result is a supplier base with a better-educated workforce who are prepared to use their own voice to ensure fair labor and human rights practices are present and implemented in trading partners.</p> <p>Pressures around sustainability and transparency are growing. The supply chain is the largest risk but also the largest lever of opportunity for building a more sustainable and resilient business. Rethinking and rebuilding supply chain strategy around resilience and sustainable value creation enables organizations to respond faster to changing business conditions and seize opportunities so they can continue to thrive.</p> <p><em>Want to learn how EcoVadis empowers sustainable procurement and climate change leaders with insights on supplier GHG/carbon management practices? Check out the upcoming <a href="https://ecovadis.com/events-webinars/sig-solution-deep-dive-webinar-the-ecovadis-carbon-action-module/" target="_blank">SIG Solution Deep Dive Webinar: The EcoVadis Carbon Action Module</a>. Everyone registered will receive the on-demand recording.</em></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/compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Compliance</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/sustainable-sourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Sustainable Sourcing</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/ethical-sourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Ethical Sourcing</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/ecovadis" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">EcoVadis</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="Compliance Does Not Equal Resilience - Future of Sourcing" addthis:url="http://futureofsourcing.com/compliance-does-not-equal-resilience"><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> Mon, 24 May 2021 17:00:00 +0000 Pierre-Francois Thaler 1992 at http://futureofsourcing.com http://futureofsourcing.com/compliance-does-not-equal-resilience#comments 8 Factors to Consider Before Choosing an Outsourcing Company http://futureofsourcing.com/8-factors-to-consider-before-choosing-an-outsourcing-company <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/8%20Factors%20to%20Consider%20Before%20Choosing%20an%20Outsourcing%20Company.png"><a href="http://futureofsourcing.com/sites/default/files/articles/8%20Factors%20to%20Consider%20Before%20Choosing%20an%20Outsourcing%20Company.png" title="8 Factors to Consider Before Choosing an Outsourcing Company " class="colorbox" rel="gallery-node-1953-wvIGaiEoMXk"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/8%20Factors%20to%20Consider%20Before%20Choosing%20an%20Outsourcing%20Company.png?itok=3mhso1gp" width="624" height="325" alt="8 Factors to Consider Before Choosing an Outsourcing Company " 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>8 Factors to Consider Before Choosing an Outsourcing Company&nbsp;</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="/top-7-reasons-why-you-should-outsource-a-software-project">Top 7 Reasons Why You Should Outsource a Software Project</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>From being a startup to a scale-up, businesses today have the advantage of cutting-edge technology and a diverse talent pool to realize their vision. But when growth is happening at a faster pace and wider scale than expected, there&rsquo;s a danger for some companies to fall behind.</p> <p>This period of growth can cause small businesses to fail if they have limited resources to keep up with the velocity of change. For those ready to take the next step, however, their growth plans often include business process outsourcing (BPO) as a strategy.</p> <p>Outsourcing enables businesses to team up with a third party that already has the resources, expertise and capacity to support growth.</p> <p>How can a scale-up business select the right outsourcing partner for their business? Here are eight factors to consider when choosing an outsourcing partner:</p> <h2>Scope of Projects</h2> <p>The most crucial question to ask when a small firm is scaling up is the variety and scope of its projects. In the <a href="https://www.spiralytics.com/blog/e-commerce/" target="_blank">e-commerce</a> industry, for example, retailers have to establish and maintain their presence across multiple sales and marketing channels to cover the entire customer journey efficiently. Over time, the scope of work can be overwhelming for a small team left to manage different projects all at once.</p> <p>This is the reason a number of businesses choose to outsource transactional processes, such as HR and payroll management, accounting and even customer and technical support services. Outsourcing to a reliable partner enables businesses to allocate more of their time, energy and financial resources to revenue-generating strategies instead.</p> <h2>Size of the Team</h2> <p>In the digital economy, a business can grow quickly overnight. But given the size of their current teams, not all companies can keep pace with the demands of expansion just as swiftly as operational changes take place. So, most employers <a href="https://boothandpartners.com/blog/here-are-4-reasons-why-you-should-consider-staff-leasing-for-your-business/" target="_blank">consider staff leasing</a> as a solution to these gaps in human resources.</p> <p>A remote team trained extensively by an outsourcing firm can step in and provide support services to clients almost immediately. What&rsquo;s more, the client won&rsquo;t have to incur additional training costs to bring workers up to speed. And should the client encounter logistical problems, as seen with the COVID-19 lockdowns, a remote team will still be available to ensure that the client&rsquo;s operations run smoothly.</p> <h2>Expertise and Quality Assurance</h2> <p>Building your business through outsourcing isn&rsquo;t just a numbers game. Increasing your available workforce is only part of the benefit of finding a reliable outsourcing company.</p> <p>The most trusted names in the BPO industry also invest in the upskilling of workers and their mastery of digital tools to guarantee that clients receive the level of proficiency and service quality they require.</p> <p>Because of the effort of outsourcing firms to future-proof workers&rsquo; skills, they are able to set the standards of service of <a href="https://ebcallcenter.com/outsourcing/how-to-choose-between-in-house-outsourced-customer-support-teams" target="_blank">in-house and outsourced teams</a> on par with one another. At other times even, subject matter experts from a third party may have a better grasp of a discipline than a self-styled resident expert would.</p> <p>Apart from training, senior staff members at outsourcing firms also monitor team productivity and perform quality assurance checks regularly. This is done to give clients peace of mind when it comes to the firm representing their brand to customers.</p> <h2>Cost Efficiency</h2> <p>By comparing the cost of outsourcing with its benefits, a number of businesses have seen the efficiency of hiring a third-party firm as opposed to managing routine and time-consuming tasks in house.</p> <p>When choosing an outsourcing partner, it&rsquo;s best for the client to be clear about specific processes that they need &ndash; right down to the everyday tasks of workers and how the quality of service will be measured and reported back to the firm.</p> <p>This way, the firm can immediately audit the services they are required to provide and calculate the expenses associated with them. The client can then compare the rates based on which services promise to do more for less.</p> <h2>Infrastructure</h2> <p>Another crucial factor to consider when outsourcing services is the business climate of the BPO firm&rsquo;s country of operation. They can work to upgrade their technical expertise and infrastructure, but all these components will prove useless if their base of operations isn&rsquo;t friendly to overseas businesses.</p> <p>This is why clients <a href="https://selectvoicecom.com.au/best-outsourcing-country-asia/" target="_blank">choose the best country in outsourcing</a> before deciding on a suitable partner. Businesses should determine whether the country of operation has the latest telecommunication networks to handle data-intensive work. It&rsquo;s also crucial that the outsourcing destination has a power grid large enough to support entire industries without the risk of prolonged electrical failures, which delay services significantly.</p> <h2>Compliance</h2> <p>Aside from having infrastructure support, an outsourcing partner should also show a track record of complying with regulations &ndash; among them, data privacy and intellectual property laws in their country of operations. The client should ask the firm to guarantee adherence to laws protecting both the business and the outsourcing partnership. Without this protection, a client could end up at risk. Compliance should be one of the first questions outsourcing partners discuss.</p> <h2>Communication</h2> <p>The outsourcing firm should appoint contact persons ready to respond to the questions and concerns of the client 24/7. This practice builds a culture of trust and transparency between the firm and its stakeholders. Account managers should work closely with workforce managers who will then cascade the client&rsquo;s requirements to the teams on the ground helping to support the business.</p> <h2>Culture</h2> <p>The final test when choosing a potential outsourcing partner is the company&rsquo;s overall workplace atmosphere. It&rsquo;s critical for the client to see whether their own values are reflected in the way the firm does business and cares for their team &ndash; and whether the people who work for them are also enjoying a well-balanced life and career free of toxicity in the workplace. In the end, having the right leadership and management culture will set the top firms apart from all the others.</p> <p>When businesses experience rapid growth, they may find that outsourcing to a trusted third party has benefits that go beyond addressing gaps in skills and project management. However, clients will have to weigh their options closely to ensure their outsourcing partner is representing the business the best way they know how.</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/compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Compliance</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/bpo" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">BPO</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="8 Factors to Consider Before Choosing an Outsourcing Company - Future of Sourcing" addthis:url="http://futureofsourcing.com/8-factors-to-consider-before-choosing-an-outsourcing-company"><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, 31 Mar 2021 02:00:00 +0000 Regina Del Rosario 1953 at http://futureofsourcing.com http://futureofsourcing.com/8-factors-to-consider-before-choosing-an-outsourcing-company#comments Securing Remote Workforces, Payments and Customer Data in a Rapidly Evolving World http://futureofsourcing.com/securing-remote-workforces-payments-and-customer-data-in-a-rapidly-evolving-world <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%2861%29.png"><a href="http://futureofsourcing.com/sites/default/files/articles/Copy%20of%20FoS%20Header%20Images%20%2861%29.png" title="Securing Remote Workforces for compliance" class="colorbox" rel="gallery-node-1793-wvIGaiEoMXk"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Copy%20of%20FoS%20Header%20Images%20%2861%29.png?itok=xeLiJ1Vt" width="624" height="325" alt="Securing Remote Workforces for compliance" 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="/10-plays-to-win-the-sourcing-talent-game">10 Plays to Win the Sourcing Talent Game</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>While the rapid shift to a remote workforce model in the wake of the COVID-19 pandemic has driven many changes for businesses around the world, a few constants have grown in importance. To maintain operations as seamlessly as possible, organizations must secure their payment systems, technology access, and sensitive customer data no matter where it resides, and that is particularly true when it is being accessed or processed by employees from their homes.</p> <p>Many organizations have undergone a rate of digital transformation in recent months that was previously unmatched over several years. Out of necessity, consumers have turned to and rely on online and mobile channels or have dialed into call centers to make purchases, schedule medical appointments, change their travel plans, pay bills and more. These shifts have placed increased workload and responsibility on customer support teams, salespeople, IT security personnel and the businesses that employ them. They must maintain operations and provide newly remote employees with access to business technologies, while still ensuring that sensitive customer data is appropriately secured in compliance with current and emerging privacy regulations.&nbsp;&nbsp;</p> <p>Considering this situation, a few key questions immediately come to mind. For example, how can organizations ensure their employees who handle payments and other types of personally identifiable information (PII) maintain compliance with data security and privacy regulations like the <a href="https://semafone.com/blog/what-is-pci-dss-compliance-and-why-does-it-matter/" target="_blank">Payment Card Data Security Standard (PCI DSS)</a> when working from their homes? How can companies protect employees and their networks from increased COVID-19 cybersecurity risks? And how can businesses ensure they not only survive but actually keep sight of their business goals during an extended change to their operational model?</p> <h1>How to Protect Payments, Business Systems and Customer Data from Anywhere</h1> <p>Fortunately, despite all of these challenges, there are modern payment technologies and security best practices that organizations can employ to ensure that customer PII is handled in a PCI DSS compliant manner everywhere, while substantially reducing COVID-19 related cybersecurity risks and vulnerabilities.</p> <h1>Minimize Exposure to Sensitive Card Data</h1> <p style="margin-left:.5in;">One of the most effective ways to protect payment card data and other PII is to ensure it is never held by customer service representatives (CSRs), sales professionals or other employees who do not need access to it, regardless of where they are working.</p> <p style="margin-left:.5in;">Consumers now expect to make payments across a full array of customer engagement channels. Modern <a href="https://semafone.com/semafone-solutions/cardprotect/relay-plus/" target="_blank">cloud-based payment solutions</a> enable CSRs and sales professionals to facilitate transactions on any medium customers prefer. These mediums include the phone, web chats, social media, email, SMS, e-commerce and m-commerce, even through the use of QR codes and more. Meanwhile, by using technologies like <a href="https://semafone.com/blog/dtmf-masking-used-payment-processing/" target="_blank">dual-tone multi-frequency (DTMF) masking</a>, secure payment hyperlinks and encryption, the sensitive payment data bypasses the employee and organization&rsquo;s network completely and is routed directly to the payment service provider (PSP) for processing.</p> <p style="margin-left:.5in;">Because the sensitive data is never handled or stored by the employee, the business is able to maintain PCI DSS compliance and minimize security risks such as data breaches or fraud.</p> <h1>Strengthen Remote Cybersecurity Procedures</h1> <p style="margin-left:.5in;">With a dispersed workforce, having strong cybersecurity protocols is more important than ever before. Since the COVID-19 pandemic began, cyberthreats targeting remote workers and vulnerable businesses have increased on a massive scale. For example, it has <a href="https://www.infosecurity-magazine.com/news/covid19-drive-phishing-emails-667/" target="_blank">been reported</a> that phishing attempts and business email compromise (BEC) attacks have soared more than 600 percent since the end of February.</p> <p style="margin-left:.5in;">To protect against these threats, organizations must secure the owned laptops, mobile phones and other Wi-Fi enabled devices that connect to their networks, while also protecting against potential vulnerabilities introduced by employees&rsquo; devices. Organizations can mitigate these challenges and continue to comply with regulations like PCI DSS by using encryption methods such as WPA2 and installing a corporate VPN.</p> <h1>Conduct Privacy Compliance and Security Training</h1> <p style="margin-left:.5in;">To ensure PII remains secure and protocols are followed, it is also important that remote employees are trained on the risks and steps needed to maintain security across workflows and devices when working at home.</p> <p style="margin-left:.5in;">Organizations should conduct a mandatory refresher training on PCI DSS security awareness for all employees, as well as to help them recognize common COVID-19 cybersecurity threats. These training sessions should instruct workers on a variety of topics including: best practices for password security; how to ensure devices are patched, malware protected and using a firewall; always using encrypted communications channels, such as a VPN, to access a company network; ensuring that housemates or family members don&rsquo;t have access to business systems or overhear CSRs discussing customers&rsquo; sensitive information over the phone; among others.</p> <h1>Harness Real-Time Analytics for Decision-Making</h1> <p style="margin-left:.5in;">Finally, businesses should also consider using real-time analytics to improve their decision making when operating with a remote workforce. By leveraging real-time analytics, organizations can gain a reliable view of how their payment and customer support systems are operating from anywhere. Gaining robust analytics on all customer touchpoints or potential areas of concern &ndash; including failed payments, system resets or increased wait times &ndash; can also help to improve customer and employee satisfaction, or to adjust their operations as needed.</p> <p>As businesses become accustomed to navigating a remote workforce with modern technologies, they will move into a more secure operational state. By following these best practices, organizations can maintain secure payments and compliance with customer data and privacy regulations, while preparing their workforce and systems for the future.</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/remote-workforce" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">remote workforce</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/risk-management-and-compliance-grc" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Risk Management and Compliance (GRC)</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Compliance</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/digital-transformation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Transformation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/payment-solutions" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">payment solutions</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/cybersecurity" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Cybersecurity</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="Securing Remote Workforces, Payments and Customer Data in a Rapidly Evolving World - Future of Sourcing" addthis:url="http://futureofsourcing.com/securing-remote-workforces-payments-and-customer-data-in-a-rapidly-evolving-world"><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> Thu, 11 Jun 2020 17:01:42 +0000 Gary E. Barnett 1793 at http://futureofsourcing.com http://futureofsourcing.com/securing-remote-workforces-payments-and-customer-data-in-a-rapidly-evolving-world#comments Strategies to Drive Procurement Compliance and Manage Rogue Spend http://futureofsourcing.com/strategies-to-drive-procurement-compliance-and-manage-rogue-spend <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%2851%29.png"><a href="http://futureofsourcing.com/sites/default/files/articles/Copy%20of%20FoS%20Header%20Images%20%2851%29.png" title="Procurement Compliance and Spend Management" class="colorbox" rel="gallery-node-1782-wvIGaiEoMXk"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Copy%20of%20FoS%20Header%20Images%20%2851%29.png?itok=dE33L-8x" width="624" height="325" alt="Procurement Compliance and Spend Management" 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="/third-party-and-supply-chain-risk-management-then-and-now">Third Party and Supply Chain Risk Management: Then and Now</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>Compliance is a critical purchasing success factor. Aside from the tremendous amount of financial impact, compliance has other positive outcomes. When employees comply with purchasing through designated supplier programs, it significantly streamlines the supply chain, allowing your organization to be agile and flexible.</p> <p>&nbsp;Pairing the right supplier with their areas of expertise enables employees to quickly connect the right program for their needs at a discounted rate. It helps reduce unnecessary steps, deliveries, downtime and eliminates unneeded time searching for products. Additionally, it provides a line of sight into the supply chain to ensure that suppliers are properly vetted, reliable, and deliver quality products on time.</p> <p>When higher compliance rates are achieved within purchasing, there are benefits throughout the entire company and continuous savings. However, regulating company spend and managing rogue purchasing is an ongoing, and at times daunting, task for procurement professionals.</p> <h1>Ways To Drive More Compliance</h1> <p>When strategizing ways to achieve more compliance within your company, there are some essential components at a category level that enhance adherence to your new program. While it is likely you are already making some effort at each one of these steps, it is critical to have a comprehensive approach to manage rogue spend and achieve greater compliance.</p> <h1>Communication</h1> <p>Communication is key in driving purchasing compliance, not only at the corporate level but companywide. You will not have full cooperation without properly conveying the importance of company and category goals. Aligning purchasing habits within a new supplier program will help address rogue spend. However, communication efforts shouldn&rsquo;t begin and end with the supplier implementation process.</p> <p>Every employee who can impact compliance should be kept up to date beyond the launch of the program. That means your C-Level contacts and the end-users at the facility level should all receive communication and follow-ups throughout the life of the program. We begin well before a program has launched by pulling in necessary stakeholders and notifying all category users that the program launch is imminent. Most companies communicate the program launch well, but then consistent communication and additional educational content for end-users quickly tapers off. Instead, an advanced communication approach continues category education over the entire life of a program.</p> <h1>Program Design</h1> <p>Understanding the critical needs of users today and three years from today is quite a task. Pulling input from as many stakeholders as possible upfront will aid in understanding why they will (or won&rsquo;t) fully utilize a program. Every category is different. Are a few essential items critical? Or is the category going to consistently churn? Your agreement needs to ensure that the first time an item is priced, that has never been purchased before, strikes users as the right option. Seeing a bad price on an item, no matter how insignificant in the overall scheme of the category, can have a deleterious effect on compliance in many categories.</p> <h1>Reporting</h1> <p>The best way compliance goals can be tracked and measured is through clean data and advanced reporting. In order to get a full line of sight into the supply chain without straining your own resources, is to tap your supplier for solutions to provide inventory management specialists or seek third party assistance from a GPO which can provide enhanced analytics and streamline supplier data. These resources will reveal spending patterns, inventory issues and rogue spend that should be designed back into the program.</p> <p>There are two types of reporting, which are essential post-launch: compliance reporting and long-term savings reporting. Compliance reporting should be frequent, start soon after program launch, and create visibility to both site and subcategory purchases relative to expected activity levels. Reports should be frequent early in the agreement, but should also be revisited periodically throughout the agreement. Savings reporting should occur regularly, and users should see the actual savings on a regular basis over the entire course of the contract (not just the first year).</p> <h1>Non-Category Level Compliance Drivers</h1> <p>There are several other factors that apply to the entire purchasing regime that also aid in the path to compliance nirvana.</p> <h1>Technology</h1> <p>The technology used when purchasing can make a significant impact on compliance. Whether it&rsquo;s a P2P system integration or portal on the supplier website, it is vital for employees to understand the preferred path when purchasing. Make it easy by having the supplier&rsquo;s eProcurement solution integrated with your P2P system to increase compliance. Provide information companywide about supplier changes or post purchasing guidelines on your company&rsquo;s intranet for all employees to access.</p> <p>If purchasing systems are not cohesive or vary at the site level, consider utilizing a login portal for the supplier site for purchasing. Provide employees with an easy user-guide, host a webinar, include information in an internal newsletter and highlight the supplier&rsquo;s mobile app to make it easy for employees to use it on the go. Harness technology and get employees connected digitally to create a smooth user experience and more adoption of your supplier program. To achieve greater compliance, some companies go to the extent of blocking outside supplier websites to ensure that rogue spend is controlled.</p> <h1>Executive Support</h1> <p>While we cannot expect to have unflapping co-communication throughout our supply chain, there are a few key areas that we have identified to get everyone on the same page. Develop and communicate clear compliance expectations to everyone involved in the purchasing process. Ideally, this message comes from the right executive in your organization. Another key point for sponsorship is right before category launch having at least one executive sign-off or even send the communication that a new program is on the way to gain companywide support.</p> <p>Incorporating these essential steps into your business model will help address rogue spend at multiple levels within an organization. Keeping employees well informed, utilizing technology to streamline purchasing and advanced reporting capabilities are critical components to driving compliance, managing rogue spend, and building lasting savings for your company.</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/spend-management" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Spend Management</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Compliance</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/procurement" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Procurement</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/procure-to-pay-p2p-0" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Procure-To-Pay (P2P)</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/category-management" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Category Management</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/spend-categories" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Spend Categories</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="Strategies to Drive Procurement Compliance and Manage Rogue Spend - Future of Sourcing" addthis:url="http://futureofsourcing.com/strategies-to-drive-procurement-compliance-and-manage-rogue-spend"><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> Mon, 01 Jun 2020 14:54:09 +0000 Dan Anzevino 1782 at http://futureofsourcing.com http://futureofsourcing.com/strategies-to-drive-procurement-compliance-and-manage-rogue-spend#comments Understanding the Data Security, Compliance and Customer Experience Trends Shaping Your Business in 2020 http://futureofsourcing.com/understanding-the-data-security-compliance-and-customer-experience-trends-shaping-your-business-in <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%282%29.png"><a href="http://futureofsourcing.com/sites/default/files/articles/Copy%20of%20FoS%20Header%20Images%20%282%29.png" title="Understanding the Data Security, Compliance and Customer Experience Trends Shaping Your Business in 2020 " class="colorbox" rel="gallery-node-1713-wvIGaiEoMXk"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Copy%20of%20FoS%20Header%20Images%20%282%29.png?itok=LE3L6RMA" width="624" height="325" alt="Understanding the Data Security, Compliance and Customer Experience Trends Shaping Your Business in 2020 " 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 align="center"><em>Six predictions to help businesses navigate the new technology and regulatory landscape this year</em></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="/how-to-increase-sales-and-loyalty-with-omnichannel-payments">How to Increase Sales and Loyalty with Omnichannel 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>As businesses across all industries undergo digital transformation and adopt <a href="https://futureofsourcing.com/how-to-increase-sales-and-loyalty-with-omnichannel-payments" target="_blank">new, omnichannel strategies for engaging with customers</a>, the enterprise contact center of today is continuously evolving and looks dramatically different than in the past. Once a single channel for telephone support, contact centers today support a wide range of customer service and sales channels &ndash; from email to the website, online chat, social media platforms, SMS text messages and more.</p> <p>At the same time, the regulatory landscape governing businesses is constantly evolving and becoming more stringent. From the EU&rsquo;s General Data Protection Regulation (GDPR) to the California Consumer Protection Act (CCPA), and the Payment Card Industry Data Security Standard (PCI DSS), contact centers must contend with a wide variety of regulatory requirements mandating how they collect, process and store consumers&rsquo; personally identifiable information (PII).</p> <p>With so many changes in the industry occurring each year, it can be difficult to keep up. In order to help organizations better understand the current trends affecting their contact centers today, here are six of my top predictions around payments technology, cybersecurity and the regulatory landscape for 2020 and beyond.&nbsp;&nbsp;</p> <h1>As consumers increasingly embrace omnichannel, their expectations for fast, frictionless and convenient transactions will only grow.&nbsp;</h1> <p>As consumers increasingly use their mobile and Internet-connected devices to engage with businesses and make purchases, they have come to expect nearly instantaneous and completely seamless service and support &ndash; no matter what channel they&rsquo;re using. To keep up with these ever-increasing customer expectations, as well as with the growing list of data security and privacy regulations, organizations will need to invest in newer, more secure, omnichannel payments technologies that help them meet and maintain compliance with the latest data security regulations. In doing so, they will be able to create the unified and frictionless omnichannel experience their customers expect across all buying channels. If outsourcing their operations to third-party service providers, organizations must make sure their partners&rsquo; processes and solutions meet their standards for convenience, compliance and data security.</p> <h1>Privacy legislation will change on a global scale.</h1> <p>Contact centers often serve as the central hub for customer interactions in an organization. As a result, they handle large volumes of sensitive data such as customer names, addresses, birthdates, bank account information, payment card data and more. In recent years we&rsquo;ve seen a number of new regulations aimed at helping ensure businesses are protecting their customers&rsquo; sensitive PII, including the GDPR in 2018 and the CCPA, which just went into effect in January 2020. It&rsquo;s not only organizations in the EU or California that must comply with these regulations&mdash;they will have a ripple effect around the world and businesses in other geographies should be prepared to comply with these and similar data privacy laws that are sure to be enacted. Following California&rsquo;s lead, several other states in the United States have already introduced their own data privacy laws modeled after the CCPA. For example, the states of Washington, New Hampshire and Illinois have all introduced data privacy bills in January of 2020. A bill was even <a href="https://www.databreachtoday.com/fresh-privacy-legislation-would-jail-ceos-for-violations-a-13268" target="_blank">introduced into the U.S. Senate</a> that proposes jailing CEOs for data privacy violations. I expect that the number of data privacy and security regulations around the globe will only continue to increase in 2020 and beyond.</p> <h1>Peer-to-peer payment systems will continue to grow in popularity.</h1> <p>For many people, the ease and convenience of sending money from one person to another via apps like Zelle, Venmo and PayPal is highly appealing. While businesses now recognize the importance of these peer-to-peer payment systems for enabling a superior desirable customer experience, it remains a challenge to implement these types of technologies into enterprise environments. At the same time, many consumers remain cautious of linking their payment card details or bank account information to new, unproven mobile apps given the numerous, high-profile data breaches that have made headlines. For this reason, it is incredibly important that businesses establish trust by reassuring their customers of the safety and security of their payment processes. By adopting secure and PCI DSS compliant methods for peer-to-peer payments and other payment processes, businesses can enable purchases across any channel while alleviating their customers&rsquo; concerns of a data breach.</p> <h1>We will see growing use of automation and artificial intelligence (AI) in the cybersecurity space.</h1> <p>As cybercriminals and their methods of attack become increasingly sophisticated, organizations are struggling to stay ahead of the threats with the current procedures and systems that they have in place. Traditional methods such as antivirus and anti-malware solutions are no longer adequate for keeping sensitive organizational data or consumer PII safe. In order to fill these gaps as well as provide huge cost savings, many organizations today are incorporating automation and AI into their cybersecurity strategies. This will not only help organizations overcome the professional skills shortage that is occurring in the cybersecurity industry but also enables faster and more nimble defenses against new threats.</p> <h1>Contact centers will no longer be viewed as a cost center, but rather, as a revenue generator.</h1> <p>As contact centers move to adopt more omnichannel communications and payments technologies, they are no longer seen as simply a means of resolving customer service issues. They are now recognized for their potential as revenue-generating entities. With new technologies and processes in place, contact centers can meet consumers in their preferred channel and provide superior customer experience, enabling fast, convenient and secure purchases through voice, SMS, online chat, social media platforms or any other communications channel, and thereby increasing sales, conversion rates and revenue.&nbsp;</p> <h1>Consumers will want it their way.</h1> <p>Today&rsquo;s consumers expect greater speed and flexibility than ever before when it comes to choosing their methods for making purchases, paying bills and receiving customer support. Organizations across all industries will need the ability to engage and transact with their customers at all times, anywhere, across any touchpoint, device or channel.&nbsp;With an omnichannel strategy, enterprise contact centers can evolve to become true customer engagement centers that not only exceed customer experience expectations but also increase sales, customer retention and brand loyalty.</p> <p>By understanding the data security, customer experience, compliance and technology trends affecting their contact centers, organizational leaders can better position their businesses for continued growth in 2020 and beyond. Here&rsquo;s wishing your business success for years to come!</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/data-security" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Data Security</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Compliance</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/cybersecurity" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Cybersecurity</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="Understanding the Data Security, Compliance and Customer Experience Trends Shaping Your Business in 2020 - Future of Sourcing" addthis:url="http://futureofsourcing.com/understanding-the-data-security-compliance-and-customer-experience-trends-shaping-your-business-in"><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, 01 Mar 2020 22:45:22 +0000 Gary E. Barnett 1713 at http://futureofsourcing.com http://futureofsourcing.com/understanding-the-data-security-compliance-and-customer-experience-trends-shaping-your-business-in#comments Innovations in Governance & Compliance: E*TRADE Financial Corporation http://futureofsourcing.com/innovations-in-governance-compliance-etrade-financial-corporation <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%20Header%20Image_Innovations%20in%20Governance%20and%20Compliance_3.png"><a href="http://futureofsourcing.com/sites/default/files/articles/FOS%20Header%20Image_Innovations%20in%20Governance%20and%20Compliance_3.png" title="Innovations in Governance &amp; Compliance: E*TRADE Financial Corporation" class="colorbox" rel="gallery-node-1614-wvIGaiEoMXk"><img typeof="foaf:Image" src="http://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/FOS%20Header%20Image_Innovations%20in%20Governance%20and%20Compliance_3.png?itok=887sj0Zh" width="624" height="325" alt="Innovations in Governance &amp; Compliance: E*TRADE Financial Corporation" 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>This October, the&nbsp;<a href="https://futureofsourcingawards.com/?__hstc=215510152.344406f4865c40604cf6029be7e958e0.1543422516683.1570835886974.1570842947555.661&amp;__hssc=215510152.2.1570842947555&amp;__hsfp=847670889" target="_blank">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 how E*TRADE Financial Corporation leveraged the workflow capabilities of SharePoint to capture approvals and move vendor on-boarding requests to the various groups across their organization.</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>Our Procurement team took over the process to identify vendor inherent risk from our Third Party Risk Management (TPRM) group. The process we acquired was driven by email and shared drive folders. We were receiving an average of 70 emails per week, and this manual, high volume process was ripe for human error. &nbsp;&nbsp;</div> <div>&nbsp;</div> <div>We decided to develop a digital intake solution, which would create single point of entry. The company had just rolled out SharePoint and we decided to leverage that platform to create the intake solution. We realized that we could also leverage the workflow capabilities of SharePoint to capture approvals and move vendor on-boarding requests to the various groups (e.g. Finance, Legal, AP) across our process. &nbsp;&nbsp;</div> <div>&nbsp;</div> <div>While the initial use case for the SharePoint solution was to manage the risk review process, other stakeholders quickly saw the value, and we designed and built out a robust digital workflow solution for their expanded use.&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> <div>Initially, the Procurement, Contracting and TPRM processes were managed through email, and folders on enterprise shared drives. &nbsp;Individuals would develop their own ad-hoc Excel based trackers to keep track of the very manual process steps. &nbsp;We were also required to store multiple emails, documents and approvals as evidence for audit purposes. &nbsp;The manual nature of the process and heavy document retention requirements were inspiration to develop a solution that would automate many of the non-value add steps. &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>We measured success for the project using the following metrics:&nbsp;</div> <div>&nbsp;</div> <ul> <li>Improved efficiency: Time saving of ~5 hours of FTE time / week</li> <li>Reduction in email requests: Average reduction of 70 emails</li> <li>Strengthened controls through automation and digital tracking &ndash; the workflow solution enforced and tracked two approvals: <ul> <li>Business approval of the spend &nbsp;</li> <li>Finance approval of budgeted amount &nbsp; &nbsp;</li> </ul> </li> </ul> <div><strong>How you plan to ensure that the new model remains relevant and adapts to the future needs of the market?&nbsp;</strong></div> <div>We have a process to receive enhancement requests from our end users. &nbsp;Those requests are assessed by the benefit they will deliver and complexity to incorporate. &nbsp;We then prioritize accordingly. &nbsp;Once new functionality is built, we test the enhancements before rolling them out to the broader end user organization. &nbsp;This process has enabled us to deliver multiple enhancements since our initial roll-out. &nbsp;&nbsp;</div> <div>&nbsp;</div> <div> <h3><em>What advice do you have for those who may want to implement this innovative approach in their own organizations?</em></h3> </div> <div>While there are many off the shelf solutions available, for those with the appetite, we recommend considering the tools your organization may already have available, to develop a solution to meet your needs. &nbsp; By doing so, we were able to develop a custom, scalable solution in a short time frame. &nbsp;We did not have to rely on Technology resources for implementation, and we also have ownership to administer our own enhancements.&nbsp;</div> <div>&nbsp;</div> <div>We recommend taking a structured approach to development:&nbsp;<br />&nbsp;</div> <ol> <li>Conduct outreach to your stakeholder group to understand their pain points</li> <li>Clearly define the problem(s) you are trying to solve</li> <li>Document future state processes including any enhancements, automation, etc. your solution will deliver<br />Return to your stakeholder group to gain buy-in on the future state&nbsp;</li> <li>Build your solution</li> <li>Test your solution<br />Consider identifying a few end users to pilot the solution and provide you with feedback</li> <li>After refining accordingly, roll-out your solution with appropriate communication and support tools (FAQs, training material, job aids, etc.)</li> <li>Implement continuous improvement by continuing to invest in enhancements to the solution&nbsp;</li> </ol> <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> </div> <div>We were able to garner support from our organization by articulating the value it would deliver to impacted stakeholders. &nbsp;For example, the solution minimized confusion for our business users by providing a single point of entry for vendor requests. &nbsp;For our Procurement organization, the solution provides visibility in a dashboard view of their workload. &nbsp;And for our Risk and Audit organizations, required approvals and documentation are trackable and accessible. &nbsp;&nbsp;</div> <div>&nbsp;</div> <div>We also invested the time upfront in developing training content that was published on our company&rsquo;s intranet site. &nbsp;This enabled our end users to self-serve and easily access information regarding the new tool. &nbsp;</div> </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/third-party-risk-management" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Third Party Risk Management</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/governance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Governance</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/compliance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Compliance</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></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: E*TRADE Financial Corporation - Future of Sourcing" addthis:url="http://futureofsourcing.com/innovations-in-governance-compliance-etrade-financial-corporation"><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> Sat, 21 Sep 2019 01:47:12 +0000 Future of Sourcing Awards 1614 at http://futureofsourcing.com http://futureofsourcing.com/innovations-in-governance-compliance-etrade-financial-corporation#comments