COVID-19 Proves Why It’s Time to Put the Supply Chain on Autopilot

Posted: 01/12/2021 - 02:30
Author: Ali Hasan Raza
The COVID-19 pandemic has exposed the vulnerability of the global supply chain.

The COVID-19 pandemic has exposed the vulnerability of the global supply chain. Precisely when the capabilities of international, interconnected trade mechanisms were supposed to kick into high gear, producers found themselves desperate for supplies while store shelves lacked essential goods. The global supply chain didn’t rise to the occasion. Now, it’s important to examine why.

Use eAuctions Instead of “3 Bids and a Buy” for Greater Savings

Posted: 01/08/2021 - 04:19
Author: Prabhav Pattapurati
Despite auctions being far more efficient than negotiating prices, to secure direct and indirect services and goods, they are entirely underused by multinationals.

In late 2020, Robert Wilson and Paul Milgrom were awarded the Nobel Prize in Economics for breakthrough work on structuring auctions to deliver the best results for both the seller and buyer. Google, for instance, reinvented the advertising industry, which was based on face-to-face, closed-doors deal-making, with its programmatic, automated, real-time, largely auction-based digital platform. In doing so, Google grew exponentially by providing millions of small businesses with the ability to advertise cost-effectively.

Artificial Intelligence Brings Empathy and Linguistics to Customer Service

Posted: 01/04/2021 - 22:51
Author: Krish Gopalan
When artificial intelligence (AI) was first introduced in customer service, it was limited to basic chatbot features. Recent advancements are now bringing a sense of empathy and linguistics to AI agents.

When artificial intelligence (AI) was first introduced in customer service, it was limited to basic chatbot features. Recent advancements are now bringing a sense of empathy and linguistics to AI agents.

Currently being tested by banks in the Middle East, this new AI can detect anger, frustration, and other human emotions both over the phone and online. Impressively, most customers can’t even detect that the voice on the other end of the line is not human.

Tips for Managing a Successful Competitive Bid

Posted: 12/31/2020 - 03:09
Author: Susan Mercer-Tumilty
Agile 4 Step Procurement Methodology

Agile 4 Step Procurement Methodology, developed through decades of experience, delivers practical and sustainable results. It is a method our clients find valuable and one we use internally for our projects, too. Practice what you preach!

Imagine you have a competitive bid to run. You have completed your planning and research, gathered your requirements, performed a marketplace assessment and determined your sourcing strategy. You are ready to move forward with the competitive bid. With so much to do, how do you stay organized and what are the next steps?

A Road Map for Selecting Marketing Technology

Posted: 12/29/2020 - 23:04
Author: Sarah Scudder
It’s no secret that marketing has become heavily dependent on technology and that the number of marketing technologies has been growing at an exponential rate.

It’s no secret that marketing has become heavily dependent on technology and that the number of marketing technologies has been growing at an exponential rate.

The inaugural (2011) version of Scott Brinker’s marketing technology landscape graphic contained roughly 150 solution providers. The 2020 version of the graphic includes 8,000.  This indicates the marketing technology landscape has grown by an astounding 5,233% since 2011.

Navigating Supply Chain Complexities With Sustainability

Posted: 12/22/2020 - 04:50
Author: Pierre-Francois Thaler
This year has proven complex for organizations and their supply chains as they adapt to an ever-changing landscape filled with new risks and volatilities.

This year has proven complex for organizations and their supply chains as they adapt to an ever-changing landscape filled with new risks and volatilities.

Forward-thinking leaders are turning to sustainability as the solution for building long-term resiliency and ROI. The recently released EcoVadis Business Sustainability Risk & Performance Index shows there is additional work to be done in the journey toward more sustainable business.

New Survey Reveals Impact of COVID and Remote Work on Employees

Posted: 12/08/2020 - 03:00
Author: Anant Kale
Organizations have made significant changes to enable working from home, but what has it meant for employees, and, specifically, their expense claims?

Organizations have made significant changes to enable working from home, but what has it meant for employees, and, specifically, their expense claims?

AppZen, the leading AI solution for modern finance teams, released new data that reveals how the pandemic and remote work have impacted company expense reports. CEO Anant Kale provides insights into the findings and how companies should take note when it comes to handling employee expenses moving forward.

Making the Case for Ongoing KYC: Why the Time for Change is Now

Posted: 12/08/2020 - 01:40
Author: John O’Neill
AI can also ensure that learnings from transaction monitoring or false positives are used to refine initial KYC questions, optimizing not just the KYC process but the full AML value chain.

If you work in financial services then you’re already aware that knowing your customer (KYC) is not just an essential process, it is also a legal requirement. It’s part of the essential tasks banks perform to tackle anti-money laundering (AML) and other financial crimes.

Back in June 2017, the European Commission’s Fourth AML Directive set out new rules to help combat money laundering. This was supplemented in January 2020 with the Fifth AML Directive, which aimed to increase transparency about who really owns companies and other financial entities.

Six Strategies for Deciding Which Customers to Serve When Disruption Strikes

Posted: 12/01/2020 - 03:05
Author: Dr. Yossi Sheffi
Large-scale disruptions such as the COVID-19 pandemic cause huge supply/demand imbalances due to interruptions in supply or surges in demand.

Large-scale disruptions such as the COVID-19 pandemic cause huge supply/demand imbalances due to interruptions in supply or surges in demand. In an unstable environment, companies often have to prioritize which customers they serve.

Past disruptions reveal how companies on both ends of the supply chain have handled such challenges, both in terms of tactics they employed and considerations they used for their decisions.

No, It’s Not Enough to Just Use GL Codes to Classify Your Spend Data—Here’s Why

Posted: 11/25/2020 - 02:46
Author: Susan Walsh
Finance departments use GL codes to track spend.

Finance departments use GL codes to track spend. We’re looking at items like office supplies, marketing or maybe a specific project within the business. However, what finance are looking for and what procurement are looking for can be two quite different things.

The Trouble With GL Codes

Firstly, if you're only using your general ledger codes, I can almost guarantee they are wrong! In my experience working with GL codes, I would say 90% of them are unreliable. You'll almost always find something classified under a GL that shouldn't be there.

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