We are in an unprecedented time around the world, with an extremely wide gap in coping skills. Finding calm and peaceful moments is more important than ever right now. Chronic stress and anxiety takes an incredible toll on many bodily systems, most crucially, the immune system. If we can regulate our own emotions, we can pay better attention to those around us and increase empathy and morale.
The constant cyber threat has completely changed the way boards around the world approach risk. A robust cybersecurity posture is no longer a “nice-to-have” but a business priority, especially at a time of almost pervasive threats. As the need to protect customer data grows, business leaders have been attempting to work out how best to respond to this new reality, and, most importantly, whose responsibility it should be.
Legislation regarding the environment, modern slavery and other sustainable procurement laws are coming into force at a breakneck pace. By embracing change now and adopting ethical and sustainable procurement, organizations can get ahead of the curve. Also, this socially responsible commerce movement is being thrust into the forefront of how business will operate moving forward, given the guidelines for the recent stimulus bill passed in the U.S.
In 2020, you can bet your bottom dollar that consumers won’t be spending theirs on your products if you aren’t striving to operate sustainably.
For years, naysayers have argued that the consumers who say they want sustainable products aren’t actually willing to part with the extra cash to acquire them, opting for fast-fashion and plastic packaging over higher price points. Recent research proves this is simply not the case.
Identify Your Sustainability Priorities
To build a sustainable procurement process that complements your company’s core mission, the next step to take after conducting a thorough spend analysis is to identify the blend of environmental, social and economic sustainability goals your organization both prioritizes and is able to make real impact by addressing.
Across all industries, talent is our single most important resource. Our corporate strategies rise and fall in line with the experience, commitment, and uniqueness of our talent pool. One can often point to economic circumstances, seasonality of your business or other external factors affecting your market position, however even in times of an economic downturn, your talent makes you stand out above your competitors and helps you overcome the downturns faster than others.
When the first few cases of Coronavirus (COVID-19) were detected just four short months ago, few could have expected what has now become our new reality. We are in the midst of a global pandemic outbreak that tragically continues to claim the lives of thousands and disrupt the livelihoods of countless others. On top of that, it’s also causing serious business, supply chain and economic disruptions worldwide. From shortages in supply and talent, to quarantine and border closures, the impact is increasing by the day, continuing to wreak havoc on businesses and supply chains.
A new year and a new decade brings about the end and the beginning of many things. Hopefully the new decade brings an end to the angry woman and cat meme as well as the retirement of the man bun (sorry, it’s not my style). All kidding aside, the new decade brings hope, a chance to renew, a time to reflect and an opportunity to leave the past in the past.
To understand long-term transformations in supply chain and procurement technology, supply chain professionals must be able to understand present trends so they can help shape future realities. Experts believe the following predictions are viable hypotheses that we should consider for 2030.
What’s the biggest challenge in IT deal-making?
Understanding ownership of the process, and what role everyone is playing. This must be clear from the outset. Some organizations are not relationship-driven and rely on the top person, relegating the rest of the team to the sideline. This presents problems, because the team is only involved at the last minute, and by then, it’s too late for them to be effective.
As I am writing this article in late March, the full economic fallout from COVID-19 is not yet known and, in fact, will remain unknown for a while. However, two things are clear. The economic repercussions of COVID-19 will be huge and marketing spending is about to be put under the microscope in ways that we haven’t seen since the “great recession” of 2008-2009.
Just about every company monitors when its staff is absent, whether on a planned holiday or sick, and has a policy for how much leave its employees are entitled to. However, very few go any deeper than this. Absence is observed, but most companies do not see the implications of certain trends or ensure compliance across a global workforce, much less take any proactive steps to help their staff on absence-related issues.