As the world slowly moves past the Covid-19 pandemic with the arrival of the vaccines, the job market is starting to gather itself and get back into momentum. But the newer challenges for organizations that arise daily have rendered recruitment to take a back seat. A well-established recruitment strategy can be your redeemer in the coming post-COVID era as you start re-establishing your company, even though it may be tricky to envision what HR will look like in a post-pandemic world.
According to McKinsey, global indirect procurement spend has been growing by an estimated 7% each year since 2011. Many of the inflationary factors driving this rise are well outside of most organizations’ control – so what can today’s procurement teams do to keep these essential costs under control?
According to The Hackett Group’s 2021 Procurement Key Issues Study, the 2020 crisis continues to shape the 2021 procurement agenda. Unprecedented business disruption forced procurement organizations to refocus on supporting critical business operations and harnessing the value from supplier relationships, resulting in a pivot toward supply assurance and spend cost control.
In 2021, spend cost reduction remains the top priority for the procurement agenda and procurement must provide stability to the enterprise through spend cost control and supply assurance.
Contracting, common for every company, is something that few companies do efficiently or effectively. The process of reviewing contracts and legal documents is manual, tedious and error-prone, exposing organizations to legal risks if not well managed. The financial consequences can also be severe. KPMG estimates that inefficient contracting causes firms to lose up to 40 percent of value on a given deal, depending on circumstances.
Searching and evaluating the right Procure-to-Pay (P2P) software can be a daunting and sometimes frustrating task. Whether you are an experienced procurement professional with years of category expertise and have spent long hours within your ERP and P2P platform, or you are scouting for the right platform for your company for the first time, knowing what you need is vital.
Detecting the SolarWinds Hack
The cybersecurity world has been overtaken with concern over a state-sponsored cyberattack perpetrated by Russian intelligence agents against multiple federal agencies, including those responsible for our nuclear stockpile. Prominent cybersecurity firms such as Microsoft and FireEye, who were also victims of the attack, were the first to identify it.
A Focus on the Value and Virtue of Supply Chains
After a historically disruptive year, Original Equipment Manufacturers (OEMs) are waking up to the fact that the measure of a supply chain is much greater than its landed costs. Meanwhile, consumers are more vocal than ever about the virtue of the companies from which they purchase. They want products, solutions, and supply chains to reflect their own ideals and aspirations related to sustainability, inclusion and fairness.
As I reflect on the turbulence from this infamous last year, a predictable pattern has emerged: organizations that were able to digitally transform their business prior to the pandemic were able to mitigate most of the risks the pandemic presented to business continuity. In obvious contrast, organizations that hadn’t been able to do so fell victim to those risk factors. As we saw with numerous industries, businesses unable to shift their focus quickly during lockdown or acute supply chain disruption, suffered great impact in the immediate term.
So, you’ve just shelled out big money to have it classified and your data will almost certainly be correct when you receive it, but it will only stay accurate for a short period of time.
Organizations are putting a magnifying glass to their global workforce. Through continuous changes in local employment laws and additional scrutiny towards proper worker classification both domestically and globally, globalization and centralization of an organization’s talent is more important than ever.
Companies who had not centralized their global workforce are now having to consolidate and audit their once independently running teams. Many are finding that having a decentralized HR function is putting their organizations at risk.
For years, experts have urged business leaders to prepare for the coming AI disruption. Realizing the amazing potential of these emerging technologies, they argued, would require businesses to overhaul how they manage data. Yet with the economy booming, many found it easier to push tricky data questions into the future.
2020 brought us a time of reflection on many fronts, from how we eat to how we prioritize, how we think, how we get from point A to point B, to focusing on what matters. Diversity is one of the elements that came to the forefront in 2020 for many people and organizations.
As an immigrant and a minority woman, I never thought that we would be at this place in my lifetime where an open discussion of diversity occurs because I have seen how much of it was shunned systematically in the past.
Given the supply chain disruption, business shut-downs and economic uncertainty caused by COVID-19, it’s never been clearer — doing business closer to your own shores is coming back into vogue.
With recent restrictions on H-1B workers and a tech talent shortage, selecting a nearshorer is fast becoming the first step on a company’s digital transformation journey.
During the COVID-19 pandemic, companies have had to navigate unprecedented supply and demand chain challenges. In fact, industries were seeing increasing instability in this area prior to the pandemic’s onset.
The concept behind a circular economy is simple: minimize waste by reusing, sharing and repairing goods that are already in use. That allows items to remain in the economic system, preventing the need for as many new products to be introduced.
This results in a closed loop. New resources aren’t being used, so energy is conserved.