Employee volatility across the Fortune 100 is up 8% on average over last year. This means most companies in the Fortune 100 are facing above-average risk of losing key talent.
Just like in spend data classification, the definition of tail spend is subjective. Some organisations classify tail spend at the bottom 20% of spend, while others might set a financial level such as £100,000 or £1 million.
According to CIPS, tail spend “can often be referred to as rogue spend or maverick spend, is usually small value purchases that are conducted by the organisations outside of a contract and often outside of the awareness of the procurement team.”
Just as we saw in virtually every other industry, the global pandemic forced manufacturers to reevaluate where and how work gets done, accelerating the pace of digital transformation that was already well underway. It also busted one persistent myth: work from home (WFH) is simply not an option for many manufacturing job roles.
In fact, the latest numbers show the success of WFH – a surprise to many industry leaders – has laid the groundwork for an even more interesting discussion. If workers can be distributed successfully, why not manufacturing capacity?
It’s long been acknowledged that both hard and soft skills are needed in most jobs. They are no less crucial within procurement.
While hard skills include the teachable, quantifiable abilities you need to do the job and will be reflected in your qualifications, soft skills are, of course, slightly more difficult to measure. These can include teamwork, communication, conflict resolution and problem-solving abilities.
Manufacturing growth has skyrocketed over the last few decades, but the industry continues to lag in growing its most important asset: its people. A spike in retirements, paired with a drop in analytical leaders entering the field, is creating demand for procurement and supply chain talent that far outpaces supply.
Supply chain resiliency took on a new meaning in 2020. In the first few months of the pandemic, suppliers and procurement teams alike were left scrambling, desperately trying to maintain business continuity. The situation called for unprecedented levels of collaboration and visibility, which many organizations were not able to meet.
Businesses around the globe recognize that there is a new normal for supply chain risk management. The pandemic’s impact on global supply chains exposed vulnerabilities, created opportunities, and made embedding resiliency and agility into supply chains non-negotiable.
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.
Following Earth month, where brands tend to overcommunicate their promises in using eco-friendly materials and renew their commitments to sustainable and ethical practices, how they are substantiating their claims is still unclear. While the stated sustainability goals may be high, so too are the reputational risks that brands must address if they do not deliver on their promises.
Organizations in the healthcare industry have always been a target for cyberattacks. Since the COVID-19 pandemic struck and sent the healthcare industry into chaos, the number of cyberattacks and attempts has increased exponentially.
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.
The demand for sustainability is skyrocketing.
In March 2020, Pedernales Electric Cooperative (PEC)—the largest electric cooperative in the United States, servicing more than 346,000 accounts in Central Texas—had to go from being fully in-office to fully remote virtually overnight, like many organizations across North America during the COVID-19 health crisis.
Email management is a bigger challenge every year. In 2019, business email accounted for more than 128.8 billion emails sent and received per day, according to the Radicati Group. Adding to the challenge, many emails never make it to the right business account because they are sent to bulk accounts like info@company.com or sales@company.com.
