With so many elements and technologies present in every vehicle on the road, the ecosystem behind the vehicles we drive is massive. Navigating the business side of the automotive and technology worlds requires partnerships, and deals are happening constantly behind the scenes as suppliers and OEMs align with the goal of creating the next big thing in the world of autonomous vehicles and vehicle technology.
COVID-19 resulted in over 20.5 million jobs lost in the U.S. alone. As the economy recovers, workforce participation is at an all-time low, falling to 61.2% in March 2021, the lowest it's been since 1976. Unemployed, laid off and furloughed workers that do return to the workforce do so with a fundamental shift in the mindset, impacting how and where work gets done.
Centers of Excellence, or CoEs, are part and parcel of every progressive procurement organization. In the strict sense, they’re internal bodies that perform knowledge-based services on a one-to-many basis for the procurement function and other related stakeholders.
In this piece, I discuss the role of the Center of Excellence in a procurement department, the types of issues they grapple with, and how can they work to ensure that they’re playing a strategic role and helping to facilitate real change across the procurement team.
With unemployment claims skyrocketing to almost 10 million at the end of March and expected to jump by millions more, COVID-19-driven economic jolts have quickly shifted the labor environment to the most volatile we’ve seen – well, ever.
Saving time and money while maintaining high standards have always been important issues for hiring professionals in the sourcing space. Yet with Covid having impacted the job market in the past year, the pressure to fill roles with the right candidates has never been greater.
Clearly, hiring professionals need smart solutions that can get results while maintaining agility and cost-effectiveness. Old methods of hiring like the resume alone just don’t cut it anymore, especially in an economy where people are shifting careers more than ever.
Remember when the U.S. was virtually held hostage by OPEC? If they raised the price per barrel, U.S. consumers were stuck with higher prices at the gas pump. And then along came fracking. Boom! The U.S. took the alpha role in energy production. Carbon emissions notwithstanding, this new power freed the U.S. economy from dependance on other oil-producing nations.
Wondering if you have what it takes to be a successful procurement manager? Take a look at these qualities to see if you’re management material. Don’t worry if you’re not strong in all of these areas -- you can find ways to build your skills to improve in areas you consider weak.
Social and Outgoing
A great deal of procurement tasks involve building and maintaining relationships. Not just with your suppliers, but with your co-workers, stakeholders and others you come into contact with through the course of your work.
Supplier management is something that many companies overlook. Customer satisfaction is the natural focus for businesses, but it's not the only relationship you should be cultivating, as it is also critical to have a good relationship with your suppliers. Supplier relationship management is a domain in which all companies can excel because it has far-reaching implications.
A landslide of remote work requests is crashing into businesses, and it’s revealing alarming holes in the way corporations are managing employee mobility. Chances are, remote work is already bogging down your HR department, and if you don’t act soon, your company and employees could be exposed to global tax compliance and employee incentive problems.
Contractor or employee? Outsourced consultant or temporary worker? The job of procuring talent these days is increasingly complex, with so many different categories of workers and navigating many channels to find this talent.
On top of having to make predictive decisions, Talent Acquisition and Talent Procurement teams must also navigate the rules and regulations of non-employees. Determining contractor classification and the cost of non-compliance is a slippery slope that no talent sourcer should have to take on.
Women in the C-suite are slowly gaining momentum, with leaders like Jane Fraser, CEO of Citi, Cathy Engelbert, CEO of Deloitte, and Karen Knudsen, CEO of the American Cancer Society all being named “first female CEOs” within the last few months. But there is still opportunity for other women to level up to the C-suite, especially in procurement.
Think about utility poles, Mohan Tatikonda is saying. He’s a professor of operations management at the Indiana University Kelley School of Business, and for over 30 years his research has focused on how firms can most effectively design, develop, introduce and improve products, services and organizational processes.
And though “think about utility poles” sounds like a strange request, he’s getting ready to talk about the future of work and how people and machines can benefit each other.
Training a company’s team members is a foundational step in running a company, but it is often forgotten when busy times hit. This is a big mistake. Putting the time and effort into designing a training program that suits the unique needs of procurement will drive more effective results in less time. Employees will be better equipped to manage the various situations and surprises that sourcing across numerous categories brings about.
Until recently, remote work has not been common in the procurement field. Nonetheless, the history of remote work started in 1560 when the predecessors to the first corporate offices were built. Nowadays, the COVID-19 pandemic has accelerated the adoption of remote work across disciplines, including sourcing and procurement.