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Achieving Greater Supply Chain Transparency Through Digital Transformation

Posted: 10/11/2020 - 20:18
Digital manufacturing ecosystems (DMEs) are an effective alternative to building transparency from scratch.

Transparency is the lifeblood of modern business transactions. From real-time international wire transfers and electronic health records to tracking transportation or delivery options, digital transformation has revolutionized dozens of industries by unlocking greater visibility, speed, and efficiency.

Assessing Multi-Generational Workforce Management

Posted: 10/01/2020 - 05:00
A diverse workforce built on literal generations of knowledge and experience can be a significant benefit to companies.

It would be far too simple to craft an “us versus them” story when it comes to different generations in the workforce today. For example, one could say older workers, like Baby Boomers, are outdated, and Generation Z, today’s youthful college graduates, are the tech-savvy heroes. Or perhaps the Boomers are experienced and hardworking while Gen Z are tech addicted and anti-social.

The Case for Changing the Chief Procurement Officer Role

Posted: 09/30/2020 - 23:19
Within your organization, have an open dialogue to explore how Procurement and the CPO role can evolve.

Procurement Sentiment and Observations

During this pandemic, many organizational CEOs and Board members have become aware of and startled by the inefficiencies and bureaucracies in their Procurement organizations. C-suite executives discovered their organizations were in predicaments with deep and broad implications none of us had previously fathomed. Most of us never imagined we’d need to find new suppliers, support, or transition from current ones to diversify for business continuity at the drop of a hat. 

What Is ISO 27001? Everything You Need to Know

Posted: 09/25/2020 - 20:52
The ISO 27001 standard is meant to prevent cyber threats from becoming security incidents.

Data security is a significant issue of concern for both small and large organizations. As an organization holds onto data collected from customers and vendors, it should be wary of the threat posed by cybercriminals. There are several standards that you should comply with when it comes to information security. ISO 27001 is one such standard.

Innovative Hybrid Technology Will Safeguard COVID-19 Vaccine

Posted: 09/23/2020 - 04:49
As the world invests billions to produce a Covid-19 vaccine, it is innovative hybrid technology that will ultimately ensure its effectiveness in this fight against the virus

Recent headlines are dominated by the news that the University of Oxford research team is seeing promising results from early trials of its Covid-19 vaccine candidate. Now we must turn our attention to the vital technology that ensures that doses of any viable vaccine reach locations in a state without the need for retesting.

The Business Benefits of Process Automation

Posted: 09/22/2020 - 04:26
One of the key things around Intelligent Automation (IA) is to ensure it has a strong business foundation not just in planning, execution and validation but also in assessing and reporting business benefits.

One of the key things around Intelligent Automation (IA) is to ensure it has a strong business foundation not just in planning, execution and validation but also in assessing and reporting business benefits. While this may seem simple, it’s often not done well in most organizations and leads to a skewed view of business benefits from automating business processes.

5 Activities to Accelerate Post-COVID Sourcing Strategies

Posted: 09/18/2020 - 05:21
There are five activities that accelerate quick results - creating new capabilities, greater efficiencies, cost savings, and increased resiliency.

When the COVID crisis hit, organizations had no choice but to respond to the challenges they faced by leveraging the resources they and their suppliers had at their disposal. Clearly, some were better prepared and responded with more resilience than others. Now we are many months into the crisis, and it's time to look at what went wrong and what organizations should change going forward.  

The Science Behind Cost Savings

Posted: 09/15/2020 - 21:36
Cost savings is always measured against a set of expectations, and these expectations are only made possible by quantitative analysis.

Quantitative and scientific approaches to cost estimation have existed for decades and are increasingly accessible to procurement teams via technologies that automate data analysis. 

In many cases, these new capabilities simply accelerate the manual work that procurement professionals were doing using pivot tables and advanced Excel functions (e.g., show only rows with less than five days lead time) that effectively filter large numbers of line items in seconds. 

Making Sense of Supply Risk Management Solutions

Posted: 09/14/2020 - 23:44
From supply chain management vendors to supplier management services, there are different ways companies can manage their risks using third-party sources.

Enterprise risk has never been a higher priority for businesses, executives and procurement practitioners than right now in light of the COVID-19 crisis. The coronavirus disruption has only accelerated many enterprise risks — from cyberthreats, employee health and safety, and most certainly, to supply risks affecting suppliers in complex value chains.

Tips to Drive Virtual Team Results without Micromanaging

Posted: 09/12/2020 - 04:15
Virtual work will remain a new constant path forward for many innovative organizations, while other organizations will revert to traditional onsite work.

The COVID-19 pandemic has led to a surge in the required virtual supply chain work across companies. Aside from the pandemic, teams workingvirtually is a macro trend that newer generations making up a growing portion of the workforce expect. Looking ahead, if supply chain leaders want to attract and retain the best and brightest talent, they will need to facilitate work in new and different ways.

For Procurement Leaders, True Business Transformation Starts At Home

Posted: 09/11/2020 - 05:26
To be effective, digital transformation must begin with open, honest, and scrupulous self-reflection of your digital readiness by running a maturity assessment of business processes.

Technology has advanced significantly since the days when procurement leaders were only managing RFIs and RFPs among their “little black book” of trusted suppliers. Today, big data and artificial intelligence now offer an expansive view of an entire supplier market and unprecedented access to vast wells of verified data. This advancement has opened the door to a new approach that can completely transform the strength of procurement decisions and enable procurement teams to impact a company’s bottom line in new and sometimes unexpected ways.

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