Global

Making the Case for Ongoing KYC: Why the Time for Change is Now

Posted: 12/08/2020 - 01:40
AI can also ensure that learnings from transaction monitoring or false positives are used to refine initial KYC questions, optimizing not just the KYC process but the full AML value chain.

If you work in financial services then you’re already aware that knowing your customer (KYC) is not just an essential process, it is also a legal requirement. It’s part of the essential tasks banks perform to tackle anti-money laundering (AML) and other financial crimes.

Back in June 2017, the European Commission’s Fourth AML Directive set out new rules to help combat money laundering. This was supplemented in January 2020 with the Fifth AML Directive, which aimed to increase transparency about who really owns companies and other financial entities.

Six Strategies for Deciding Which Customers to Serve When Disruption Strikes

Posted: 12/01/2020 - 03:05
Large-scale disruptions such as the COVID-19 pandemic cause huge supply/demand imbalances due to interruptions in supply or surges in demand.

Large-scale disruptions such as the COVID-19 pandemic cause huge supply/demand imbalances due to interruptions in supply or surges in demand. In an unstable environment, companies often have to prioritize which customers they serve.

Past disruptions reveal how companies on both ends of the supply chain have handled such challenges, both in terms of tactics they employed and considerations they used for their decisions.

No, It’s Not Enough to Just Use GL Codes to Classify Your Spend Data—Here’s Why

Posted: 11/25/2020 - 02:46
Finance departments use GL codes to track spend.

Finance departments use GL codes to track spend. We’re looking at items like office supplies, marketing or maybe a specific project within the business. However, what finance are looking for and what procurement are looking for can be two quite different things.

The Trouble With GL Codes

Firstly, if you're only using your general ledger codes, I can almost guarantee they are wrong! In my experience working with GL codes, I would say 90% of them are unreliable. You'll almost always find something classified under a GL that shouldn't be there.

Demonstrating the Value of Marketing Procurement

Posted: 11/25/2020 - 02:17
The COVID-19 pandemic has created challenging conditions for many business enterprises, and it has elevated the importance of maximizing the value produced by every dollar of marketing spend.

Earlier this year, the World Federation of Advertisers (WFA) published an important report on the current state of marketing procurement. The report is part of an ongoing initiative called “Project Spring” that is being led by the WFA Global Sourcing Board. The Project Spring initiative’s goal is to “transform the value proposition of marketing procurement.”

How to Successfully Mine Remote Contact Center Talent

Posted: 11/20/2020 - 00:52
Recruiting and hiring remote staff is only the first step.

When change is difficult it sometimes takes a little nudge to move in the right direction. Like many business environments, the contact center industry wasn’t nudged this year—it was pushed.

With most call center providers still cemented in the brick-and-mortar model, the COVID-19 pandemic accelerated the need for transformation. This is due to the restriction of operations at these businesses as well as employees’ hesitations to work on busy call center floors.

Successful Digital Transformation Requires an Inspection of all Business Processes

Posted: 11/16/2020 - 23:30
Procurement organizations are uniquely positioned to drive their companies' innovation agenda because no other function can “serve as the window to the outside world.

At the time of writing this piece, I am just one of five million people emerging from the world’s longest coronavirus-related lockdown, in Melbourne, Australia. For nearly two months, I was only allowed to leave the house once a day for essential items and required to stay within three miles of my home. From takeaway meals to IT support, to doctor’s appointments, most of the goods and services I've needed have been ordered virtually. Since COVID-19 hit, I’m amazed at how quickly the world went virtual.

Getting Back to Work: How Can UK Companies Best Reintegrate Staff?

Posted: 11/12/2020 - 05:34
Organizations that invest in their returning staff which will benefit from recultivating a happy and high-performing workplace.

Since COVID-19 first arrived in the UK, some 9.6 million workers have experienced the furlough scheme. Despite many continuing to work from home, plenty of organizations are now transitioning back to the workplace. Decision-makers must carefully consider how they can best support staff through this experience.

Meta-skills: What Are They and How Are They Relevant to the Procurement Function of the Future?

Posted: 11/02/2020 - 23:34
Meta-skills are crucial within procurement.

What Is a Meta-skill?

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.

WFA Research Benchmarks the State of Marketing Procurement

Posted: 10/27/2020 - 05:13
Eighty-five percent of respondents agreed marketing procurement drives improvements, and 76% agreed it provides demonstrated value.

This summer, the World Federation of Advertisers published an illuminating report about the current state of marketing procurement and how the function needs to evolve to realize its full potential. The report is part of an ongoing initiative led by the WFA Global Sourcing Board. The initiative, Project Spring, is “designed to transform the value proposition of marketing procurement.”

How Outsourcing Cuts Costs for Your Business

Posted: 10/26/2020 - 22:58
Outsourcing provides businesses with easy access to a skilled and low-cost pool of talent.

Outsourcing provides businesses with easy access to a skilled and low-cost pool of talent. Rather than spend time and money to hire or train full-time employees, many companies hire an outsourced team.

Outsourcing your business processes helps to increase productivity and efficiency while freeing up employees for more meaningful work. From payroll to customer service to advertising, outsourcing is a flexible way to bolster your capacity without increasing costs or headaches.

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