Not many people can say they haven't heard the voice of a young child asking “Why?” No matter what the subject matter we all seem to be programmed to want to know the “why” behind the “what.” The procurement workplace is no different but we tend to find difficulty in connecting these. Understanding the ins and outs of theory and practice become essential to success in the procurement world.
Two years ago, the World Economic Forum (WEF) published its Future of Jobs report – exploring employment, skills and workforces in the Fourth Industrial Revolution. This sparked debate – and growing concern – around a changing global employment landscape as the result of disruptive technologies, studded with widening skill gaps, new jobs and job displacement.
Outsourcing decisions often come down to a relatively simple cost-driven Return on Investment (ROI) calculation: how much will the cost change in each scenario and how quickly can that investment be recovered?
On the surface, this purely economic approach seems appropriate enough. After all, economics are certainly important. But over-reliance on purely financial-driven outsourcing decisions is one of the biggest causes of the “strategy-to-execution gap,” namely the distance between a company’s business strategies and its ability to execute on them.
Much is being made about the need to attract and retain millennial talent in today’s economy. Companies that are focused on long-term sustainability are intently focused on those entering the workforce now, as they need to fill the void that will undoubtedly be left by the mass exodus that will take place in the coming years with the Baby Boomers retiring. But are companies becoming a little too obsessed with the Generation Y (millennial) workers and neglecting those who are set to lead their organizations in the nearer term?
Welcome to this new column. Every couple of months I’ll be getting on the proverbial soapbox and sharing my observations and opinions on all things ‘talent’ and how ‘work’ works. Please feel free to agree, disagree and add to the subjects via the comments sections below.
This month’s Academic of Outsourcing tribute goes to Douglass C. North for his work on “new institutional economics.” North – a professor, economist, philosopher and economic historian – was the co-recipient (with Robert Fogel) of the 1993 Nobel Prize in Economic Sciences “for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change.”
In this episode of the Sourcing Industry Landscape, Dawn Tiura interviews Dan Khublall. Dan Khublall is a Senior Director – Global Head External Workforce Management Strategy and Program Director Management for Thomson Reuters. In this role, Dan directs the strategic procurement strategy for the non-employee workforce of Thomson Reuters.
We’ve come a long way since the 1955 issue of Fortune which described the ‘successful American executive’ as someone who spent almost no time on politics, drank moderately, and only attended cultural events ‘because they must’. With a businessman in the White House and heads of Fortune 500 companies regularly appearing in the media as trendsetters, opinion formers and pundits, discretion is no longer the better part of valour.
When a business is choosing which company to outsource with, location can often be overlooked in favour of the most appropriate specialist for the project. However, location – and especially proximity - should be a critical part of the decision process. For example, if your company is based in Europe, it will be more difficult to outsource from a provider based in Asia, due to a mixture of time, travel, language, and perhaps cultural differences.
By now everyone knows about outsourcing, the big issue of the 20th century that revolutionized the 21st century. But outsourcing didn’t start in the 20th century. In the 18th and 19th century Europe developed Imperialism, setting up colonies around the world. These colonies provided the language skills and education systems that made offshoring possible.
Technology is meant to make our lives easier, and there are countless options in the world geared towards decreasing the time and effort spent on boring tasks. You might have heard about RPA recently and are wondering why you might want to implement RPA for your company. Even so, you might also be wondering what makes RPA a unique choice for companies looking for ways to increase their efficiency and decrease costs?
Centers of Excellence (CoE) within Robotic Process Automation (RPA) are similar in many ways to other centers of excellence you may be running across your business. Essentially, a CoE is a centralized capability that enables you to perform all functions necessary for implementation and the ongoing operation of an RPA set of initiatives.
With the rapid advancement of automation technology, some are worried that new solutions might supersede the process automation that RPA offers. However, it is not a case of new technology superseding, but rather, complementing and working together with existing RPA capabilities.
This time last year I wrote in these pages about the year ahead for outsourcing. The key trend I focused on was an increase in partnership with clients and suppliers getting much closer—and that seems to have taken place throughout 2017. One major driver for this has been the change in how consumers become aware of a product and then convert into customers...what marketing professionals call the ‘customer journey.’ Think for a moment about the classic customer journey.
This month’s column features big thinker Ronald Dworkin. I like Dworkin because he tackles and integrates major ideas in ethics, morality, equality, justice and the “unity of value.” One of his most famous of many books is entitled Justice for Hedgehogs.
Don’t let the humorous book title fool you; there’s no question that Dworkin is a heavyweight. Dworkin is a Professor of Philosophy and the Frank Henry Sommer Professor of Law at New York University and Emeritus Professor of Jurisprudence at University College London.