Global

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. 

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.

How Energy Performance Contracting Eliminates Wasteful Spending

Posted: 09/08/2020 - 22:05
Through the Energy Performance Contracting Program and ongoing preventive maintenance of the new facility equipment, Turner County officials will be able to realize these savings, while benefitting from enhanced infrastructure, for years to come.

When municipal and county governments need significant facility and infrastructure updates, but don’t have the funds available, they must identify new and creative ways to cut costs.

For example, Turner County, Georgia, needed to control expenses and upgrade its facilities and infrastructure to ensure its residents receive vital services. They began by analyzing the county’s energy and operational costs.

How Automation Helps BPO Providers Thrive in All Business Climates

Posted: 09/05/2020 - 01:38
When turning to automation, it’s essential for BPOs to evaluate their goals so they can select the right technology to accomplish them.

Business process outsourcing saves companies significant time and money, enabling them to focus on their core business activities. And nowhere is this more impactful than in the document processing arena. Billions of pages of documents move between companies, their partners/suppliers and customers each year.

What Keeps Money Launderers Up at Night?

Posted: 09/01/2020 - 23:58
Suspicious Activity Reports

If you’re laundering money or financing terrorism, what keeps you up at night?

Beyond the day-to-day intrigues of a life of crime, you have a money trail to worry about. Sure, you fear the sophisticated law enforcement and intelligence agencies with the power to track you, shut you down, and put you behind bars. But what about the thousands of watchful eyes observing your money as it flows through banks, casinos, real estate and other covert financial conduits?

Exploring the Feasibility of a Blockchain-Enabled Supply Chain

Posted: 08/28/2020 - 00:00
The adoption of blockchain technology can become the framework to solve supply chain issues from the point of origin of the raw materials to when it reaches end-of-life.

Given the attention on Bitcoin, the underlying blockchain technology has been brought to the forefront for organizations looking to explore the benefits and feasibility of managing the supply chain. The level of trust, transparency, and efficiency promised by this technology opens the possibility of revolutionizing how we handle transactions.  

Tail spend goes beyond the typical 80/20 rule

Posted: 08/24/2020 - 05:27
When you think tail spend, don’t just think of the typical 80/20 rule.

Having a sound tail spend management strategy has never been more important than it is today. It’s a key differentiator – and competitive advantage – in a down economy in which cash is king and cutting costs is a high priority. Procurement teams can no longer rely on direct materials for savings—those costs have been negotiated to death.

How Procurement Can Enable Insurance Companies to Deliver Value to Claims Management

Posted: 08/22/2020 - 02:36
Procurement’s key metric is vendors’ value contribution, not cost.

At U.S. insurance companies, policyholders’ claims represent 70% to 75% of the total cost. This makes complete sense, of course, since policyholder benefits are the sole reason why anyone buys insurance products and services.

The problem is, at insurance companies, procurement is limited to supporting indirect spend — real estate, marketing, finance, etc. — which accounts for less than 10% of the organization’s total costs and severely limits our ability to provide substantive value.

Reconsidering the Services Category for eAuctions

Posted: 08/18/2020 - 23:44
The Total Cost of Ownership factors.

It is amazing the differences there are culturally to the concepts of eAuctions and their widespread adoption. In Europe, eAuctions have been adopted by most organizations and are considered an integral part of the strategic sourcing process. But in North America there remains quite a bit of skepticism and doubt about not only adopting the practice, but which categories are the best candidates to benefit from this strategy.

Preparing Global Supply Chains for the Second Wave of the Pandemic

Posted: 08/14/2020 - 08:32
As a result of the ongoing crisis, global GDP for 2020 is expected to average close to 0%, which would be a faster contraction vs the 2008 crisis.

2020 has been quite a year for global businesses and especially for supply chains.

Just in the first six months of the year, the world has already witnessed some defining moments. Looming trade wars between the U.S. and China, preparations for the post-Brexit economy in the Euro zone, and an increasing focus on sustainability and environmental consciousness are all ongoing.

Though one can argue that none of these moments took the world by surprise, they did push global supply chains to review and re-engineer their operating models.

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