Global

Real-Time Risk Intelligence: The Antidote to Supply Chain Disruptions

Posted: 05/13/2022 - 09:00
Procurement, sourcing, and risk teams need to widen their risk aperture and prioritize continuous monitoring of geopolitical and location risks.

As global citizens, our hearts go out to the people and communities directly impacted by the Russian invasion of Ukraine. As procurement, sourcing and risk leaders, we must face the challenge of understanding in real-time how the trickle-down effects of the war will impact our global supply chains in order to minimize disruptions.

Between increasing prices, sanctions and bans, shipping disruptions and more, the impacts are widespread. Here’s what to expect and how full-spectrum, real-time intelligence can mitigate the growing supply chain disruptions.

ESG Risk Assurance – An Opportunity for Transparency and Trust

Posted: 05/11/2022 - 09:00
Building trust in ESG practices is complicated by the lack of transparency and consistency in reporting practices, the pace of change in reporting requirements, and huge regional and corporate variations.

Customers, employees and investors are increasingly putting ESG front and center when making decisions about the companies they engage with. Rising shareholder and consumer activism, as well as new forms of regulation, mean that it is no longer enough to simply state good intentions. The challenge is to prove to stakeholders that policies and initiatives are translating into meaningful action and impact.

What is Supplier Normalization?

Posted: 05/09/2022 - 00:00
Keeping your supplier information data up to date and accurate is essential to making informed business decisions.

Supplier normalization can also be referred to as standardization. Normalization is giving your existing suppliers a common name or grouping so that you can see how much you are truly spending with them or selling to them. 

Sounds silly though, right? 

Surely companies must know how much they are spending, selling or using with their suppliers already? You might think that, but there are a number of reasons that you might find multiple versions of the same supplier in a database.

9 Benefits of Supplier Performance Management Software

Posted: 05/06/2022 - 09:00
Procurement professionals are concerned with addressing supplier performance management.

About 65% of innovations are sourced through external suppliers and partners (ISM). This makes supplier and partner contributions to a supply chain’s production and profitability rather pivotal. 

Put into simple math: Good supplier performance = good supply chain performance.

Supplier performance management (SPM), when done right, can help your procurement organization to harness supplier performance and innovation to positively impact your business’ top-line value creation. 

Battling Inflation: Strategies for Cost Containment

Posted: 05/04/2022 - 09:00
Procurement professionals across the globe are being catapulted to the front lines of the battle for cost-containment, remaining competitive in their respective industries, and in some cases saving operations from going under.

Supply chain and procurement professionals are now tasked with the near-impossible: fighting off upstream price increases and obtaining year-over-year cost savings in today’s inflationary environment. For the first time in years, suppliers are in control and cost savings are hard to find. Where does one start? Are cost savings even possible in today’s world? Is cost avoidance the only hope moving forward?

Supplier-Enabled Innovation: Select Suppliers Carefully and Reap Big Benefits

Posted: 05/02/2022 - 00:00
Supplier-Led Innovation

Today, a lot of the low-hanging fruit has been picked by CPOs. But one area where there is significant scope for procurement to deliver value is supplier-enabled innovation (SEI). With 25% to 45% of revenues coming from product innovation and up to 65% of innovations sourced externally through external partners and suppliers, SEI represents a treasure trove of opportunity.

Cash Flow Velocity: Redefining Supply Chain Financing

Posted: 04/27/2022 - 09:00
Learn three ways that supply chain financing (SCF) can help mitigate rising costs due to inflation and reduce friction when it comes to paying supplier invoices on time.

“SCF can assist firms and their supply chains by increasing the velocity of cash flow and making those flows more consistent. Implemented properly, the firm and its supply chains can enjoy a symbiotic relationship.” - Supply Chain Financing and Pandemic: Managing Cash Flows to Keep Firms and Their Value Networks Healthy, Rutgers Business Review (2021)

Five Reasons Last Mile Logistics M&As Will Continue in 2022

Posted: 04/25/2022 - 02:43
As supply chain disruptions continue to mount, logistics companies are experiencing a boom in mergers and acquisitions to improve last mile delivery capabilities.

Last year saw a flurry of merger and acquisition activity in the logistics industry. In the last mile carrier sector, UPS acquired point-to-point carrier Roadie in September. A month later, regional last-mile carrier Lasership acquired another regional carrier, OnTrac, for a reported $1.3 billion.

There is a lot of speculation about whether these are one-offs or more of a trend that will carry over into 2022 and beyond. We lean toward the latter and think there are at least five good reasons why you will see M&A activity continue in the last mile carrier space in 2022.

Public E-Procurement Operations Gain Steam in 2022

Posted: 04/21/2022 - 09:00
Public e-procurement operations are gaining steam in 2022 as governments increase focus on supplier diversity and inclusion.

The government procurement industry represents a spend of nearly $13 trillion globally every year. This spend involves buying goods and services to run day-to-day operations, including basic items such as computers, office equipment, medical items, legal services, gas and electricity for everyday needs to more complex construction and infrastructure projects.

Addressing Carbon Emissions in the Supply Chain Through a Circular Economy

Posted: 04/19/2022 - 00:00
Corporate value chain emissions – also referred to as Scope 3 emissions – account for 92% of an average business’s emissions.

Today, most businesses operate in a linear economy. We use materials to produce products and when we’re done using those products we discard them as waste – the “take, make, and waste” system.

In a circular economy, we keep materials and resources in circulation as long as possible, without producing any waste.

Fundamental principles in a circular economy:

Sustainability Goals Will Be Driven by Innovation

Posted: 04/15/2022 - 09:00
Action must be taken now, across businesses of all sizes, to reduce their carbon emissions and remove waste from the supply chain.

Consumer attitudes toward sustainability have been intensified by the pandemic. Global lockdowns caused a temporary reduction of industry and transport, and consumers noticed the benefits this had on their environment. As such, the pandemic provided a reckoning moment and spurred hope for the future of the environment. Even as normal activity resumed in Q3 2020, these intentions to implement change remained.

Beyond Acknowledgement: Seeing the Future of Sourcing Awards Through the Expanded Lens of Global Impact

Posted: 04/11/2022 - 00:00
After a two-year hiatus due to the COVID-19 pandemic, SIG CEO and President Dawn Tiura announces the return of the Future of Sourcing Awards.

A recent article reported that the COVID-19 pandemic has “affected the entire purchasing and supply chain management process.” As a result, we constantly face “multiple problems," including "supply shortages, material price increases, logistics challenges, unavailability of containers and timely vessel connections, congestion at ports, and delivery delays that significantly impact supplier performance.”

3 Ways to Empower Procurement and Prepare for the Next Supply Chain Crisis

Posted: 04/08/2022 - 09:00
Today's globalized world means that organizations are more exposed to risk than ever before.

When we look back at the globally disruptive events of the last 18 months, there aren’t a huge number of positives to draw on. But one significant silver lining is that major crisis events like the pandemic and the Suez Canal blockage have helped leading procurement teams step into the spotlight and demonstrate their skills at mitigating risk and ensuring business continuity.

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