Keith Hausmann, Chief Revenue Officer, Globality, explains how the AI revolution is transforming the way companies source complex categories – typically services, delivering faster, better decisions; more autonomy for stakeholders; and greater opportunities for procurement professionals to drive innovation.
Artificial Intelligence (AI)
Think about utility poles, Mohan Tatikonda is saying. He’s a professor of operations management at the Indiana University Kelley School of Business, and for over 30 years his research has focused on how firms can most effectively design, develop, introduce and improve products, services and organizational processes.
And though “think about utility poles” sounds like a strange request, he’s getting ready to talk about the future of work and how people and machines can benefit each other.
Just like in spend data classification, the definition of tail spend is subjective. Some organisations classify tail spend at the bottom 20% of spend, while others might set a financial level such as £100,000 or £1 million.
According to CIPS, tail spend “can often be referred to as rogue spend or maverick spend, is usually small value purchases that are conducted by the organisations outside of a contract and often outside of the awareness of the procurement team.”
Manufacturing growth has skyrocketed over the last few decades, but the industry continues to lag in growing its most important asset: its people. A spike in retirements, paired with a drop in analytical leaders entering the field, is creating demand for procurement and supply chain talent that far outpaces supply.
Email management is a bigger challenge every year. In 2019, business email accounted for more than 128.8 billion emails sent and received per day, according to the Radicati Group. Adding to the challenge, many emails never make it to the right business account because they are sent to bulk accounts like firstname.lastname@example.org or email@example.com.
Given the supply chain disruption, business shut-downs and economic uncertainty caused by COVID-19, it’s never been clearer — doing business closer to your own shores is coming back into vogue.
With recent restrictions on H-1B workers and a tech talent shortage, selecting a nearshorer is fast becoming the first step on a company’s digital transformation journey.
The Future With Artificial Intelligence
Artificial intelligence (AI) is shaping our future and becoming integrated into our lives, both at home and work. With it come many fears about what it means to jobs, humans and our future.
First, let’s put our minds at ease around the fear of tech run amok. We are incredibly far away from a Terminator chasing us. Now, let's focus on the idea that we can positively shape AI to our benefit.
The COVID-19 pandemic has exposed the vulnerability of the global supply chain. Precisely when the capabilities of international, interconnected trade mechanisms were supposed to kick into high gear, producers found themselves desperate for supplies while store shelves lacked essential goods. The global supply chain didn’t rise to the occasion. Now, it’s important to examine why.
Twenty-five years ago, the internet was in its dial-up infancy, businesses still relied on fax machines and procurement was considered solely a back-office, cost-cutting function that controlled the organization’s purse strings.
When artificial intelligence (AI) was first introduced in customer service, it was limited to basic chatbot features. Recent advancements are now bringing a sense of empathy and linguistics to AI agents.
Currently being tested by banks in the Middle East, this new AI can detect anger, frustration, and other human emotions both over the phone and online. Impressively, most customers can’t even detect that the voice on the other end of the line is not human.
Organizations have made significant changes to enable working from home, but what has it meant for employees, and, specifically, their expense claims?
AppZen, the leading AI solution for modern finance teams, released new data that reveals how the pandemic and remote work have impacted company expense reports. CEO Anant Kale provides insights into the findings and how companies should take note when it comes to handling employee expenses moving forward.
Artificial Intelligence and the Pandemic
Artificial Intelligence (AI) defines the 21st century, impacting and driving transformation across every business and industry. With the new norms thrust upon us due to the pandemic, businesses and industries have had to find ways to transform overnight. Previously, it may have taken several years for an organization to make an incremental change or improvement.
In June 2020, in response to the coronavirus, President Trump signed an executive order to freeze access to new H-1B visas for professional and technology workers doing business in the U.S. This has a huge impact, considering in 2019 about 139,000 new H-1B petitions were approved, joining 250,00 which were extended.