Businesses around the globe recognize that there is a new normal for supply chain risk management. The pandemic’s impact on global supply chains exposed vulnerabilities, created opportunities, and made embedding resiliency and agility into supply chains non-negotiable.
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.
The coronavirus outbreak is having a profound impact on every business’ supply chain. The U.S. manufacturing PMI indicated the worst contraction in production, new orders, and employment since the 2008 recession. Nearly 75% of companies report supply chain disruptions in March, a number most expect to rise further.
Identify Your Sustainability Priorities
To build a sustainable procurement process that complements your company’s core mission, the next step to take after conducting a thorough spend analysis is to identify the blend of environmental, social and economic sustainability goals your organization both prioritizes and is able to make real impact by addressing.
Libby Weber - Associate Professor of Strategy at The Paul Merage School of Business, University of California, Irvine - promotes a way of thinking about contracts beyond their traditional “preventive” role of avoiding risk, preventing breaches or opportunistic behavior.
Her premise? Why not use contracts to promote cooperation, flexibility, and creativity?
- Supplier Pre-Qualification
- Bid Strategy
- Request for Proposal/Solution/Partner Development
Cloud-based contact centres have taken off in a big way. With business process outsourcers (BPOs) needing flexibility and scalability to respond quickly to changing conditions, the cloud is best placed to enable these desires.
The latest research from the Cloud Industry Forum has found that 46 per cent of UK-based organisations use cloud-based contact centres today, a figure that is expected to increase to 68 per cent over the next few years. These results confirm the value of cloud-based contact centres and their ability to transform customer service and engagement.
Jean Tirole, the French professor of economics who recently received the Nobel Prize, is one of the most influential modern economists for his extensive theories and rigorous mathematic analysis of strategic behaviour and information economics in what is known as “Industrial Organisation” (IO).
As part of his research, he studied firms and markets where a firm had “power” to dominate the market and perhaps abuse that power.
I often talk about the need for insightful governance as an essential part of business frameworks. In fact, it’s what Vested’s Rule 5 is all about. So I was happy to learn about the work of two scholars from Italy’s University of Salerno who have taken this idea a vital step forward.
A major focus of this series is on how academics and economists have transformed modern thinking about the nature of the business and outsourcing contract, from its relationship to the firm and how it is used and governed to its relationship on pricing and total cost.
It’s long past time for a change in the way outsourcing contracts are negotiated and managed. In 1968 the legal scholar Ian R. Macneil observed that most contracts are ill-equipped to address the reality of business needs.