Future of Sourcing - Internet https://futureofsourcing.com/tags/internet en 5G and Procurement: Ushering in a Revolutionary Change in Internet Connection https://futureofsourcing.com/5g-and-procurement-ushering-in-a-revolutionary-change-in-internet-connection <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://futureofsourcing.com/sites/default/files/articles/5G_and_Procurement.png"><a href="https://futureofsourcing.com/sites/default/files/articles/5G_and_Procurement.png" title="5G and Procurement" class="colorbox" rel="gallery-node-1699-kSRFlCYQBjs"><img typeof="foaf:Image" src="https://futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/5G_and_Procurement.png?itok=URL2fW6G" width="624" height="325" alt="5G and Procurement" title="" /></a></div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/information-technology-procurement-as-a-service-added-value-to-internal-procurement-teams">Information Technology Procurement as a Service – Added Value to Internal Procurement Teams</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>Advancements in new technologies always assure to crop up with proficiency gains, high throughput and lower costs. When it comes to such advancements, the job for procurement is to have a clear understanding about how they function, what they are and what exactly they will make over for the greater cause of the business.</p> <p>Well, there&rsquo;s no doubt that despite the wide implementation of 4G services, a more accelerated and consistent Internet service is needed. With engineers overseeing and regulating internal trials of 5G technology on a constant note, there is substantial potential that in the near future, there will be a huge transformation in business activities across the world.</p> <p>Speed is not the only benefit 5G technology offers. When lower dormancies will guarantee fewer Internet dropouts, it is also projected to be more power-competent and more broadly accessible than that of 4G. These features will let procurement work with its suppliers at a higher speed, creating a wealth of opportunities for value which, in turn, will prove to be cost-efficient.</p> <p>Needless to say, procurement has always kept an eye on the cost factor. However, the technology is still in its nascent stage and thus, it is quite tough to imagine the additional costs. It is likely data demands will experience a significant rise and, with mobile data levying a considerable charge, costs could swell significantly.</p> <h1>Impacts of 5G on Procurement</h1> <ul> <li>With every new technology in use, it paves the way toward extra costs. According to procurement experts, as this technology is new, innovative and under progress, they are waiting to see how much this is going to cost consumers and how exactly it would be beneficial to the business. Simultaneously, current mobile data costs are expected to pile up since 5G is going to have significant impact on both business and consumers alike.</li> <li>The push and plug on 5G has been cited by procurement professionals a number of times before. When it would provide data 100 times faster than a 2G or 3G network, it would also help scale up both business operations and procurement activities, thereby jacking up their development requirements in more than one way.</li> <li>Due to its high speed, this technology would certainly make communication easier than ever before, which would result in economical approaches and ensure efficacy.</li> <li>Along with the desired speed, this advanced technology comes with a lower dormancy rate as well, which means that this will be much more effectual than 4G, and users should rarely experience connection drops.</li> <li>In today&rsquo;s fast-paced milieu when we have to deal with piles of media and software, it would definitely be a great help if the amount of time taken to download data is reduced to halves. For this, nothing can be better than a 5G network.</li> <li>Also, the high speed would allow the quality of video conferencing to improve substantially.&nbsp;&nbsp;</li> </ul> <p>Nonetheless, 5G always demands recycled outdated devices. Despite the convenience and readiness of the new technology, companies should ask themselves if they really need 5G in their supply chain. There are also instances where organizations have stood over 5G adaptation at least until the next hardware refresh.</p> <p>According to Allied Market Research, the global <a href="https://www.prnewswire.com/news-releases/5g-technology-market-expected-to-reach-667-9-billion-globally-by-2026-at-122-3-cagr-says-amr-300894975.html" target="_blank">5G technology market</a> is expected to grow at the fastest CAGR of 122.3% from 2021to 2026. Increase in the number of IoT devices, implementation of edge computing and demand for low remission connectivity in industrial automation are the major factors propelling the growth of the market. On the other hand, adoption of fiber backhaul is expected to impede the growth to a certain extent. Nevertheless, a surge in investments in smart cities has almost downplayed the restraining factor and set forth a number of opportunities in the industry.</p> <p>5G technology is expected to transform communication around the world. With greater speed and reliability than other prevailing technologies, 5G technology would offer limitless potential for both consumers and industries alike. With the growing craze for connected cars and industrial automation, the importance of a 5G network has never been more felt.</p> <p>It&rsquo;s not the end though. 5G technology is also projected to offer socio-economic change, thereby paving the way for a hyper-connected society. When a number of applications powered by 5G technologies are being highly assessed under the industry 4.0 initiatives worldwide, this advanced science is also expected to help drive advancements in automobiles-to-infrastructure, automobiles-to-automobiles, peer-to-peer and vehicle-to-stroller connectivity.</p> <p>To sum up, we can assert that the 5G technology market is growing rapidly, and it&rsquo;s anticipated to thrive even more in the next few years.</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/5g" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">5G</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/procurement" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Procurement</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/internet" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Internet</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="5G and Procurement: Ushering in a Revolutionary Change in Internet Connection - Future of Sourcing" addthis:url="https://futureofsourcing.com/5g-and-procurement-ushering-in-a-revolutionary-change-in-internet-connection"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Sun, 09 Feb 2020 20:17:33 +0000 Koyel Ghosh 1699 at https://futureofsourcing.com https://futureofsourcing.com/5g-and-procurement-ushering-in-a-revolutionary-change-in-internet-connection#comments How digital technology is changing global sourcing and lowering cost per hire https://futureofsourcing.com/node/775 <div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">It has already happened. Digital technology has taken over. When it comes to global sourcing, job opportunities, branding, company cultures, it is all transparent.&nbsp;Job-seekers can see straight through you and your company before they walk through the door and shake your hand.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">What people say and think about your company, your culture and your job opportunities is out there, at a viral speed, regardless of what you say and advertise.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Welcome to the age of search engines, social media, and mobiles devices. People will find you, the good, the bad, and the ugly. Anyone can access the internet, so everyone can learn the truth. It will dominate the way job-seekers are learning about jobs for the next decade.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;"><strong>Current Technology Trends</strong></p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Today,&nbsp;<a data-mce-="" href="https://www.themuse.com/advice/job-seekers-social-media-is-even-more-important-than-you-thought" style="color: rgb(33, 117, 155); outline: none;" target="_blank">one quarter</a>&nbsp;of job seekers will use social media as a primary tool while searching for a job.&nbsp;<a data-mce-="" href="http://www.thesocialrecruiters.com/social-recruiting-strategies-to-save-your-job/" style="color: rgb(33, 117, 155); outline: none;" target="_blank">A report by the Aberdeen Group</a>&nbsp;says that 73% of Millennials landed their last job by finding it on social media. Already a staggering number, as digitally savvy younger generations begin to enter the workforce, searching for jobs on social media will only increase.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Combine this with the fact that just about everyone has a mobile device in hand. We learn, navigate and communicate on the go. According to&nbsp;<a data-mce-="" href="http://www.invodo.com/resources/statistics/" style="color: rgb(33, 117, 155); outline: none;" target="_blank">Invodo</a>, the fourth quarter of last year was the first time that mobile views exceeded desktop views. What does that mean for sourcing? At some point in their job search, according to Glassdoor,&nbsp;<a data-mce-="" href="https://www.glassdoor.com/blog/9-10-job-seekers-search-jobs-mobile-glassdoor-state-mobile-job-search-survey/" style="color: rgb(33, 117, 155); outline: none;" target="_blank">9 out of 10 of job-seekers use a mobile device</a>.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">In recruitment, you can&rsquo;t ignore the facts or today&rsquo;s technology. Instead, you must ride the wave.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;"><strong>Casting Your Fishing Pole</strong></p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Recruiters are overwhelmed today with hiring top talent and reducing employee turnover. There is an ocean of both passive and active job-seekers, and the perfect candidate with the right qualifications and personality for the job is located in one small school of fish. You have one fishing pole, so where should you cast it out?</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Digital technology is now performing the work at a viral speed and at minimal cost:</p> <ol style="margin-top: 0px; margin-bottom: 1.714285714rem; margin-left: 0px; line-height: 1.714285714; list-style-position: outside; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;"> <li style="margin-left: 1.714285714rem;">Sourcers can add the right keywords and meta tags to a description in order to make job postings land at the top of search results.</li> <li style="margin-left: 1.714285714rem;">Sourcers and job-seekers are sharing on social networks. It is easy and free to target the right groups on LinkedIn and use appropriate hashtags for Twitter and Facebook posts. Employee referrals are a breeze with social media. Current employees (a.k.a. brand advocates) can share their companies job opportunities to their networks.</li> <li style="margin-left: 1.714285714rem;">Sourcers can make their job postings and application process mobile-friendly by limiting the number of words in a job description and making the application process fast and easy to apply.</li> </ol> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;"><strong>Company Reputation: Know What is Out There Already</strong></p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">While current technological advances have many positives, consider there maybe some hiccoughs as well. Your company is transparent. With social media, blogs, sites that offer company reviews, etc., people can say whatever they want about company, including the negative.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Consider this: half of employees post about their current job on social media, and 16% of employees admit to posting negative things about their company.&nbsp;If you have negative information in cyberspace about your company, ignoring it will only make it worse. Just like a fire, the flames will grow if you don&rsquo;t put it out. You need to nip it in the bud with reputation management. It could be as simple as combatting it with a positive messaging.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Adding more good brand messaging that can be found on search engine results and shared on social media will, authentically, take over the bad.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;"><strong>Recruiting is Now Marketing</strong></p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">To stay relevant when catching the eye of the perfect top talent you are searching all over the globe for, you have to know how to reach them. It&rsquo;s more than just placing a job posting. There are so many factors on how to drive job-seekers to that posting. You have to consider behaviours, age groups, geographic locations, etc. Many companies are focusing on diversity and looking to attract candidates from all walks of life.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Recruiting is marketing. You are determining a &ldquo;target market,&rdquo; pointing a bow and arrow and aiming with one eye to hit the mark.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;"><strong>A Method that Works Across the Board: Video</strong></p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">It&rsquo;s all in the numbers.&nbsp;<a data-mce-="" href="http://www.invodo.com/resources/statistics/" style="color: rgb(33, 117, 155); outline: none;" target="_blank">Video consumption is taking over the internet.</a>&nbsp;According to TechCrunch, 2016, 100 million hours of video are watched on Facebook per day. Invodo says that video viewed on a mobile device in 2015 grew six times faster than desktop views. AOL Platforms, 2015 reports that 50% of all advertisers are making the shift, allocating budget dollars from TV to digital video.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">According to Aberdeen via Vidyard, marketers who use video increase revenue 49% faster than non-video users. So if recruiting is marketing, this begs the question: what do you think will happen to recruiters who use video versus those that do not?</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Much like marketing, yes, sourcers are reaching a &ldquo;target market.&rdquo; But, regardless of demographics, there is one single method that is attracting candidates across the board, and that is video technology. Video tells a story about your job openings and culture in a way that text alone cannot. Video shows and tells what a job-seeker can expect with your company.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">For the next decade, video will dominate global sourcing for companies, RPOs, staffing firms and job boards. The use of video in sourcing is increasing today, but soon it will be everywhere.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;"><strong>Lowering Your Cost Per Hire</strong></p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">The secret sauce for lowering your cost per hire in recruitment is not by doing necessarily what everyone else is doing, but what works for you. It&rsquo;s about finding your own recruitment strategy and that is the beauty of digital technology. With digital technology, there is no one size that fits all. A digital recruitment strategy is completely customised.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Digital technology answers the question: &ldquo;Where are my applicants coming from?&rdquo;.&nbsp;Today&rsquo;s digital world allows for tracking and data. Sourcers can now answer the question: &quot;Where am I getting the best traction with my job postings?&quot; Digital technology can tell you how many views you had by source and how many job-seekers applied by source. It allows recruitment professionals to gather the type of information that lets them know where they need to focus their efforts.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Digital technology pinpoints the job-seekers you are trying to reach - and, with the right messaging, allows for candidate &ldquo;self-selection.&rdquo; Job-seekers, both today and tomorrow, now armed with more information about the job and the company, can choose to opt in or opt out of the application process, based on fit. When a candidate can self-select and choose not to apply, it saves recruiters time by focusing on more qualified applicants that are truly interested in the position and the company culture - again, saving valuable recruitment dollars on cost per hire.</p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;"><strong>So, Are You Prepared?</strong></p> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">Are you ready for the global sourcing shake down? What do you need to do to be prepared?</p> <ul style="margin-top: 0px; margin-bottom: 1.714285714rem; margin-left: 0px; line-height: 1.714285714; list-style-position: outside; list-style-image: initial; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;"> <li style="margin-left: 1.714285714rem;">Boost your SEO</li> <li style="margin-left: 1.714285714rem;">Manage your online reputation</li> <li style="margin-left: 1.714285714rem;">Be social</li> <li style="margin-left: 1.714285714rem;">Be mobile-friendly</li> <li style="margin-left: 1.714285714rem;">Use video in your job postings</li> <li style="margin-left: 1.714285714rem;">Track your efforts</li> </ul> <p style="line-height: 1.714285714; margin-top: 0px; margin-bottom: 1.714285714rem; color: rgb(68, 68, 68); font-family: 'Open Sans', Helvetica, Arial, sans-serif; font-size: 14px;">If you are not jumping on the digital band wagon, your sourcing strategy will become obsolete. Start your planning your digital strategy today.</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Technology</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/talent-acquisition" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Talent Acquisition</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/human-resources-hr-0" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Human Resources ( HR)</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/internet" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Internet</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/marketing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Marketing</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="How digital technology is changing global sourcing and lowering cost per hire - Future of Sourcing" addthis:url="https://futureofsourcing.com/node/775"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div> Thu, 25 Aug 2016 13:04:00 +0000 Allison Sima 775 at https://futureofsourcing.com