Author Archives: Kyra Senese



Financial Services Industry to Face Technology Disruptions over Next 5 Years, Report Says

During the decade since the global financial crisis, the financial services industry has experienced major technological disruption, experts say. However, a new report states that 52% of financial leaders say their leadership teams do not appreciate the possible results of continued technology disruption. According to research released by the advisory and support services specialist Vuealta, “The Future of Financial Services: Planning for Every Eventuality,” the financial services industry may face an array of challenges and disruptors during the next five years.

Direct Spend to See an Increase in Outsourcing: Report

A new report from Texas-based research firm Everest Group analyzes the factors contributing to suboptimal direct spend management. The report — “Is It Time to Outsource Direct Spend Categories?” — aims to provide a process for enterprises to begin changing their approach to direct spend management.

Sustainability and Supplier Data: EcoVadis, Healthcare Firms Share Information for ‘Responsible Health Initiative’

healthcare

The issue of sustainability has increasingly become a topic that has the power to unite industries in which peers might otherwise find themselves in fierce competition. According to EcoVadis, industry concerns about sustainability have made supplier data, which was once considered proprietary, become a shared resource for creating impact and cross-company value. EcoVadis and three health and pharmaceutical companies — GlaxoSmithKline (GSK), Teva, Takeda — this year announced the launch of the Responsible Health Initiative (RHI).

Digital Transformation Disrupts the CPO Role — Adding Pressure and Opportunity

The role of the chief procurement officer as a strategic business partner has taken on a new shape in recent years as organizations aim to better focus on changing business landscapes and keeping up on tech developments. A recent ProcureCon study, “Examining the Role of the CPO as a Catalyst for Digital Transformation in a Time of Disruption,” suggests that the role of the CPO must now assist its organization by navigating the global business environment’s opportunities and changes.

Technology, Talent Strategy Needed for Business Growth, Study Says

Advancements in technology are changing nearly everything about the way people work across various industries, and a new report highlights how this transformation also pertains to the inner workings of talent acquisition. During the past few years, the way employers source, screen and hire new talent has changed vastly, and experts say this change is for the better. Business leaders’ concerns about the global economy are causing organizations to regard talent as the key to value creation, according to the 2019 Talent Trends report from Randstad Sourceright.

Trends in E-Invoicing Compliance: Real-Time Tax Clearance and Transaction Automation

e-invoicing

Sovos TrustWeaver released the 10th edition of its paper analyzing the trends that are currently affecting global e-invoicing compliance. The new edition outlines a global trend toward real-time tax clearance of invoices and how it affects daily businesses’ operations and business-to-business transaction automation strategies. “This ... white paper on global e-invoicing is a treasure-trove of analysis and facts about the digital tax tsunami that few experts would disagree is now a solid global trend.”

McDonald’s Supply Chain May Set Bar on Sourcing Antibiotic-Free Beef, Expert Says

cows

In December, McDonald’s Corp. said it aims to rid its global beef supply of antibiotics, putting a new fast-food trend on the radar, and in an interview, a professor details what it takes to implement the supply chain shifts that McDonald’s is seeking and how that might affect the fast-food industry. On its website, McDonald’s says that although the company does not raise its own animals, its supply chain includes beef and dairy cattle, pigs and chickens. “We understand and acknowledge the significant responsibility we have to help ensure these animals experience good welfare throughout their lives. Good welfare is also necessary to guarantee high-quality products,” the company states.

Simple Steps to Improving Cash Flow: Hackett Looks at Working Capital Analytics

AnyData Solutions

Businesses of all types rely on cash, and managing cash flow is essential to determining the health of any company. Improving the quality of a company’s cash flow can pose challenges to those in charge, but some experts say cash flow management does not have to be too burdensome. According to a recent study by The Hackett Group, “Cash Analytics: How to Make Your Working Capital Metrics Work,” specific steps can be taken by those in leadership roles to improve their cash conversion cycle and working capital management.

North America, Europe Include Top Business Performers in Anti-Corruption Efforts

As companies become increasingly aware of their own corporate social responsibility (CSR) obligations, various watchdog groups are beginning to take stock of these indicators. While some companies might look the other way as conflict gold passes through their supply chains, others might be making efforts to do positive things with their power, such as donating to charitable causes. In a new EcoVadis study, “The Fight Against Corruption: Insights Into Ethical Performance in Global Supply Chains,” the company considers the issue of corruption and how prepared companies are to address it.

T&E Benchmarks: How Does Your Company’s Technology Compare on Handling Travel & Expense Reporting?

Oversight Systems

Companies in the U.S. spend hundreds of billions of dollars annually on travel and entertainment — and a study from Certify Inc., an expense report software company, surveyed executives and finance leaders to get a snapshot of how many still use manual methods versus how many have upgraded their T&E management technology. In the study, officials note that travel and entertainment costs can be a significant part of companies’ budgets, which means efficiently managing employees’ expense reports can greatly affect a company’s profits. Since 2013, the “Expense Management Trends Report: Annual T&E Outlook and Benchmarks” by Certify has worked to help companies of various sizes recognize best practices to consider in travel and entertainment reporting and as methods to benchmark such companies’ current processes against their peers.

Blockchain Can Pay Off for XaaS Businesses and Others That Don’t Dismiss It, Study Says

blockchain

As the potential for blockchain usage moves beyond its roots in digital currency, a new study sheds light on how blockchain can bolster “everything-as-a-service” (XaaS) business models, now pervasive in the e-procurement area. “For the emerging ‘everything-as-a-service’ delivery model, blockchain application code will be a key to enabling pay-by-the-use arrangements between service providers and consumers,” says the study by The Hackett Group.

Study: Conflict gold from Africa may be in U.S. markets, passing through major companies

An October 2018 study released by a watchdog group that focuses on Africa has highlighted concerns that gold mined from conflict areas in the Democratic Republic of Congo (DRC) is making its way into international markets and becoming integrated in the supply chains of major U.S. companies. Documents reviewed and interviews carried out by The Sentry, a team of policy experts and financial auditors co-founded by George Clooney, raise concerns that the corporate network controlled by Belgian tycoon Alain Goetz, director at the Belgian gold refinery Tony Goetz N.V., has refined illegally smuggled conflict gold from eastern DRC at the African Gold Refinery (AGR) in Uganda and subsequently exported it through a series of companies to the U.S. and Europe. The study lists companies like Amazon, General Electric and Sony as possibly being ones that conflict gold may have been sold to.