L1 Content

Traditional Workforce Models are Constraining Business Growth — Being the Solution, Not the Problem

Today’s enterprises can no longer rely only on traditional intermediaries for sourcing and engaging talent. This is especially the case when it comes to the specialized, often scarce skills of high-end knowledge workers. At the same time, businesses need low-friction, low-overhead, end-to-end and often project-specific processes that can support speed, flexibility and agility — often enabled by emerging technologies. Technology, however, is just one part of the puzzle. At least as important — if not more so — is initiating and sustaining change inside the enterprise. Adopting new talent models is not about making incremental improvements to your existing approaches, much less disrupting them entirely. Instead, it’s about ushering a new and potentially transformative innovation into the enterprise.

Old-Fashioned Heuristics: Common Sense Cause and Effect

Regarding the countless examples of reckless government spending we like to mock, I stopped caring a long time ago. Instead, I have turned my attention to the funding of studies designed to confirm things that we should have already known. If you have a sense of humor, there are numerous ridiculous examples where taxpayer money might have been invested more judiciously. Spending more than a billion to confirm that the use of seat belts saves lives comes to mind, as does funding a long-term study to determine whether obligatory handwashing might be a good idea in health care settings. Studying hospital behavior to determine if they might be playing self-serving games with the current reimbursement calculus also strikes a chord.

WorkMarket Partners to Offer Full Coverage Workers’ Compensation for Freelancers

WorkMarket has introduced a new insurance service that allows companies to provide workers’ compensation coverage to their independent contract workers, the company announced Thursday. According to the company, this is a “first-of-its-kind” service offering that was created in partnership with a leading insurance carrier. The new offering allows businesses that use the WorkMarket platform to extend workers’ compensation coverage to independent contract workers that the company engages through the platform.

Creating a Successful Third-Party Risk Management Strategy: What You Need to Know

risk

It’s almost 2018 and time to think about updating — or creating — your risk management program for next year. Financial health ratings firm RapidRatings recently held a webinar on the most important factors to consider as you plan your risk strategy. Presented by Brian Sica, director of sales operations at RapidRatings, “Developing a Third-Party Risk Management Strategy for 2018” takes a broad approach to the topic, starting with alignment to business objectives before progressing to the actual planning and execution of the program.

Cutting BigLaw Down to Size: New Alternatives for Legal Services Procurement (Part 2)

forced labor

While it has been said that the wheels of justice turn slowly but exceedingly fine, the process may be accelerating in the procurement of legal services. In Part 1 of this series, we discussed how monolithic, traditional BigLaw firms are being challenged to radically adapt by disruptive economic forces, the ascendance of legal procurement in enterprises and, last but not least, by the growth in a broad range of alternative legal services providers. But more important, as we noted in Part 1, BigLaw’s nightmare is also a shared opportunity for legal services procurement and for emerging alternative legal services providers. According to some industry observers, we are witnessing an ongoing paradigm shift from BigLaw to what is being dubbed NewLaw. In Part 2 of this series, we provide an introduction to the increasingly important, complex and rapidly evolving NewLaw world of non-traditional/alternative legal services providers (ALSPs).

Cutting BigLaw Down to Size: New Alternatives for Legal Services Procurement (Part 1)

A number of unwelcome trends over the past decade have put large law firms on the chopping block. Among these has been the increasing involvement of procurement in managing legal services, along with the emergence of a range attractive alternatives to traditional full-service firms. While this has been a nightmare for the firms that constitute “BigLaw,” it is a shared opportunity for legal services procurement and for emerging alternative legal services providers. In Part 1 of this two-part series, we focus on BigLaw’s challenges, changing corporate buying behaviors and the rise of procurement in legal services sourcing and spend management.

The Case for Considering Contingent Workers in Your Diversity & Inclusion Strategy

Contingent workers are now sitting more firmly in the driver’s seat of their careers and are being selective in where they share their talent. While pay is still a significant driver, the culture and work environment of a business are also becoming important factors, similar to those seeking full-time employment. Organizations develop diversity and inclusion (D&I) programs designed to foster teamwork, acceptance and creativity within their full-time employee populations. Given the increased profile of contingent workers within organizations, is it reasonable to expect that this part of the worker population be considered when developing initiatives for the organization as a whole?

Commodity Price Volatility in the Cannabis Supply Chain: The Biggest Growing Pain?

As I write this on the eve of participating in a conference panel discussion about how corporate communications can better work with trade media firms, I can’t help but think about my relationship with the legal cannabis industry — and particularly its supply chain. Sounds like a stretch, right? Not so much.

Leveling Up to E-Sourcing Mastery: A Collaborative Approach

With many procurement organizations using their solutions on only a quarter of applicable events, it’s clear that e-sourcing solutions have a ways to go to reach full adoption. From overwhelming practitioners with functionality to overemphasizing the prescriptions of industry analysts and consultants, e-sourcing providers have failed to help procurement realize the full benefits their solutions can offer. But it doesn’t have to be this way.

‘Appy Procurement: Applying the AI-Powered Customization of B2C Apps to B2B Procurement Technology

on-demand workforce

“There’s an app for that!” Well, of course there is. These days, there are apps for nearly everything in the B2C sphere. And B2B, including procurement technology, is gradually catching up. Solution providers are using artificial intelligence and other cutting-edge technologies to make procurement “smarter” and more relevant to users. Last week, Pierre Mitchell, chief research officer at Spend Matters, and Paul Blake, senior manager of technology product marketing at GEP, held a webinar on this trend, appropriately titled “There’s an App for That: Procurement Gets Smarter.”

5 Key Procurement Insights from Upwork’s 2017 Freelancing in America Study

Lystable

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Contingent workforce procurement practitioners are increasingly encountering the idea that freelance/independent workforce is growing in importance. This idea comes from many sources, including business users who are strapped for the skills and talent they need, media and analyst coverage of a new “gig economy” and, last but not least, new workforce solution providers that specialize in the provisioning of skilled freelancers and independent professionals.

For procurement practitioners — who for many years tolerated the use of independent contractors (1099 ICs) as a necessary evil and a last resort in exceptional cases — the idea of increasing use of the independent workforce can be challenging in a number of ways. One of those is figuring out whether this phenomenon is real and important enough to be spending more time on and enabling rather than minimizing. Practitioners might think, “Sure we’re hearing that skills and talent are migrating to an independent workforce. But is that true? Is there data to support this?”

In this article, we turn to fresh data on this subject and try to provide some helpful insights for practitioners grappling with this issue.

How Coupa, SAP Ariba and Basware Really Did in Our Q4 SolutionMap

In a paean to the recent Q4 SolutionMap release and subsequent personal analytical take on the three solution providers in this headline, Spend Matters Founder Jason Busch let everyone in on a not-so-secret secret. “Despite our marketing claims of having invested ‘hundreds of hours’ of analyst time in the process, the actual number felt like more in the thousands, by my own accounting,” Busch wrote. “I told one of my colleagues I felt like I was ‘in the Matrix’ at one point when looking at technology provider demonstrations.” While we’ve created a PO for an exact replica of the spectacles worn by Laurence Fishburne’s Morpheus in “The ‘Matrix” films to give Jason as a surprise (oops!) gift, we wanted to make sure to do justice to those many hours of collective team effort — by filling users in a bit more about what they can get out of SolutionMap.

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