Process & Best Practice Content

An Entrepreneurial Take on Supplier Relationship Management: Best Practices (Part 3)

Forward-thinking executives are reacting to this faster rate of change by challenging their teams to be more entrepreneurial. This concept, as applied to procurement, lies at the heart of the latest State of Flux report on supplier relationship management (SRM). There is perhaps no industry that is immune to technology-enabled disruption. Successful procurement leaders, State of Flux argues, will need to become entrepreneurs. Below, we’ll look at a number of best practices that can be distilled from the report.

Unlocking Hidden Cost Savings Through Third-Party Payrolling: Does Your MSP Go All Out for You?

As companies rely more on non-employees to fill mission critical-roles, procurement leaders are realizing that their business objectives are not always aligned with those of their managed service provider (MSP). One scenario where this can be the case is the MSP’s rate of third-party payroll utilization — the percentage of spend for contingent workers who are W2 payrolled by a third party but sourced directly by the client. This article explains how an effective MSP maximizes third-party payroll utilization to drive cost savings and value for an organization.

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Will Procurement Automation be Transformed by Compulsory Real-Time Tax Controls?

Companies should be preparing for a world where government requirements for real-time transaction controls will be a major force in shaping the business-to-business (B2B) transaction automation systems of the future. With cloud becoming the principal deployment model for managing different types of B2B transactions, this revolution toward much-reduced freedom for companies to specify their process requirements can be expected to transform the way companies interact and contract with solution vendors. Let me explain through a couple of scenarios.

How Are Your Peers Doing on Supplier Relationship Management? (Part 2)

Last week, Spend Matters began covering the recent report from State of Flux on supplier relationship management (SRM), “Entrepreneurial SRM: Solving the Value Puzzle.” Part 1 focused on defining SRM — what it is, what it isn’t, and the six most important components of SRM, as according to State of Flux. The State of Flux report provides a host of interesting data on how organizations are doing on their SRM efforts, which will be the topic of today’s post. How does your organization compare in this regard to your peers? Are you ahead of the pack or somewhere in the middle, or do you have some catching up to do?

Transforming Supplier Management: From Policemen to Innovation Catalyst

Spend Matters welcomes this guest post from Dave Tienstra, Partner at Information Services Group (ISG).

Modern enterprises are evolving quickly, and with that transformation, their expansive, locked-in, long-term supplier relationships are giving way to digitally enabled, data-driven supplier ecosystems marked by collaboration, a fluid set of suppliers and a mutual exchange of data and information that drives new insights, delivers new innovations and empowers a new way of managing supplier relationships.

State of Flux Releases SRM Report: What is Supplier Relationship Management Really? (Part 1)

What business doesn’t want more innovative suppliers? According to research from State of Flux, supplier innovation is a goal that eight out of 10 companies are actively working toward. From a study of 372 companies representing more than 25 industries around the world, State of Flux found that getting this innovation strongly depends on how well they manage their key supplier relationships. Put more simply, businesses need to master supplier relationship management (SRM).

3 Routes to Strategically Linking Procurement and Accounts Payable

When it comes to managing accounts payable processes, leading procurement organizations know that invoicing, supplier management and payments present both serious risks and strategic opportunities for the business. But while identifying risks is a logical first step to elevating the charter of accounts payable from back office workflow to strategic capability, best-in-class organizations know they must push the envelope of what AP can offer to truly enable long-term business success. To do that, procurement must ditch last century’s manual, paper-based processes and embrace an automated approach.

The Amazon Effect: Competition for Procurement Talent

No one and no thing is now safe from what is known as the “Amazon effect.” As Bezos’s behemoth continues to expand in multiple locations, including the addition of the impending HQ2, it is disrupting hiring and retention efforts in all business functions. Top procurement talent is especially susceptible, as it’s hard not to be seduced by arguably the No. 1 supply chain company in the world, with a Gartner Supply Chain Masters honor to boot. This should rightfully strike fear in leaders of procurement organizations.

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.

New Research: Using Collaboration in Bringing Competitive Advantage to Your Supply Chain

If your organization wants to create competitive advantages through its supply chains, collaboration is crucial, according to new research from the Global Supply Chain Institute at the University of Tennessee – Knoxville. The findings were presented in a white paper, End-to-End Supply Chain Collaboration Best Practices, written by Mike Burnette, managing director of the institute. Burnette and other supply chain faculty at the university interviewed 17 leading companies in eight industries to determine the best practices that help organizations achieve success through collaboration.

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?

How to Incorporate Diversity and Inclusion Practices Into Contingent Labor Programs

supplier diversity

Many organizations struggle with how to incorporate D&I practices within their contingent workforce. In response to concerns regarding co-employment, buying organizations tend to keep non-employees at arm’s length. But given the increasing number of contingent workers in the workforce mix, as well as the central role they are playing in more organizations, one could argue that a different approach should be considered in acknowledgement of the changing dynamics.