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The Biggest Benefit of On-Demand Talent Is Growth, Not Cost Containment

By now, most procurement leaders have heard about the high-end gig economy—and how freelance knowledge workers can help them steer complex, strategic initiatives on a project basis. The companies that have grown up to serve this new ecosystem, Business Talent Group included, often point to things like cost-efficiency when making a case for on-demand talent. Freelance knowledge workers carry the pedigree of top consulting firms without the overhead, goes this argument. It stands to reason they can take on the same work for substantially less money. But the biggest benefit to on-demand talent isn’t cost containment, in my view. It’s capturing scarce talent, moving more nimbly, and positioning your company for growth in fast-changing markets.

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Driving Sustainability and Compliance (Part 3): Managing Multi-Tier Risk and Opportunity

sustainability

This post is the last in a three-part series. Click here to read part 1 and part 2.

The process of launching IntegrityNext gave our team an amazing opportunity to connect with supply chain sustainability and compliance managers worldwide. We heard about challenges and targets as well as priorities for today and concerns about tomorrow. Regardless of industry or company size, professionals have immediately engaged, driven by their desire to improve the working and living conditions of supplier organizations and the communities they are based in. One of the questions that we heard most often was about multi-tier supplier sustainability and compliance: what does this mean and why is it important?

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Procurement Digital Transformation: The Top 10 Ways Real-Time E-Procurement Matters

The Hackett Group’s 2017 reportRaising the World-Class Bar in Procurement Through Digital Transformation cited that 84% of procurement leaders believe that digital transformation will profoundly transform the way they deliver their services over the next three to five years. Conversely, only 32% have developed a strategy for getting there. The report finds that typical procurement organizations can reduce procurement process costs by up to 24% by implementing cloud-based procurement applications, robotic process automation (AI), advanced analytics and other digital transformation approaches. At Aquiire, we have found that even more untapped savings can be achieved by introducing real-time data into the purchasing and procurement processes.

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Driving Sustainability and Compliance (Part 2): The Power of Social Media Voices in the Supply Chain

LinkedIn ProFinder

This post is the second in a three-part series. Click here to read Part 1.

Social media gives voice to anyone looking for a platform: consumers and corporates, individuals and organizations. By enabling the democratization of instant worldwide communications, services such as Facebook and Twitter have created an overwhelming volume of unstructured data in a short period of time. While the development of social media voices is dynamic and continues to evolve without pause, businesses have yet to tap into its true power. What happens to these spontaneously created bits of data? Who is listening? Is there actionable value in the voices?

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AI, Machine Learning and What They Really Mean for Procurement and Contracts

Your contracts. Even though they govern all of your supplier relationships and deal with huge sums of money, they’re error-prone and are in dire need of meaningful controls. Procurement solutions don’t encompass contract management, and technology-enabled as they may make you may feel (especially compared with what you had only a couple years ago), leave you with the manual, administrative tasks that keep you from more meaningful work. Machine learning (ML) can automate those tasks, and use your contract data to deliver insights that will create tremendous opportunities for increased profit, efficiency, savings and accelerated growth without you lifting a finger.

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Driving Sustainability and Compliance (Part 1): Disrupting the Paradigm of the ‘Empty App’

As Pierre Mitchell pointed out in an article earlier this year, the vast majority of procurement technology is focused on the capture and containment of information. Supplier information. Product specifications and prices. Spend and transaction details. These are critical categories of information, but they don’t create value or achieve business objectives on their own. For that, procurement needs something more contextualized to its own company’s situation and designed to motivate action.

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Calculating Current Procurement Costs and Potential Savings to Make a Case for Automation

AnyData Solutions

Making a case for automation can seem like a daunting task. Procurement professionals must find clear, compelling ways to communicate the potential savings and benefits of P2P automation to their organization’s decision-makers. In a conversation with PayStream Advisors, Paramount WorkPlace CEO Salim Khalife explained that the first step organizations should take when considering automation is “to make sure that their house is in order” by ensuring internal adoption and management buy-in — but how can this be done?

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SRM Unplugged: Expert Answers to 8 Burning Questions

Leading procurement organizations today know that investing in supplier relationship management pays real dividends for the enterprise. But knowing a practice is beneficial and knowing how to implement it are entirely different things. To help take SRM from theory to practice, we teamed up with David Atkinson, distinguished procurement leader and Managing Director, Four Pillars Consulting, who answered these top real-world questions on SRM during a recent webinar: “Supplier Relationship and Value Management: The Five Programme Killers and How to Overcome Them.”

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Evolving Indirect Purchasing: Traditional vs. Real-Time E-Procurement

We live in a world that increasingly demands immediate information and results — from streaming players (Roku, Apple TV) and cell phone apps, to two-hour deliveries for online orders and voice-assisted technologies (Amazon Echo, Google Home, Siri). People expect easy, comprehensive and accurate responses “in the now” for everything they do. The consumer expectations of “in the now” extend into the work environment, as well, where employees are often frustrated to find business systems and processes that fall short on the promise of delivering easy, comprehensive and accurate information on demand. Employees’ increased expectations for getting things fast and accurate is outpacing the traditional ways of doing business.

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E-Procurement Simplifies the P2P Process, but What About the Vendors?

Companies around the world are implementing e-procurement software to simplify the procure-to-pay (P2P) process, ultimately changing the way companies purchase, sell and transact with one another. A critical component in the successful implementation and adoption of e-procurement technology for a buying organization falls to the role of their suppliers. According to the Supplier Network 2012 study by Aberdeen group, the top pressure for buying organizations is to enable more B2B e-commerce with their suppliers and this still holds true.

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The Procurement Process and Contract Management: The Key to Managing Risk

It’s no secret. Organizations are losing millions due to cost volatility, supply disruption and non-compliance fines. An ever-increasing pace of business and rising levels of uncertainty within our global economy have brought about an alarming amount of potential pitfalls for procurement leaders. This means risk management has been more of a top priority than ever, and procurement is on the front line of managing that risk. The good news is procurement has a secret weapon: contracts.

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New Ways to Achieve Unprecedented Savings on Indirect Spend

In Deloitte’s 2016 Global CPO Survey 2016 report, 74% of respondents stated cost reduction as their top priority in 2017. Also, 70% of the surveyed procurement executives cited indirect spend as a top focus for controlling and reducing costs. Recent studies have found that indirect spend can account for up to 50% of a company’s purchases, and manufacturers specifically can spend 20% or more of their total revenue on indirect expenditures. It is clear the next profound impact area for procurement professionals is in accessing hidden and unexploited areas of indirect spend.