In Case You Missed It … P2P Market Roundup

We can't comment on every press release that hits our desks, but here are a few market news stories this week that we thought we should bring to your attention, and some of our own you may have missed - we'll have more from our analysts in the coming days  ...

Jason Busch Turns His Analyst’s Eye on Starting Spend Matters SolutionMap: ‘We Were Talkers for Too Long’

Spend Matters Founder Jason Busch, interviewed by his own team about the growth of Spend Matters, the creation of solution provider benchmarking tool SolutionMap and the role of tech analysts. "Everyone inside Spend Matters had an opinion about existing analyst comparative frameworks and reports. For years, we talked about how we could do it better. And you guessed it — nothing got done. Remind me never to be a talker again! ... I believe that all technology analysts can and should do is what they know — rate technology for technology’s sake. That’s what we try to do with SolutionMap." Read the whole interview here.

New Task Force Created To Address UK Business Cashflow Issues

Proactis is puting together a task force to address the cash flow disconnect that exists between organisations of different sizes and different industries in different locations. Anthony Persse, Financial Solutions Director said “It’s time for change. We need to rethink how businesses trade with each other and develop a true understanding of the
challenges faced by all. To do this effectively will take collaboration." Proactis is bringing together a group of influential individuals representing a wide demographic of businesses that are in a position to support the implementation of change required to address the problem. This week they held their first roundtable to consider, and ultimately create, a combined vision and set of principles - we'll bring you the key takeaways from that next week. Read the press release here.

Defrauding Tech Giants 

Evaldas Rimasauskas, pleaded guilty to defrauding tech giants including $123 million by using fake invoices to trick employees into wiring money to his bank accounts. He set up a company in the same name of a legitimate supplier and proceeded to bill for fake hardware neither company had purchased. A procurement expert from Ivalua this week said "While this scam may look sophisticated, this is fairly simple and reflects the vulnerability of organizations that have not digitized their spend management processes. Despite monumental budgets, organisations as data-centric as Facebook should be able to match an invoice to a real purchase automatically, instead of being duped into paying millions of pounds to a scammer ..." 

Enterprises’ Use of Contingent Workforce Grows and Business Case is Strong, Research Finds

Spend Matters Analyst Andrew Karpie writes about the Economist Intelligence Unit’s February 2019 report, “Sourcing and Managing Talent in a Gig Economy,” which found that employing contingent workers can have a significant upside for companies despite some costs and a fair amount of preparation, according to Karpie. "While contingent workforce can deliver many kinds of significant benefits to organizations, everything comes with off-setting costs," he says. "And many of these costs arise because organizations today have quite some way to go in establishing the right processes, capabilities and culture for effectively engaging contingent workers." Read more here.

New Report - Procurement in Construction Is Unsustainable

pbctoday writes that lowest-price tendering is forcing contractors to price their work at unrealistically low levels, which is likely to have serious consequences on the construction industry, according to The Institute of Chartered Accountants in England and Wales (ICAEW). Its Audit Insight report warns that this could lead to more firms collapsing, damage to their supply chains and force more smaller firms out of business. The report provides practical guidance and recommendations to help ensure the long-term success of the construction sector. Read more here.

Bloom Procurement Services Heads for Further Growth

Newcastle-based Bloom Procurement Services, the exclusive operator of the NEPRO professional services framework on behalf of NEPO – the North East Procurement Organisation, is planning further expansion after more than doubling its head count from 30 employees to over 65 in the past year. Read more on Insider Media Limited.

Jaggaer Releases New OneShop Spend Management Tool

Spend management firm Jaggaer this week announced the launch of its new spend management solution: OneShop. The tool delivers real-time and localised catalogue search results and product information from all sources of negotiated pricing with suppliers connected to the Jaggaer One spend management platform. Read more here.

 

 

 

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