Procurement Buzzwords of 2015

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As 2015 wraps up, we take a look back on some of the most popular Spend Matters procurement buzzwords that dominated our coverage throughout the year. From the emergence of workforce intermediation platforms (WIPs) to the importance of guided buying, check out some of the topics the Spend Matters team has been busy writing about in 2015.

Work Intermediation Platforms (WIPs)

Earlier this year, Spend Matters analyst Andrew Karpie called work intermediation platforms, or WIPs, a “fast emerging phenomenon” in the contingent workforce management space. He also has said contingent workforce managers would have to get used to WIPs — “you can’t run and hide,” from them, they are part of your future.

So what is a WIP, exactly? As Andrew has written in his extensive coverage: “WIPs are platforms that allow: 1) People (for our purposes, people within businesses, i.e., not consumers) who demand or require labor or talent-based services and… 2) People who make themselves available (for compensation/consideration) to supply labor or expertise/talent-based service.”

Additional WIP coverage:

• Work Intermediation Platforms – Transformation Engines of the Modern Labor Procurement Supply Chain (Part I – Introduction)
• Work Intermediation Platforms – Transformation Engines of the Modern Labor Procurement Supply Chain (Part 2 – What Did We Catch?) [PRO]
• Specialized Work Intermediation Platforms – What’s the Significance?

Contingent, Independent & Freelance Workforces

The workplace is rapidly changing and companies are increasingly turning to these contingent, independent and freelance workers to source talent. New solutions are hitting the market to manage these workers as well. (LinkedIn Releases ProFinder Pilot, Quietly Enters Freelance/Independent Workforce Market, Field Nation Introduces a ‘Complete,’ Comprehensive Field Workforce Management Solution).

Additional contingent, independent & freelance workforce coverage:

• Freelancer Management Systems: The Origin and Destiny of a Species
• The Independent Workforce “Big Picture” – Services Procurement Professionals Take Note
• ICon Acquires Synergy Services — Independent Workforce Ecosystem Continues to Take Shape

Vendor Management System

As Jason Busch wrote back in April, “Just say yes to VMS.” It’s a no-brainer to use vendor management systems (VMS), and it’s time for procurement to stop using the wrong tools as a “crutch,” Spend Matters has argued. Spend Matters research has shown specialized VMS tools outperform technology resident in the ERP and indirect procurement space.

Additional VMS coverage:

• Tied to Old Ways, Penetration of VMS Solutions Remains Lousy (Part 1: Why?)
• Looking for Justification for Lousy VMS Penetration (Part 2: Is There a Reason For This?)
• Companies Can’t Get No VMS Satisfaction: Exploring the HR Disconnect With Services Procurement Technology

Spaving

“Spaving” is a term we see around the holiday season. Spend Matters Chief Research Officer Pierre Mitchell first wrote about it back in early in 2015 right after the holidays. Since we are at another holiday season it has come up again in our coverage. What is spaving? And, why should procurement professionals scoff at it? Check out our coverage below:

• What is Spaving? And Why Do We Need to Eradicate it?
• Post-Cyber Monday Reflections — Shifting from Spaving to Saving
• 2015 Will be the Year of the Chief Buzzword Officer

Guided Buying

The term “guided buying” wasn’t necessarily a new one in 2015, but it did turn up quite a few times in our coverage. Pierre Mitchell wrote about it for our Chief Procurement Officer site and covered it in depth on Spend Matters Plus. We think the term will continue to hold importance for procurement. Read up on what you need to know about guided buying below:

• Putting the Steak Before the Sizzle in Consumerized B2B E-Procurement
• How to Build Your Own Guided Buying Process [Plus+]

There are, of course, other procurement buzzwords of 2015. Source-to-pay (S2P), e-procurement, category management, purchase-to-pay (P2P) — these terms continued to reign importance throughout the year as well. We would love to hear from our readers on what they think procurement’s top “buzzwords” of the year were.