Author Archives: Kyra Senese



Smaller, mid-size businesses now looking to digital procurement solutions to cut costs, bolster strategy and growth, report says

Business leaders in the supply chain procurement space are continually seeking out ways to streamline procurement methods and cut costs. As the possibility of a looming recession remains on the minds of decision makers, procurement-minded industry members are considering how electronic procurement software — aka digital procurement or eProcurement — can ease these efforts.

Levvel Research recently launched its “2019 Procurement Insight Report,” which evaluates current industry trends and spend management strategies following a market-wide survey conducted in April 2019. The report, sponsored by Coupa, examines the ways in which procurement automation software is being implemented as procurement teams continue to shift.

EcoVadis, NYU report on the state of sustainable procurement

sustainability

Sustainability efforts paired with technological growth continuously affect the way business leaders plan for their companies’ futures. As budgetary and operational plans are considered, thought leaders in the supply chain and procurement space are evaluating sustainability as an asset that can stifle risk and bring about further economic growth.

EcoVadis, a firm that works to provide sustainability risk and performance ratings for global supply chains, recently launched its 2019 Sustainable Procurement Barometer in partnership with the NYU Stern Center for Sustainable Business.

Recession is on the mind of many procurement, finance professionals: Study

future

Despite economic growth, recent headwinds have procurement and finance professionals considering how to deal with a possible recession in the next year or so, according to a survey by the data-aggregation firm Suplari, which published “Plans & Tactics to Recession-Proof the Enterprise in 2019 and Beyond.” The study notes that many recent surveys spotlight executives’ concerns that job markets, credit risks and tariff policies could push the economy to decelerate. The survey evaluates how to avoid disruptions of performance, growth and profitability, considering what strategies can be employed swiftly to identify cost-savings and risk-optimization.

Automation, digitization, global trade pose challenges for business leaders, report says

A new report by The Economist Intelligence Unit, sponsored by Basware, is shedding light on how technology innovation and shifting global trade dynamics are challenging businesses.

The report considers three trends — automation, digitization and shifting trade dynamics — that finance and procurement executives expect to affect their companies most, what their impacts will be, and how business leaders are preparing for the developments. The report’s findings are based on a survey of more than 400 finance and procurement leaders in the U.S., the UK, France and Germany.

Companies Now Using Digital Disruption to Transform, not Merely Cut Costs: Deloitte Survey

As digital technologies continue to affect how businesses evolve, the related risks and opportunities are pushing companies to expand their cost management strategies, according to Deloitte’s recently released second global cost survey.

The study, “Save-to-Transform as a Catalyst for Embracing Digital Disruption,” explains that although traditional cost-reduction methods remain important, many organizations are also investing aggressively in digital technologies that they believe can enhance operating efficiency and cost savings while improving overall performance and competitiveness.

Deloitte’s 2017 study said many businesses relied on the “save-to-grow” philosophy when digitally transforming, but the 2019 study sees businesses adopting the latest technology to fundamentally transform their operations.

Resilience360’s First Risk Report A Snapshot of Problems for Last Year, 2019

The supply chain risk environment is continuously evolving, DHL Resilience360 executives Tobias Larsson and Shehrina Kamal state in Resilience360’s first Annual Risk Report that looks at last year’s big issues and problems to come in 2019. “Risks are increasingly being called out in companies’ publicly filed financial statements, and as supply chains become more strategic, disruptions are turning into board-level issues,” the executives stated. “Each year brings new challenges for companies, with different threats, unexpected events and unpredictable consequences.”

Financial Services Industry to Face Technology Disruptions over Next 5 Years, Report Says

During the decade since the global financial crisis, the financial services industry has experienced major technological disruption, experts say. However, a new report states that 52% of financial leaders say their leadership teams do not appreciate the possible results of continued technology disruption. According to research released by the advisory and support services specialist Vuealta, “The Future of Financial Services: Planning for Every Eventuality,” the financial services industry may face an array of challenges and disruptors during the next five years.

Direct Spend to See an Increase in Outsourcing: Report

A new report from Texas-based research firm Everest Group analyzes the factors contributing to suboptimal direct spend management. The report — “Is It Time to Outsource Direct Spend Categories?” — aims to provide a process for enterprises to begin changing their approach to direct spend management.

Sustainability and Supplier Data: EcoVadis, Healthcare Firms Share Information for ‘Responsible Health Initiative’

healthcare

The issue of sustainability has increasingly become a topic that has the power to unite industries in which peers might otherwise find themselves in fierce competition. According to EcoVadis, industry concerns about sustainability have made supplier data, which was once considered proprietary, become a shared resource for creating impact and cross-company value. EcoVadis and three health and pharmaceutical companies — GlaxoSmithKline (GSK), Teva, Takeda — this year announced the launch of the Responsible Health Initiative (RHI).

Digital Transformation Disrupts the CPO Role — Adding Pressure and Opportunity

The role of the chief procurement officer as a strategic business partner has taken on a new shape in recent years as organizations aim to better focus on changing business landscapes and keeping up on tech developments. A recent ProcureCon study, “Examining the Role of the CPO as a Catalyst for Digital Transformation in a Time of Disruption,” suggests that the role of the CPO must now assist its organization by navigating the global business environment’s opportunities and changes.

Technology, Talent Strategy Needed for Business Growth, Study Says

Advancements in technology are changing nearly everything about the way people work across various industries, and a new report highlights how this transformation also pertains to the inner workings of talent acquisition. During the past few years, the way employers source, screen and hire new talent has changed vastly, and experts say this change is for the better. Business leaders’ concerns about the global economy are causing organizations to regard talent as the key to value creation, according to the 2019 Talent Trends report from Randstad Sourceright.

Trends in E-Invoicing Compliance: Real-Time Tax Clearance and Transaction Automation

e-invoicing

Sovos TrustWeaver released the 10th edition of its paper analyzing the trends that are currently affecting global e-invoicing compliance. The new edition outlines a global trend toward real-time tax clearance of invoices and how it affects daily businesses’ operations and business-to-business transaction automation strategies. “This ... white paper on global e-invoicing is a treasure-trove of analysis and facts about the digital tax tsunami that few experts would disagree is now a solid global trend.”