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Simfoni offers free mapping of your COVID-19 supply risks: Read its methodology for addressing coronavirus problems

Dear Readers,

In recent days, Simfoni has developed a COVID-19 risk assessment dashboard to help its customers assess potential business impact arising from supply chain disruption. Given the acuteness of this situation, we have decided to provide this dashboard on a complimentary basis in the interest of supporting businesses, jobs and maybe even lives.

In this article, I describe the methodology applied in our COVID-19 Risk Assessment so that readers can recreate the analysis and apply it to their own situations. Our assessment follows three stages: Identification, Supply Market Risk Analysis and Mitigation.

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Coronavirus and Supply Risk Management: Tips for being prepared

Global Risk Management Solutions

Are you prepared for future supply risk? Do you have a structured supply risk management approach? Given the current coronavirus headlines, you should. And here’s how to start.

Coronavirus is the quintessential example of a supply chain disruption, and its impact has been rapid and global. Given all the news about it and its effects, we have pulled together some of our best information about managing supply risk.

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Emerging trends in global contingent worker sourcing and how to ensure compliant workforce classifications

Companies globally have substantially accelerated the use of contingent contract workers as part of their business expansion plans or as an alternative or supplement to their full-time internal workforces. Many economists are referring to this trend as the “Fourth Industrial Revolution” — with some projecting that 30% to 50% of the average corporate workforce will be classified as “contingent or flexible” (independent contractor, corp. to corp, freelancer, temporary or robotics) by 2025.

The risk of worker misclassification can have serious tax and business operations consequences on the company and contractor. This can lead to business interruptions and risk the right to conduct business in a country or economic treaty zone. CXC — the leading global contractor management company for the past 28 years providing compliant solutions to corporations, contingent workforce providers and recruitment firms — has automated and digitized our proprietary contractor vetting and validation process in the 60-plus countries where we operate.

Find out more in this post and in an upcoming webinar.

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Want to feel more impactful at work? Give automation a try

I personally feel automation is the most important tool that will continuously improve our work lives in the next couple of years. In its simplest form, it eliminates the need to do tedious, monotonous work — while in its most elegant form, automation reduces the need for human touch points until well into a process, at a point where human interaction is a benefit, not a necessity. As people look to automation, it is important to differentiate between basic automation and automation that needs intelligence built into it for the future. So, when I say “building in intelligence,” I’m speaking to the need to transform your operations through automation and the need to introduce disciplined approaches to automation program structures in order to identify and prioritize those scenarios that can be automated.

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Leverage the Rule of 3 for Improving AP Automation Accuracy

e-invoicing

We’ve all heard about the benefits of accounts payable automation: going paperless, saving time and saving money.

If you and your team want to truly maximize these benefits, there are important considerations to make  when looking for an AP automation solution. Above all, you must make sure the solution you select offers true automation so less human intervention is necessary. Sticking to the basics often gets overlooked in pursuit of the most cutting-edge capabilities.

In this regard, here are three things you should consider to ensure you’re getting true AP automation:

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Procurement Leaders: Hit the Refresh Button in 2020 at SIG’s Procurement Technology Summit 

They say April showers bring May flowers, but I wanted to let you know 2020 will be different. This April 20 to 22 in Championsgate, Florida, SIG’s Procurement Technology Summit will bring you an event you’ve never seen before that will pay dividends throughout the year (not just May).

SIG is committed to staying at the forefront of all the forces impacting our industry. It was from our unique sightline into sourcing we recognized that procurement technologies advance so quickly that many people simply aren’t able to stay in the know. Awash in information, many of us are uncertain which digital technologies deliver and which are hype. While none of us can predict the future, we can be ready for it. That’s why we’re placing digital procurement and emerging technologies center stage for three days.

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A Holiday Gift Your Team Will (Actually) Appreciate

This time of year, giving presents to your team members and colleagues can be awkward no matter how well you know them. Look beyond the restaurant gift cards, trending gadgets and dried-out fruitcakes to a gift that will deliver an actual return on investment — an industry-recognized certification. By coming together in a virtual classroom, you’ll avoid those awkward, gift-giving faux pas and delight your team with an investment in their professional development to sharpen their skills, boost performance and credibility with both stakeholders and management, and contribute to the overall success of the organization.

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Are your spend classification efforts relevant and truly moving the needle?

Last month, we examined the current constraints on procurement today and discovered that data spend quality is an issue that’s holding organizations back. Digging in further, we found that spend classification is a big factor affecting organizations’ abilities to get high-quality data. The reality is you don’t know what you’re actually spending in each category. For many procurement teams, getting the insights they need is challenging because classification is painful and time-consuming, and they don’t know how to make things better.

Let’s take a deeper dive into some of the problems with spend classification today:

CPO masters of complexity (Part 2): A new approach to augment talent

Deloitte's 2019 Global CPO Survey shows that many procurement leaders are finding it hard to balance a variety of competing demands for their limited resources. One common theme expressed was the challenge of how to find, recruit and retain the talent required to implement and optimize a more digitally complex and increasingly sophisticated procurement function. Many organizations are using this opportunity to challenge the traditional operating model, including the roles, responsibilities and skill sets required for this new digital world.

Demand for top talent in the global procurement space continues to outpace supply, even as the expectations from the corporations they serve continue to increase. While investment in training in both technical and softer skills appears to be rising, the CPOs surveyed felt the negative impact of a “talent drain” on their ability to keep pace with the increasing complexity of reducing costs and risks while implementing digitally-enabled procurement functions.

Why RPA is not a breakthrough advancement in procurement

Procurement teams globally are facing the same common challenges. We hear it over and over: CPOs are constantly being tasked with cutting costs and doing more with less … yesterday. But how are they doing in actually overcoming these challenges? Let’s take a look.

Today, many procurement organizations are attempting to solve these challenges by turning to robotic process automation (RPA) as a solution. But RPA, while serving as an important automation tool, operates in a regime that accepts current constraints as a given and works within them. It represents an incremental advance in the evolving technology frontier by addressing a subset of procurement domain competently, but it cannot be justifiably elevated to the status of a breakthrough technology.

Xeeva’s patented specialized procurement AI demolishes the resident constraints in procurement by transforming spend data and digitizing domain expertise.

CPO Masters of Complexity (Part 1)

It sure seems like most everyone’s life is getting more complex. When I casually ask friends how they’re doing, the response is usually something about being ridiculously busy and barely being able to keep their head above water. In this age of constant connectivity, rampant over-scheduling at work and home, and constant barrage of information, complexity seems like the new norm.

The same is true for chief procurement officers (CPOs). According to our eighth annual “Global Chief Procurement Officer Survey,” CPOs largely see procurement-related risk on the rise — nearly 60% of the 481 respondents indicated that risk has risen either significantly (19%) or somewhat (42%). This is part of a broader theme of increased complexity that came out in the survey findings, where we profile complexity in four main areas: external complexity (headwinds coming from outside of the four walls of procurement), internal complexity (challenges of managing internal relationships and alignment with business objectives), talent complexity (building effective procurement teams and operating models), and digital complexity (defining and executing on digital strategies that are aligned with broader digital transformation efforts). In this post, I will focus on the first two areas of complexity. A subsequent post will discuss the last two areas.

5 tips from SIG on presenting at procurement industry events

Presenting at an industry event is an important step in any professional's career. It is also an excellent opportunity to promote, showcase and reward a team for a job well done. But most importantly, it is a critical factor in keeping an industry relevant, competitive and strong. Every professional worth their salt should consider it their duty to share their successes and failures.

Of course, in order to present at an industry event, you must first submit a proposal in the form of a session abstract. Sourcing professionals are well-versed in writing business cases and category strategies, and we have all read our fair share of good and bad proposals. However, when it comes to writing a speaking proposal, many sourcing professionals don’t give it the time or energy it deserves. These abstracts are often used to describe your session, and if the goal is to share your thought leadership, you will want to make sure your abstract grabs your audience’s attention. Consider the following five tips to write a compelling proposal for your next industry event.