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Contract Expert and New LegalSifter Advisor Ken Adams on How AI Adoption is Changing Contracting

Earlier this month, LegalSifter added a renowned expert in contract language to its team. Ken Adams, who joined LegalSifter as an advisor, is the author of “A Manual of Style for Contract Drafting,” published by the American Bar Association, and has spent about 30 years in the legal profession. The legal profession is not particularly known for innovation, so what is it going to look like as AI increasingly comes into play? We posed some questions to Adams on the rise of AI and broader trends in contract management, as well as his work at LegalSifter.

Food and Beverage Industry Leads its Peers in Sustainability Performance, Ceres Finds

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Growing consumer demand for transparent food supply chains and responsible sourcing has pushed the food and beverage industry to embrace sustainability to a larger extent than other sectors, according to new research from Ceres, an NGO focused on sustainability. Ceres examined how more than 600 of the largest publicly traded U.S. companies are responding to environmental risks, human rights abuses and other threats falling under the umbrella of sustainability. The organization found that food and beverage companies are generally ahead of their peers.

Catalant’s Reimagining Work 20/20 Report: Good Imagination or Perfect Vision?

Catalant, a provider of innovative solutions to access and maximize the value of expert talent, recently released a report entitled “Reimagining Work 20/20.” In essence, the report focuses on the evolving relationships among organizations, expert workforce and the so-called future of work. Reimagining Work 20/20 examines why and how organizations are already or will need to begin a transformational journey (our words) to arrive at place where they can take full advantage of what Catalant calls the “radically agile workforce.” It also acknowledges and cautions that the journey to becoming an agile organization will be a challenging one.

The 2018 Beeline Conference: What Did We Learn?

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The 2018 Beeline Conference, which officially wrapped up Wednesday, may in retrospect be a milestone event for the company. Not only was the conference well attended, well organized, informative and analyst friendly in terms of access and transparency, it also provided visibility into a company that has weathered a near-perfect storm in 2017 and is now unfurling its sails, looking toward the horizon. Realistically, on the voyage ahead, there will be both smooth sailing and rough seas — and as any seasoned mariner knows, that’s just how it is.

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The State of the MSP Industry (Part 1): The Moment of Truth Has Arrived

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The MSP industry was born in the early 1990s. Enterprises were using more and more temporary labor, sourced without much control of cost and risk from a fragmented and opaque staffing industry. The very idea of an enterprise contingent workforce management program was a glimmer in the eye of CFOs. However, what had been a small problem was becoming a big one. To help businesses take control of their growing temporary labor use, MSPs, along with VMS technologies, stepped up to offer a solution to this problem. And since the 1990s, MSPs have served enterprises in these ways, delivering value primarily in the form of spend visibility, cost avoidance and reduction, and compliance enforcement. But what worked in the past in no longer simply enough for many businesses to justify their ongoing with relationships with MSPs.

30 Under 30 Supply Chain Star Jordan Haller on Leading ExxonMobil’s Preparatory Procurement Efforts for Hurricane Irma

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Jordan Haller knows a thing or two about safety. In 2015, the procurement supervisor at ExxonMobil was named to the National Safety Council’s list of 40 safety leaders under the age of 40 for leading a near loss campaign for his company. And last summer, Haller led ExxonMobil’s preparatory procurement efforts for Hurricane Irma. In the meantime, Haller, who has a bachelor’s degree in supply chain and information systems from Penn State University, also managed to complete an MBA at Louisiana State University. Today, Spend Matters chats with Haller on supply chain disruptions, prioritizing safety and why he expects the internet of things to push supply chain optimization to the next level.

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3 Reasons Catalogs Can’t Be Trusted to Manage Low-Value Spend

For many procurement organizations, catalogs have become the default way to manage indirect spend. It’s easy to see why. Catalogs offer a simple way to manage recurring, low-value purchases. By grouping previously sourced categories and commonly requested items into a single interface, catalogs promise ease of use, efficiency and, of course, increased savings, especially through the reduction of maverick spend. In practice, however, catalogs often create as many new problems as they solve. To help you understand why, here are three reasons why catalogs can’t be trusted to manage low-value spend — and how you can go about protecting your organization.

How Procurement Tech Adoption is Changing the Early Payment Game for the Better

The imperative to improve working capital is nothing new. As long as businesses have existed, buying organizations have wanted to hold onto their cash as long as possible, while suppliers have wanted to be paid promptly for goods and services provided. No wonder, then, that one of the oldest mechanisms to alleviate this discrepancy, invoice finance, dates back almost 5,000 years. But even over such a long history, invoice finance changed little. That's why the technological forces that are shaping this space stand to change so much about how it works.

What You Don’t Know Can’t Help You: Why Crowdsourcing Is Alive and Growing

Crowdsourcing is obscure concept for many, but one that is also widely in use. Large organizations ranging from Coca-Cola and Starbucks to AstraZeneca and NASA are increasingly experimenting with the approach, finding solutions for everything from sweetener development to answers to citizen science projects. And they’re not the only ones. In fact, there is considerable evidence that even midsize organizations are using and benefiting from crowdsourcing, too. To bring contingent workforce and services category managers and sourcing practitioners up to speed on these developments, we recently published “Crowdsourcing: New Trends and Developments” (Part 1 and Part 2).

3 Big Changes Driving Procurement Hiring Trends in 2018

Spend Matters welcomes this guest column from Naseem Malik and Nick Lazzara of MRA Global Sourcing.

There’s never a dearth of excitement in the world of procurement, and 2018 has been no exception. The business effects of several new Trump administration policies are coming fast and furious. Fluctuating economic and political conditions are presenting a host of new challenges and opportunities for businesses. Because of these factors, procurement professionals now more than ever need to stay abreast of the latest developments and master in-demand skills. To help, here are the three key areas we’ve seen driving procurement hiring in 2018, as well as our recommendations for where professionals should focus in the coming months.

The Age of Analytics: Mainstream Adoption by Procurement Expected to Triple by 2021

Procurement has likely entered the beginning of a massive swell in the adoption of advanced analytics tools. Researchers from The Hackett Group have found that mainstream adoption of advanced analytics in procurement functions is expected to more than triple in the next two to three years, increasing from the current 20% to 63%. Given the benefits associated with the effective use of analytics, the increased adoption makes sense. Earlier research has found that analytics-driven organizations are twice as likely to be top financial performers and five times as likely to make faster and better decisions.

Robotic Process Automation Adoption: Early Challenges and Lessons Learned

Despite early successes, mainstream organizations are not yet making use of robotic process automation (RPA) technology. This may soon change, according to Hackett Group analysts, who predict that RPA adoption rates will rise in the next two or three years. According to the Hackett Group research, executives across departments are interested in increasing RPA adoption, with finance and global business services (GBS) executives particularly enthusiastic. GBS executives believe that mainstream adoption of RPA will increase five-fold to more than 52% within two or three years, and finance executives predict that adoption rates will increase to 38%.