Multi-site Content

Feeling pressure from fintechs, SWIFT to update its cross-border transaction capabilities

SWIFT, the Belgium-based cooperative whose money messaging services are used for cross-border transactions around the world, is feeling the heat from firms muscling in on its dominance in the field.

10 Theories on Procurement Technology Venture Stage Investment (Thesis 6: Supplier Collaboration: Goodbye Tinder, Hello eHarmony)

In a series of columns this year, I’ll share 10 theories that I believe will drive investments in earlier-stage (angel/seed and Series A/B) start-ups in the procurement technology market. For perspective, Thesis 1 looked at automation and vendors in that space. Thesis 2 looked at providers of marketplace solutions. Thesis 3 looked at UI/UX technology and adoption in the start-up stage. Thesis 4 dug deeper into bridge solutions. Thesis 5 looked at push savings. 

Today, let’s dig deeper into the rise of supplier collaboration.

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Demystifying the role of technology: Automation

Many companies are tapping into the opportunities presented by new and emerging technologies, which have the potential to enhance productivity even further. Automation is one such concept that has plenty to offer, both now and in the future. Whether it's improving your cash forecasting process or streamlining invoice processing, we explore some of the use cases and benefits for automation.

Digital Procurement World celebrates 9 start-ups in procurement at DEMO VIRTUAL

Last week, Digital Procurement World (DPW) hosted its second annual DEMO event, which highlighted nine innovative start-ups in procurement technology. All nine presented their solution ideas to a panel of judges, and three were named winners. The start-ups represented different emerging elements in the space today — hospitality, tail spend management, logistics, sustainability, spare parts sourcing, machine learning, supplier relationship management, among others.

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In a rapidly changing world, companies need API-integrated technology ecosystems to meet immediate needs and be ready for the future

The way we work today is different, even from how many of us worked only a few months ago, which means operational practices must keep pace. The global economy continues to shift, with workers requiring more flexibility and employers evaluating alternative engagements for specific projects that can spur savings and outcomes. Companies that make the decision to embark on a digital transformation journey have a brighter outlook, maximizing their chances of success.

Digital transformations require companies to make honest, clear evaluations of their existing technologies, some of which may work well. In other cases, legacy platforms may not integrate with modern tools, hampering progress. So choosing the right technology platforms becomes the linchpin in the change process. When an organization’s systems can fully integrate with one another, the resulting ecosystem alignment brings formerly disconnected departments together. This creates an atmosphere where operational practices can be revised or replaced to become more comprehensive, which can be especially important with regard to managing a company’s workforce.

With COVID-19 presenting unforeseen challenges, companies are trying to optimize their internal and external workforces. Organizations have to remain nimble, recalibrating quickly to respond to unexpected situations, whether that means scaling worker numbers up or down. When pressures like these act upon organizations, there is a significantly increased demand for them to adopt cloud-based workforce management platforms that allow them to integrate seamlessly with other departments, including HR, finance, IT and legal.

Freelance management technology can be the key to meeting current workforce changes and planning for the future

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Even as the nature of work changes with an expanding global economy and increasing impacts of technology, the past six months have presented unexpected and dramatic challenges. Because of COVID-19, companies find themselves at various stages of ramping up or down — so they need an agile, scalable talent strategy to meet these demands.

Some companies, like providers of delivery and educational services are in greater demand, while businesses like restaurants, bars and museums have needed to adjust their business models. The unpredictable nature of the current situation and potential for even greater disruption provides the perfect opportunity for companies to prepare their responses to these situations. Having technology that supports an agile model gives those companies ways to quickly adapt their workforces.

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Using bridge solutions to speed up the consumerization of procurement 

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What is a bridge solution and how can it help speed up the consumerization of services procurement — and why is that important?

Bridge solutions (or stop-gap solutions) are simply solutions that solve specific problems. These are typically problems that have not yet been addressed by P2P solutions because they are too niche or specific. Bridge solutions can tackle the problem differently and often come alongside laser-focused expertise and knowledge from the providers of these solutions.

Although the issue of consumerization certainly isn’t a niche one, there are many individual aspects that need to be addressed and automated to make true consumerization a possibility. For example, the larger more end-to-end P2P solutions (such as Coupa) do a fantastic job at automating the requisition-to-approval process and invoicing, but what they are not doing is providing the tools to automate the piece before the requisition gets raised. Bridge solutions can essentially act as a plug-in to cover any areas that are still being handled offline or by heavy manual data entry.

CIPS honors top procurement team, best technology use at its 20th annual industry awards

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The Chartered Institute of Procurement & Supply (CIPS) hosted its 20th annual Excellence in Procurement Awards event last week to celebrate the innovative solutions and providers in the global procurement space, naming Johnson Matthey as its overall winner.

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Witnessing supply chain and sourcing history in the making

It’s shaping up to not only be a year of global historical significance, but also a pivotal moment in the record books for each of our companies. How we react and upskill now will determine our organizations’ trajectories for the foreseeable future.

IT Supply Chain: Pandemic continues to impact the technology sector

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The pandemic continued to have an impact on the technology sector in August, with everything from smartphones to servers affected. Smartphone shipments continued to fall, with analysts saying they don't expect a proper recovery to pre-pandemic levels before 2022. There were a few positives though, with sales increases in the notebook and WLAN markets. But these mostly occurred in the consumer space.

To help navigate the ups and downs and maintain a clear view of what represents a fair price, here are some of the latest developments and major movements that are influencing key IT product categories.

New solution Fiverr Business continues Fiverr’s up-market move, helps teams collaborate remotely with freelancers

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Fiverr International Ltd., the online freelance services marketplace, announced the launch of Fiverr Business. The new subscription-based solution provides a way for larger, buy-side organizations to engage and work with freelancers. As such, it is a step up-market for Fiverr and a way to respond to a market adopting remote work models amid the coronavirus disruption.