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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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The Future of Visible Commerce & the Role of Business Transparency

How are businesses responding to demands for transactional transparency from customers and wider society? Company leaders need a more holistic approach, which means knowing what sits underneath all their transactions. At Basware, we see such Visible Commerce as a way to simplify operations, spend smarter and do more.​

We partnered with Harvard Business Review Analytic Services (HBRAS) to take the pulse of business leaders and to understand how automation is empowering strategic decision making at their firms. I am pleased to share the findings of how these elite company executives are using transparency to mitigate risk, create business value and hone their competitive edge. ​

The report, “Using Transparency to Enhance Reputation and Reduce Business Risk,” explores the full value that such transparency delivers. It provides a lens over the advantages of automating finance and procurement processes. It finds that those working toward the total visibility of the flow of money, goods and services are able to make more effective strategic decisions and that this transparency is a defining characteristic of winning businesses worldwide. Those that have invested in improving visibility across finance and procurement benefit from greater employee engagement, improved reputation and revenue growth.

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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

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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:

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5 Easy Steps to Better Manage Your Suppliers

If you work for a large organization, you most likely have tens of thousands of suppliers, and any of them, to some extent, can pose a risk to your organization's operations, brand or customers. In addition, managing that many business partners is a difficult task that takes time, attention, organization and resources.

You and your suppliers are intimately linked, and what they do affects you, for better or worse. As a result, you need to be able to monitor, manage and collaborate with your entire supply base more broadly and effectively than ever before.

Before you get started, ask yourself these questions:

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A ‘Big Picture’ Procurement Mindset

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There is a considerable difference between what procurement can do with an eProcurement platform, what they should do, and what they actually do. Part of the problem is the level of technology segmentation that exists in the typical enterprise. Procurement has technology, legal has technology, sales has technology, etc. Everyone transacts with and stores their information separately. It may not be intentional, but it prevents companies from getting the full benefit of the technology they implement.

Huge strides have been made in digitizing procurement, but the work is not nearly done. Procurement needs to move into a larger business role where it is highly involved in the development and execution of enterprise-wide business strategy — and therefore enterprise-wide technology and data development.

If procurement is to think “big picture” when it comes to data and technology, it has to include suppliers as well. Corcentric has some reasons why.

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SIG Summit sneak peek: It’s not your average procurement conference

Readers of Spend Matters and SIG’s member companies have a lot of overlap. I’ve read many articles on this site from companies that are part of the SIG community. Through the years, Spend Matters has never failed in delivering amazing content that is actionable and reality-based, as well as non-sponsored ratings for those of us who work with procurement technology.

In that way, SIG and Spend Matters are kindred spirits. SIG provides its members thought leadership, networking and career training so sourcing, procurement and risk professionals can stay on top of the latest innovations — from updated best practices to the technologies that continue to change the way we work.

As the President and CEO of SIG, I’ve seen the industry grow and the roles of sourcing, procurement and risk professionals morph. We’re all staring down the barrel at these new technologies of robotics, automation and machine learning and wondering, Is my job next? Well, it could be. But I not only believe that this technology comes in peace, I want to show you how it can help you be a little bit better at your job every day.

Want to find out how? Join me and over 350 of your colleagues next week at SIG’s Global Executive Summit in Carlsbad, California, Oct. 14-16.