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Manufacturing 2020 — Integrated Data, a Slingshot to a Resilient Future

By using technology platforms, such as Salesforce, many manufacturers have been able to harness data that provides 360-degree views needed to quickly respond to global supply chain issues. Integrated data and technology platforms have helped manufacturers pivot quickly during COVID-19. And it will be these platforms and integrated data that act as a slingshot to launch manufacturers to a better future beyond the current pandemic.

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Equipping yourself to be unstoppable 

Since March, the world has felt increasingly uncertain with the COVID-19 disruption, fluctuating wildly while we hold on waiting for normalcy to return. As our businesses are in a state of pivoting, it’s important to remember that this will lead us to find new ways to excel, experiment with fresh ideas and chart a course through intimidating terrain. Procurement can take a lesson from the natural world — that while today might feel like a grinding uphill battle, we must remain focused and not lose faith that we can endure. SIG has some resources to help you through.

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Re-evaluating the cash conversion cycle in the COVID-19 era

In these extraordinary times, maximizing working capital has never been more important. The COVID-19 pandemic has affected many sectors in different ways, be it a shift in demand from one type of product to another or a decline in activity/sales overall. Conversely, for some businesses, changes in customer behavior have resulted in a significant spike in demand.

In these market conditions, it’s more important than ever for companies to look critically at their cash conversion cycle (CCC) — the time taken to convert the firm’s investment in inventory into sales and receive payment for goods sold.

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COVID-19 Resources: A Guide for Sourcing, Procurement and Workforce Management

SIG is always asking our event attendees, current and future members, and readers about their concerns. I have been tracking and analyzing their responses for almost 10 years now. While cost savings and value-add remain consistent and strong priorities, there's no doubt many are very concerned about meeting pandemic-related needs.

We are blessed to have a community of thought leaders and generous professionals who are willing to share their experiences and describe their wins.

We offer the following resources in your quest for coronavirus-related items specific to sourcing, procurement and workforce management. You can continue to search for related articles in the SIG Resource Center and on Future of Sourcing. Normally a benefit of SIG membership, these resources are being offered to all of our readers.

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How Promena helps customers with our managed services model

Digitally powered procurement means operational efficiency, financial benefits, traceability and access to vital data. On a more detailed level, digitization covers predictive analyses, data analytics, ERP integrations and end-to-end processes.

But can just one single software solution be enough? Do companies also have different expectations or need a different type of service while running their processes digitally?

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Global trade trends and their impact on procurement

As businesses settle into their “new normal,” we at Basware commissioned a report with the Economist Intelligence Unit (EIU) to dive into the latest global trade trends and topics that executives are most concerned about. Together with Pete Swabey, Editorial Director of EMEA Thought Leadership, we looked at what these trends mean for procurement and finance professionals and identified three themes procurement should prioritize to minimize disruptions to their supply chain and day-to-day business.

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Selecting an S2P partner in the era of COVID: Advice for mid-market procurement leaders

Amid today's coronavirus disruption, digitizing core essential operational functions in procurement and accounts payable (AP) has become ever more critical, not only to support business needs for those workers who return to “work,” but also to support the growing permanence of a remote workforce. Therefore, even though e-sourcing, e-procurement and e-payable technologies have been around for almost two decades, the past several months of the COVID lockdown have taught new lessons that demonstrate the digital essentials for business continuity and why mid-market firms need to catch up.

For mid-market companies looking to select a solution, the task may be a daunting one of where to start.

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Supply chain health check: 10 things you should be doing in the COVID-19 era

As companies emerge from the coronavirus storm, it will be more important than ever to test the resilience of their supply chains in the current environment — and strengthen them in preparation for any future crises. From stress-testing the financial health of the supply chain to becoming more agile when onboarding new suppliers, companies should consider the following 10 actions:

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Getting from ‘Adapting’ to ‘Learning’

“Adapting.” It’s a single word that describes how many of us are carrying on personally and professionally amid the COVID-19 disruption. SIG is no different.

We held our inaugural Procurement Technology Summit in May as a completely virtual event. It was new territory for SIG, but we were committed to making the attendee experience every ounce as valuable as a face-to-face event.

“Learning.” It’s what every single one of us needs to focus on now as individuals and at the organizational level.

As the business world adapts and learns how to navigate COVID-19, it will become more vital than ever for companies to encourage their people to upskill. Whether you scrapped your 2020 strategic plan and are starting afresh or are pivoting your nimble team toward a new direction, workforce education will be key.

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Driving supply chain risk strategy during coronavirus recovery

In parts of the world, the coronavirus pandemic appears to be waning. Yet the global economy is now stuck in the mud. Will this standstill turn into quicksand for your company?

As production ramps up again, procurement, purchasing and supply chain managers are no doubt weighed down with a heavy workload already — but you’ll also need to devote time to securing your supply chain in the future. Here is a five-point guide to drive your supply chain risk management strategy during coronavirus recovery.

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5 questions on finding your ‘best fit’ digital procurement technology, featuring analyst Magnus Bergfors

Spend Matters note: Because of the coronavirus outbreak, Basware’s conference in Europe was canceled and Spend Matters’ Magnus Bergfors was not able to speak there. So this interview is being shared here.

Basware sat down with Magnus Bergfors, VP of European Research and Lead Analyst at Spend Matters, to hear his take on the selection, adoption and integration of digital procurement solutions. Read more to learn how your organization can best determine the need for procurement technology, how to select the right technology vendor and how to choose between end-to-end and specialist digital procurement solutions.

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Realign, Reimagine, Reconnect: How COVID-19 is Making Us Re-evaluate

While our lives and the way we work have been upended in recent weeks by the COVID-19 outbreak, many of us feel like we’re finally somewhat settling into this new, uncertain normal.

There is no finish line on the horizon for when the coronavirus will be brought under control. However, it is crucial to remain focused on the future by investing in our own knowledge, industry dialogue and professional networks now.

If you’re like me, you have been disappointed to see many of your favorite spring events and conferences canceled or postponed. That’s why at a time when we need solutions and to remain connected more than ever, SIG is excited to bring you our fully online Procurement Technology Summit, from May 11 to 15.