According to an article in the Wall Street Journal, citing analysis by COMPTIA, in January 2022 employers posted close to 340,000 unfilled IT job openings, which was 11% higher than the 12-month average. The huge demand for software and AI expertise can be attributed to heightened demand for IT services brought on by the pandemic, but also a growing tech talent shortage that has been in the works for some time.
Sourcing Disruption to Continue In 2022
A volatile 2021 taught businesses a tough lesson about the fragility of supply chains. Just when many thought we were out of the woods, the promising trends toward recovery reversed. Supply chains quickly snapped amid the resurgence of COVID-19 outbreaks, China’s utility crisis, logistics woes, labor issues, and mass supply shortages.
The Hackett Group’s annual working capital research – The Hackett 1000 – shows that the largest public U.S. companies have run a tight ship during the crisis, employing cash and working capital management strategies to increase liquidity and cash on hand as they navigate uncertainty and demand shocks. Nevertheless, those companies collectively had nearly $1.3 trillion of excess cash tied up in working capital at the end of 2020.
The Board of Directors for McKeesport Area School District had a problem. The main high school building was completed in 1961 without air conditioning (AC), and every contractor and company was submitting bids to install it that the district couldn’t accept. The space wasn’t designed with an AC system in mind, and construction issues from roof plenums to piping kept the price tag too high. Students and teachers labored to learn with non-optimal temperature and airflow, while the cost to remedy it remained, literally, through the roof.
Are Independent Contractors Covered by Workers’ Comp Insurance?
Independent contractors are workers who offer their services to a business but are not considered employees. As a result, they receive no benefits such as paid time off, sick pay and health insurance coverage. In addition, independent contractors must pay their own taxes, including self-employment taxes, at the end of each year. If you are an independent contractor, you and the businesses you work with may wonder how your independent contractor status affects workers’ comp insurance.
Ushering in the era of The Internet of Things (IoT) brings with it conceptual and cultural change in supply chain management. Previous processes that were once not possible to automate, now not only function independently, but are capable of sharing data and interacting in such a way as to maximize efficient output.
While the precise impact of IoT is dependent on technology costs outweighing efficiency savings, there are several inherent benefits the supply chain can expect from its introduction.
Launching an all new product ahead of your competition can determine long term market share and resulting profitability. Sourcing professionals have an amazing opportunity to increase the pace at which their companies bring new products to market by condensing the source-to-pay (S2P) process.
Let’s face it — many of our company’s functions still operate largely in silos as we batch our work together to then throw it over the wall to the next team in the value chain. Much lip service has been dedicated to catchy buzzwords like “agile” and “collaborative new product development.” Unfortunately, these newer ways of working together remain largely untapped.
In my previous article, I discussed how procurement teams can help their businesses when buying support or services for open source software. There is another key issue procurement teams will have to understand in relation to implementations of this type–cloud.
It’s well known that 70% of change initiatives fail, mostly due to human factors such as employee resistance to change or lack of management support. On the other hand, when people are fully engaged and invested in change, they are 30% more likely to be successful. While the emphasis is mostly on how the envisioned change will result in a better future, recent research highlights an equally important aspect of change—continuity.
“Open source” describes a specific approach to creating, distributing and using software. Anyone can see how the source code for this software is put together, they can often use this software for free and they can potentially alter it to meet their own needs. But, if something is free, why do procurement teams need to get involved, and when can it lead to potential headaches?