Digital Transformation

Successful Digital Transformation Requires an Inspection of all Business Processes

Posted: 11/16/2020 - 23:30
Author: Baber Farooq
Procurement organizations are uniquely positioned to drive their companies' innovation agenda because no other function can “serve as the window to the outside world.

At the time of writing this piece, I am just one of five million people emerging from the world’s longest coronavirus-related lockdown, in Melbourne, Australia. For nearly two months, I was only allowed to leave the house once a day for essential items and required to stay within three miles of my home. From takeaway meals to IT support, to doctor’s appointments, most of the goods and services I've needed have been ordered virtually. Since COVID-19 hit, I’m amazed at how quickly the world went virtual.

7 Things to Consider Before Hiring an Outsourcing Provider

Posted: 10/23/2020 - 01:10
Author: Bentley Raynot
Software development outsourcing is a smart choice for well-established organizations.

For various reasons, software development outsourcing is a smart choice for well-established organizations. It’s a proven option for businesses to achieve their digital transformation goals while minimizing risks and maintaining a cost-savings approach. Today, to outsource software requirements means helping the business gain greater economies of scale as well as focus on its core competencies without spending significant time and money.

There’s Plenty of Room at the Table for Nearshore and H-1B Visa Holders

Posted: 10/12/2020 - 09:45
Author: Carlos Meléndez
Nearshoring, however, provides the innovation, skillset and diversity to keep tech innovation moving forward with or without visa restrictions.

In June 2020, in response to the coronavirus, President Trump signed an executive order to freeze access to new H-1B visas for professional and technology workers doing business in the U.S. This has a huge impact, considering in 2019 about 139,000 new H-1B petitions were approved, joining 250,00 which were extended.

Achieving Greater Supply Chain Transparency Through Digital Transformation

Posted: 10/11/2020 - 20:18
Author: Dave Evans
Digital manufacturing ecosystems (DMEs) are an effective alternative to building transparency from scratch.

Transparency is the lifeblood of modern business transactions. From real-time international wire transfers and electronic health records to tracking transportation or delivery options, digital transformation has revolutionized dozens of industries by unlocking greater visibility, speed, and efficiency.

For Procurement Leaders, True Business Transformation Starts At Home

Posted: 09/11/2020 - 05:26
Author: Gregor Stühler
To be effective, digital transformation must begin with open, honest, and scrupulous self-reflection of your digital readiness by running a maturity assessment of business processes.

Technology has advanced significantly since the days when procurement leaders were only managing RFIs and RFPs among their “little black book” of trusted suppliers. Today, big data and artificial intelligence now offer an expansive view of an entire supplier market and unprecedented access to vast wells of verified data. This advancement has opened the door to a new approach that can completely transform the strength of procurement decisions and enable procurement teams to impact a company’s bottom line in new and sometimes unexpected ways.

Direct Sourcing and Digital Transformation of Contingent Labor Programs

Posted: 07/02/2020 - 23:46
Author: Praneeth Patlola
Digital Transformation of Contingent Labor

The way we work had changed long before the Covid-19 crisis. And with the recent pandemic, the way work gets done might be changed forever, permanently.

The role of the external workforce or the contract workforce was instrumental for organizations to thrive in the digital era. The recent shift in workforce trends as a result of the pandemic has further strengthened the case for a flexible and robust external workforce to succeed during the testing times.

Artificial Intelligence still sounds scary. Why?

Posted: 07/01/2020 - 22:03
Author: Jim Logan
Artificial Intelligence

I've been working in the financial services space for close to thirty years now. I've seen many trends and technologies emerge. Some take hold, and several are just a flash in the pan. Regardless of how long a concept sticks around, one thing remains: Terminology plays a material role in shaping perceptions. In a world where messaging tends to over complicate things, too many acronyms and too many buzzwords all work against what should be the primary objective: clearly illustrating value.

Securing Remote Workforces, Payments and Customer Data in a Rapidly Evolving World

Posted: 06/12/2020 - 00:01
Author: Gary E. Barnett
Securing Remote Workforces for compliance

While the rapid shift to a remote workforce model in the wake of the COVID-19 pandemic has driven many changes for businesses around the world, a few constants have grown in importance. To maintain operations as seamlessly as possible, organizations must secure their payment systems, technology access, and sensitive customer data no matter where it resides, and that is particularly true when it is being accessed or processed by employees from their homes.

How to Manage the Hardest Part of a New Tech Project – The People

Posted: 06/10/2020 - 23:23
Author: Tania Seary
technology implementation

The business case is signed off and the technical back-end work is complete. Now all that’s left is to implement your shiny new procurement system.

How hard could it be? Quite hard, actually. In fact, if the take-up of your new system doesn’t go well, the whole project could fail.

But don’t worry. That won’t happen to you with these top tips to guide you through the change management process.

Deliver Savings and Technology Transformation in a Recession

Posted: 06/10/2020 - 05:22
Author: Martin Stark
Procurement technology transformation

The primary goal of a procurement function to achieve savings carries greater significance in a recession when obtaining the lowest cost possible needs to be balanced with not compromising the quality of products and services delivered by suppliers. A secondary goal could be supporting major technology transformation projects. These goals are made more difficult when economic disaster strikes.

Applications of Artificial Intelligence in Procurement

Posted: 06/04/2020 - 04:52
Author: Steven Sargent
Artificial Intelligence in procurement

Today, about 80% of large organizations are using artificial intelligence in their core business – compared to about 10% just five years ago. Companies that focus on AI are harnessing opportunities from vast data availability, machine learning and complementary technologies such as cloud, Internet of Things (IoT) and 3-D printing. And they are doing so with a focus on short-term benefits as well as long-term growth. According to Harvard Business Review, if you miss out, the opportunity cost could be as much as 41% of revenue by 2023.

The Cyber Skills Gap isn’t Going Anywhere and Businesses Need to Adapt

Posted: 04/27/2020 - 21:08
Author: JohnClaudeHesketh
Cybersecurity Talent

The constant cyber threat has completely changed the way boards around the world approach risk. A robust cybersecurity posture is no longer a “nice-to-have” but a business priority, especially at a time of almost pervasive threats. As the need to protect customer data grows, business leaders have been attempting to work out how best to respond to this new reality, and, most importantly, whose responsibility it should be.

Continuity is Key to Successful Business Transformation

Posted: 01/09/2020 - 00:00
Author: Allison Ford-Langstaff
Continuity is Key to Successful Business Transformation

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.

Innovations in Third Party Management: Sprint Corporation and Ivalua

Posted: 09/12/2019 - 23:10
Author: Future of Sourcing Awards
Innovations in Third Party Management: Sprint Corporation and Ivalua

Can you outline why your team embarked on this project and the problem that needed to be solved?

We embarked on the project as part of our larger digital transformation journey. In this case, we were seeking a configurable a flexible procurement platform to:  
(1) Manage our sourcing, contracting and other procurement projects;  
(2) Conduct masterful sourcing events (RFXs and eAuctions); and  
(3) Take advantage of other functionality like spend analytics to mine additional opportunities.   

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