For years, experts have urged business leaders to prepare for the coming AI disruption. Realizing the amazing potential of these emerging technologies, they argued, would require businesses to overhaul how they manage data. Yet with the economy booming, many found it easier to push tricky data questions into the future.
During the COVID-19 pandemic, companies have had to navigate unprecedented supply and demand chain challenges. In fact, industries were seeing increasing instability in this area prior to the pandemic’s onset.
The COVID-19 pandemic has exposed the vulnerability of the global supply chain. Precisely when the capabilities of international, interconnected trade mechanisms were supposed to kick into high gear, producers found themselves desperate for supplies while store shelves lacked essential goods. The global supply chain didn’t rise to the occasion. Now, it’s important to examine why.
Agile 4 Step Procurement Methodology, developed through decades of experience, delivers practical and sustainable results. It is a method our clients find valuable and one we use internally for our projects, too. Practice what you preach!
Imagine you have a competitive bid to run. You have completed your planning and research, gathered your requirements, performed a marketplace assessment and determined your sourcing strategy. You are ready to move forward with the competitive bid. With so much to do, how do you stay organized and what are the next steps?
Future of Sourcing Digital is excited to continue our popular series “Women in Global Sourcing.” This series highlights, celebrates, and acknowledges women who are pioneers and leaders in the industry and who have been influential in moving the industry forward. It is our pleasure to feature Aditi Pany this week.
This summer, the World Federation of Advertisers published an illuminating report about the current state of marketing procurement and how the function needs to evolve to realize its full potential. The report is part of an ongoing initiative led by the WFA Global Sourcing Board. The initiative, Project Spring, is “designed to transform the value proposition of marketing procurement.”
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.
When the COVID-19 global pandemic struck, businesses faced the task of rapidly shifting office-based employees to remote environments. Today, the primary focus is on managing these makeshift workplace models more efficiently. In the process, long-term initiatives are now on the back burner.
A Wall Street Journal article recently posed an interesting question: “Is the world likely to become less flat because of the pandemic?” According to the article, while globalization was the growing trend in the early part of the new century, key drivers such as rising offshore costs, localization and a shift toward services delivery has begun to take some steam out of it.
While the COVID-19 pandemic is far from over, enterprises are looking beyond the current crisis with the hope of pandemic-proofing their supply chains and operations to build resiliency. But that view is too limited to build true resiliency. The next global business disruption crisis might be a pandemic, but it might also be something entirely different or so novel it's never been considered. Today's resilient enterprises need to embrace a mindset shift to view risk through a much wider lens.
Global sourcing offers numerous benefits. Unfortunately, due to misinformation, many companies overlook global sourcing as a solution and miss out on potential productivity benefits. In this article and the complimentary infographic, we will explore and debunk some of the most persistent myths about global sourcing.
Imagine a scenario where a zealous sourcing manager at a Fortune 100 company is in negotiations with a new middle-market regional landscaping services provider. The negotiation is for a seven-figure annual landscaping and maintenance contract at their regional corporate park.
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.