Future of Sourcing - Digital Technology https://www.futureofsourcing.com/tags/digital-technology en Four Critical Attributes of Marketing Software https://www.futureofsourcing.com/four-critical-attributes-of-marketing-software <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Marketing%20Software.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Marketing%20Software.png" title="Four Critical Attributes of Marketing Software" class="colorbox" rel="gallery-node-1818-XZde2_6UbpA"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Marketing%20Software.png?itok=AR0Unsxz" width="624" height="325" alt="Four Critical Attributes of Marketing Software" title="" /></a></div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/a-vital-step-to-managing-marketing-spending-during-a-pandemic">A Vital Step to Managing Marketing Spending During a Pandemic</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>It&rsquo;s no secret that marketing and technology have become deeply entwined over the past two decades. Largely because of digital technologies, the methods, tactics and channels used by marketers have changed dramatically.</p> <p>Meanwhile, the number of marketing technology tools has increased exponentially. <a href="https://chiefmartec.com/2011/08/marketing-technology-landscape-infographic/" target="_blank">The inaugural (2011) version of Scott Brinker&rsquo;s marketing technology landscape graphic</a> contained about 150 solution providers. <a href="https://chiefmartec.com/2020/04/marketing-technology-landscape-2020-martech-5000/" target="_blank">The 2020 version of the graphic</a> includes 8,000 technology solutions. So the marketing technology landscape has grown by an astounding 5,233% since 2011.</p> <p>The expanding role of technology in marketing means that marketing leaders are now making substantial investments in technology tools and related services. Last fall, <a href="https://www.gartner.com/en/marketing/research/cmo-spend-survey-2019-2020" target="_blank">research by Gartner</a> found that, on average, companies were spending 26% of their total marketing budget on technology. To put this in perspective, marketers were spending as much on technology as they were spending on media and more than they were spending with agencies.</p> <p>The reality is, the discovery, evaluation and acquisition of technology tools and related services touch virtually every aspect of marketing. And because technology now plays such a vital role in marketing, it&rsquo;s critical for marketers and marketing procurement professionals to get technology decisions right.</p> <p>Fortunately, there is an abundance of resources describing the process for evaluating business software applications. For example, many providers of marketing software solutions have published &ldquo;buying guides&rdquo; that can help marketers and marketing procurement professionals navigate the software selection process.</p> <p>Having a sound process for evaluating and selecting marketing software is obviously important, but it&rsquo;s even more important to understand what attributes will make an application a good choice for your company. There are four core attributes that should guide the decisions you make throughout the acquisition process.</p> <h1>Purpose</h1> <p>For a marketing software application to be a good choice, it must enable (or, more accurately, help enable) your company to solve important business problems or achieve important business objectives. Therefore, every software acquisition process should begin with a clear and documented hypothesis describing how a given type of software would help you improve business performance.</p> <h1>Value</h1> <p>To be a sound investment for your business, a marketing software application must create meaningful value for your company. The &ldquo;gold standard&rdquo; for evaluating prospective investments in most organizations is return on investment (ROI).</p> <p>Unfortunately, it can be very difficult to accurately estimate the ROI that a marketing software application will produce. For one thing, an individual marketing software application is usually one component of<em> an ecosystem of interdependent martech applications</em>. It may be possible to accurately estimate the ROI produced by the ecosystem as a whole, but it can be nearly impossible to accurately predict the ROI attributable to an individual component.</p> <p>Under these circumstances, it&rsquo;s essential to describe the expected benefits of a prospective software application <em>qualitatively</em>. A qualitative description of the expected benefits will be a useful decision-making guide when a quantitative ROI estimate isn&rsquo;t available.</p> <h1>Fit</h1> <p>No matter how technologically advanced or capable a marketing software application may be, it will not be a good choice if it doesn&rsquo;t &ldquo;fit&rdquo; your company&rsquo;s circumstances. When you&rsquo;re selecting a new marketing software application, you should look for three types of fit.</p> <ul> <li><strong><em>Fit with your primary use cases &ndash; </em></strong>The software you are evaluating should be particularly well suited for the main tasks your company will use the application to perform.</li> </ul> <ul> <li><strong><em>Fit with your other martech applications &ndash;</em></strong> The prospective software application should be easy to integrate with other relevant components of your existing martech stack.</li> </ul> <ul> <li><strong><em>Fit with your internal capabilities &ndash;</em></strong> Your ability to maximize the potential benefits of a marketing software application depends on having the right internal capabilities such as technical expertise, available staff time and appropriate data. For example, some marketing software applications provide extensive flexibility but require significant customization to take advantage of that flexibility. If you don&rsquo;t have the internal expertise to perform the customization, the potential flexibility won&rsquo;t be of much value. Therefore, the software you select should be aligned with your internal capabilities.</li> </ul> <h1>Functionality</h1> <p>The fourth core attribute of a marketing software application is probably the most obvious one &ndash; functionality. When evaluating marketing software, it&rsquo;s important to consider two aspects of functionality. Technical functionality includes the scope of tasks the software can perform, the underlying architecture of the software, and security and administrative features.</p> <p>The second dimension of functionality is <em>ease of use</em>, which is an vital characteristic of marketing software for two primary reasons. First, when a software application is easy to use, members of your marketing team can become proficient with it quickly and without extensive training. And second, software that is easy to use is more likely to be used on a consistent basis. So ease of use encourages widespread adoption.</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/marketing-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Marketing Technology</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/marketing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Marketing</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/marketing-procurement" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">marketing procurement</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Four Critical Attributes of Marketing Software - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/four-critical-attributes-of-marketing-software"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Wed, 15 Jul 2020 15:13:03 +0000 Sarah Scudder 1818 at https://www.futureofsourcing.com https://www.futureofsourcing.com/four-critical-attributes-of-marketing-software#comments Direct Sourcing and Digital Transformation of Contingent Labor Programs https://www.futureofsourcing.com/direct-sourcing-and-digital-transformation-of-contingent-labor-programs <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Digital%20Transformation%20of%20Contingent%20Labor%20.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Digital%20Transformation%20of%20Contingent%20Labor%20.png" title="Digital Transformation of Contingent Labor " class="colorbox" rel="gallery-node-1813-XZde2_6UbpA"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Digital%20Transformation%20of%20Contingent%20Labor%20.png?itok=GrzmcS3v" width="624" height="325" alt="Digital Transformation of Contingent Labor " title="" /></a></div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/procurements-calling-protect-the-business-in-times-of-crisis">Procurement’s Calling is to Protect the Business in Times of Crisis</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>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.</p> <p>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.</p> <p style="text-align:center;"><a href="https://sig.org/webinar/minimize-covid%E2%80%99s-impact-your-workforce-using-direct-sourcing" target="_blank"><em>&gt;&gt;Learn how to minimize COVID&#39;s impact on your workforce using direct sourcing.&lt;&lt;</em></a></p> <h1>Technology in Hiring</h1> <p>Technology has empowered businesses to reach their target audience seamlessly with inbound marketing techniques. The inbound approach enables businesses to share the right information with the right audience to nurture and convert potential buyers into clients.&nbsp;</p> <p>In a candidate-driven labor market, job seekers are not less significant than buyers.&nbsp; Similar to marketing automation transformation, which organizations have adopted to attract, engage and nurture new clients, today&rsquo;s talent CRM technology enables them to share the right information with potential candidates and entice them with a seamless online experience.</p> <p>The modern innovations in HR Technology with the inclusion of artificial intelligence, chatbots, employer branding and advanced inbound recruitment marketing strategies have been adopted by talent acquisition teams in organizations to hire regular full-time employees.</p> <p>On the contrary, contingent labor hiring has seldom seen an innovative approach to source and hire temp labor. While the advent of digital technology leveraged by the power of the internet and mobile devices has changed how talent finds their next job, the enterprise contingent labor programs have largely remained unchanged.&nbsp;&nbsp;</p> <p>As the role of the external workforce in an organization&rsquo;s success is going to be paramount in the post-pandemic era, organizations are adopting newer models like direct sourcing to transform their contingent labor programs. This is done to get away from the legacy expensive Markup or Not-To-Exceed models, reducing their dependency on staffing agencies.&nbsp;</p> <p>Direct sourcing, the recent innovation in the contingent labor landscape, allows employers to build a talent pool and hire contract talent directly by leveraging their employer brand.</p> <p><strong><em><a href="http://cwstrategies.staffingindustry.com/direct-sourcing-a-step-toward-total-talent-management/" target="_blank">According to SIA&#39;s 2018 Buyer Survey, 34% of the US respondents have already incorporated direct sourcing solutions to their contingent workforce programs.</a></em></strong></p> <h1>Digital Transformation is Not Just Adoption of Technology</h1> <p>While the contingent staffing industry has not been readily open to embrace advanced technology that emerged in the recent years, the industry is witnessing a significant shift in the trend by opening up for technology adoption.</p> <p>But adopting technology will not necessarily accomplish digital transformation. Technology is only one piece of the jigsaw puzzle. Digital transformation is putting all the pieces together to create a more streamlined, efficient process that produces better results than the legacy means.</p> <p>For instance, several processes in talent acquisition like creating a career page, LinkedIn hiring and publishing of jobs on job boards do not mean or result in a digitally transformed recruitment process.</p> <p>Digital transformation of the recruitment process is realized when all these siloed approaches (job boards, social media recruitment, career pages) are synchronized together to create a better method that helps organizations find qualified talent faster at an optimized cost. The entire process completes the puzzle.</p> <p>The fear of solving the puzzle is a major challenge faced by enterprises in implementing the digital transformation of their legacy systems. Unlike talent acquisition, contingent labor programs haven&rsquo;t seen much technological disruption and are majorly driven by a VMS software that acts as an interface between enterprises and staffing vendors. While VMS addresses several aspects of program management, today, VMS providers are rethinking their partnership strategies to extend their offering to customers by integrating direct sourcing platforms driven by digital technology.</p> <h1>Direct Sourcing: Plug-and-Play Digital Transformation</h1> <p>Today&rsquo;s direct sourcing services inherently completes the puzzle by streamlining all the online channels used in attracting, engaging and retaining temp labor. Direct Sourcing looks inevitable when design thinking is applied to contingent labor programs in its current state.</p> <p>Thanks to modern-day technology, direct sourcing service is available as a PaaS (Platform as a Service) solution that can be plugged and played without any disruption to the existing program.</p> <p>A direct sourcing platform integrated with VMS enables enterprises to attract qualified talent from online channels, engage them through non-intrusive digital touchpoints like text/sms or email, screen them faster with AI/ML-based screening and retain them by offering a stellar candidate experience. Direct Sourcing providers offer their services through a partner ecosystem or by themselves, which includes talent curation, talent pool management and payroll services.</p> <p>Enterprises that lead the innovation path have already implemented direct sourcing solutions in their contingent workforce programs and optimized spend by 10%.&nbsp;&nbsp;</p> <p>Post Covid-19 crisis, the dependency of organizations on external workforces is expected to soar and it is imperative to adopt a digitally transformed contingent labor program that produces better results and saves cost.</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/digital-transformation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Transformation</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/contingent-workforce" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Contingent Workforce</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/covid-19" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">COVID-19</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/human-resources-hr" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Human Resources (HR)</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/direct-sourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">direct sourcing</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Direct Sourcing and Digital Transformation of Contingent Labor Programs - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/direct-sourcing-and-digital-transformation-of-contingent-labor-programs"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Thu, 02 Jul 2020 16:46:15 +0000 Praneeth Patlola 1813 at https://www.futureofsourcing.com https://www.futureofsourcing.com/direct-sourcing-and-digital-transformation-of-contingent-labor-programs#comments Artificial Intelligence still sounds scary. Why? https://www.futureofsourcing.com/artificial-intelligence-still-sounds-scary-why <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Artificial%20Intelligence.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Artificial%20Intelligence.png" title="Artificial Intelligence" class="colorbox" rel="gallery-node-1812-XZde2_6UbpA"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Artificial%20Intelligence.png?itok=XFOWdSB5" width="624" height="325" alt="Artificial Intelligence" title="" /></a></div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/supplier-relationship-management-in-the-2020s">Supplier Relationship Management in the 2020s</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>I&#39;ve been working in the financial services space for close to thirty years now. I&#39;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. I&#39;ve found this to be equally true when it comes to artificial intelligence or &#39;AI&#39;.</p> <h1>Artificial Intelligence</h1> <p>Generally speaking, the word artificial doesn&#39;t readily call to mind a positive image, does it? By definition, the term &ldquo;artificial&rdquo; has listed meanings of, &quot;insincere or affected&quot; and &quot;made by humans as opposed to happening naturally.&quot;&nbsp; It is the second part of this definition I&#39;d like to explore a bit further.</p> <p>Artificial Intelligence is, in fact, created by humans. And it isn&#39;t a new fad or concept. Many don&rsquo;t realize that the term was first coined by John McCarthy, Ph.D. and Stanford computer and cognitive scientist, back in 1955.&nbsp; AI has continued to evolve as a material concept, with practical applications across many industries, ever since.</p> <p>For financial service professionals, particularly those of us involved with fighting financial crime and preventing money laundering, AI can have a tremendous impact and practical application. Before we dive a bit deeper, I feel it&#39;s vital to first understand what AI isn&#39;t.</p> <h1>What Artificial Intelligence Is Not</h1> <p>AI is not intended to simply be a digital worker, certainly not within financial services and fighting financial crime. Yes, AI can automate various functions. We&#39;re all familiar with the concept of &#39;bots&#39; and virtual assistants. However, those are rudimentary examples of robotic process automation. True AI is human-led and a continuous, instantaneous learning process that drives tangible value. AI is not merely a play to cut costs or replace human capital. Instead, AI enhances the bottom line by keeping compliance staff costs flat in the immediate term and enables our human experts to more appropriately manage their time, by focusing talent on investigations that matter the most.</p> <p>One of the most valuable aspects of AI, in the context of anti money laundering and compliance, is the speed by which it can be deployed. We&#39;re talking about time to market and time to value in a matter of weeks. Not months, not multiple quarters - simply weeks. But I don&rsquo;t mean a generic, black box concept. I&#39;m specifically referring to a highly precise, tailored AI solution that has extensive proof points and, more importantly, far-reaching global regulatory approval.</p> <h1>AI and Compliance</h1> <p>AI shouldn&#39;t merely be an extension of legacy rules-based routines, nor a way to further automate the process of scoring or risk-weighted alert suppression. That dilutes the real value of AI and does not maximize the cost and efficiency benefits.</p> <p>The cost of compliance continues to grow at a staggering pace, particularly for financial institutions and insurance companies. Equally of concern, the impact of fines for non-compliance has also skyrocketed in the last decade. Specifically, to the tune of $8.4 billion last year across North America alone.</p> <p>What if you could solve every single name screen, sanction and transaction alert? What if you could achieve this without sacrificing any aspect of control and security? What if you could increase the throughput, efficiency and accuracy of your compliance operations without adding a single dollar of staff expense to your budget?</p> <p>Let&#39;s stop talking in terms of what if and have a meaningful conversation regarding how.</p> <p>Artificial Intelligence isn&#39;t scary...it isn&#39;t a black box...and it isn&#39;t the futuristic world of tomorrow - it is the here and now, and it&#39;s battle tried and tested.</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/artificial-intelligence-ai" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Artificial Intelligence (AI)</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/digital-transformation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Transformation</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/ai" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">AI</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Artificial Intelligence still sounds scary. Why? - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/artificial-intelligence-still-sounds-scary-why"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Wed, 01 Jul 2020 15:03:28 +0000 Jim Logan 1812 at https://www.futureofsourcing.com https://www.futureofsourcing.com/artificial-intelligence-still-sounds-scary-why#comments How to Manage the Hardest Part of a New Tech Project – The People https://www.futureofsourcing.com/how-to-manage-the-hardest-part-of-a-new-tech-project-the-people <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Copy%20of%20FoS%20Header%20Images%20%2858%29.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Copy%20of%20FoS%20Header%20Images%20%2858%29.png" title="technology implementation" class="colorbox" rel="gallery-node-1791-XZde2_6UbpA"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Copy%20of%20FoS%20Header%20Images%20%2858%29.png?itok=zrfZKJcm" width="624" height="325" alt="technology implementation" title="" /></a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>The business case is signed off and the technical back-end work is complete. Now all that&rsquo;s left is to implement your shiny new procurement system.</p> <p>How hard could it be? Quite hard, actually. In fact, if the take-up of your new system doesn&rsquo;t go well, the whole project could fail.</p> <p>But don&rsquo;t worry. That won&rsquo;t happen to you with these top tips to guide you through the change management process.</p> <h1>How to Manage Change</h1> <p>Procurement professionals are great at many things. But historically, we don&rsquo;t focus enough on getting the implementation right for new technologies. It&rsquo;s easy to put so much work into the vendor selection and c-suite approval, we forget that the hard part is actually engaging the business to use the system.</p> <p>That&rsquo;s because tech projects are cleverly disguised. It&rsquo;s not actually about the technology; it&rsquo;s about capturing the hearts and minds of the people who use them.</p> <p>Hopefully, you requested a significant budget in your business case for change management, training and user implementation. And hopefully, you guarded that budget fiercely when the CFO tried to cut it back.</p> <p>Here are some basics for using that budget well, and making the implementation process go smoothly:</p> <h1>Establish a Great Team</h1> <p>An excellent technology implementation lead team is vital. You need a group of cross-functional leaders with excellent connectivity into the business. These are people who take accountability and get things done.</p> <p>Your team should include a change management expert. You need a real communications specialist who can keep the many stakeholders (including suppliers) happy and informed throughout the process.</p> <h1>Decide How to Make Decisions</h1> <p>You need a very &nbsp;clear decision-making process. How are decisions to be made and who has the final say? You also need to decide in advance what kind of project management methodology your team will use. A trendy choice for moving quickly is the agile method. But whatever you choose, make sure everyone understands your choice and how that affects the way the team operates.</p> <h1>Form Contingency Plans</h1> <p>There will be delays; it&rsquo;s an inevitable part of project management. All the careful planning in the world can&rsquo;t stop a global crisis, as we all experienced these last few months. Do you have firm contingency plans in place in case the worst should happen?</p> <h1>Keep the C-level Engaged</h1> <p>You must keep your senior leaders informed and on your side. Even if they were all on board at the start, it doesn&rsquo;t mean they will stay that way. You need to keep them involved in the project and keep your technology project top of mind. Help them remember the &lsquo;why&rsquo; of this project, and what it will mean for the business (especially in the aftermath of the pandemic). Their support will spell the difference between a triumph and a tragic flop.</p> <h1>Hold Your Technology Supplier Accountable</h1> <p>Your chosen tech provider has a responsibility to help your company realize the full ROI of the new system. Speak to them early on, and throughout the process, to make sure you can deliver what you promised the C-suite.</p> <h1>Step Up and Shine</h1> <p>After all the pandemic disruption, businesses are scrambling to improve business processes and increase profitability. As procurement pros, we have the opportunity (and responsibility) to put systems in place to prevent future disruption.</p> <p>There are so many reasons why we need great systems now more than ever. The spotlight is on procurement, so take advantage. Make sure employees and suppliers are part of the journey, and your project has a much better chance of success.</p> <hr /> <p><em style="font-size: 13.008px;">This blog is an excerpt from a talk given by<a href="https://www.procurious.com/community" target="_blank"> Procurious</a> founder <a href="https://www.procurious.com/professionals/tania-seary" target="_blank">Tania Seary</a>, as part of the SIG Procurement Technology Summit.</em></p> <p><em>Want even more expert advice on choosing and implementing a new procurement technology system? &nbsp;<a href="https://www.procurious.com/major-tech-fails" target="_blank">Register for Major Tech Fails</a></em></p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/procurement" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Procurement</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/digital-transformation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Transformation</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/digital-strategy" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Strategy</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/project-management" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Project Management</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="How to Manage the Hardest Part of a New Tech Project &amp;ndash; The People - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/how-to-manage-the-hardest-part-of-a-new-tech-project-the-people"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Wed, 10 Jun 2020 16:23:45 +0000 Tania Seary 1791 at https://www.futureofsourcing.com https://www.futureofsourcing.com/how-to-manage-the-hardest-part-of-a-new-tech-project-the-people#comments 5G and Procurement: Ushering in a Revolutionary Change in Internet Connection https://www.futureofsourcing.com/5g-and-procurement-ushering-in-a-revolutionary-change-in-internet-connection <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/5G_and_Procurement.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/5G_and_Procurement.png" title="5G and Procurement" class="colorbox" rel="gallery-node-1699-XZde2_6UbpA"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/5G_and_Procurement.png?itok=URL2fW6G" width="624" height="325" alt="5G and Procurement" title="" /></a></div></div></div><div class="field field-name-field-related-news field-type-entityreference field-label-above"><div class="field-label">Related news:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/information-technology-procurement-as-a-service-added-value-to-internal-procurement-teams">Information Technology Procurement as a Service – Added Value to Internal Procurement Teams</a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>Advancements in new technologies always assure to crop up with proficiency gains, high throughput and lower costs. When it comes to such advancements, the job for procurement is to have a clear understanding about how they function, what they are and what exactly they will make over for the greater cause of the business.</p> <p>Well, there&rsquo;s no doubt that despite the wide implementation of 4G services, a more accelerated and consistent Internet service is needed. With engineers overseeing and regulating internal trials of 5G technology on a constant note, there is substantial potential that in the near future, there will be a huge transformation in business activities across the world.</p> <p>Speed is not the only benefit 5G technology offers. When lower dormancies will guarantee fewer Internet dropouts, it is also projected to be more power-competent and more broadly accessible than that of 4G. These features will let procurement work with its suppliers at a higher speed, creating a wealth of opportunities for value which, in turn, will prove to be cost-efficient.</p> <p>Needless to say, procurement has always kept an eye on the cost factor. However, the technology is still in its nascent stage and thus, it is quite tough to imagine the additional costs. It is likely data demands will experience a significant rise and, with mobile data levying a considerable charge, costs could swell significantly.</p> <h1>Impacts of 5G on Procurement</h1> <ul> <li>With every new technology in use, it paves the way toward extra costs. According to procurement experts, as this technology is new, innovative and under progress, they are waiting to see how much this is going to cost consumers and how exactly it would be beneficial to the business. Simultaneously, current mobile data costs are expected to pile up since 5G is going to have significant impact on both business and consumers alike.</li> <li>The push and plug on 5G has been cited by procurement professionals a number of times before. When it would provide data 100 times faster than a 2G or 3G network, it would also help scale up both business operations and procurement activities, thereby jacking up their development requirements in more than one way.</li> <li>Due to its high speed, this technology would certainly make communication easier than ever before, which would result in economical approaches and ensure efficacy.</li> <li>Along with the desired speed, this advanced technology comes with a lower dormancy rate as well, which means that this will be much more effectual than 4G, and users should rarely experience connection drops.</li> <li>In today&rsquo;s fast-paced milieu when we have to deal with piles of media and software, it would definitely be a great help if the amount of time taken to download data is reduced to halves. For this, nothing can be better than a 5G network.</li> <li>Also, the high speed would allow the quality of video conferencing to improve substantially.&nbsp;&nbsp;</li> </ul> <p>Nonetheless, 5G always demands recycled outdated devices. Despite the convenience and readiness of the new technology, companies should ask themselves if they really need 5G in their supply chain. There are also instances where organizations have stood over 5G adaptation at least until the next hardware refresh.</p> <p>According to Allied Market Research, the global <a href="https://www.prnewswire.com/news-releases/5g-technology-market-expected-to-reach-667-9-billion-globally-by-2026-at-122-3-cagr-says-amr-300894975.html" target="_blank">5G technology market</a> is expected to grow at the fastest CAGR of 122.3% from 2021to 2026. Increase in the number of IoT devices, implementation of edge computing and demand for low remission connectivity in industrial automation are the major factors propelling the growth of the market. On the other hand, adoption of fiber backhaul is expected to impede the growth to a certain extent. Nevertheless, a surge in investments in smart cities has almost downplayed the restraining factor and set forth a number of opportunities in the industry.</p> <p>5G technology is expected to transform communication around the world. With greater speed and reliability than other prevailing technologies, 5G technology would offer limitless potential for both consumers and industries alike. With the growing craze for connected cars and industrial automation, the importance of a 5G network has never been more felt.</p> <p>It&rsquo;s not the end though. 5G technology is also projected to offer socio-economic change, thereby paving the way for a hyper-connected society. When a number of applications powered by 5G technologies are being highly assessed under the industry 4.0 initiatives worldwide, this advanced science is also expected to help drive advancements in automobiles-to-infrastructure, automobiles-to-automobiles, peer-to-peer and vehicle-to-stroller connectivity.</p> <p>To sum up, we can assert that the 5G technology market is growing rapidly, and it&rsquo;s anticipated to thrive even more in the next few years.</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/5g" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">5G</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/procurement" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Procurement</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/internet" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Internet</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="5G and Procurement: Ushering in a Revolutionary Change in Internet Connection - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/5g-and-procurement-ushering-in-a-revolutionary-change-in-internet-connection"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Sun, 09 Feb 2020 20:17:33 +0000 Koyel Ghosh 1699 at https://www.futureofsourcing.com https://www.futureofsourcing.com/5g-and-procurement-ushering-in-a-revolutionary-change-in-internet-connection#comments Women in Global Sourcing: Stephanie Leduc https://www.futureofsourcing.com/women-in-global-sourcing-stephanie-leduc <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/WIGS_Stephanie%20Leduc.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/WIGS_Stephanie%20Leduc.png" title="Women in Global Sourcing: Stephanie Leduc" class="colorbox" rel="gallery-node-1530-XZde2_6UbpA"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/WIGS_Stephanie%20Leduc.png?itok=vSlLX5HV" width="624" height="325" alt="Women in Global Sourcing: Stephanie Leduc" title="" /></a></div></div></div><div class="field field-name-field-intro field-type-text-long field-label-hidden"><div class="field-items"><div class="field-item even"> <div>Future of Sourcing continues our popular series, &ldquo;Women in Global Sourcing&quot;, with Stephanie Leduc. This series strives to highlight, celebrate and acknowledge women who are pioneers and leaders in the industry and who have been influential in moving the industry forward.</div> <div>&nbsp;</div> <div>Stephanie Leduc is a sourcing expert with more than 20 years of experience in contract negotiation, outsourcing, business development, vendor management, governance and category spend management. In 2018, Stephanie joined <a href="http://www.igmfinancial.com" target="_blank">IGM Financial Inc.</a> as AVP Corporate Services &amp; Strategic Sourcing, with the primary responsibility to build a strategic sourcing team from the ground.</div> <div>&nbsp;</div> </div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div> <h2><em>Tell us about your career path. How did you get into this field? Was it purposeful or by accident? &nbsp;&nbsp;</em></h2> </div> <div>I started my career as a lawyer on a corporate legal team for the Bank of Montreal. I worked with different teams and corporate business lines, one of which was the sourcing team. It was my first experience with sourcing and seeing how business decisions interacted with contract requirements. After a few years, I realized that I was so passionate about the business law aspect of my work when I was assigned sourcing cases, that I moved to the sourcing team to pursue this passion. Six months after I moved to sourcing, the financial institution and the CEO I was working with at the time decided to put more of an emphasis on <a href="https://futureofsourcing.com/re-engineering-a-corporate-real-estate-service-organization-strategic-sourcing" target="_blank">real estate and strategic sourcing best practices</a>. They then staffed accordingly, with highly skilled VP&rsquo;s and subject matter experts. &nbsp;</div> <div>&nbsp;</div> <div>This was my first step into the procurement world. &nbsp;I learned so much from these experts and leaders on how to implement a best practice supply chain organization and build a sourcing team from the ground up. My legal background helped me a lot in terms of contract negotiation but more than that, I knew I had found my passion and it has not stopped since.&nbsp;</div> <div>&nbsp;</div> <div> <h2><em>Would you follow that same path again if you had the choice?&nbsp;</em></h2> </div> <div>I would definitely follow the same path. I wouldn&rsquo;t change anything. During my career, I haven&rsquo;t hesitated to take on new positions or move to another company to learn new things about strategic sourcing and supply chain. &nbsp;For example, I took a position in the marketing business line to implement a governance team and process related to vendor management for a specific business line. I have a passion for this type of hands-on collaborative and cross-functional approach.&nbsp;</div> <div>&nbsp;</div> <div>The goal is always to have a better understanding of each perspective of the sourcing practice. In other words, it helps me to have a 360-degree view and understand each party&rsquo;s side. I strongly believe that this diversified approach has helped me to develop strategic visions and strategies, in addition to honing my experience as a leader in procurement. &nbsp;</div> <div>&nbsp;</div> <div> <h2><em>What has been the single most significant development to impact your profession or area of business during your career and why?&nbsp;</em></h2> </div> <div>Technology. Today, there is more than one technology solution on the market to accelerate the access to data, machine learning and artificial Intelligence. This evolution is making improvements for sourcing teams in terms of a better understanding of the current situation and to facilitate the future vision. More importantly, it is helping to speed up the decision-making process by providing easier access to background information and with a higher degree of accuracy. It has changed the game dramatically from a sourcing perspective. Access to data and information will always be one of the keys to our success.</div> <div>&nbsp;</div> <div> <h2><em>What&rsquo;s the biggest challenge facing your industry today and how do you plan to solve it?&nbsp;</em></h2> </div> <div> <div>Unknown change, unforeseen market drivers and how business units see procurement and strategic sourcing. It&rsquo;s an area where businesses units do not fully understand how purchasing can help. &nbsp;There is a tendency to oversimplify the procurement function. &nbsp;It&rsquo;s part of our challenge to educate and socialize the organization on the value that sourcing can bring and the value it can provide.&nbsp;</div> <div>&nbsp;</div> <div>Part of my procurement strategy and roadmap plan is to communicate, educate, and socialize procurement&rsquo;s role and plan for the organization. &nbsp;One of my goals is to make sure that each team in the organization can see the added value of procurement beyond just providing purchase orders. &nbsp;It&rsquo;s also my role to deliver the procurement strategy plan and show the different lines of business that our vision is to put the company&rsquo;s interests in front and work as a team with each line of business. &nbsp;This is achieved by working in an integrated supply chain fashion across finance, business lines and other affected departments. &nbsp;Success is measured by overseeing spend management as a whole, negotiating the best deals for the company, making sure we mitigate any risk and managing the lifecycle of the contracts.&nbsp;</div> <div>&nbsp;</div> </div> <div> <h2><em>What do you consider to be your greatest achievement career-wise?&nbsp;</em></h2> </div> <div> <div>I can&rsquo;t say one thing in particular. &nbsp;I am proud of my whole career so far. &nbsp;I have always wanted to be part of the success of the company and make a difference and I am certain that sourcing can be a huge player in that way. &nbsp; So far, in every step I have taken, my sourcing team has brought a lot of value. &nbsp;</div> <div>&nbsp;</div> <div>Also important are the strong professional relationships I have built with my previous colleagues and employers, and I know that I can always count on them if needed. &nbsp;We have fun at work and my team reflects the passion for my profession. &nbsp;</div> <div>&nbsp;</div> <div>I have always been a transformation visionary. &nbsp;My actual mandate is to put in place a procurement strategy and roadmap for the next few years in a transformation world. It&rsquo;s going to take years to achieve and I strongly believe that it will be a success that I look back on and am proud of.</div> </div> <div>&nbsp;</div> <div> <h2><em>What&rsquo;s your biggest (as yet) unfulfilled ambition and what are you doing to achieve it?&nbsp;</em></h2> </div> <div>As I mentioned, I always wanted my team to be part of the success of the company. For me, sourcing is an important contributor of the success. &nbsp; &nbsp;</div> <div>&nbsp;</div> <div>My actual vision is to build a strategic sourcing team in a transformation environment. I have been working on procurement strategies and a roadmap that my team and I are going to implement. I am confident that at the end of the timeline, it&rsquo;s going to be a real success for the team and the company as a whole. I am so thrilled and passionate about it. &nbsp;</div> <div>&nbsp;</div> <div> <h2><em>What three words do you think your colleagues and peers would use to describe you?&nbsp;</em></h2> </div> <div> <div>Team player: I have always been a team player. &nbsp;This is the key to the success of a project.&nbsp;</div> <div>&nbsp;</div> <div>Ethics: In our world today, it&rsquo;s so important to have ethics in our work, especially in the sourcing world. &nbsp;We <a href="https://futureofsourcing.com/unleashing-supplier-value" target="_blank">manage suppliers</a>, negotiate and are responsible for governance. Ethics is a value that I look for in each of the employees that I hire. &nbsp;</div> <div>&nbsp;</div> <div>Courage: I have the courage to stand up for what I believe and in the interest of the corporation I work for. Most importantly, I seek to earn the respect of my stakeholders and peers every day.&nbsp;</div> </div> <div>&nbsp;</div> <div> <h2><em>Finally, what piece of advice would you give to young women starting their careers in the field of sourcing, outsourcing and procurement?&nbsp;</em></h2> </div> <div> <div>Be curious. Ask to be part of a strategic sourcing project. It&rsquo;s the best way to learn and don&rsquo;t be too shy to ask questions along the way. Learn how to use critical thinking by constantly asking questions in a proactive fashion.&nbsp;</div> <div>&nbsp;</div> <div>Do not hesitate to take risks and learn new things. There are so many areas in sourcing that you can learn from.&nbsp;</div> </div> <p>&nbsp;</p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/procurement" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Procurement</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/leadership" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Leadership</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/career-development" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Career Development</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/women-in-global-sourcing" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Women in Global Sourcing</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Women in Global Sourcing: Stephanie Leduc - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/women-in-global-sourcing-stephanie-leduc"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Wed, 24 Jul 2019 18:20:13 +0000 Stephanie Leduc 1530 at https://www.futureofsourcing.com https://www.futureofsourcing.com/women-in-global-sourcing-stephanie-leduc#comments Promoting the Role of Women in Cybersecurity https://www.futureofsourcing.com/promoting-the-role-of-women-in-cybersecurity <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/Women_in_Cybersecurity.jpg"><a href="https://www.futureofsourcing.com/sites/default/files/articles/Women_in_Cybersecurity.jpg" title="Promoting the Role of Women in Cybersecurity" class="colorbox" rel="gallery-node-1452-XZde2_6UbpA"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/Women_in_Cybersecurity.jpg?itok=mDGrH7HA" width="624" height="325" alt="" title="" /></a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>Europe is one of the worst offending regions in the world when it comes to women working&nbsp;in cybersecurity, with females making up just 7%&nbsp;of the industry workforce and one of the biggest gender pay gaps in the world according to the&nbsp;<a href="https://iamcybersafe.org/wp-content/uploads/2017/03/womensreport.pdf" target="_blank" title="https://iamcybersafe.org/wp-content/uploads/2017/03/womensreport.pdf"><em>Global Information Security Workforce Study</em>.</a></p> <p>There are many reasons why women don&sup1;t enter into cybersecurity, be it the perception of it being a male-dominated industry, or the difficulties of overcoming stereotypes in the education system and encouraging women to study and excel within tech and security.</p> <p>Infosecurity Europe 2019 seeks to address these issues and will be hosting the third annual&nbsp;<a href="https://www.infosecurityeurope.com/conference/Women-In-CyberSecurity/" target="_blank">Women in Cybersecurity</a>&nbsp;networking event on Wednesday June 5. The industry will meet to celebrate the achievements of females in cybersecurity, debate the challenges around diversity and discuss career opportunities for women in the industry.</p> <p>A recent Infosecurity Europe social media poll found that over half (56%) of respondents acknowledged that there is a lack of female role models in the cyber and information security industry. To change this pattern and encourage women into the industry, we need to focus on existing female role models.</p> <p>While there may be a lack of role models, there are a number that are speaking out and making a case for women in cybersecurity. Infosecurity Europe will host an industry keynote presentation from one of the leading tech personalities in the UK today Dr Sue Black. Recently named in the list of top 50 women in tech in Europe, Sue is an award-winning computer scientist, radical thinker, social entrepreneur and is renowned for being an advocate for women in tech.</p> <p>Dr Black has spent the last 20 years campaigning for more recognition and support for women in computing and has herself acknowledged that &sup3;there are many awesome women working in these areas, but we haven&sup1;t heard about them enough. Stories about the trailblazing women that have done incredible things in technology like Dame Stephanie Shirley, UK technology pioneer, and the women recently portrayed in the film&nbsp;<em>Hidden Figures</em>, Dorothy Vaughan and Mary Jackson, have not been heard until now.&sup2;</p> <p>So with so many female industry voices going unheard, where are we going wrong? The future for women in security depends on the IT industry&sup1;s ability to inspire women and encourage careers in cybersecurity. As many as 63% of those polled by Infosecurity Europe think there&sup1;s not enough guidance and support available for women wanting a career in cyber and information security.</p> <p>During a period where cybercrime poses one of our biggest threats, the cybersecurity jobs forecasts have been unable to keep pace with the dramatic rise in cybercrime.&nbsp;Women are becoming a critical factor in closing the cybersecurity skills gap, and the industry is beginning to take note, with a number of initiatives encouraging women into careers in information security, including the&nbsp;<a href="https://www2.deloitte.com/ch/en/pages/risk/articles/women-in-cyber.html" target="_blank">EMEA Women in Cyber initiative</a>&nbsp;and&nbsp;<a href="https://girlswhocode.com/" target="_blank">Girls Who Code</a>, amongst others.</p> <p>The industry must continue to encourage women to study and consider careers in the cyber sector and, furthermore, it should be focused on retaining the female demographic and inspiring female influencers, motivating women to drive for senior roles in their field. It is critical that women enter the field and pave the way for others who may have been discouraged by the lack of diversity.</p> <p>Infosecurity Europe, now in its 24<sup>th</sup>&nbsp;year, takes place at Olympia, Hammersmith, London, June 4-6 2019. It attracts over 19,500 unique information security professionals attending from every segment of the industry, including more than 400 exhibitors showcasing their products and services, industry analysts, worldwide press and policy experts, and over 200 industry speakers are lined up to take part in the free-to-attend conference, seminar and workshop program. Fine out more information and registration at&nbsp;<a href="https://www.infosecurityeurope.com./" target="_blank">https://www.infosecurityeurope.com.</a></p> <p><em>This blog has been edited from an original piece published as part of Infosecurity Europe 2019 Insights:&nbsp;</em><em><a href="https://www.infosecurity-magazine.com/infosec" target="_blank">https://www.infosecurity-magazine.com/infosec</a>&nbsp;</em></p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/women-in-tech" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Women in Tech</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Technology</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/cybersecurity" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Cybersecurity</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/human-resources-hr" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Human Resources (HR)</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Promoting the Role of Women in Cybersecurity - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/promoting-the-role-of-women-in-cybersecurity"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Thu, 16 May 2019 18:10:47 +0000 Infosecurity Europe 1452 at https://www.futureofsourcing.com https://www.futureofsourcing.com/promoting-the-role-of-women-in-cybersecurity#comments Talent Procurement Teams Take Note: The Future of Hiring with AI https://www.futureofsourcing.com/talent-procurement-teams-take-note-the-future-of-hiring-with-ai <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/talent_procurement_future_hiring.jpg"><a href="https://www.futureofsourcing.com/sites/default/files/articles/talent_procurement_future_hiring.jpg" title="hiring with artificial intelligence" class="colorbox" rel="gallery-node-1319-XZde2_6UbpA"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/talent_procurement_future_hiring.jpg?itok=i3feeHR0" width="624" height="325" alt="hiring with artificial intelligence" title="" /></a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div>The job market is booming &ndash; the number of open jobs exceeds the number of Americans who are unemployed. In October, the U.S. Department of Labor reported job growth of 250,000, locking in a <a href="https://www.nytimes.com/2018/11/02/business/economy/jobs-report.html" target="_blank">3.7 percent unemployment rate &ndash; the lowest since 1969</a>. Due to America&rsquo;s growing economy, thousands of companies across the country are prospering and looking for strong talent. This makes it a job seeker&rsquo;s market but leaves organizations in a tight spot since there&rsquo;s not enough talent to fill demand. It&rsquo;s a quandary: What is the best way to find employees for the job, as quickly as possible, when they may not exist?&nbsp;</div> <div>&nbsp;</div> <div>Thankfully, technology is advancing faster than ever and changing the game for the talent supply chain, with one of the biggest disruptors being artificial intelligence (AI). While there&rsquo;s hesitation from some that emerging technology like AI will threaten jobs, the advancements are actually contributing to job growth. With the power of advanced tools, it is much easier to find new, qualified talent to meet demand and reach candidates with specialized, unique skillsets who might otherwise be hidden from view.&nbsp;</div> <div>&nbsp;</div> <div><strong>AI: The Game Changer in Workforce Management &nbsp;</strong></div> <div>&nbsp;</div> <div>AI is especially disruptive for the contingent workforce sector, which includes freelance and contractual work. As an area of talent procurement with its own set of rules, finding the right candidate for specific short-term jobs or &ldquo;gigs&rdquo; can be difficult and time consuming. Paperwork overload, team bandwidth issues, process inefficiencies, compliance and regulatory consideration and costs all challenge the talent procurement process. AI is turning this process on its head, making it much more proactive and prescriptive. &nbsp;</div> <div>&nbsp;</div> <div>Before emerging technologies like AI, we could only use data to understand what happened in the past. Now, analytics have become more predictive and provide educated forecasts to help shape the future and aid in forward-looking, strategic decision-making. According to a <a href="https://www.kornferry.com/press/korn-ferry-global-survey-artificial-intelligence-reshaping-the-role-of-the-recruiter" target="_blank">Korn Ferry study</a>, 63 percent of talent acquisition professionals say AI and big data have changed the way they recruit, and 69 percent say that using AI as a sourcing tool has garnered higher-quality candidates. To bring in the right candidates, we need easier ways to find, filter, interview and vet candidates &ndash; and that&rsquo;s exactly where AI comes into play.&nbsp;</div> <div>&nbsp;</div> <div><strong>AI&rsquo;s Ability to Find the &ldquo;Perfect&rdquo; Match&nbsp;</strong></div> <div>&nbsp;</div> <div>The problem with the labor market today is not that the talent doesn&rsquo;t exist, it&rsquo;s that we aren&rsquo;t using the right tools to find the best candidates. In a tight labor market, the pool of candidates has shrunk. Furthermore, job seekers are using different tactics and resources (such as freelance job boards) to search for jobs, which requires companies to change the way they find and source candidates. While these may be obstacles for employers, today&rsquo;s modern workforce allows for new growth opportunities. The influx of digital natives expands the geographic pool to employees who can work remotely from anywhere in the world. AI has the power to find these employees who were once considered nonexistent and go beyond a candidate&rsquo;s résumé to determine if they are the right person for the job. &nbsp;</div> <div>&nbsp;</div> <div>For example, AI is now empowering hiring managers to make smarter and faster hiring decisions by using &ldquo;match&rdquo; algorithms to find the most qualified candidate(s) on a variety of hard and soft skills. So, what does this mean? HR managers can now prioritize their time reviewing candidates that AI finds, rather than spend countless hours trying to find the right candidates by sorting through all the noise of scrambled résumés and CVs. Not only will they be able to sort through résumés faster, but they&rsquo;ll find better qualified candidates to interview faster, ultimately having an edge in the race for talent. &nbsp;</div> <div>&nbsp;</div> <div>Let&rsquo;s say, hypothetically, a leading tech company is looking for a Senior Network Technician for a year-long project. Because jobs are so specialized and everyone in IT wants to work with this company, even the most qualified of candidates get lost in the sheer volume of applicants and résumés. How can the company find the right person? Using predictive workforce management AI, a candidate&rsquo;s CV can be converted into a searchable record to leverage semantic search technology and more effectively match the meaning of the candidate&#39;s content with the intent of the job requisition. This means that candidate matching can include both fact-based requirements, such as years of experience and education, as well as softer characteristics, such as cultural fit. From this, a percentage match score can be calculated and the top candidates identified and passed on to HR or procurement for human review. Using predictive analytics in this way can save a great deal of time and energy and ultimately improve the overall quality of candidates sent to hiring managers for consideration. &nbsp;</div> <div>&nbsp;</div> <div>What&rsquo;s more, AI can eliminate much of the tedious work that HR managers do and free up time for them to interpret and act on the insights it reveals. By helping employers quickly analyze and interpret data to identify top candidates, AI gives hiring managers and procurement leaders time back to focus on more strategic work &ndash; like implementing employee engagement initiatives and ensuring that onboarding and training for new hires is effective. &nbsp;</div> <div>&nbsp;</div> <div><strong>What Does the Future Hold?&nbsp;</strong></div> <div>&nbsp;</div> <div>The future is bright for workforce management, with AI poised at the beginning of what&rsquo;s to come. By using AI to drive the workforce management process, companies can get more work done and focus their time on pressing issues to drive bottom-line results and ultimately position the company for success. With technology advancing faster than ever before, AI is already changing the way workforce management is executed and organized. &nbsp;</div> <div>&nbsp;</div> <div>In the grand scheme of things, everyone wants the best talent they can find&hellip;but they also want an easy and efficient way to find them, especially in today&rsquo;s tight labor market. With the use of sophisticated technology, such as AI, your organization can have an advantage in procuring truly qualified candidates &nbsp;to further advance your business objectives.</div> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/human-resources-hr" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Human Resources (HR)</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/artificial-intelligence-ai" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Artificial Intelligence (AI)</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/innovation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Innovation</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/talent-acquisition" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Talent Acquisition</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/workforce-management" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Workforce Management</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Talent Procurement Teams Take Note: The Future of Hiring with AI - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/talent-procurement-teams-take-note-the-future-of-hiring-with-ai"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Thu, 22 Nov 2018 21:41:16 +0000 David Trachtenberg 1319 at https://www.futureofsourcing.com https://www.futureofsourcing.com/talent-procurement-teams-take-note-the-future-of-hiring-with-ai#comments Gillian K. Hadfield: Remaking the Rules for the 21st Century https://www.futureofsourcing.com/gillian-k-hadfield-remaking-the-rules-for-the-21st-century <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/FOS%20Digital_Kate%20Vitasek_Slider%20Graphic_3.png"><a href="https://www.futureofsourcing.com/sites/default/files/articles/FOS%20Digital_Kate%20Vitasek_Slider%20Graphic_3.png" title="Gillian K. Hadfield: Remaking the Rules for the 21st Century" class="colorbox" rel="gallery-node-1290-XZde2_6UbpA"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/FOS%20Digital_Kate%20Vitasek_Slider%20Graphic_3.png?itok=VVhhmQHQ" width="624" height="325" alt="" title="" /></a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <div>Academic and author Gillian K. Hadfield is a pioneer in pushing the current legal system into the 21st century.&nbsp;</div> <div>&nbsp;</div> <div>Hadfield is a Faculty Affiliate at the Vector Institute for Artificial Intelligence in Toronto and the Center for Human-Compatible AI at the University of California, Berkeley. She is also teaching Legal Design Lab (with Dan Ryan) at the University of Toronto.  Her research is focused on the need to reform and redesign legal systems in market democracies. &nbsp;</div> <div>&nbsp;</div> <div>Her book, <a href="https://www.amazon.com/Rules-Flat-World-Invented-Reinvent-ebook/dp/B01LYZXIVU" target="_blank">Rules for a Flat World</a>, goes into great detail on why we need to radically rethink today&rsquo;s legal system in the face of <a href="http://www.futureofsourcing.com/joseph-e-stiglitz-making-globalisation-work" target="_blank">globalization</a>, digital technology and artificial intelligence. Hadfield says, &ldquo;We are at an inflection point in the evolution of legal systems, facing the need to reinvent how we do law.&rdquo; &nbsp;</div> <div>&nbsp;</div> <div>According to Hadfield, the existing regulatory structures &ldquo;inhibit innovation in law to meet the needs of the new global economy and the potential for more market-based methods of providing legal inputs to support economic growth, democracy and global integration.&rdquo; In her 2017 book she asserts that in order for the legal system to better support the global economy the world over, we need to rethink the rules and rule systems in their entirety. &nbsp;</div> <div>&nbsp;</div> <div>Current approaches to law, Hadfield continues, are not only not helping&hellip;they are making matters even worse. She points out that the problem is not that we have too much law, but rather &ldquo;the way we have gone about producing law for the last few hundred years&mdash;exclusively through state-controlled political institutions such as legislatures, state-run courts and lawyer-controlled legal professions&mdash;is starting to max out on its ability to manage the burgeoning economic and social complexity to which it has played midwife.&rdquo;&nbsp;</div> <div>&nbsp;</div> <div>Hadfield eloquently argues why the existing legal system is no longer sustainable in today&rsquo;s globalized and digitized market. The challenges with globalization and technology are well-documented, and Hadfield&rsquo;s research brings a unique twist by focusing on how the legal system is hindering progress of a modern economy. &nbsp;&nbsp;</div> <div>&nbsp;</div> <div>I especially like that Hadfield&rsquo;s work focuses on making law more available, applicable and capable of contributing to innovation and growth. One of my pet peeves is that lawyers have a strict black-and-white approach when it comes to <a href="http://www.futureofsourcing.com/supplier-relationship-management-how-to-get-it-right" target="_blank">supplier relationships</a>. Those with the most power use their muscle to tip legal terms and conditions to their benefit (e.g., sorry supplier, your work is work for hire and I own the Intellectual Property and we have a 30-day termination for convenience). So, you can imagine why I admire Hadfield for her progressive thinking and writing. &nbsp;</div> <div>&nbsp;</div> <div>One of my favorite areas of interest in Hadfield&rsquo;s work is around how social norms play a role in the legal system. She believes that social norms are not something established and born of an enterprise, or championed by an entrepreneur with an agenda, but rather that they are &ldquo;organic&rdquo; and emerge in processes that are sometimes hidden. Although, she says that no one really knows how a norm becomes a norm, it is &ldquo;when norms become the subject of a deliberate project intended definitively to designate a particular set of rules, including the rules for making rules, as &lsquo;law&rsquo; that social norms can become law.&rdquo;&nbsp;</div> <div>&nbsp;</div> <div>This is where the Vested business model for relational contracting is important, because Vested embeds social norms, or guiding principles, into the contract. In effect, what are commonly referred to as &ldquo;unofficial rules&rdquo; are made law. Would lawyers or a legal department come up with that innovation? Perhaps in some cases, but as Hadfield suggests, innovation requires not only deep expertise, but also a fresh set of eyes to reframe a problem and have the breakthrough moments required. &nbsp;</div> <div>&nbsp;</div> <div>The trick, as Hadfield says, is to build a stable legal platform that accounts for increasing complexity&hellip;AND makes room for innovation. That is quite a trick indeed. What&rsquo;s needed are creative ways to manage enormously challenging, costly and dynamic strategic relationships. Hadfield&rsquo;s tip? Don&rsquo;t hire more lawyers; instead, harness markets for legal innovation.</div> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/globalization" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Globalization</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/artificial-intelligence-ai" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Artificial Intelligence (AI)</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/law" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Law</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/legal-innovation" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Legal Innovation</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="Gillian K. Hadfield: Remaking the Rules for the 21st Century - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/gillian-k-hadfield-remaking-the-rules-for-the-21st-century"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Mon, 08 Oct 2018 22:07:27 +0000 Kate Vitasek 1290 at https://www.futureofsourcing.com https://www.futureofsourcing.com/gillian-k-hadfield-remaking-the-rules-for-the-21st-century#comments The Silent and Steady Takeover of Artificial Intelligence in Financial Institutions https://www.futureofsourcing.com/the-silent-and-steady-takeover-of-artificial-intelligence-in-financial-institutions <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even" rel="og:image rdfs:seeAlso" resource="https://www.futureofsourcing.com/sites/default/files/articles/ARTIFICIAL-INTELLIGENCE-FINANCE.jpg"><a href="https://www.futureofsourcing.com/sites/default/files/articles/ARTIFICIAL-INTELLIGENCE-FINANCE.jpg" title="Artificial Intelligence in Financial Institutions" class="colorbox" rel="gallery-node-1268-XZde2_6UbpA"><img typeof="foaf:Image" src="https://www.futureofsourcing.com/sites/default/files/styles/juicebox_medium/public/articles/ARTIFICIAL-INTELLIGENCE-FINANCE.jpg?itok=n8YiyisG" width="1024" height="533" alt="Artificial Intelligence in Financial Institutions" title="" /></a></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"> <p>Financial institutions are playing a numbers game in the core of their business: they evaluate risks and opportunities of potential transactions and if the perceived benefits outweigh the associated risks they will agree to the deal. In the case of traditional banking, this is true for the credit approval process, whereas in the case of insurance companies, the correct evaluation of risk factors determines the conditions of an insurance policy. Like weather forecasts demonstrate, assessments of future events like risk factors or return expectations may occasionally be wrong. Still, if the underlying models to assess risk and return are correct on average, a steady profit will be generated. Competition among market participants forces financial institutions to have well-working systems to evaluate and forecast their risk and return metrics. This is where artificial intelligence (AI), a new breed of data modeling and forecasting, appears with unprecedented capabilities and is silently cutting out traditional methods on a daily basis and in manifold ways.</p> <p><span style="font-size: 13.008px;">The financial markets are a very special case. In the stock, bond and commodity markets, billions of dollars are turned over every day. These markets are heavily researched and large profits can be made with superior forecasting systems. These systems are driven increasingly by AI, which is capable of pulling together various types of data and transforming it into forecasts to depict where prices are moving.</span></p> <p><span style="font-size: 13.008px;">However, even though AI technology and data are widely and easily available, getting to the point where <a href="http://sig.org/interview-data-scientist-alexander-beck-phd" target="_blank">profits are generated by AI</a> is still a challenging endeavor. Throwing massive amounts of data into a machine learning or AI system usually leads to devastating outcomes. This rather unexpected behavior is mainly due to such statistical effects as overtraining (when an AI model is so flexible that it &lsquo;learns&rsquo; statistical fluctuations but not the underlying market mechanics any more) and spurious correlations, in which a connection between two pieces of information seems to exist but actually only does so on a purely random basis. To overcome these pitfalls, human effort and creativity is needed to come up with data selections and AI model blueprints that are well thought through and of reasonable complexity. Subject matter expertise and experience in the field both play a crucial role for success here.</span></p> <p><span style="font-size: 13.008px;">Not only is AI an exciting technology for market speculators and investors but also for producers who need to obtain raw materials in large quantities and are sensitive in their business model to the purchasing price.</span></p> <p><span style="font-size: 13.008px;">Take, as an example, the price for three months of frozen orange concentrate, which can be traded on futures exchanges like the International Exchange (ICE) in Atlanta, Georgia. In former times, smart people would have produced a future price estimate based on their knowledge, gut feeling and the information they had at hand, such as from newspapers. But even in the case of well-informed and experienced experts, it is hard for the human brain to outperform sound mathematical methods on a continuous basis. Evidence for this can be found in the work of Daniel Kahneman, a behavioral psychologist and Nobel Prize laureate. He found that, by nature, it&rsquo;s a tough job for the human brain to deal with large amounts of quantitative information on a continuous basis. Mathematical methods for financial forecasts have been developed over decades and are continuously disrupted these days by AI. The reason for this continuous replacement is that the early models weren&rsquo;t made to process vast amounts of different sorts of data &ndash; a capability that&rsquo;s absolutely needed in today&rsquo;s times. Today, data of all sorts can and should be utilized to come up with a best-of-breed forecasting system.</span></p> <p><span style="font-size: 13.008px;">In the case of frozen orange juice concentrate, the future price will eventually be determined by supply and demand. On the supply side, it appears obvious that the current season&rsquo;s recent weather and sunshine conditions can be applied to estimate the degree of ripeness of oranges, at least for a certain orange plantation where this information is available. This estimate can be enriched with satellite imagery of orange fields and complemented with past orange production records and weather forecasts, and maybe even the likelihood of big weather events like hurricanes. On the bottom line, this information can be transformed into a supply forecast for this particular orange plantation at a specific point in time. To produce a forecast that reflects global price discovery, this process of transforming data into an orange supply forecast should be repeated for the world&rsquo;s major orange producing regions. Obviously, this sounds like a tedious job for a group of experts but is exactly the scenario for which AI has its strengths. After having considered the supply side, determining the demand side is a whole other story but follows the same principles. Both the supply and demand forecast can then be used to eventually come up with a future price estimate.</span></p> <p><span style="font-size: 13.008px;">Only advanced machine learning and AI methods are able to digest these amounts of information on a regular and comprehensive level. In the above described example, methods of image recognition, text processing and time series analyses will play significant roles to produce a sound and competitive forecasting system. Today, dedicated AI systems like these are built in various ways and for different applications. However, due to the complexity of the matter, these improvements in forecasting accuracy happen in tiny and silent steps. This stealth mode of gaining ground means it is a real threat to those companies who do not invest in such systems. Once the competition&rsquo;s intellectual property on forecasting future price movements is advanced enough to constantly outperform the traditional methods, it may be too late to catch up.</span></p> <p><span style="font-size: 13.008px;">Still, human knowledge and experience are very important success factors for the application of AI models. The strong side of an AI system is to transform large amounts of data into accurate predictions on a highly repetitive pattern, but it also uncovers its weak side: An AI system is (at least today) not capable of interpreting singular events such as the U.S. government imposing tariffs or discover general shifts in market conditions, such as the outbreak of a war.</span></p> <p><span style="font-size: 13.008px;">Artificial intelligence is an extremely fast-moving field and the state of the art today may look antiquated five years from now. It is very important for financial institutions to follow closely with these developments and to invest to maintain their competitive edge. The slow-movers in this development might have to deal with some leftover deals on bad margins and won&rsquo;t get the chance to fight their way back to the top.</span></p> </div></div></div><div class="field field-name-field-tags field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Tags:&nbsp;</div><div class="field-items"><div class="field-item even" rel="dc:subject"><a href="/tags/artificial-intelligence-ai" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Artificial Intelligence (AI)</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/finance" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Finance</a></div><div class="field-item even" rel="dc:subject"><a href="/tags/digital-technology" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Digital Technology</a></div><div class="field-item odd" rel="dc:subject"><a href="/tags/robotic-process-automation-rpa" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Robotic Process Automation (RPA)</a></div></div></div><div class="field field-name-field-addthis field-type-addthis field-label-hidden"><div class="field-items"><div class="field-item even"><div class="addthis_toolbox addthis_default_style " addthis:title="The Silent and Steady Takeover of Artificial Intelligence in Financial Institutions - Future of Sourcing" addthis:url="https://www.futureofsourcing.com/the-silent-and-steady-takeover-of-artificial-intelligence-in-financial-institutions"><a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_linkedin"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_facebook"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_twitter"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_googleplus"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_pinterest_share"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_reddit"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_email"></a> <a href="https://www.addthis.com/bookmark.php?v=300" class="addthis_button_print"></a> </div> </div></div></div><div class="field field-name-field-region field-type-taxonomy-term-reference field-label-inline clearfix"><div class="field-label">Region:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/regions/global" typeof="skos:Concept" property="rdfs:label skos:prefLabel" datatype="">Global</a></div></div></div> Mon, 27 Aug 2018 21:54:17 +0000 Alexander Beck 1268 at https://www.futureofsourcing.com https://www.futureofsourcing.com/the-silent-and-steady-takeover-of-artificial-intelligence-in-financial-institutions#comments