SIG Speaks Blog

Why the Sourcing Status Quo Is No Longer an Option

Half of all procurement organizations will have near-real-time procurement analytics.

According to Gartner’s latest predictions, in just four short years, half of all procurement organizations will have near-real-time procurement analytics – will yours be one of them?

While we can argue the probability of this claim (along with the debatable prediction that we will see a large rise in voice-command PO processes), there is certainly no denying that the way companies do business is changing. Between hyper-automation, machine learning, and a renewed focus on user-centric design, we can now access and influence limitless channels in a matter of seconds. With this massive influx of new data and opportunities for connection, sourcing and procurement must adapt to the rapidly evolving market or risk falling behind.

Like Sales with Customer Relationship Management (CRM) platforms or Human Resources with Human Capital Management (HCM) solutions, modern sourcing organizations need technologies that will empower them with visibility into their processes, proactively manage projects and mitigate risks, and generate actionable insights based on real-time data.  

Why Digital Transformation is Mission-Critical for Your Business

Implementing new technology can seem daunting, but with an effective change management strategy, you’ll find that the benefits far outweigh any costs. If you’re still on the fence about adopting modern solutions, here are five benefits your organization is missing out on by continuing with its current processes. 

Chris Crane, Co-Founder, Product, Scout RFP, a Workday company

The Powerful Workforce That’s Not on Your Payroll

Contingent workers now represent nearly 25 percent of total workforce spend.

Navigating the Skills Shortage

Do you have the talent you need to stay competitive? Connect with your customers in a 24/7 world? Harness new technologies to drive more business value?

To achieve these goals, organizations need to source fresh talent and new capabilities. That’s easier said than done. To put things into perspective, in 2009 there were 6.6 job seekers for every vacancy in the US. By July 2018 that figure had fallen to 0.9, meaning there are now more job openings than unemployed people. The result? It’s increasingly hard for organizations to find the skills they need. 

Our new research found that many organizations are already experiencing significant skills shortfalls. Just 31% of executives say their organization has enough skills in newer technologies (such as AI, automation and robotics). Only 29% have enough skills in cybersecurity.

To source sought-after skills, many organizations are turning to the external workforce, which includes:

  • contingent labor (also known as non-payroll workers), such as independent contractors, freelancers and temporary staff
  • services providers (companies that supply services delivered by people), such as consulting firms and marketing agencies

Our research found that the external workforce helps organizations to achieve a broad range of business goals. Most executives say the external workforce is important or extremely important to operating at full capacity/meeting market demands (74%) and improving the customer experience/client satisfaction (67%).

Molly Spatara, Global VP, Brand Experience, SAP Ariba and SAP Fieldglass

SIG Speaks to The Sustainable Procurement Pledge Founders

Investing into sustainability, therefore, means investing in the future of a sustainable, responsible and inclusive business continuation.

What is the Sustainable Procurement Pledge and how did come about?

The Sustainable Procurement Pledge (#SPP) was born out of passion and is driven by a shared sense of responsibility. #SPP addresses people, not organizations. We are ultimately the ones who constitute organizations and who are making daily decisions in our workplaces. The biggest lever to have a positive impact is therefore with us! #SPP primarily addresses those who are connected to the Procurement function, procurement professionals, academics and students, but does not exclude anyone outside this area of activity. Those who feel concerned by the #SPP messages can start and join right away!

The idea was ignited by the Global Climate Strike on September 20, 2019. Adults and children, from all walks of life, made a clear statement and we were reminded about our prime responsibility: to leave our home, our ONE planet, in the same condition as it was entrusted us.

There are many great and profound sustainability initiatives already. They typically involve companies, governments, institutions and top leaders. However, we rarely see initiatives that address individuals. And yet, we all have the power to make impactful everyday decisions and gradually change the world. We fundamentally believe that many small changes ultimately lead to a big change?

Stacy Mendoza, Digital Marketing Manager

How to Become a Certified Intelligent Automation Professional

Intelligent process automation technologies allow your team to focus on more strategic business objectives.

SIG University’s Certified Intelligent Automation Professional (CIAP) program is an online certification program for working professionals who seek to become more efficient and free up team resources by automating repetitive, rules-based activities. An investment in the CIAP designation will provide your team with a holistic understanding of Intelligent Process Automation technologies so they can focus on more strategic business objectives.

Outlined here is more information on the benefits of a CIAP designation, as well as a profile of who would benefit from the program.  


What is Intelligent Process Automation?

Intelligent Process Automation (IPA) is an evolving set of software technologies that can be used singly or in combination to automate repetitive, rules-based routine tasks. The Intelligent Process Automation technologies are broadly categorized as:

  • Robotic Process Automation – Handles repeatable, routine and predictable tasks
  • Cognitive technologies – Have the ability to be trained to read variable inputs and determine what actions to take under different circumstances.
  • Workflow orchestration – Manages work between different IPA technologies, legacy systems and human workers.
  • Virtual agents – Use voice or text chat for direct interaction with users.

The key to true Intelligent Process Automation is how to combine the above-mentioned tools to solve end-to-end business problems. 

James Swinford, CEO, Virtual Operations

SIG Speaks to Paul Polizzotto

The CEO and Founder of Givewith shares how the Service-as-a-Software solution generates social impact funding opportunities for nonprofits.

Paul Polizzotto is the CEO and Founder of Givewith, a Service-as-a-Software solution that generates social impact funding opportunities for nonprofits that can be embedded into transactions between buyers and suppliers. As a social entrepreneur, he brings his expertise as the former founder of EcoMedia, which directed more than $100 million in funding and resources to environmental, education and community health and wellness programs across the country, improving the quality of life for more than 60 million people. Here he talks about the role of ESG scores on a company's bottom line and ways that sourcing and procurement can initiate cultural change in their organizations.


 

Givewith is a social impact technology platform – what does that mean and how does it work?

Givewith is a social enterprise creating innovative solutions that bring together companies and nonprofits to generate real, measurable impact – while simultaneously driving unprecedented business value. Givewith Enterprise is a SaaS solution that generates business-relevant social impact funding opportunities that can be seamlessly embedded into any transaction between a buyer and a supplier.

Here’s how it works:

Our platform analyzes companies’ sustainability and CSR performance based on robust data that’s important to their customer base and the investor community – enabling their company to amplify its strengths and improve weaknesses. The Givewith algorithm aggregates these insights and identifies the most effective nonprofit programs, which the buyer can easily add into any of their RFPs.

Stacy Mendoza, Digital Marketing Manager

RegTech and the Role of Third-Party Risk Management

As risk and compliance management professionals look to RegTech companies to assist with their legal, regulatory and compliance mandate, it’s important to have a solid third-party risk management program in place to make risk-informed decisions for the extended enterprise.

In highly regulated industries, there are seemingly endless regulatory and compliance requirements and activities, and they often are inseparable from the underlying risk management activities themselves, including those for third parties.

Since the 2008 financial crisis, the U.S. has arguably become the most complex and costly jurisdiction for regulatory compliance. An article published by World Economic Forum on enterprise risk management points out that banks are “less experienced with non-traditional threats such as cyber risk, strategic risk, operational risk, regulatory risk and legal risk. Making matters trickier, these risks aren’t easily quantified.” The authors also note that “the growth in such risks is virtually unprecedented in the history of banking. This puts a premium on firms’ abilities to make connections and to recognize the complex whole is far greater than the sum of its parts.”

The financial services sector leads the pack in terms of the amount of regulation it is subject to, including the compliance challenges, regulations and laws in near and far-flung jurisdictions, as well as the cost and complexity of compliance, risk management and governance practices. This sector is not alone is the endless struggle to balance costs and compliance. Healthcare, oil and gas, and the tech sector are also struggling with the cost and complexity to managing sector-specific risks and compliance.

>>More from Linda Tuck Chapman -- Third Party Risk Management: An Opportunity for Procurement<<

Linda Tuck Chapman, President, Ontala Performance & Education Solutions

This Month at SIG – January 2020

As the world’s supply chains brace for more uncertainty, the best thing that you can do is prepare yourself to stay ahead of the competition.

2020 will be a big year for many reasons: it’s not only the start of a new decade, but the upcoming presidential election will have enormous impacts on businesses and economies across the world no matter who occupies the White House. As the world’s supply chains brace for more uncertainty and try to read the presidential candidates’ tea leaves, the best thing that you can do is prepare yourself to stay ahead of the competition.

SIG University Offers New Intelligent Automation Certification

Kick off the new year with a professional certification from SIG University! Now offering four certifications, SIG University has partnered with Virtual Operations to provide advanced training on Intelligent Process Automation. Ready to take your expertise to the next level with cutting-edge training? Check out the four certification programs offered below, classes begin January 20.

Stacy Mendoza, Digital Marketing Manager

The Year's Best Articles in Future of Sourcing Digital

Read the best-performing sourcing and procurement articles from 2019.

2019 was an amazing year for sourcing. We witnessed greatness as the Future of Sourcing Awards showcased some of the most innovative projects, individuals and teamwork the sourcing industry has seen. The pages of Future of Sourcing, SIG's sourcing and procurement thought leadership publication, gave great insight into trends and best practices of the year as well. Below are the top articles of 2019 from Future of Sourcing that you don't want to miss. I hope these give you inspiration and motivation to innovate processes and implement change inside your organization in 2020.


 

How Digital Technology Will Transform Talent Acquisition

Today, intelligent automation and machine learning are boosting productivity and optimizing a wide range of back-office operations. How are these emerging technologies changing the way we find talent? Helen Castor gives us some insight.

READ MORE >>

6 Best Practices for Successful Last Mile Delivery

The growth of e-commerce is fueling the parcel delivery market. Learn more about best practices in the crucial stage of the delivery: the last mile.

READ MORE >>

Hailey Corr, Senior Marketing Professional

Drive an Effective Governance Program with Technology

Artificial intelligence and machine learning technology can help organizations foster a culture of innovation with their third parties.

Jai Chinnakonda, co-founder of a provider technology start-up, enrolled in SIG University's Certified Third Party Risk Management Professional (C3PRMP) program to learn how he can better serve his clients by gaining a more thorough understanding of third-party risk management best practices.

In the C3PRMP program, students focus on best and emerging practices to identify, assess, manage and control third-party risk throughout the lifecycle of relationships, and learn how to align risk fundamentals and frameworks with risk culture to develop the essential tools and controls for effective governance.


The digital age is seeing an increased dependence on third-party service providers of varying sizes – including start-ups – to meet the challenges of technological innovation, cost, demand for service excellence and heightened competition. 

Organizations are often locked in a love-hate relationship with their vendors as they struggle to meet expectations, sometimes both ways. In today’s digital journey, no organization can thrive on its own. To create true value for your organization and help meet business objectives, your organization will need to build a lasting relationship with your third parties. Organizations will need to adopt the art and science of engagement.

The business ecosystem is experiencing a fundamental shift. Organizations are moving away from purely cost-savings partnerships to value-generating risk-sharing partnership models. As the third-party ecosystem grows, the ability to manage and govern third parties is becoming more critical to success.

Jai Chinnakonda, Co-Founder, ENGAIZ

SIG Speaks Weekly Briefing - December 23

Here's your weekly update on the latest thought leadership, networking events and training with SIG. 

Complimentary Location Market Report

Everest Group provides SIG buy-side members with a complimentary location report on Poland. The report helps sourcing practitioners stay ahead of competition in understanding key market dynamics and the related opportunities presented by this location.

 

2019 Annual Default Review

Download RapidRatings' 2019 Annual Default Review to find out the top five supplier red flags and top five industries to watch out for.

Future of Sourcing Articles

Liberty Source CEO, Cindy Gallagher explains how impact sourcing can meet the demands of business while also giving back to the community.

Carlos Meléndez, COO and co-founder, Wovenware gives his insights into the ways IT outsourcing is changing and the drivers behind those changes.

 

SIG Partners with Spend Matters

Tap into a wealth of benchmark data to identify which procurement software provider best meets your organization’s specific technology needs with Spend Matters' SolutionMap Accelerator. SIG buy-side members receive a 20% discount.

Hailey Corr, Content Manger

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