Sourcing Strategy post Covid-19
https://blog.antwerpmanagementschool.be/en/sourcing-strategy-in-the-post-covid-19-supply-chain
Blog Masonry 2
Why You Need to Care About Human Capital Unification
While organizations are increasingly reaping the benefits of unification strategies, we often encounter companies who are still struggling to find their footing and implement future-oriented processes for human capital management.Market Mapping: Securing Your Future Hiring Needs
As the global economy moves faster and the competition for skilled employees intensifies, companies must know how to manage their current and future hiring needs effectively. Companies should invest in market mapping to identify and secure the right talent in today’s competitive market.
Market mapping is a data-driven process that involves analyzing markets to understand the competitive landscape. It provides insight into the current job market, enabling employers to identify the most qualified talent and assess demand for specific skills and positions. The data-driven process can be used to inform decisions related to hiring, recruitment, and market strategy.
According to data from the Global Supply Chain Institute, market mapping is essential for businesses to “understand the strengths and weaknesses of the labor pool” in their geographical area. It can help employers identify the skills that are in demand and the types of resources needed to fill vacancies. Market mapping can also be used to identify potential labor sources and develop strategies to recruit and retain the highest quality talent.
Data from the Association of Supply Chain Management also suggests that market mapping can help employers determine the appropriate recruitment processes for top talent. The association found that “companies with effective market mapping processes are better-positioned to hire the right people” and “reduce the costs associated with onboarding new talent.”
Moreover, market mapping can provide employers with an understanding of the labor market, allowing them to anticipate future hiring needs and make informed decisions about their workforce. Data can also help employers understand how to allocate resources best and use their current workforce more efficiently.
According to research from the Human Capital Institute, market mapping has been found to improve employee retention rates and increase organizational success. The research found that “businesses that invest in market mapping demonstrate significantly improved performance outcomes, such as higher employee engagement, increased job satisfaction, and stronger organizational capacity.”
Market mapping is a must-have strategy for businesses in today’s competitive market. The data-driven process can provide employers with an understanding of the labor market, enabling them to anticipate future hiring needs and make informed decisions about their workforce. Moreover, market mapping has been found to improve employee retention rates and increase organizational success, making it a valuable strategy for businesses of all sizes.
Please email me at mscanlon@ptrnow.com if you would like to discuss market mapping further.
How Artificial Intelligence Can Affect A Supply Chain Organization
Artificial intelligence (AI) has significantly affected the way supply chain and procurement are conducted. At this stage, AI in supply chain is still in its early days, but its potential is remarkable. In short, AI is the modern answer to the challenge of how to effectively manage supply chain management and procurement in the data-rich environment of the 21st century.
One of the most common ways that AI is used in future-forward supply chain and procurement operations is through predictive analytics, which provides autonomous and near-real-time insights that can inform decisions regarding inventory levels and purchase orders. This means that, rather than relying on forecasts that tend to be inaccurate, businesses can benefit from an AI-driven predictive analytics tool that can predict demand accurately, enabling them to manage their inventory and resources better. In addition, predictive analytics can also be used to analyze historical supply chain data. This allows organizations to optimize their processes, identify areas of inefficiency, and find new opportunities for cost savings.
AI is also used in procurement to streamline the process of purchasing raw materials, goods, and services. AI-powered procurement software can match price, quality, and lead times for requested items, ensuring optimal value for each purchase. AI can also provide greater visibility by helping to monitor and ensure compliance with corporate purchasing policies.
Furthermore, AI-based applications are also being used to improve supply chain visibility, connecting different areas of the supply chain into a single, integrated platform. This allows companies to gain an accurate and up-to-date view of their entire supply chain, from raw materials to finished products, and gain insights into trends in customer demand. In addition, AI-driven applications enable managers to identify unexpected disruptions and quickly develop solutions to fix them.
Although AI has great potential in supply chain and procurement, some issues and risks must be considered. For example, using AI in supply chain automation could result in job losses due to its ability to automate specific roles and tasks. Additionally, with the increasing incorporation of AI into formulating decisions, there is the potential for intentional or unintentional biases to be introduced into decision-making, which can lead to suboptimal outcomes.
In conclusion, AI is set to continue to play a critical role in the future of supply chain and procurement. As technology continues to mature, automating more complex tasks and creating deeper insights will be possible. This could include more accurate forecasting, more time-efficient order processing, and more efficient decision-making regarding supply chain and procurement. It can reduce costs while increasing efficiency and accuracy, increasing customer satisfaction. Its capacity to automate various roles and tasks, improve visibility and transparency, and drive insights through predictive analytics makes it a powerful tool. However, like with any technology, it is imperative to be aware of the risks and issues related to its application.
With 17 years of experience recruiting supply chain and procurement professionals, I’m here to help. Want more tips and ideas for hiring the best talent? Shoot me an email at mscanlon@ptrnow.com. I’d be happy to chat anytime!
Share your strategies on artificial intelligence in our comment section below.
How Engineering is Evolving and Adapting to Industry Needs
Engineering is a rapidly changing field, with new technologies and tools being developed daily. As such, the future of engineering is constantly evolving and adapting to the needs of the industry. To understand the current trends in engineering and what the future may hold, we must look at the data and statistics available.
The first trend that is becoming increasingly apparent is the specialization of engineering. With the rise of new technologies and tools, engineers can now specialize in specific areas. This allows engineers to become experts in their respective fields, allowing them to make more informed decisions and create better solutions for their organizations. According to the US Bureau of Labor Statistics, engineering jobs requiring specialized skills are projected to grow by 7% from 2020 to 2028.
Another trend that is becoming increasingly popular is using technology in engineering. With the rise of artificial intelligence, machine learning, and other technologies, engineers can create more efficient solutions faster. According to the McKinsey Global Institute, using digital technologies in engineering could add up to $1.2 trillion in value to the global economy by 2035.
Finally, engineers need to stay current with the latest trends to remain competitive in their field. This means staying on top of new technologies, tools, and methods that could help them make better decisions and create more efficient solutions. Additionally, engineers should also be aware of industry trends and keep abreast of new regulations and standards that could affect their work.
Overall, the future of engineering is exciting, with new technologies, tools, and methods being developed every day. Engineers must stay informed of the latest trends to remain competitive and create better solutions for their organizations. With the rise of technology, the specialization of engineering, and the need to stay up to date with industry trends, the future of engineering looks bright.
Challenges With Hiring A Strategic Sourcing Professional
Strategic sourcing is a critical function in many organizations that involves identifying the suitable suppliers and negotiating favorable terms and prices to improve the company’s bottom line. However, finding and recruiting talented strategic sourcing professionals can be a challenge. Here are some reasons why it can be difficult to recruit strategic sourcing professionals:
- High demand: Strategic sourcing professionals are in high demand, particularly in industries such as manufacturing, retail, technology, and healthcare. With a limited pool of experienced candidates, competition for these professionals can be fierce.
- Specialized skill set: Strategic sourcing requires a unique combination of skills, including analytical abilities, negotiation skills, and project management capabilities. Finding candidates with this specific skill set can be challenging, as not all procurement professionals possess these skills.
- Limited visibility: Unlike other areas of procurement, strategic sourcing is often conducted behind the scenes, and the work is not always visible to other employees. This can make it difficult for organizations to attract candidates interested in high-profile, visible roles.
- Company culture: Strategic sourcing professionals need to have strong interpersonal skills to build relationships with suppliers and internal stakeholders. It can be challenging to find candidates who align
- Compensation: Strategic sourcing professionals are often responsible for managing large budgets and driving significant cost savings for the organization. As a result, they often expect to be compensated accordingly. However, organizations may not always be able to offer salaries that are competitive enough to attract top talent.
- Lack of awareness: Finally, many organizations may not fully understand the value of strategic sourcing and the impact it can have on the bottom line. As a result, they may not prioritize hiring strategic sourcing professionals or may not fully understand what skills and experience are necessary for the role.
In conclusion, strategic sourcing professionals play a critical role in improving a company’s bottom line, but recruiting them can be a challenge. Organizations need to be aware of the unique skill set required for the role. They should be prepared to offer competitive compensation and a supportive company culture to attract top talent. Additionally, companies should invest in promoting the value of strategic sourcing to increase awareness and attract a more diverse pool of candidates.
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