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. 

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!

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