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Digital Transformation in Procurement

June 1st, 2023 Posted by Uncategorized 0 thoughts on “Digital Transformation in Procurement”

Digital Transformation in Procurement: Harnessing the Power of Automation and Analytics

In today’s rapidly evolving business landscape, digital transformation has become a driving force across industries. One area where it revolutionizes traditional practices is procurement. By embracing automation and analytics, organizations can unlock tremendous value, streamline processes, and make data-driven decisions. Here, we will discuss the benefits of digital transformation in procurement and key actions procurement managers should take to maximize its effectiveness.

The Power of Automation and Analytics in Procurement:

Automation and analytics are transforming the procurement landscape, enabling organizations to enhance operational efficiency and drive strategic outcomes. Let’s look at some compelling statistics that highlight digital transformation’s impact:

  1. According to a Deloitte survey, 66% of procurement leaders believe that digital procurement will help them deliver increased value to their organization.
  2. The Hackett Group’s research reveals that organizations adopting digital procurement technologies can achieve cost savings of up to 45%. In addition, they can reduce process cycle times by up to 50%.
  3. A report by McKinsey & Company states that organizations leveraging advanced analytics in procurement can reduce supply chain risks by up to 50% and enhance savings by 3-5%.

Key Actions for Heads of Procurement:

To fully harness the power of automation and analytics, procurement heads must take proactive steps to drive digital transformation within their organizations. Here are some key actions to consider.

  1. Embrace Robotic Process Automation (RPA): Implementing RPA can automate manual and repetitive procurement tasks, such as purchase order processing, invoice reconciliation, and vendor onboarding. By freeing up valuable resources, procurement teams can focus on strategic activities that drive value and innovation.
  2. Implement Advanced Analytics: Leveraging advanced analytics tools and techniques allows procurement leaders to gain deeper insights into spend patterns, supplier performance, and market trends. By analyzing vast amounts of data, they can make informed decisions, optimize supplier relationships, and identify cost-saving opportunities.
  3. Foster Collaboration and Integration: Encourage cross-functional collaboration by integrating procurement systems with other departments such as finance, operations, and supply chain. This integration promotes end-to-end visibility, enhances communication, and facilitates seamless data sharing, leading to improved decision-making and operational efficiency.
  4. Upskill Procurement Teams: Digital transformation demands a skilled workforce capable of leveraging new technologies and tools. Heads of procurement should invest in training programs to enhance their teams’ digital acumen. This includes developing proficiency in data analysis, automation tools, and emerging technologies like artificial intelligence and machine learning.
  5. Emphasize Change Management: Successfully implementing digital transformation in procurement requires change management strategies. Procurement heads should champion the transformation, communicate its benefits, and address any resistance to change. Ensuring stakeholder buy-in and fostering a culture of innovation is crucial for long-term success.

Conclusion:

Organizations can optimize processes, gain actionable insights, and drive strategic outcomes through digital transformation. Procurement heads can lead their organizations to a more efficient and agile future by harnessing automation and analytics. Now is the time to embrace digital transformation in procurement.

Here’s a thought for you:

What can procurement heads do to overcome potential challenges and ensure a smooth digital transformation journey, fostering collaboration and maximizing the value of automation and analytics?

Market Mapping: Securing Your Future Hiring Needs

March 17th, 2023 Posted by Supply Chain, Uncategorized 0 thoughts on “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 Engineering is Evolving and Adapting to Industry Needs

February 22nd, 2023 Posted by Uncategorized 0 thoughts on “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

February 22nd, 2023 Posted by Uncategorized 0 thoughts on “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:

  1. 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.
  2. 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.
  3. 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.
  4. 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
  5. 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.
  6. 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.

Resilient Supply Chain

July 28th, 2020 Posted by Uncategorized 0 thoughts on “Resilient Supply Chain”

https://www.gartner.com/smarterwithgartner/6-strategies-for-a-more-resilient-supply-chain/

4 ways engineering could change after Covid-19

July 24th, 2020 Posted by Uncategorized 0 thoughts on “4 ways engineering could change after Covid-19”
Photo: Harry Parvin

https://www.imeche.org/news/news-article/4-ways-engineering-could-change-after-the-covid-19-pandemic

July 22nd, 2020 Posted by Uncategorized 0 thoughts on “”

https://www.sdcexec.com/sourcing-procurement/article/21138130/can-procurement-transform-the-way-to-postcovid19-recovery

HIRING STRATEGIES: HOW AND WHY BUSINESSES MUST CREATE FAIL-SAFE STRATEGIES DURING A RECESSION

April 16th, 2020 Posted by Human Resources, Recruiting Strategies, Uncategorized 0 thoughts on “HIRING STRATEGIES: HOW AND WHY BUSINESSES MUST CREATE FAIL-SAFE STRATEGIES DURING A RECESSION”

With reports indicating that we are heading toward a global recession, you are right to be putting in place a plan of action for the future of your business. One important thing that you might not have considered: have you thought about how your hiring strategy might look in the coming years?

Taking on new talent and speaking to recruitment agencies can be the last things on your mind during times like these, but it shouldn’t be. A recession, as challenging as it is, provides an opportunity to tighten your practices and set new goals. It means a mindset shift that is more than just changing working habits. When forced to look at your entire business in a new light, you will surely realize areas of weakness within your teams; hiring new staff is very often vital for rejuvenating and strengthening them. Sometimes it’s better to cut costs on IT or crunch down on miscellaneous spending to ensure that you hire that person that’s going to lead your business to returned prosperity.

This is why a great recruitment strategy is crucial and, with that said, here is a list of the 5 tips that help you attract and retain the best talent during a recession.

  1. Hone your hiring process. Having decided where you need to hire, you can cut the time costs involved in this process by really pinpointing your needs. Where are the weak spots in your team? Which roles are most fundamental to ensuring your business’ success over the next 5 years? Are there roles that could actually be filled by contractors?
  2. Use the best methods to find the highest tier of candidate. With a surge in unemployment, there will, of course, be an excess of candidates. Considering your recruitment methods wisely minimises taking a risk on a candidate and saves you money in the long run. Though no one likes to pay agency fees to a recruiter, it is very often necessary to ensure that you get access the top talent quickly and that the entire process is well managed. This leaves you time to focus on other areas of your business.
  3. Don’t be tempted to recruit the wrong candidates just to make quick fixes. Over-qualified candidates will get up to speed quickly but get bored just as fast and there is just no need to employ under-qualified candidates if you use your hiring budget wisely. Making use of a recruitment agency will also help in this area. By being provided with the right candidate who adds value, you are saving money in the long term and ensuring that your business continues to grow. If you can afford to cut extra costs elsewhere, it can even be a good idea to over hire during a recession because, in securing this talent when it is available, you can work on your retention strategy throughout an upturn in business.
  4. There is no more crucial time than a recession to ensure that your marketing and “employer branding” are working well for you. Presenting your business as a great place to work through social media and your website is key to attracting the talent your business needs. You should aim to update it with consistency and to emphasize your business’ long-term security. Employees will be looking for somewhere stable where they can continue with their career growth.
  5. Finally, be honest internally as well as to recruiters or job sites about the roles you need filling. It is crucial that you are not misleading candidates, feeling let down by a job description is a significant factor in candidates leaving a position. Take the time to analyse your recruitment data. If employee retention is poor, it might be time to address the root causes.

An economic downturn doesn’t have to have devastating consequences for your business. It goes without saying that planning is crucial in order to avoid lost revenue and having an effective recruitment strategy is equally important.

The Easiest Way to Improve Acquisition & Retention

June 6th, 2019 Posted by Uncategorized 0 thoughts on “The Easiest Way to Improve Acquisition & Retention”

With more competing opportunities than ever before, employers are looking for ways to develop a healthy pipeline of talent as well as retain the competent employees they already have.

Introducing the One Question Survey

April 11th, 2019 Posted by Uncategorized 0 thoughts on “Introducing the One Question Survey”

Greetings, Earthlings! I’m excited to announce that Purple Tree Recruiting is launching our brand-spanking-new One Question Survey for HR Professionals. The OQS is a quick, painless survey that we created to quickly gather feedback from our friends in Human Resources.

Why One Question?

Because you’re busy! Far and away, the number one complaint we hear from HR professionals is that you’re overworked. That’s why in our quest to learn as much as we can about HR teams we decided to keep it simple and most of all quick. It takes less than 30 seconds to answer the OQS, making it the easiest thing you’ll do today.

What Do We Do With Your Answers?

Every week we’ll make the results of the OQS available to everyone. Whether you’re curious about what your peers think, or are looking for data on HR for your own purposes, the OQS results are insightful and informative.

We Never Share Your Data

Purple Tree has a strict privacy policy and we never share your data with third-parties. You can answer the survey anonymously or include your email to receive the results in your inbox. Either way, your answers will be safely anonymized in our database.

Use this link to take the most recent survey!

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