Spend Matters

ICYMI: Resilience in times of uncertainty and ‘permacrisis’: making the case for SCRM: In today’s interconnected global business environment, #supplychainriskmanagement (SCRM) has emerged as a critical discipline for organizations striving to maintain operational continuity and a competitive advantage. At its core, SCRM involves identifying, assessing and mitigating risks that can disrupt the flow of goods, services and information across a company's supply chain. As businesses grow more dependent on geographically dispersed suppliers and partners, the need to manage this complexity becomes critical, especially in light of recent global events that have exposed vulnerabilities in even the most sophisticated supply networks. Businesses face a myriad of challenges, including supplier reliability issues, geopolitical tensions, natural disasters and fluctuating market demands. These can wreak havoc on supply chains, such as halting production and shipping activities or compounding logistical complexities, and cause delays, increased costs and reputational damage. Supply chains are increasingly susceptible to disruptions caused by both predictable and unforeseen events. Organizations must also contend with the intricacies of supply chain compliance, which has become more intricate in the wake of stringent regulations aimed at ensuring ethical and sustainable practices. The convergence of these elements signifies a growing need for data-driven and proactive SCRM strategies that not only address vulnerabilities but also foster resilience and agility in supply chain operations through enhanced supply chain visibility and stronger supplier relationships, ultimately delivering greater value to the organization. This analysis explains the imperative for organizations to prioritize SCRM and how technology can help. The post Resilience in times of uncertainty and ‘permacrisis’: making the case for SCRM appeared first on Spend Matters.

ICYMI: Going global with your external workforce program: In many cases, external workforce programs begin as a localized or regional effort, often driven by Human Resources or Procurement departments looking to improve talent or costs for their areas of management. The establishment of these localized programs will usually see more control, more visibility and better costs with how their company engages with the external workforce. As the localized external workforce programs mature over time, the compliance and cost structures, process flows and digital solutions are typically better adapted to support bringing these advantages to other regions within a company. Plus, the program gains can be very attractive to other regions looking to see these same benefits for their areas. Thus, the desire to go global with an external workforce program sets in. Once a company decides to go global with an external workforce program, it can be a daunting experience to determine where and how to start. Most companies know that the potential for great benefits are present, but how do they determine what region to look at first? How can a company plan to bring a program global when the effort to uncover the workforce data to make informed decisions on where and how to start is so complicated to put together? How can companies create a unified and agile external workforce program when regional regulations, languages, software solutions and billing structures are so vastly different? Companies that successfully set up a unified global external workforce management program that is managed through a supporting digital tool, such as a vendor management solution (VMS) or contractor management solution (CMS), can reap major benefits that allow them to be more agile, strategic and cost effective in the market. By expanding your external labor force globally, you are not only broadening your access to labor skills but also ensuring compliance with local regulations and payroll needs while bringing your company’s unique vision and brand into diverse markets. With this great vision in mind, it is important to also consider that going global with an external workforce program is a major undertaking, no matter what preparations are made prior to the project launch. In an era where adaptability is key to keep your company safe and thriving, going global with your external workforce through the use of a supporting digital solution can be the catalyst for sustained growth and success — making the major undertaking well worth the effort. With this in mind, we are sharing the top 5 insights and considerations from experienced practitioners on how to take your external workforce program global (while mitigating the major challenges that come with the effort). The post Going global with your external workforce program appeared first on Spend Matters.

ICYMI: A procurement professional’s guide to risk events and mitigation strategies — FMCG: As part of our theme this quarter on Procurement’s role and value in #supplychainriskmanagement, we are speaking with practitioners in the field to understand their perceptions of risk — clearly different industries perceive types of risk in different ways. We want to know what are their main concerns, how they intend to […] The post A procurement professional’s guide to risk events and mitigation strategies — FMCG appeared first on Spend Matters.

ICYMI: Risk management solution providers and what their customers really want – Exiger: As part of our Q4 research into supplier risk, third-party and supply-chain risk management (TPRM/SCRM) and the solutions that support it, we have not only conducted analyst- and market-led research in the shape of analyses, advisory, definitions and webinars, but taken the pulse of the practitioners who use that technology and who deal with risk […] The post Risk management solution providers and what their customers really want – Exiger appeared first on Spend Matters.

@SpendMatters released a new article! How spend analytics solutions support risk management Dive in here: http://ow.ly/kvqE105PUQ5

🚀 Digital Procurement Transformation: Share Your Insights! 🚀 Adopting digital procurement tech is about more than just tools—it’s about creating value and overcoming challenges. We’re gathering feedback from procurement leaders on their S2P journey. Key questions: 🔹 What motivated your digital shift? 🔹 How’s your S2P tech performing? 🔹 What challenges did you face? Your input will help others navigate the transformation. 📝 Take our 15-minute survey by Dec 6th: https://lnkd.in/gDzUFhsa #DigitalProcurement #ProcurementTech #S2P #ProcurementLeaders #Survey

How #spendanalytics solutions support risk management: #Spendanalytics vendors do what their name implies: they derive insights from spend data. However, that is not all they are capable of doing. Many spend analytics vendors apply that analytical expertise elsewhere, such as contracts, carbon emissions or supplier performance. This results in analytical data not just for those areas but also dashboards and opportunities that use hybrid data (spend + another factor) to help determine KPIs and enterprise goals. This piece covers how risk data specifically comes into play for traditional spend analytics vendors. The post How spend analytics solutions support risk management appeared first on Spend Matters.

ICYMI: smartKYC: Vendor Analysis — Supplier risk solution, overview, competitors, user considerations, analyst summary: This Spend Matters Vendor Analysis gives an overview of smartKYC, a risk (supplier due diligence) solution built to ensure that organizations stay on top of reputational and compliance risks. With the increasing number of regulations in recent years that require companies to perform due diligence in their supply chains, e.g., the German Supply Chain Act, California Supply Chain Act, and EU's Corporate Sustainability Due Diligence Directive (CS3D), companies are faced with multiple challenges. One is to collect and analyze information to ensure their partners are not engaged in malicious activities that would create compliance and reputation risks. smartKYC is a solution that helps address such challenges. The vendor started in the banking industry, which has had similar regulations for many years and requires financial institutions to scrutinize their customers (Know Your Customer). As supply chain-related regulations started to appear, the company extended its value proposition and potential market to companies wanting to benefit from KYC-like capabilities for their third parties (KY3P, Know Your Third Parties), including suppliers. This Vendor Analysis provides an overview of smartKYC, a look at the competitive landscape, user considerations and an analyst summary. Here’s why smartKYC matters: To the market — smartKYC increases an organization’s productivity and compliance by ensuring they never miss emerging risks or events related to their supply chain To potential buyers — smartKYC can either serve as a standalone solution to watch specific companies or integrate with other procurement solutions to provide in-depth and real-time insights about the companies with which they work. The post smartKYC: Vendor Analysis — Supplier risk solution, overview, competitors, user considerations, analyst summary appeared first on Spend Matters.

@SpendMatters released a new article! SpendHQ: Vendor Analysis (Part 1) — Spend analytics solution overview, company background, platform and services overview, modules and application overview, roadmap and vision Dive in here: http://ow.ly/95Wt105PP66

@SpendMatters released a new article! SpendHQ: Vendor Analysis (Part 2) — Spend analytics product-level strengths and opportunities, voice of the customer, competitors and market analysis, user considerations, analyst commentary and summary Dive in here: http://ow.ly/R6zt105PP65