There are so many questions. Are we ready to handle the wave of shoppers? Will there even be a wave of shoppers? Can we react quickly if market conditions change?

Sometimes it would be nice to have a crystal ball.

But the challenges procurement and supply chain professionals face are serious. The decisions you make in navigating these challenges will directly affect your business. Of course, timely and accurate decision-making requires insight that is not magic, like a crystal ball. It requires access to data, visibility into supply chains, and collaboration between trading partners.

Fortunately, by digitalizing procurement processes and engaging with trading partners via business networks, it is possible to gain the visibility and business insights required to plan for events like the holiday shopping season and be ready when disruptions occur.

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Of course, there is also the old school way to gain market insight: ask consumers. As the holiday shopping season approaches, we have done just that. We wanted to know how inflation is affecting consumer purchasing habits, what consumers are expecting in terms of a recession, and how their spending habits could change in the coming year. So we asked 1,000 U.S.-based consumers across a wide range of age groups. Here is what we found.

Inflation Is Forcing Many to Adjust Their Holiday Buying Habits

The U.S. Bureau of Labor Statistics recently announced . Inflation continues to dog our economy and, as a result, 65% of the consumers in our survey said they plan to cut their holiday budgets. Gen Z (69%) and Millennials (76%) were especially emphatic about spending less.

Here are some other insights.

• Price is key. Consumers also say they will be looking closely at the price of goods. In fact, 45% say it is the top factor they will weigh in purchasing decisions. A whopping 73% included price in their top three factors.
• How they will shop. In an interesting development, 54% of consumers surveyed reported they will change where they shop — of those, 39% say inflation is causing them to shop more online; surprisingly only 15% said they will seek bargains in the stores.
• Where they will cut back. A majority of consumers plan to cut their holiday budget — but where? It turns out that that 61% will be dining out less, and 51% will be spending less on experiences and travel. Many consumers said they also expect to reduce spending on fashion and beauty (46%) and electronics (37%).
• Many consumers face difficult choices. Holiday buying aside, the survey reminds us that many households are forced to make tough spending decisions. Although 16% of the consumers surveyed told us they are not reducing spending amid inflation, it is telling that 22% are being forced to cut spending on essential items.

Consumers Expect a Recession, Further Curbing Their Willingness to Spend

Looking beyond the holidays and into next year, consumers do not seem optimistic. Three quarters of those surveyed said they believe a recession is coming within the next year. And if that happens, 59% expect to decrease their spending.

One way they will do this is by shopping deals rather than staying loyal to brands. Twenty-eight percent said they plan to switch brands if prices increase. Overall, only 19% say they will stay loyal to the brands they prefer. Brand loyalty for Baby Boomers is almost non-existent: only 10% say they plan to stay loyal to the brands they normally prefer.

Concern about Shortages Is Only Increasing

A similar conducted by 麻豆原创 in February 2021 — with the pandemic entering its second year — showed that concerns about supply chain disruptions and product shortages were weighing on consumers.

However, our most recent survey indicates that consumers are now even more apprehensive than they were 18 months ago. Food leads the list with 77% of respondents saying they were concerned about shortages in the coming year. Gen X and Baby Boomers were especially concerned, at 83% and 85% respectively. By comparison, in February 2021 only 48% noted food shortages as a concern.

Our most recent survey also highlighted increasing concern over shortages of hygienic or personal care products such as toilet paper (49%, up from 44% in 2021) and prescriptions (36%, up from 20% in 2021).

Is Digitalization the New Crystal Ball?

This holiday shopping season, if procurement and supply chain leaders had that crystal ball that could help them navigate the uncertainty, they would gladly use it. Unfortunately, we have not perfected that technology. But there is good news for retailers, manufacturers, distributors, and most other industries. 麻豆原创 offers technology solutions that provide unmatched visibility, efficiency, and flexibility to deal with rapidly changing business requirements — including those occurring during the holidays.

As requirements for products and materials change, make it possible to digitalize procurement processes, putting transaction data in one place so you can act efficiently, accurately, and quickly. Likewise, by sharing data with suppliers within , you can collaborate on forecasts and gain foresight into what is happening within your supply chain.

In fact, when I compare 麻豆原创鈥檚 powerful spend management and business network solutions to a crystal ball, I come to one conclusion: crystal balls are overrated.

Etosha Thurman is chief marketing and solutions officer for Intelligent Spend and Business Network at 麻豆原创.

This article first appeared on the 麻豆原创 News Center.

The post Holiday Shopping by the Numbers: What Are Consumers Thinking? appeared first on 麻豆原创 Africa News Center.

Those of us in the supply chain industry understand that disruptions have persisted since March 2020. This has created a mainstream perception of supply chains as increasingly volatile, expensive, and unreliable 鈥� but disruption has been more of an intermittent and confusing frustration for most in 2021, instead of the panic-buying and supply-hoarding catalyst it was in 2020.

Going into the holiday season, some industry insiders are fearful that these disruptions will hit hard again. Supply chain disruptions are forcing companies to think twice about the timing of their holiday sales, and many retailers are warning consumers to get their holiday shopping done early this year to avoid shortages and shipping delays. In fact, many retailers such as Amazon and Target announced their holiday deals much earlier than usual this year, having started in early October rather than late November. Leaving the majority of holiday shopping to Black Friday weekend could lead to many consumers being sorely disappointed with bare shelves, empty online shopping carts, and delayed deliveries.

With persistent challenges in procurement and the supply chain, 麻豆原创 surveyed 1,000 American adults to help better understand how they view the latest supply disruptions and their sentiment around the industry overall. Some interesting findings surfaced:

• Frustration is growing as holiday supply chain challenges loom.
  Almost half of consumers (49%) experienced longer ship times during the COVID-19 pandemic, and 42% expressed frustration with how companies are managing their supply chains. The majority of consumers (83%) also reported experiencing out-of-stock items during the pandemic. Patience is wearing thin, as nearly two-thirds (65%) think companies should have found solutions to supply chain challenges by now.
• Baby boomers have high expectations for gift availability and delivery while millennials and Generation Zers are more skeptical.
  Eighty-one percent of baby boomers expect holiday gifts to be available and in stock, compared to 75% of millennials and 60% from Gen Z. Furthermore, 78% of boomers expect gifts to arrive on time, while 63% of millennials and just over half of Gen Z respondents (54%) said the same. Overall, one-third of consumers are planning for the worst, expecting that gifts will not arrive in time for the holidays this year. Having the visibility in place to inform consumers of product availability and delivery timeline is crucial to avoiding disappointment this holiday season.
• Most consumers are forgiving of supply chain mishaps, but not right away.
  One in 10 consumers say that if a gift they purchase does not arrive on time for the holidays, they would never shop at that retailer again. Another 47% noted that they would not shop with that retail company again immediately, but that they may in the future. No matter how or why it happens, supply chain disruptions hurt brand loyalty among customers.
• Delivering gifts on time is not the only factor brands need to consider.
  Sustainability continues to play a bigger role in consumers鈥� buying decisions, even when it comes to holiday gifts. This is particularly true among younger consumers, as half of millennials said sustainability influences their gift purchasing decisions. Overall, 39% said they purchase from brands that tout sustainability, while 30% prioritize sustainable practices when making purchases, such as selecting slower shipping to combine packages and reduce waste. Brands can promote sustainability through their own procurement practices by ensuring the products and materials sourced are done so in a sustainable manner 鈥� from limiting carbon footprint to sourcing recycled/recyclable materials.

After last year鈥檚 chaotic holiday season that had more consumers buying online than ever before, proactive businesses and consumers are adapting their approach this season, especially with ongoing disruption anticipated this year.

For consumers, as of early October, almost a third (29%) had already changed at least one gift purchase based on supply chain shortages, and only 24% of total respondents expressed that they do not plan to shift their buying behaviors this holiday season. Almost half (45%) are buying earlier, and 44% are buying more online. Millennials are changing their plans the most, with 55% buying earlier than in previous years.

For businesses, agility and visibility are the name of the game. We have all experienced so much disruption from all angles recently, and there鈥檚 no going back to 鈥渘ormal鈥� as consumers 鈥� and businesses 鈥� continue to change buying behaviors.

Businesses need to broaden visibility not only across their own operations but across those of their trading partners as well, with the dual objectives of . To achieve this level of transparency, businesses are turning to to capture the widest possible view into the interconnected operations of their trading partners from buyers and suppliers to partners in logistics, finance, and contingent labor. Meanwhile, these digital networks 鈥� previously discrete according to function 鈥� are beginning to converge through cloud-based applications, unlocking exponential value in the process.

Consumers and businesses alike have been burned by supply chain issues and shortages during the pandemic, but with the right approach to this holiday season, we can still make it a merry one.

Etosha Thurman is chief marketing and solutions officer for Intelligent Spend and Business Network at 麻豆原创.

This article first appeared on the 麻豆原创 News Center.

The post Shop Now or Forever Hold Your Peace: Supply Chain Frustrations Accelerating Holiday Sales appeared first on 麻豆原创 Africa News Center.

We asked 麻豆原创 executives for their perspectives on what to watch for in 2021. Here鈥檚 what they had to say.

鈥淚n the new year, organizations will prove to be decisive in their approach to managing spend as they take steps toward business recovery. Only a holistic, cloud-based approach with the data underlying every spend decision 鈥� from direct and indirect goods procurement to contingent labor, services providers and MRO spend, all the way to travel and expense management 鈥� offers the necessary insights to counter disruption and extend competitive advantage. These insights help companies achieve their financial goals, as well as their operational, environmental and social objectives. Never before have connected commerce and intelligent spend management been as pivotal to business success as they are going to be in 2021.鈥�

鈥� , president, Intelligent Spend and Business Network, 麻豆原创

鈥淎s we look toward a new year and anxiously await the broad distribution of vaccines against COVID-19, leaders in the procurement, supply chain and logistics industries will take center stage as nations mobilize to turn back the pandemic. How adaptable is our infrastructure, how agile is our technology and how ambitious is our purpose in the race to safely manufacture these life-sustaining breakthroughs and distribute them equitably? The eyes of the world鈥檚 7.8 billion people will turn to leaders in procurement and operations management to help navigate what may be the most complex if eagerly anticipated logistical challenge of all time. The opportunity and responsibility are immense.鈥�

听鈥� , chief product officer, Intelligent Spend Management, 麻豆原创

鈥淭his year has been defined by supply chain disruption. The impact of COVID-19 has accelerated trends that will not only lead to the diversification and localization of supply chains, but also increase the need for digitalization and end-to-end visibility. Now more than ever, procurement is uniquely positioned to be transformative and highly impactful for businesses as we enter a new era of data-driven intelligence. A shift away from the traditional, linear supply chain to a broader supply network, coupled with dynamic partnerships driving innovation, will be key to gaining a 360-degree view of supply, improving cash flow, developing new products and pursuing sustainability initiatives. Breaking away from reactivity and focusing on proactivity will be essential in tackling new business challenges in a post-COVID-19 world. Network strategies, and making use of data-driven insights, will be important in avoiding repercussions from future shocks and shifts, replacing linearity with interconnectivity.鈥�

鈥� , executive vice president, Network and Ecosystem, 麻豆原创 Procurement Solutions

鈥淎s the year draws to a close, the full measure of the pandemic鈥檚 devastating effects is just coming into view. Beyond its incalculable human toll, COVID-19 has wreaked havoc on nearly every business, in every industry, in every region. As we welcome a new year, I believe that procurement 鈥� and particularly procurement technology 鈥� has a paramount role to play in restoring confidence to organizations as they seek to regain their competitive edge, revive their operational resiliency and replenish their hopes for the future. That level of confidence requires a seamless, integrated approach to digital business processes that extends visibility, reduces complexity and fosters collaboration. That鈥檚 how procurement 鈥榤akes it happen,鈥� and it鈥檚 why we鈥檙e placing a strong focus on executing against our 麻豆原创 Procurement vision in the year ahead.鈥�

听鈥� , chief product officer, 麻豆原创 Procurement Solutions

鈥淭he evolution of procurement over the next five to 10 years will be driven by macroeconomic factors: the exponential growth of the digital economy, declining productivity and the stagnation of globalization. Living with the coronavirus pandemic, and planning for a future with increasing uncertainty, many organizations are watching global supply chains and taking stock of their own risks in the market. Supply chains need to be structured differently moving forward to remain resilient and adaptable; and spend management organizations are going to play a pivotal and central role in leading that change. We can expect to see suppliers as the driving force for innovation in most organizations, helping realize the promise of artificial intelligence and begin to reverse the productivity slump. As such, companies will need to take a very different lens regarding management of their supplier base than in the past. I anticipate the rise of spend management professionals as trusted advisors, providing solutions and preparing for unforeseen events; delivering greater value by moving the conversation from cost-saving to strategy.鈥�

鈥� , senior vice president, Product Strategy, 麻豆原创 Procurement Solutions

鈥淗umans are innately resilient.听As companies large and small strive to survive the pandemic period and its devastating economic effects, we see human and machine intelligence coming together to play a significant role in decision making. Not only is this helping companies survive and fuel recovery efforts, but it is also inspiring new business models and transformation initiatives that are setting the course for long term growth. Companies are banding together as they look to share resources, responsibly dispose of inventory and spares, shift culturally to be more inclusive in work from home policies and naturally place greater emphasis on employee health and safety.听Businesses will continue to incorporate more network-driven and digital strategies to engage with existing trading partners and find new ones.听Meanwhile, procurement operations are front and center leading efforts to accelerate digital transformation and drive greater supply chain resilience. To operate in today鈥檚 business environment, companies must focus on digitalization to increase productivity, leverage data and intelligence to drive visibility in supply chains, shift sourcing strategies and create responsible trading partnerships for long term sustained business resilience and growth.鈥�

鈥� , global vice president, Product Strategy, 麻豆原创 Procurement Solutions

鈥淚n the new year, I expect contingent workers and services providers to continue to play a leading role in helping organizations rebound from disruption, regain their competitive edge and respond to the shifting needs of customers. The creativity and flexibility for which external labor is renowned may not be new. But, for some organizations, gaining visibility into this often-unseen segment of the workforce may be. In 2021, I believe the transparency and insights made possible by cloud-based external workforce management solutions will help to determine which organizations return from the pandemic stronger than before 鈥� and more responsive and resilient to unforeseen change.鈥�

鈥� , general manager, 麻豆原创 Fieldglass

鈥淚f 2020 was a year of disruption 鈥� and was it ever 鈥� then let 2021 be a year of rebuilding. In the year ahead, I foresee cloud-based solutions, particularly with regard to external workforce management, playing a vital role in lending businesses the flexibility they need to take steps toward recovery. Just as they always have, contingent labor and services providers deliver the depth of skills and expertise necessary to propel businesses forward. With the right sets of digital tools, organizations can achieve maximum visibility and value from these essential workers, ramping up and down efficiently as the new year unfolds.鈥�

鈥� , chief technology officer, 麻豆原创 Fieldglass

鈥淏uilding unconditional customer trust and thriving for customer success will continue to be a focus for businesses in 2021. COVID-19 has taught businesses to adapt quickly to changes and cater to customers鈥� needs with unwavering attention, making them their true partners. In the new year, I expect Customer Success teams to play a prominent role in understanding the customer鈥檚 health, identifying what the customers need to be more successful in a challenging environment and as trusted advisors provide intelligence to make smart decisions to mitigate risks thus providing seamless customer experiences. Connecting and engaging with customers will continue to be different via remote and self-service channels, however, personalized communication and services will play a critical role.鈥�

鈥� , senior vice president, Customer Engagement and Adoption, 麻豆原创 Procurement Solutions

鈥淐OVID-19 undoubtedly shined a light on the importance of Procurement. As businesses experienced major shifts and disruption on a global scale, procurement leaders rose to the challenge and emerged as heroes in their organizations by securing critical supply and ensuring business continuity. Even more importantly, by laying the foundation for functional excellence in this way, they were freed up to connect to their organizations鈥� strategy and purpose despite challenges that at times seemed unsurmountable.听However, as we come out of the crisis-mode that defined most of 2020, changes must be made to truly overcome supply chain disruption and ensure long-term resiliency. A critical lesson learned is the importance of establishing and maintaining strong supplier relationships. By proactively listening to suppliers and better understanding their experience and challenges, procurement leaders can take the necessary action to improve their businesses through their ability to secure critical supply, deliver with a greater degree of resiliency and accelerate savings by uncovering and addressing barriers.听As we head into 2021, it is time to recognize the power these relationships have in providing insight for leaders to better understand their KPIs and move the needle for their businesses in a positive direction.鈥�

鈥� , senior vice president and general manager, Intelligent Spend and Business Network, 麻豆原创

This article first appeared on the 麻豆原创 News Center.

The post 2021 Predictions for Intelligent Spend Management Amid Ongoing Disruption appeared first on 麻豆原创 Africa News Center.

Businesses have had to deal with huge disruption as normal life is upended by the lockdown measures imposed by governments around the world to help curb today鈥檚 challenging times.

Angelique Montalto, Regional Sales Director at 麻豆原创 Concur, believes companies will need to create certainty where they can in order to effectively deal with today鈥檚 uncertain times.

鈥淲hile you can鈥檛 control everything, the good news is you don鈥檛 have to. If you focus on just one key aspect of your business 鈥� employee spend 鈥� you can maintain a healthy bottom line and create some stability while the world around you recovers.鈥�

20% of employees have at least one non-compliant purchase on their expense claim. Those costs can add up quickly, making employee spend an inevitable part of any business, but keeping track of how every rand and cent is spent can be immensely tricky.

鈥淐ompanies need to have an accurate, real-time view over their total spend to ensure they can make good decisions,鈥� said Montalto. 鈥淚mproved cost containment can help maintain a healthy cash flow and give business leaders the flexibility to redirect spend to high-value areas as needed. With the best in class technology platform, companies can also automate many of the tasks associated with employee spend management, freeing up valuable internal resources for more high-impact work.鈥�

Four ways to create certainty in employee spend

According to Montalto, creating certainty in employee spend during these uncertain times comes down four steps:

1. Consolidate all employee spend in a single place

Effective spend management requires that companies are completely clear over all the types of employee spend, wherever they are: at home, at the office or while traveling.

鈥淵ou have to see it to control it,鈥� said Montalto. 鈥淏usinesses need to ensure they have all employee spend in a single place and that the data is accessible to all parts of the relevant business lines. When you democratise data in this way, everyone in your business is armed with the appropriate tools to effectively manage company resources. Ideally, the system should seamlessly integrate data from multiple sources and streamline the steps between spend and reporting in order to reduce errors and latency.鈥�

2. Maintain your budget

听Each year, organisations and their various departments undergo extensive budgeting processes to guide spend for the next year.

However, too often there is a gap between budgeted spend and actual spend.

鈥淥ne reason for this is that companies don鈥檛 apply the same effort to managing their budget as they do in the creation thereof,鈥� said Montalto. 鈥淭he challenge is not to overspend and equally important is not to underspend leaving elements of the business without the resources needed for productive growth. Knowing how much money is available at any point in time is vital to navigating unexpected events and taking advantage of unforeseen opportunities.鈥�

3. Rethink invoicing

鈥淐ompanies need to relook their end-to-end invoicing systems from purchase order creation through to vendor payment,鈥� advised Montalto.

鈥淭his is an area that requires special attention to the more error-prone aspects of invoicing, for example, automated invoice matching, purchase orders and goods received. Using a technology platform that can help digitise the traditional manual processes can help eliminate these errors whilst also identifying and uncovering areas for improvement. For example, by paying vendors at the optimal time, you maximise your cash flow while also creating opportunities to take advantage of early-payment discounts which can save money and build strong supplier relationships.鈥�

4. Mine data for insights

To control spend effectively, organisations must first understand their spend data and then put it to good use.

Montalto recommended that companies conduct regular and dynamic spend analyses throughout the business to determine which spend management approach works best for each department.

鈥淒ifferent teams are likely to have different priorities, some may want to track spend by category, others by employee, or vendor 鈥� whatever makes most sense for the business,鈥� said Montalto.

鈥淔lexibility is critical and allows companies to view and leverage spend data based on priority and timing. Having a holistic view of spend data helps decision-makers understand trends that may point to opportunities for improved cash flow and cost containment. In the long run, this type of flexibility gives companies a welcome competitive advantage, which is more important now that businesses are under strain from the global economic downturn.鈥�

The post How To Improve Spend Management and Deal With Uncertainty in Your Business appeared first on 麻豆原创 Africa News Center.

In a time of widespread disruption and change, companies that adapt the best to a dynamic business environment are well-placed to survive and thrive. Technology is one of the most valuable tools to assist companies during this time: according to a McKinsey Global Institute , companies that are digital leaders in their sectors have faster revenue growth and higher productivity than their more analogue peers.

As the world undergoes a period of unprecedented upheaval, companies are seeking novel ways of improving their versatility and flexibility to ensure they can adapt to changes in their environment, their customer base and their workforce.

According to Angelique Montalto, Regional Sales Director at 麻豆原创 Concur, it is highly likely that the effects of the social and economic disruption brought by 2020鈥檚 unprecedented events will continue to affect businesses for the foreseeable future.听“Managing a business in these uncertain times is a matter of effectively managing change. Companies that keep tight control over costs will have the agility they need to redirect spend to where the business needs it most – without losing sight of the bigger picture of the organisation鈥檚 financial wellbeing. Finance teams and decision-makers need to focus efforts on achieving their strategic business outcomes across the organisation despite the current challenging socioeconomic climate.鈥�

Visibility, agility in spend management

Business outcomes are broad organisational goals that support companies鈥� efforts to meet shareholder, employee, client and supplier needs. “In the context of employee spend management, these business outcomes are broadly focused along three categories, namely workforce engagement, spend management, and controls and compliance,鈥� says Montalto. 鈥淭hrough the effective deployment of agile technology, use of industry best practices and the support of an ecosystem of partners, companies can unlock significant cost-savings and efficiencies by building intelligent employee spend management capabilities.”

Intelligent employee spend management refers to a comprehensive way for organisations to obtain a unified view of their employee spend. It offers three distinct forms of value to the organisation by helping them manage every source and category of spend and providing a unified view of employee spend that can inform HR and finance processes, improve cash flow and liquidity and ensure impactful cost containment.

鈥淚n our competitive and often-disruptive business world , companies increasingly seek tools and partners that can help free up precious internal resources and allow the business to focus on its most important challenges,鈥� says Montalto. 鈥淔or Concur, this means bringing in a vibrant partner network and ecosystem that together capture every form of spend and that adds up to a single unified view of spend across the organisation. A healthy partner network also creates opportunities for innovative new ways of unlocking value or efficiency in the expense management process.”

Partner network unlocks new business outcomes

Montalto cites the example of VAT IT, a global 麻豆原创 Concur partner with 46 offices and more than 14 000 clients across the world. 鈥淰AT IT鈥檚 VAT Cloud technology seamlessly integrates with the 麻豆原创 Concur platform to extract invoice images and data for VAT reclaim requests, both locally as well as internationally. This can increase companies鈥� VAT refund potential by as much as 70% when they integrate with the 麻豆原创 Concur platform.鈥�

VAT IT was founded in 1999 in Johannesburg and today counts half of the Fortune 500 companies as clients. According to Devon Auby, Regional Director for the Middle East and Africa at VAT IT, automating the VAT reclamation process through technology has unlocked immense time saving and additional revenue for its customers.

鈥淚n the past, teams of people would have to spend days on-site at a customer鈥檚 office, manually sifting through and capturing physical invoices. Through our integration with 麻豆原创 Concur, companies can automate most of its data capture and quickly gain granular insight over what their recoverable VAT amount is. Through insights into specific tax authorities鈥� VAT reclamation policies, we are also able to ensure full compliance while realising the greatest possible VAT reclaim amount.鈥�

Auby adds that the current trend of remote working is likely to only grow in popularity as more companies untether their teams from corporate offices.

鈥淚n light of the global shutting of borders and subsequent short-term decrease in business travel, there will likely be a significant decrease in travel-related invoices through the 麻豆原创 Concur platform,鈥� says Auby. 鈥淏ut with more than half the world currently working remotely, we are also expecting employee expense claims to significantly change and overall increase. For example, employees working from home due to government regulations may need to purchase office equipment to allow them to do their jobs effectively. Cut off from office facilities, many employees may need additional equipment or supplies, such as printer ink and mobile connectivity. We expect to see a significant increase in related claims over the short term and possibly for the foreseeable future.”

Montalto adds that the new world of business is likely to look quite different to what we have grown used to. 鈥淎 whole new world is dawning in front of our eyes. Employee expenses are likely to evolve quickly in this changed world, and companies will need to be versatile enough to accommodate these changes while also taking care of their employee experience throughout. However, there are constants: companies will need granular insight into all spend items, and will now need full visibility over all areas of spend, perhaps now more than ever. It is important that business owners, finance departments and HR teams are aware of the tools at their disposal that can enhance their short-term agility while supporting their longer-term success.鈥�

The post In Times of Disruption, Focus on Improving Business Outcomes appeared first on 麻豆原创 Africa News Center.

Under strain from a near-stagnant economy, South African businesses are under pressure to maintain high levels of business productivity while optimising spend across all areas of the business. Due to the increasingly global manner in which most businesses operate, business travel is a growing cost item, putting strain on internal resources who often have to apply time-consuming manual processes to managing travel and expense claims.

Angelique Montalto, regional sales director at 麻豆原创 Concur, says the horror of finance teams wading through mountains of paper receipts to update unwieldly spreadsheets is no longer a reality for many businesses. “The cloud-based platform automates much of the previously laborious reporting requirements incumbent on finance departments. With greater visibility over spending than ever before, after and during a trip, and an extensive ecosystem of global partners introducing a constant stream of innovations to the platform, 麻豆原创 Concur unlocks greater productivity and cost savings over manual processes.”

Growing cost, complexity of business travel

According to Statista, global business travel spend reached $1.33 trillion in 2017, a figure that鈥檚 expected to grow to $1.7 trillion by 2022 (although this projection was made prior to the Covid-19 pandemic).

鈥淲ith the growing complexity of doing business and the increase in business travel, companies are seeking solutions that can ease and automate paper-based processes to free up valuable internal resources for more high-value work while gaining full visibility over all expenses,鈥� explains Angelique. 鈥淭his has made tools such as 麻豆原创 Concur invaluable to businesses wishing to unlock greater productivity and optimize their spend management.鈥�

麻豆原创 Concur is a cloud-based travel and expense management platform for global businesses that eases and automates many of the travel and expense management activities that put strain on companies鈥� internal resources. The platform was developed to ease the process of compliance and optimise spend management for businesses around the world.

麻豆原创 Concur enjoys the support of a healthy ecosystem of implementation partners that drive interest and adoption of the platform among local and global businesses. Montalto points to Supply Chain Partner, an experienced 麻豆原创 Intelligent Spend Management partner that recently started implementing 麻豆原创 Concur to its local and global customer base.

鈥淧artners are critical within the 麻豆原创 Concur ecosystem. Aside from driving interest in the market leading solution and managing the implementation process, they provide an invaluable perspective into the reality of spend management optimisation for local, pan-African and global businesses.”

Tools needed to automate, simplify spend management

Schalk Burger, director at听Supply Chain Partner, says managing travel processes within large organisations is difficult, increasing the need for tools that ease and simplify overall spend management.

鈥淲e found that 麻豆原创 Concur fills a clear gap within the market for managing expense claims in a simple and seamless way. While many spend management solutions are costly and have a lengthy implementation period, 麻豆原创 Concur is different in that it offers quick time-to-value and a constant stream of benefits as the solution is implemented.”

Supply Chain Partner is a specialist implementer of supply chain solutions for global companies and was founded in South Africa in 2013. The company is one of the most experienced implementation partners for the 麻豆原创 Intelligent Spend Group, with a client list that includes several blue-chip companies in the mining, energy, automotive and financial services industries. The company partnered with 麻豆原创 Concur in 2019 and already has a track record of successful projects.

Schalk points to the rise of the Experience Economy as one factor driving uptake in solutions such as 麻豆原创 Concur. 鈥淚t鈥檚 no longer just about the customer experience: companies also need to take care of the employee experience to ensure they can continue to attract and retain top talent. This means empowering employees with easy and intuitive self-service solutions that are accessible wherever they go and cut down on manual processes. Travel and expense claim management is an obvious target, as it鈥檚 traditionally a very time-consuming and hands-on function within the business. In fact, one survey found that 57 percent of work travelers prefer to book through a single app or tool.鈥�

Building company policy into solution

Angelique adds that managing expense claims is one part of the challenge, but that enforcing company policy is equally important and often very difficult to do in a way that meets the expectations of both the company and the employee. In one survey, more than half of travellers admitted to not always following company policy when traveling.

鈥淥ne of 麻豆原创 Concur鈥檚 most powerful features is that companies can build their travel and expense claim policies directly into the solution,鈥� says Angelique. 鈥淐orporate and regulatory compliance is managed at the point of impact as opposed to retrospectively. This streamlines the claim process and frees up internal audit resources to focus on more high-value work instead of manually approving or rejecting each claim.”

Schalk agrees:

鈥淥ne of our recent customers had relied entirely on manual processes. When an employee needed to travel for business, they would search online for a suitable flight, share that with the person responsible for making the booking, and they would then have to manually book the flight or incur the cost of working through a travel management company to make the booking. It was an exhaustive back-and-forth that has been completely eliminated since they implemented 麻豆原创 Concur, with the employee able to search for and book the necessary travel arrangements, all aligned with company policy.”

Great partners unlock benefits, reduce complexity

Despite the ease of implementing 麻豆原创 Concur and its quick time-to-value, Schalk points out that change management plays an important role in ensuring successful implementations. 鈥淔or many customers, 麻豆原创 Concur may be one of the first cloud-based solutions they implement. In business environments where on-premise solutions are the norm, we find strong change management capabilities invaluable in laying the foundation for moving to a more cloud-based environment.鈥�

One of Supply Chain Partner鈥檚 clients, global automotive manufacturer听Scania, attests to this. 鈥淭he thought process behind Scania South Africa鈥檚 decision to transition to 麻豆原创 Concur, was to improve process productivity, ensure governance and compliance and to further gain control over all expenses incurred by the business,鈥� says听Angus Kotze, CFO at Scania. 鈥淭he seamless flow of data received introduces improved levels of transparency into business expenses. The 麻豆原创 Concur way of working accelerates this flow of data 听and advances the expense management process holistically.鈥�

He adds that it has been a pleasure working with the team from Supply Chain Partner, as their accessibility and knowledge of the 麻豆原创 Concur product has allowed for higher levels of engagement and efficiency during the project implementation phase. 听鈥淭hey have made each stage of the data gathering, analysis and testing of the project easy to digest and their consistent support has allowed for quick problem solving and turnaround times. The team from Supply Chain Partner have been fantastic to work with and we highly recommend their approach.鈥�

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We asked our global leaders for their perspectives on what to watch for in 2020. Here is what they had to say:

Data Moves From an Analytical to a Decision-Making Tool

, president of 麻豆原创 Intelligent Spend Group: 鈥淚n 2020, the shift to leveraging data for real-time decision-making will accelerate for a growing number of business functions.

For example, through intelligent platforms and network ecosystems, companies will access more and more data sets to shed light on such things as a potential supplier鈥檚 financial capability to fulfill a contract. Data can also be used to make budgetary decisions informed by the current status of each and every area of a company鈥檚 spending. Organizations possess, and can access, much or all of this data today 鈥� with the right tools.

With an increasing number of data-points uncovered by Internet of Things (IoT) and machine learning, there is more information than ever before to help drive results. This allows organizations to make better sense of what鈥檚 happening, what鈥檚 coming, and, ultimately, make more intelligent decisions. In the coming year, many more organizations will start to realize the potential of their data to intelligently guide business decisions and leverage it to reach even greater levels of success.

Looking even further into the future, they will eventually be able to determine whether potential suppliers鈥� policies adhere to international laws and social ethics, and be able to use data to identify, in advance, a host of potential supply chain disruptions, such as a small number of suppliers concentrated in a region vulnerable to weather or man-made disasters.鈥�

Businesses Embrace Sustainable Procurement

, senior vice president and general manager of and : 鈥淲e鈥檙e entering a 鈥榞reener鈥� decade spurred by people worldwide demanding innovative solutions to a changing climate, and a year that will feature a resolution to Brexit in Europe and ongoing trade negotiations between East and West. Addressing these and other challenges, including the global movement to end forced labor in supply chains, enterprises are seeking to align their brand values with those of like-minded trading partners.

As we enter 2020, we can expect to see an uptick in adoption of听 as enterprises increasingly reap their benefits 鈥� operationally, reputationally, and sustainably. The best solutions, both for the procurement of direct and indirect goods and for external workforce management, guide users through an intuitive process, and, leveraging third-party content, prompt them about any upcoming issues or challenges so they can make better-informed decisions. Meanwhile, these insights also enable enterprises to .

These opportunities, made possible by cloud-based digital networks, are extending competitive advantages and fueling sustainable procurement at a scale never previously imagined 鈥� a phenomenon that is only gathering pace as we head into the new year.鈥�

Adaptability and Flexibility Key

, chief operating officer of 麻豆原创 Ariba and 麻豆原创 Fieldglass: 鈥淚n times of economic uncertainty, it becomes even more important for businesses to focus on cost-efficiency, compliance, and working capital management.

To prepare for this uncertainty, in 2020, more organizations will think more strategically about how they spend business cash 鈥� investing in better spend management strategies that not only cut costs but also create new revenue-driving opportunities to grow and quickly scale. Adaptability and flexibility will be key to recession-proofing, so procurement leaders will need to embrace technologies that can integrate with intelligent technologies and analytics to improve decision-making, speed, and efficiency.鈥�

A New Normal for How Work Gets Done

, general manager of 麻豆原创 Fieldglass: 鈥淲ith digital disruption reshaping industries and unemployment at record lows, talent is, and will continue to be in the coming decade, in short supply. Many of the skills companies need to compete today aren鈥檛 available in the traditional workforce market. The composition of the workforce has forever changed. There is an increased reliance on the external workforce, which comprises 鈥� think independent contractors, freelancers, and temporary labor 鈥� and such as consulting firms, IT outsourcers, and marketing agencies.

To get work done, organizations will increasingly look beyond their traditional employee populations and turn to the external workforce for the skills needed to thrive in the digital economy. Skills needed not just to keep up with the pace of change today but also to drive innovation around artificial intelligence, machine learning, data science, process automation, robotics, and more.

Looking ahead to 2020, expect to see greater engagement of the external workforce as a significant source of competitive advantage. The winners of the war for talent will be the companies paying attention to the demands and desires of all workers 鈥� internal and external.鈥�

Profound Shift for Procurement

, chief product officer at 麻豆原创 Ariba: 鈥淎s a new decade approaches, businesses large and small are seeing an increasingly clear connection between embracing 鈥� an approach that brings together every source of spend and buying channels and draws upon vast reservoirs of operational data to manage risk, yield, contextual insights, and fund innovation through savings 鈥� extending competitive advantage.

Where is intelligent spend management headed in 2020 and beyond? Toward systems that can carry out end-to-end procurement processes for all types of spend within parameters strategically set and overseen by humans. In the coming years, we can expect to see intelligent technologies give rise to autonomous functionality, with cloud-based, artificial intelligence (AI)-enabled applications revealing detailed insights, providing prescriptive recommendations, and unshackling talented procurement professionals from the tedium of low-value administrivia. I believe that, in time, autonomous functionality will represent a profound shift for procurement in much the same sense that autonomous vehicles do for transportation.鈥�

Purpose in Procurement Drives Environmental, Social, Business Impacts

, global vice president of Risk and Sustainability at 麻豆原创 Ariba: 鈥淭here has been a general awareness of environmental and societal issues for decades, but now we are seeing a sense of urgency and demand for real change 鈥� propelled by easy-to-share information, compliance requirements, and a growing demand for transparency. Consumers will vote with their dollars, and because of this, companies are leveraging their impact on issues such as climate impact, forced labor, and impact on livelihood and job opportunities as a part of their brand promises.

To be credible, the smart ones will shift from focusing just on cost savings and compliance to true value creation and avoid green washing. Squeezing suppliers on cost just doesn鈥檛 cut it anymore. Buyers and suppliers are coming together to create value for their mutual customer 鈥� and where else can this happen but from the beginning of the procurement process when sellers come calling with their business cards or buyers scan the globe for the best suppliers? In 2020, watch for more and more businesses to focus on developing transparent, sustainable relationships that have positive impacts on both the environment and society.鈥�

Partnerships Bring More Value in 2020

, senior vice president of Business Network and Ecosystems at 麻豆原创 Ariba and 麻豆原创 Fieldglass: 鈥淲ith the rapid rate of technological change and disruption in the marketplace, 2020 will see partners moving beyond the traditional role of strategic advisor to that of business collaborator and innovator. This collaboration will increase the diversity of business networks and allow companies to take advantage of open APIs to solve critical business challenges. Ultimately, the name of the game is co-opetition, where partnerships allow for doing more for customers together than alone.

We鈥檙e also going to see greater efficiency and ease across networks and network-to-network collaboration. All business is global, and companies with varied and diverse supply chains need to rely on clear and concise information to make real-time business decisions across borders and geographies. Data-driven insights will allow buyers and suppliers to think differently about how they source or sell. A continued focus on compliance and reduction in supply chain risk will demand simple, clean, and transparent procurement solutions. The impact will be significant, driving innovation as never seen before.鈥�

Artificial Intelligence Fully Integrated Into Supplier Management

, vice president of Portfolio Marketing at 麻豆原创 Ariba and 麻豆原创 Fieldglass: 鈥淚n 2020, businesses will extend and accelerate output of existing intelligent technologies, such as AI, by applying them to different business operations and integrating them with one another. The supply chain is a great example of this. For instance, AI will disrupt the manual, error-prone process of managing vendor contracts by automating the process and applying intelligent algorithms. And, AI will be integrated听fully into the supplier management process, helping identify high-risk suppliers before purchases are made to ensure suppliers are financially, environmentally, and ethically sustainable.鈥�

Businesses Adopt a Value-Driven Approach to Procurement

James Marland, global vice president for the 麻豆原创 Center of Excellence for Spend Management at 麻豆原创 Ariba and 麻豆原创 Fieldglass: 鈥淚n 2020, businesses will start to seriously take account of the ethics and values of their customers to drive procurement decisions. As issues such as sustainability, diversity, and working conditions increasingly displace price in the buying decision, businesses will need to adopt a values-driven approach to spend management to ultimately address them. It鈥檚 an exciting time to be in procurement 鈥� breaking out of the back office and getting to the front lines.

One example of where businesses will look to make a tangible difference is with plastics. Redirecting even a small portion of global spend on packaging to pre-certified suppliers of recycled plastics and alternatives can have a tremendous impact. These suppliers can then grow, reaping benefits from economies of scale, and then start to lower the costs of their products. Ultimately, this practice will make sustainable materials more widely available and economical for buyers. In the next year, inspired by their customers, businesses will leverage spend management and business networks to make a dent in these intractable issues.鈥�

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