Tag: procurement decisions

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Leading Change Management Consulting Companies in The World

For modern businesses, change management is an unavoidable aspect. Over the years most businesses seldom made any major changes to their operations. However, the rise of globalization has necessitated the requirement for change for companies that operate on a global scale. This is one of the key factors that have prompted several key global players to embrace change management in order to optimize their transitions. Change management consulting firms provide their clients with consultants to simplify the redirection of resources, budgets and other aspects of business operations. Companies that want to implement significant changes to the operation of their business must take steps to make sure the process is productive. Change management consultants ensure that these companies transition in an effective and efficient manner. The practice of change management consulting relies on several key components including outlining a vision, involving senior leadership, developing a change management plan, engaging stakeholders, creating supportive infrastructures, and accurately measuring progress.

SpendEdge’s Procurement intelligence Report on the ‘Global Organization and Change Management Consulting Market’ furnishes precise insights on the market growth, procurement best practices, top companies, and other procurement related data of the change management consulting market.

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Top change management consulting companies

TCS

Tata Consultancy Services (TCS) is an Indian company that was founded in the year 1968. The company is a global consulting and IT solutions provider with a talent pool of over 387,200 global employees. TCS has been recognized as a Big4 Global IT Services Brand by Brand Finance. The company operates in over 40 locations across the globe. Their vast global presence helps in the availability of competencies for any technical assistance mission or application project across countries.

CGI

This Canada-based company offers an extensive global network that is made up of numerous centers of excellence and strategically located around the world to meet the needs of their clients. CGI’s change management services offer various benRequest Demoefits including stakeholder management, benefit management, business process redesign, communications, and training.

Willis Towers Watson

Willis Towers Watson is a global advisory, broking, and solutions company that employs a workforce of over 40,000 people and is located in 140 countries across the world. The company’s change management experts are known to help clients understand the attitudes, perceptions, and agendas of different employee and stakeholder groups and communicate the company’s plans in an effective manner to these group. The company’s strategies are also designed to help clients achieve their M&A plans.

Genpact

Genpact is a US-based company that was founded in the year 1997 and currently operates in over 25 countries across the world. It is a global professional services firm that drives digital-led innovation and digitally-enabled intelligent operations for their clients. Genpact began in 1997 as a business unit within General Electric, however, in January 2005, the company became an independent, consequently becoming a publicly-traded company in 2007.        


SpendEdge’s procurement report on the ‘Global Organization and Change Management Consulting Market’ offers actionable insights on the factors impacting the cost in the industry, top companies in the change management consulting market, and tips to improve procurement efficiency.

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Growth in Pharmaceutical and Biotechnology Industries Driving the Demand in the Lab Consumables Market

Lab ConsumablesLondon, Feb 07, 2018: Recently, the pharmaceutical and biotechnology industries in India and China have noticed a dramatic growth due to increased healthcare investments by offshore organizations in these regions. Due to the boosted growth, buyers from these industries have a greater demand for lab consumables to meet their operational requirements.

SpendEdge’s latest procurement research report on the global lab consumables market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the pharma and healthcare, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“Increased R&D in pharmaceuticals and biotechnology for molecular research and drug discovery applications have led to the growth in demand for lab consumables globally.” – Bhuvaneshwari Udayakumar, pharma and healthcare procurement research specialist at SpendEdge.

The end-user segment of lab consumables is highly dependent on the timely arrival of products for the smooth functioning of its daily operations. Any delay in turn-around-time can lead to increased cost and low profitability. As a result, suppliers and buyers in this market are facing major procurement challenge in ensuring timely delivery and avoiding additional shipping costs.

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This procurement report on the lab consumables market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

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Top 5 Trends in Digital Procurement

Procurement activities comprise a significant chunk of an organization’s cost and have a significant impact on the cost of the final product. As a result, organizations are looking for cost-saving measures to remain competitive in the marketplace. Digital procurement offers organizations a streamlined view of all their procurement process by eliminating redundant procurement steps and increasing the procurement process efficiency.

Organizations adopt digital procurement for the benefit it provides such as reducing the purchasing price, optimizing the procurement cost, bringing about internal process optimization, securing supplies, minimizing warehousing costs, and maintaining quality guidelines.

Here are the top 5 trends in digital procurement:

Automation in Procurement:

Automation technologies such as source-to-settle processes, procure-to-pay, e-procurement, and contract management have get in toucheliminated the need for constant human intervention by automating sourcing, procuring, and invoicing processes. With savings in time, even non-procurement professionals can handle the process, and help procurement professionals utilize their time in procurement strategy making. Requisition approvals, automated MRO re-orders, supplier profile maintenance, and purchase-to-pay (P2P) are among the most automated processes in digital procurement

Data Analytics in Procurement

Big data and analytics help the procurement organization to unlock the real value of data by gathering in-depth insights. Big data analytics help save significant time and cost for the procurement organizations by using predictive analytics, trend analysis, risk management, and category management. Applications such as vendor evaluation, spend analytics, and demand forecasting are some of the most popular applications to use data analytics in procurement.

Cloud based Digital Procurement for Small and Medium Sized Businesses

Digital procurement is certain to benefit the procurement organization, but it does come with a hefty price tag? Since digital procurement is moving from being a cost saving tool to a business essential, small and medium sized businesses are also finding ways to reap the benefits of digital procurement. Cloud-based platforms are gaining popularity among these organizations for their budget-friendly attribute.

Dedicated Procurement Systems for Large Organizations

Traditional digital procurement systems were designed with a one-size-fits-all mindset. But with exponential growth in transaction volume and increasing need complexity of each business and suppliers, they demand customized offerings out of these systems. For process efficiency and optimization, large organizations are shifting towards developing their own custom platforms.

Outsourcing it to the Experts

E-procurement isn’t one of the core competencies for many of the organization and may lack expertise in procurement, supply-chain, and logistical challenges. Many organizations now seem more reluctant to leave the complex digital procurement process to the experts and instead prefer outsourcing all their processes to ensure the smooth operation of the business.

Digital procurement is gaining popularity among procurement organizations with an increasing adoption rate. The future for digital procurement would be data driven, and organizations would have to adapt to a high level of automation so that their experts can focus their time on value-added strategic tasks.

To gain more insights on the latest procurement trends:

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IR32

How Policy Changes Will Affect the Procurement Function in Trump Administration

The Trump administration won the presidency with a promise for increased employment opportunities, strengthened national security, infrastructural developments, affordable healthcare, federal and corporate tax cuts, and reduced dependency on China. After President Trump assumed his position in the White House, there have been amendments to various laws, regulations, and policies, which would subsequently have its impact on the procurement process. Most amendments are enforced to making the procurement process easier, but some of them have a negative impact on the current business scenario and pose a challenge to an organization’s Chief Procurement Officer (CPO).

Here’s a look at how the Trump administration would impact the scenario of procurement function as an industry:

Changes in Trade Policy

The Trump administration has considered reviewing all US free trade agreement with an agenda of declaring economic independence. With an increased focus on American made products and American hired services, dependency on China is bound to decrease. For the purchasing manager, it’s a logistical nightmare, as a major part of sourcing and procurement must be done within the US. It would affect the organization in terms of increased overhead and material cost, identification of new suppliers, consideration for GSA (General Services Administration) contracts, and process outsourcing.

Changes in Tax Policy

Reducing the corporate tax rate from 35% to 15% was one of the prime campaign promises of the Trump administration. Theget in touch reduction in the corporate tax rate would prompt CPO’s to reconsider the offshoring business processes to destinations like Mexico and China. Consolidating the business processes in their home country would result in shorter buying lead time, reduced transportation cost, and increased investment in the domestic market. Apart from the corporate tax, the Border Adjustment Tax (BAT) would levy a 20% tax on all imported goods; thus, raising the cost for procurement divisions.

Changes in Environmental Policy

One of the major changes in the environmental policy is how the Environment Protection Agency (EPA) combats pollution, pollutants, and harmful pesticides and toxins. The EPA would look into the matters of classification and use of toxins and pesticides used in everyday goods and consumables such as food, fruits, vegetables, detergent, cleaners, dye, etc. The procurement manager would have to reconsider options in terms of supplier selection, verify that the materials are not hazardous, and control the use of harmful chemicals like lead, mercury, and asbestos.

The Trump administration is expected to bring a lot of changes in terms of policy making, which is bound to impact the procurement department of organizations. It would affect not only the cost of sourcing and procurement, but also the lead time, supplier selection, and host of other considerations.

To gain more insights on the recent trends in procurement and supply market intelligence, get in touch

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China’s New Cybersecurity Law Could Complicate Procurement Worldwide

China is set to start enforcing a new cyber security law in June of this year that has businesses concerned about the future of their procurement decisions and strategies. The law is also causing some serious concerns about system security and safety. When it comes into effect this summer, this law will require the procurement of all network products, equipment, software, and services for “critical information infrastructure facilities” to first pass a security assessment and receive government certifications.

“Critical information infrastructure facilities” refers primarily to facilities in the medical/healthcare, energy, water, gas, and transportation industries, in addition to financial institutions, banking services, and social security facilities in China. However, this law will also affect businesses outside of China that do business within the country. Many concerned businesses say that the law will force them to reveal trade secrets and technical specifics about their products to Chinese authorities, and allege that there is too great a risk of this information being passed on to or intercepted by Chinese competitors, increasing market competition and the threat of counterfeit products and software.

Though the Chinese government has claimed that this law is a step towards improving online security and IT services, it has negative ramifications on international trade and market competition. This law will potentially have a very negative effect on the ability of foreign companies to successfully compete with Chinese companies both within China and across the globe, and will force foreign companies to re-evaluate and adjust their procurement solutions, plans, and strategies.

Businesses who are expected to be most disadvantaged by this new law are those who specialize in network management and procurement support solutions. On a wide scale, this law will also make it more difficult for companies to sell their products and software to China and will seriously hinder companies’ existing procurement chains and global sourcing strategies that extend into or include China. Smaller companies will be hit most significantly, and may find it difficult to survive in the market.

Unfortunately, there isn’t much that companies can do to combat the effects of this law. China is an important market for procurement, and most companies outside of the country cannot afford to lose business and connections with China. Companies will have to adapt to the new regulations and procedures that come with this law in order to remain competitive. More efforts towards identification and reporting of counterfeit products and stricter consequences for companies selling fakes will be essential to maintain an even playing field between Chinese companies and foreign companies.

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