Search Results for: decision making

Over 57 and looking for work? Forget it, say HR managers

Over 57 and looking for work? Forget it, say HR managers

by • News, Workplace

Millions of people aged 57 and over in the UK are being overlooked when looking for work, as employers consider this age too oldMillions of workers aged 57 and over in the UK are being overlooked for job opportunities, as employers increasingly consider this age ‘too old’ to hire, according to a new poll. The survey, conducted by Totaljobs, claims that a third of people over 50 worry they will struggle to find work due to age discrimination, with one in seven reporting being rejected for jobs because of their age. The study suggests that two-fifths of HR decision-makers have faced pressure to hire younger candidates, placing older workers at a disadvantage when looking for work. In response, more than a fifth of over-50s have chosen to omit their age from their CVs, while a quarter hesitate to apply for roles, fearing potential bias. (more…)

Magenta Associates becomes employee owned

Magenta Associates becomes employee owned

by • Company news

Our friends at comms specialist Magenta Associates have announced that the business is now owned by its employees.Our friends at comms specialist Magenta Associates have announced that the business is now owned by its employees. The company has set up an Employee Ownership Trust which owns the majority of the business. The trust will be led by five trustees to ensure the management team is running the business in the best interests of the employees. Magenta was set up in 2011 by Cathy Hayward, the former editor of FM World (now Facilitate) and FMJ magazine who spotted a gap in the market for a PR agency specialising specifically in facilities management. (more…)

The future of procurement: navigating a digital and strategic evolution

The future of procurement: navigating a digital and strategic evolution

by • Company news

In recent years, procurement has transformed from a back-office function to a strategic driver of business valueIn recent years, procurement has transformed from a back-office function to a strategic driver of business value. As global supply chains become more complex and businesses strive for greater efficiency, sustainability, and agility, the future of procurement is set to change even more dramatically. Technological innovations, data-driven insights, and a shift in priorities are reshaping the way organizations manage their sourcing, purchasing, and supplier relationships.

This article explores the future of procurement, focusing on the trends, technologies, and strategies that will define this critical business function in the coming years.

 

 

 

 

  1. The Rise of Digital Procurement

One of the most significant trends shaping the future of procurement is digital transformation. Traditional procurement processes, which were often manual and time-consuming, are being replaced by automated, digital solutions. Technologies such as artificial intelligence (AI), machine learning, robotic process automation (RPA) are streamlining procurement workflows, enhancing transparency, and improving decision-making.

Artificial Intelligence (AI) and process orchestration are transforming procurement by streamlining complex tasks and improving overall efficiency. As highlighted in Tonkean’s blog, AI can eliminate time-consuming manual work like managing approvals, chasing stakeholders, and navigating complex systems. The use of AI-powered orchestration allows procurement teams to unify systems, automate routine tasks, and facilitate collaboration. This leads to faster cycle times, better process adoption, and more time for high-value strategic work, ultimately positioning procurement as a key business partner.

 

Key Areas of Digital Transformation:

– Automation of Routine Tasks: Tasks like purchase order creation, invoice processing, and supplier matching can now be fully automated, allowing procurement professionals to focus on more strategic initiatives.

– AI-Driven Insights: AI can analyze vast amounts of data to identify trends, predict demand, and assess risks, enabling more informed decision-making.

Impact:

The adoption of digital technologies will lead to faster procurement cycles, reduced errors, and significant cost savings. Procurement professionals will need to adapt to new tools and skills, such as data analytics and AI-powered decision-making, to remain competitive.

 

  1. Data-Driven Decision-Making

Data is becoming the new currency in procurement. With the vast amount of data now available through various channels—supplier data, market trends, and performance analytics—procurement teams have the opportunity to make more strategic decisions. Advanced analytics tools are enabling organizations to turn raw data into actionable insights, optimizing procurement strategies for cost reduction, risk management, and supplier performance.

How Data Impacts Procurement:

– Supplier Relationship Management: Data analytics can help procurement teams evaluate supplier performance, identify key areas of improvement, and foster stronger, more collaborative relationships.

– Risk Mitigation: Predictive analytics can forecast potential supply chain disruptions, allowing organizations to proactively manage risks such as supplier bankruptcies, geopolitical instability, or natural disasters.

– Cost Optimization: By analyzing purchasing patterns and market trends, procurement professionals can negotiate better contracts, reduce maverick spending, and ensure cost savings across the board.

Impact:

The ability to harness and analyze data will be critical for the future of procurement. Organizations that leverage data to drive decisions will be able to build more resilient and cost-efficient supply chains.

 

  1. Sustainability and Ethical Sourcing

As consumers, investors, and regulators increasingly prioritize sustainability, procurement teams must align with corporate social responsibility (CSR) and environmental, social, and governance (ESG) goals. This shift means that procurement will play a central role in ensuring that businesses source goods and services from environmentally and ethically responsible suppliers.

Key Areas of Focus:

– Sustainable Sourcing: Procurement teams will need to ensure that suppliers adhere to environmentally friendly practices, such as reducing carbon emissions and minimizing waste.

– Ethical Labor Practices: Ensuring that suppliers comply with labor laws, prevent human rights abuses, and foster fair working conditions will become a priority.

– Circular Economy: Procurement will increasingly focus on sourcing products that can be recycled, reused, or repurposed, contributing to a more circular economy.

Impact:

Sustainability will no longer be optional for procurement teams. To remain competitive and compliant, procurement professionals must prioritize ethical and sustainable practices in their sourcing strategies.

 

  1. Supplier Collaboration and Innovation

In the future, procurement will shift from a transactional function to one that focuses on collaboration and innovation. Instead of simply managing suppliers, procurement teams will work more closely with them to co-create value and drive innovation. This shift will require a new approach to supplier relationships, one that emphasizes trust, transparency, and mutual benefit.

Key Changes:

– Supplier Collaboration: Rather than viewing suppliers as vendors, procurement teams will treat them as partners in innovation. This collaboration can lead to the development of new products, improved processes, and shared efficiencies.

– Long-Term Relationships: Procurement will focus on building long-term, strategic partnerships with suppliers, ensuring that both parties can innovate and grow together.

– Innovation Hubs: Some organizations may establish innovation hubs or programs where procurement teams and suppliers collaborate on research and development, bringing cutting-edge products and services to market faster.

Impact:

Collaboration with suppliers will become a competitive advantage, enabling organizations to innovate, adapt to market changes, and deliver more value to customers.

 

  1. The Strategic Role of Procurement

As procurement evolves, its role within the organization will become more strategic. Instead of being seen as a cost-saving function, procurement will increasingly contribute to business growth, innovation, and resilience. This shift will require procurement professionals to develop new skills and capabilities, such as strategic thinking, cross-functional collaboration, and leadership.

Key Areas for Strategic Focus:

– Procurement as a Value Creator: Procurement will move beyond cost-cutting to create value through innovation, risk management, and sustainability.

– Cross-Functional Collaboration: Procurement teams will work more closely with other departments, such as R&D, marketing, and finance, to align procurement strategies with broader business objectives.

– Leadership and Influence: Procurement leaders will need to influence key stakeholders and contribute to strategic decision-making at the executive level.

Impact:

The strategic elevation of procurement will lead to greater influence within organizations, enabling procurement professionals to drive business success through innovation, resilience, and sustainability.

 

 Conclusion

The future of procurement is one of transformation and opportunity. As digital technologies, data-driven decision-making, sustainability, and supplier collaboration reshape the procurement landscape, professionals in this field will need to adapt and embrace new skills and strategies. By doing so, they will not only optimize procurement processes but also contribute to the long-term success of their organizations.

Procurement is no longer just about sourcing the best deal—it’s about building resilient, ethical, and innovative supply chains that drive business

You get what you give at the CoreNet Global Summit 2024 in Berlin

You get what you give at the CoreNet Global Summit 2024 in Berlin

by • Comment, Facilities management, Property, Wellbeing

CoreNet truly embraced its theme of ‘People Power’, emphasising the vital but often overlooked aspect of workplace strategy: connectionHave you ever attended a conference and been asked to gaze deeply into a stranger’s eyes for several minutes, standing just a metre apart in silence? No? Neither have I – until this September at the CoreNet Global Summit in Berlin. Gone are the days of handshakes and small talk. Today, it’s all about relationality, empathy, and hugging it out. For some, the summit’s emphasis on fostering human connections was a joyful opportunity to bond and share meaningful moments with fellow professionals. For others, it felt like being trapped in a never-ending therapy session nobody signed up for. (more…)

Graduates don’t offer employers enough creativity in the workplace

Graduates don’t offer employers enough creativity in the workplace

by • News, Workplace

A new report claims to reveal that UK graduates are falling short when it comes to offering organisations the creativity they need in the workplace.A new report claims that UK graduates are falling short when it comes to offering organisations the creativity they need in the workplace. The poll from Canva of around 1,000 recent university graduates, educators, and hiring managers in the UK, suggests that over three quarters (77 percent) of graduates and 66 percent of hiring managers consider creativity essential for landing a job and succeeding in the workplace. (more…)

Parliament refit could hold back UK net zero efforts for 40 years

Parliament refit could hold back UK net zero efforts for 40 years

by • Environment, Facilities management, News

The £20 billion refurbishment of the Palace of Westminster, could impact the availability of people needed for UK net zero targetsThe extensive refurbishment of the Palace of Westminster, a project estimated to cost over £20 billion, could significantly impact the availability of specialist craftworkers needed for the UK’s net zero targets, according to Historic England. The public body is warning that the project, which could take up to 43 years and require around 3,000 specialist workers annually, would absorb a large portion of the nation’s skilled heritage plasterers, carpenters, and window specialists. This is likely to strain an already limited workforce at a time when the country faces a shortage of traditional building crafts essential for refurbishing older buildings. (more…)

Firms are betting big on the impact of AI on their business

Firms are betting big on the impact of AI on their business

by • AI, News

 

Big AI bets are being made globally with nearly one in 10 businesses spending over $25m this year on AI initiativesA new report published by consulting firm Searce claims that organisations across the UK and US are making significant investments in artificial intelligence this year with nearly one in 10 decision-makers in both the UK (8 percent) and US (7 percent) planning to spend over $25 million. The 2024 State of AI report [registration] is based on a poll of 300 C-Suite and senior technology executives – including Chief AI Officers, Chief Data & Analytics Officers, Chief Transformation Officers, and Chief Digital Officers – at organisations with at least $500 million in revenue. The research examines some of the biggest trends, successes, and challenges facing businesses in their artificial intelligence decision-making, strategy, and execution. (more…)

How do you encourage people to spend more time in the office? Here are seven things to consider

How do you encourage people to spend more time in the office? Here are seven things to consider

by • Features, Flexible working, Property, Workplace design

 

In a world in which people have more choice about how and where to work, how do you encourage people to spend more time in the office without issuing controversial mandates?

In a world in which people have more choice about how and where to work, how do you encourage people to spend more time in the office without issuing controversial mandates? Some of the UK’s most high-profile workplace, design, property and facilities management experts met recently at the London showroom of MillerKnoll to discuss the answers to this, one of the most vexed questions of recent years. How do you create workplaces that meet the needs of people who have more choices than ever of how, when and where to work? And its corollary: if you want people to spend more time in the office with each other, how do you entice them to do so without making it an obligation? (more…)

Businesses planning major investments into Generative AI to increase productivity

Businesses planning major investments into Generative AI to increase productivity

by • AI, News

firms are planning major investments into generative AI technologies to drive increases in productivity, but are still being cautious about their impact.A new report from Cognizant and Oxford Economics New Work, New World: Quantifying Global Gen AI Momentum suggests that firms are planning major investments into generative AI technologies to drive increases in productivity, but are still being cautious about their impact. Additionally, 76 percent of businesses say they are looking to leverage the technology to create new revenue streams, while 58 percent are incorporating revenue increases into their business cases. (more…)

If you offer people universal basic income, they work less but have more choice, study finds

If you offer people universal basic income, they work less but have more choice, study finds

by • News, Workplace

A new study from the Open Research Lab found that while unconditional cash transfers such as universal basic income slightly reduced employment rates and work hours, they increased the financial stability and agency of recipientsA new study from the Open Research Lab found that while unconditional cash transfers such as universal basic income slightly reduced employment rates and work hours, they increased the financial stability and agency of recipients. People were 2 percent less likely to be employed and worked 1.3 fewer hours weekly but had higher incomes when including the cash transfers. The financial support allowed individuals to pursue education, caregiving, health improvements, and more meaningful work. Overall, cash transfers provided recipients with the flexibility to make employment decisions aligned with their personal goals and circumstances. (more…)

Book review: Workspace Made Easy

Book review: Workspace Made Easy

by • Comment, Facilities management, Property, Workplace design

Workspace Made Easy by Kursty Groves and Neil Usher offers a step-by- step-guide through the complexities of creating and implement a workplace strategy from first principles through to occupying a space and changing it over timeThere’s a dog-eared, yellowing paperback on my bookshelf called Understanding Offices. Written by Joanna Eley and Alexi Marmot, it dates from 1995. It is a handbook for everybody who needed to know how to develop a workplace strategy during the infant phase of the digital and cultural revolution of the late 20th Century. I used to refer to it all the time, but now it serves mainly as a reminder of how much has changed over the past thirty years, and also how little. (more…)

Is it fair that AI defines if you deserve a job?

Is it fair that AI defines if you deserve a job?

by • AI, Comment, Workplace

As AI continues to push the boundaries of what is possible, impacting not just personal endeavours but also professional pursuits, one important question emerges: is it fair that AI defines if you deserve a job?The rise of AI-driven hiring processes has undoubtedly transformed the recruitment landscape, and we know it. But is it fair that AI defines if you deserve a job? Ultimately, the answer to this question is not just a technical or logistical issue, it is a profoundly ethical one. AI (artificial intelligence) has revolutionised the way we interact with technology, increasingly permeating various aspects of our lives, from virtual assistants to complex algorithms shaping our online experiences. (more…)

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