Search Results for: finance

Furniture industry body unveils its plans for growth and government engagement

Furniture industry body unveils its plans for growth and government engagement

by • Furniture, News

The British Furniture Confederation (BFC), the public affairs umbrella body of furniture and beds, furnishings and flooring sector trade associations, has unveiled its new Plan for GrowthThe British Furniture Confederation (BFC), the public affairs umbrella body of furniture and beds, furnishings and flooring sector trade associations, has unveiled its new Plan for Growth. The document supports BFC’s advocacy across four key pillars: skills and education; trade and exports; standards and regulations; and the environment and circular economy. It has been developed over the past few months, evolving from a combination of position papers written by the associations’ executives and a comprehensive survey of their collective members. (more…)

New research claims there is a lack of support for many neurodiverse employees

New research claims there is a lack of support for many neurodiverse employees

by • News, Wellbeing, Workplace

nearly one in three neurodiverse employees are dissatisfied with the support they receive from their employerA significant proportion of employees feel unsupported in the workplace when it comes to neurodiversity, according to new research from City & Guilds. The organisation’s latest annual Neurodiversity Index 2025 reveals that nearly one in three neurodiverse employees are dissatisfied with the support they receive from their employer, while over a third of neurodivergent respondents reported that they had no onboarding support when starting their jobs. (more…)

A better focus on workplace wellbeing could add around £1 billion to UK economy, report claims

A better focus on workplace wellbeing could add around £1 billion to UK economy, report claims

by • News, Wellbeing

The commission's report on workplace wellbeing argues that a proactive and preventive approach to employee health could prevent at least 100,000 people from exiting the workforce over the next five years, potentially saving the government over £1 billion during this period.Enhancing support for individuals with health conditions to remain in employment could lead to significant economic benefits for the United Kingdom, according to a new report from the Commission for Healthier Working Lives. The commission’s report on workplace wellbeing argues that a proactive and preventive approach to employee health could prevent at least 100,000 people from exiting the workforce over the next five years, potentially saving the government over £1 billion during this period. (more…)

Demand for high quality office space continues to grow worldwide, and so do its costs

Demand for high quality office space continues to grow worldwide, and so do its costs

by • News, Property, Workplace design

Rents for prime office space across the globe rose by 0.3 percent and fit out costs by 0.2 percent in the final quarter of 2024, says SavillsRents for prime office space across the globe rose by 0.3 percent and fit out costs by 0.2 percent in the final quarter of 2024, says Savills, as demand for top quality office space continues to grow in many markets around the world. According to Savills in its latest quarterly Prime Office Costs report, in the fourth quarter of last year, average net effective costs rose slightly, by 0.1 percent, continuing a moderate upwards trend of 1.9 percent over 2024. London (West End), Hong Kong, and New York (Midtown) remain the top three locations in terms of costs of the 35 markets Savills examines. (more…)

Third of people hide their use of workplace AI from employers

Third of people hide their use of workplace AI from employers

by • AI

35 percent of workers admit to using workplace AI covertly to do tasks they were supposed to do themselves and didn’t tell their boss aboutA new poll from Access Group claims that 35 percent of workers admit to using workplace AI covertly to do tasks they were supposed to do themselves and didn’t tell their boss about, posing questions about the security of AI in the workplace. This figure jumps to 55 percent among 18-29 year-olds, with over a quarter (26 percent) confessing they’ve done this ‘many times’. In contrast, only 14 percent of over-60s admit to having used AI to gain an advantage. (more…)

Economic and political uncertainty continue to dampen commercial property market sentiment

Economic and political uncertainty continue to dampen commercial property market sentiment

by • News, Property

The outlook for the European commercial property market is cautiously optimistic despite growing geopolitical uncertainty and concerns about economic growthThe outlook for the European commercial property market is cautiously optimistic despite growing geopolitical uncertainty and concerns about economic growth, with London, Madrid and Paris emerging as the standout performers, according to a new report by PwC and the Urban Land Institute (ULI). The report – Emerging Trends in Real Estate Europe 2025 outlines how market players believe ‘a new normal’ is emerging as valuations have come down and interest rates regain some level of predictability in a market characterised by higher inflation and interest rates, and geopolitical and economic uncertainties. This led to more than 80 percent of survey respondents expecting business confidence and profits to stay the same or rise in 2025, with around half predicting increases in both. (more…)

The rise of the part time office opens up a new frontier for market growth

The rise of the part time office opens up a new frontier for market growth

by • Comment, Flexible working, Property

The part-time office offers companies the ability to rent office spaces on a part-time basis, writes David RawlenceAs businesses, large and small, continue to adapt to post-pandemic realities, the demand for flexible working solutions continues to surge. The part-time office offers companies the ability to rent office spaces on a part-time basis—often for just one to three days a week— whilst opening a unique opportunity for occupiers, landlords, operators, and investors. (more…)

Bosses are too cocky when it comes to modern risks to their businesses

Bosses are too cocky when it comes to modern risks to their businesses

by • Business, News

CEOs face sleepwalking into reputational disaster through over-confidence which masks inadequate crisis planning to mitigate modern day risksCEOs face sleepwalking into reputational disaster through a concerning over-confidence which masks inadequate crisis planning to mitigate modern day risks, according to a new report [registration] from PHA Group. The survey questioned 150 CEOs across the UK’s £240bn professional services sector on confidence and planning in navigating business critical issues. Examining issues from workforce management and whistleblowing to climate change and regulation, CEOs from law firms, insurance, finance and accounting, consultancy and recruitment conveyed confidence but also revealed a lack of investment and planning. (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

UK see largest contraction in Labour Force since the 1980s

UK see largest contraction in Labour Force since the 1980s

by • Business, News, Workplace

The final report from the two-year Commission on the Future of Employment Support claims that the UK needs ‘once-in-a-generation reform’ to boost growth and improve living standards in the face of a huge contraction in the country’s labour force. The report suggests that the UK is one of the few developed nations where employment has fallen post-pandemic. The UK has dropped from having the eighth-highest employment rate globally to fifteenth. Had the original position been maintained, the economy would be £25 billion larger annually, with public finances £16 billion better off. (more…)

How younger generations are redefining workplace exits

How younger generations are redefining workplace exits

by • Comment, Workplace

 

The modern workplace is witnessing a significant shift in the dynamics of workplace exits, largely driven by younger generationsThe modern workplace is witnessing a significant shift in the dynamics of workplace exits, largely driven by younger generations—especially those born after 1997, known as Gen Z. It’s not just in the places we might expect. For example, in Japan, a country with a reputation for long tenures and employee/employer loyalty, resignation agencies such as Momuri offer services that allow individuals to quit their jobs remotely. Even where moving jobs is relatively rare, this “resignation-as-a-service” has sprung up as a result of discontent within the workforce. This phenomenon, particularly pronounced among younger demographics, is challenging traditional notions of loyalty in the face of workplace dissatisfaction. (more…)

Cybersecurity and AI are biggest threats to business, say HR leaders

Cybersecurity and AI are biggest threats to business, say HR leaders

by • AI, News, Technology

New research from BT claims there is widespread anxiety among business leaders in the HR sector regarding the pace of technological change. In fact, 96 percent of HR company directors and executives report suffering from ‘bytemares’ – tech-related stress that’s severe enough to disrupt their sleep – with cybersecurity and AI coming up as the main sources of anxiety. With 74 percent of leaders in the sector agreeing that tech transformation is critical to the survival of their business, tackling this tech anxiety could result in a significant contribution to the growth of both the HR sector and the wider economy. (more…)

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