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This Week in Consulting

Friday, October 19th, 2018

The CIO’s Essential Guide to Modernizing Procurement

THIS WEEK’S MUST READ

“Since modernizing sourcing and procurement will make all newly created data easier to integrate, starting with a solution that leans on AI is the shortest way from data to action… Modernize first. You can reap the benefits now, while planning for data consolidation later.”

For many CIOs and enterprise IT teams today, digital procurement transformation is a key business priority. And rightly so, given procurement’s increasing strategic impact on enterprise profitability and competitiveness. A structured, collaborative approach to digitizing the function can deliver faster, greater payoffs for both procurement and IT.

This Week’s Must Read features a report from GEP Worldwide. In this new report — The CIO’s Essential Guide to Modernizing Procurement — GEP and IDG share a 7-step approach to help enterprise IT teams digitally transform the procurement function. The report also shares strategies for effective CIO-CPO collaboration to enable and accelerate this change. It’s a must-read for all CIOs and enterprise IT professionals looking to enhance their strategic impact on the business through digital transformation.

Read on to Find out More: “The CIO’s Essential Guide to Modernizing Procurement “, from GEP Worldwide


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THIS WEEK’S VIDEO:

The last mile of the supply chain often falls far from communities that lack year-round road access. This is a very cool, futuristic look at how the internet and drones could be combined to deliver essential supplies, medicine and food to hard to reach populated areas.

INDUSTRY NEWS & INSIGHTS

  • Accenture buys TargetST8 Consulting: Accenture (NYSE: ACN) has acquired TargetST8 Consulting, a privately held financial services consulting firm specializing in corporate and commercial lending, with offices in New York. Terms of the transaction were not disclosed. Founded in 2013, TargetST8 focuses exclusively on the financial markets. | Finextra
  • Capita enters partnership with Adepto, a London talent HRtech start-up: A new partnership has been announced between Capita and London-and-Brisbane-based talent start-up Adepto. Capita will provide the Adepto talent solution to its clients, as well as use the technology internally, which will help the young firm scale across the globe. Capita Scaling Partner (CSP) forms strategic relationships with innovative digital start-ups. They help these start-ups develop their offering and connect them with Capita’s client base, accelerating their growth, and enabling their enterprise clients to benefit from leading edge innovation. | Capita Press Release
  • Consultancies lagging behind in the adoption of digital marketing: Management consultancy firms are facing a worrying gap between client sentiment and activity, according to a new report, which is posing a threat to firms’ abilities to adapt for the future and evolve in-line with clients’ needs. Melissa Hernandez, Senior Digital Marketing Executive at Propero Partners and one of the authors of the study, reflects on the report’s main findings. | Consultancy.uk

THOUGHT LEADERSHIP

  • The Future of Customer Interaction : As consumers’ daily lives become more digital, their interactions with service providers are changing—be it with their telecom provider, their bank, their insurance company, or the online store where they buy their shoes. However, with many people still making this digital shift, personal phone-based interactions will continue to be valuable over the next five years, especially for sensitive questions that require a certain level of trust, such as payments.  | Morten Finslo, ATKearney
  • Modernize Procurement with Sourcing Optimization :Sourcing optimization solutions have been on the market for more than a decade — yet until now they have been niche, primarily used by sophisticated companies with high spend to minimize costs. However, new features and enhancements have recently raised the appeal of these tools for organizations of all industries and sizes that are looking to optimize their e-sourcing practices. | Sarah Hippold, Gartner
  • Why procurement must transform by 2020: Procurement in 2020 will look very different than it does today. This future world will alter existing assumptions and introduce emerging hazards. It will require additional skills, knowledge, and tools to address entirely new challenges while solving current ones more creatively. And it will likely change the very core of how companies look at procurement as an organizational function and an overall company competence.  | Brian Umbenhauer and Scott Sopher, Deloitte
  • Procurement 4.0: Are you ready for the digital revolution? Reflecting the effects of Industry 4.0’s cutting-edge technologies and data management on strategic and operational procurement, the additional concept of “Procurement 4.0” has recently emerged. What does Procurement 4.0 entail? And should it be the strategic compass for chief procurement officers in the foreseeable future? There are many opinions, and every company will ultimately require its own strategy and trajectory as it takes on both the challenges and the opportunities that come with advanced procurement.  | Reinhard Geissbauer, Robert Weissbarth and Jürgen Wetzstein, Pwc

EVENTS

Consulting Quest will be hosting a free Webniar for industry leaders in the coming months exploring best practices in Consulting Procurement. If you are interested in participating, please fill out this survey.

Check Out Other Upcoming Events and Workshops & Become a Part of the Consulting Quest Community!

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CONSULTANT CORNER

CONSULTING CAREER

  • Must know Tools & Techniques in a Business Consulting World: Here are some of the tools and techniques which are crucial in a business consulting job. Check for yourself. | Ashwini Deshmukh, Insights Success
  • How to Become a Consultant : Management consultants work to increase efficiency. But that is a very simple way to explain what they really do behind-the-scenes for large companies and organizations. Here’s how their days break down. | Learn How To Become

CONSULTING JOBS

  • Are you a Consultant with Supply Chain background or prior experience working in Retail/CPG? This may be the opportunity you have been long for. A Client of Consulting Quest – an Asia-based small Global Consulting Firm – is seeking to hire an Engagement Manager to join their newly established office in New York City.  Learn More  

About Consulting Quest

Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.

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