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on Tuesday, April 12, 2022 0


AI artificial intelligence mapping brain as digital circuit network
If you search on the internet, it is no surprise that Artificial Intelligence (AI) and its potential to significantly change the workplace is a consistent trend with companies that want to grow. While it is not a new concept, the opportunity for application and saturation in financial services is accelerating.

AI is no longer reserved for big tech and entertainment-focused companies. Albeit these organizations tend to lead the way with integrating AI in their most recent product launches.

The relatively inexpensive cost to create and implement AI into software applications has broadened the scope of use, specifically when it comes to everyday business processes. The first question to ask when considering the adoption of AI, or any technology for your company, is how will it help grow the business, reduce costs, and improve cashflow?

One use case explored involves AI Automation within a finance organization. The solution was deployed to automate invoice processing, a monotonous task that was time-consuming for employees who manually entered large amounts of data and reconciled against multiple records. The use of AI invoice automation software has significantly reduced processing inefficiency, data entry errors and processing time.

In another use scenario, a company was able to reduce their data extraction manual efforts by two full days. On average, reading and keying data from an invoice takes an employee approximately three (3) minutes per invoice. Automating that process for close to 500 invoices monthly, results in 25+ hours of time savings. This reduction is attributed to the ability of AI to read, extract, and transpose:

  • Supplier Names
  • Payment Terms
  • Bill Dates
  • Invoice Numbers
  • Line-Item SKUs and Descriptions
  • Quantities
  • Prices and Taxes
As a bonus, the AI results in fewer keying errors than the customer’s existing manual processes.

AI invoice automation “learns” and evolves on an ongoing basis. While processing big data, it contextualizes information and understands different languages. Most importantly, employees previously responsible for related tasks are free to focus on more strategic contributions to the organization.

It is difficult to envision any market that would not benefit from AI invoice automation technology. If your organization procures products or services, paying invoices quickly should be a top priority. As a finance team, using AI invoice AP (Accounts Payable) processing software should be simple and easy.

Are you a CFO or business leader interested in reducing expenses and improving your procurement process? Learn more about AI-driven invoice automation in the AI, Automation and Invoicing Revolution webinar with Julien Nadaud, Senior Vice President of Innovation at Corcentric.



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on Monday, July 12, 2021 0


During the first half of 2021, we have seen a record number of ransomware attacks with unprecedented impact across the economy. Before this new wave of attacks, hackers often limited their targets to large corporations and international businesses. Now, government agencies/public institutions and small/mid-sized businesses are the primary victims.

In this article, we will focus on the key actions a Procurement Department can take to prepare, prevent, respond, and recovery when it comes to ransomware attacks.

First, what is ransomware?

According to the U.S. Government’s Cybersecurity and Infrastructure Assurance Agency (CISA(opens in a new tab)): “Ransomware is an ever-evolving form of malware designed to encrypt files on a device, rendering any files and the systems that rely on them unusable. Malicious actors then demand ransom in exchange for decryption. Ransomware actors often target and threaten to sell or leak exfiltrated data or authentication information if the ransom is not paid.”

A few recent examples:

-        Colonial Pipeline: DarkSide, the company behind the attack, targeted
the billing system and internal business network of the Colonial Pipeline in the United States. The impact was widespread gasoline shortages in multiple states. The FBI covered a significant amount of the $4.4 million paid as ransom.

-        Brenntag: DarkSide also targeted Brenntag in a similar way, receiving a ransom payment of $4.4 million as well (not yet recovered.

-        CD Projekt Red: Attacked by HelloKitty hackers. The result was encrypted devices and threats of leaked source code.

Other companies that experienced a major hack:

-        Acer

-        JBS Foods

-        Quanta

-        National Basketball Association

-        AXA

-        CAN

-        Kia Motors

 

The methods hackers use are constantly becoming more complex and agile. Cybersecurity experts learn new ways to fight these threats each day. The most prevalent methods are 2-factor authentication, strong and effective firewalls/antivirus/anti-malware software, limited access to information for each employee, and routine backups.

What role can Procurement take in contributing to security success?

First, Procurement, Risk Management, and IT need to collaborate when onboarding strategic partners. The strategic sourcing process is integral in establishing the right tools and actions to protecting a company. We can break this down into 4 major sections. Each is in relation to vendor interactions, contractual requirements, and policies.

Prepare

Prevent

Respond

Recover

Prepare:

The safest way to prepare for a malware/ransomware attack is to assume it is inevitable. The security organization will more likely have an infrastructure in place to handle this. We should work this same mindset into our partner relationships.

Procurement is encouraged to require vendors to prepare for an attack in the same ways as their own organization. Partners can be mandated to routinely backup client data, have safeguards in place, and have a full redundancy plan in the event an attack occurs.

Prevent:

Procurement, Risk Management, and IT should collaborate on choosing the best IT Security Partner (or in-house solution) to prevent a malware/ransomware attack. When procurement facilitates strategic sourcing projects, they can effectively collect the requirements from across the company and ensure effective communication. Getting the right contract in place requires cross-team functionality. Procurement is best equipped to make this happen.

During supplier selection, an IT vendor assessment/questionnaire should be worked into an RFP. This assessment aims to test the partner’s cybersecurity strength and redundancies.

Respond:

Paying a ransomware attack is highly discouraged. Payments often influence “copycats” and more malicious behavior.

As this becomes more common, contracts with vendors should explicitly address how vendors should respond to ransomware attacks. The cost of the ransom and the cost of not paying should be compared. Contracts should aim to build every possible outcome and even stipulate who will be responsible for the actions taken and how those impacted will be made whole.

Recover:

Speaking of being made whole, procurement can foresee this by building in cybersecurity insurance requirements into each contract. This insurance is specific and often not included in general insurance requirements. Setting limits and requiring proof of insurance must become the standard moving forward. As seen before, some attacks could require millions of dollars in ransom, or even more when trying to recreate or deal with the ramifications of losing authentic data. Having financial protection against this is key for a company’s survival. Ensuring vendors can survive an attack is a key to business continuity.

In addition, when contracts ensure vendors/partners must back up and store data securely, recovery is much less costly and difficult for the clients. Procurement and Vendor Management can request vendors stress test their systems and practice for if/when an attack occurs.  

 

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on Monday, June 07, 2021 0


 In the past, the sole function of an RFP was to engage with the best supplier with the best pricing.  

Today, it isn’t just about functionality and price; the pandemic raised awareness around financial stability and diversity qualifications that should be included when it comes to the down selection process.

Is your company classified as any of the following?

  • Small Business
  • Small Disadvantage Business (SDB)
  • Women Owned Small Business (WOSB)
  • Veteran Owned Small Business (VOSB)
  • Service Disabled Veteran Owned Small Business (SDVOSB)
  • Hub Zone Small Business (Hub Zone)

    Then there are now additional “legal” questions being presented in RFP’s

  • Is your company involved currently in litigation with any company or entity?
  • Does your company have any debarment by governments or any regulatory bodies?
  • Is your company a subsidiary of another company? If yes, what company?

 Beyond the signed NDA or MNDA prior to the RFP release, there now the trend of questions/requirements in the RFP re:

    3rd Party vendors

Proof that there is an NDA between the Potential Supplier and the 3rd party vendor which includes a clause to cover confidentiality regarding work performed for any client of the Potential Suppler. 

  • Proof of any required licenses
  • Proof of insurances

 The RFP should clearly state if 3rd party vendors are allowed or not allowed to be part of the installation and or support of the product or service.  The RFP should be clear if 3rd party vendors are acceptable that they report to, are the responsibility of and paid by the contracted Supplier… there should never be invoices received directly from the 3rd party vendor.

    RFP “Company Questions” around internal employee volunteerism:

  • Does your company promote volunteering? 
  • Does your company allow employees paid time to volunteer?  If yes, how much time each year?
  • Does your company support any non-profits and if yes, which ones?

    Then there are the political related RFP questions:

  • Does your company support any political party? 
  • How does your company provide support?
  • Does your company publicly advertise your support?

     And don’t forget the company stability questions:

  • What us your company’s employee turnover rate? 
  • What has been the employee growth or decline as it relates to revenue?
  • How many acquisitions has your company been part of in the past 5 years?
  • Is your company private or publicly traded? (If public read the stock news/releases.)
  • What is your D&B (Dun and Bradstreet) number? (check it)

    Miscellaneous items to investigate about the Potential Supplier:

  • YouTube content
  • Facebook Page
  • LinkedIn Company page
  • LinkedIn page for representative, and upper management (is there a lot of company hopping by the folks that will be connected to your account?)

Depending on the type of service, you might also want to check their on-line reviews

 I had a client years ago who didn’t do this type of due diligence, signed the engagement with the supplier to only discover during roll-out their insurance policies had lapsed AND all the vendor employees on site were actually subcontractors/3rd party providers.

 When writing an RFP, the above information which has nothing to do with the service or product being sourced is of value.  No stakeholder wants to be called to the rug for a preventable situation.

If you have questions or are interested in having an RFP Sourced please contact me, twankoff@corcentric.com.

 

 

 

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on Thursday, April 29, 2021 0








Did you know under a microscope a single grain of salt appears in a cubed non-pattern?
Each grain of salt is approximately 0.03mm and visually is the color of brown sand. 

A connectivity network viewed from a high level appears very different than looking at it from a granular point of view; when trying to obtain what the value of each connection is and the type and amount of traffic it can support.  There is money to be saved, time elimination to be obtained, and technology options for service and speed to be explored through a microscopic approach = Rationalization and Optimization.

What is Rationalization?
Rationalization is to reduce the total number of suppliers which will reduce costs and presumably introduce efficiency.

What is Optimization?
Optimization is to focus and refine the supplier base which includes:
Streamline Services - To analyze the services and suppliers your company uses to determine the merits of adding, retaining, or deleting services each telecom vendor provides.

What can be documented or created? 
(and these are just a few grains that can be shook from the shaker)
  • Contract term status report – expired and/or due to expire.
  • Vendor Services not under a current contract· Services not in sync with current contract terms
  • Contractual Rate Errors
What are the focus areas?
That depends, is there is currently a service provider is not meeting contracted obligations or providing sub-par service responses? If the current situation is good, these are some of subject areas to focus on:
  • Audio/Video Conferencing Services
  • Broadband Services
  • Cable/Internet Services
  • Data Network Services (LAN/WAN)
  • Fiber Services
  • Landline Services
  • Leased Telecom Equipment
  • Legacy Voice Services
  • Maintenance Services
  • Managed Services
  • Music on hold services
  • Security and Alarm ring down lines
  • SIP Trunks
  • Toll Free Services
  • TV services
  • Voice Traffic
  • VOIP Services
  • Wireless Services
What are the benefits to engaging a company that specializes in Rationalization & Optimization?
Telecom vendors have a myriad of jargon for the same services and pricing can be all over the map when comparing and vendor to vendor services and costs. In addition, contractual language, SLA’s (Service Level Agreements) and real-time responses to your concerns will be vastly different from supplier to supplier for the exact same connectivity.

This type of audit; down to the granular level produces cost saving – consolidation, elimination of no longer used/needed services, and creates a way for a clean dialog to begin which can be the pathway for technology service advancements and better yet - COST SAVINGS!

If you have questions on this topic please email twankoff@corcentric.com.
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on Tuesday, April 27, 2021 0

 














Procurement can often be an undervalued or unrecognized component of a business, especially when there is limited visibility into how their activities impact the bottom line. With more focus being directed towards procurement within the recent years, both internal and external stakeholders are beginning to see the benefit these teams bring beyond cost savings  Last week John Sepcie explored how improving how procurement interacts with other areas of the organization can be critical to the success of the business. Examining the nuances of how procurement interacts with stakeholders can also heavily impact how this group is perceived by all other parties.

When we think about perception of procurement, there are several things to consider:

  • Does procurement have a seat at the table?  Does procurement have any strategic pull in executive decisions made for the business or are they simply seen only as a tactical group?
  • Are job responsibilities proactive or reactive? Does procurement help build strategic purchasing plans, assess supplier performance, formulate market assessments, or simply function as short-term buyers when someone else identifies a need
  • Does procurement have cross-functional engagement?  Where does procurement stand in the company hierarchy and how do they engage with other areas of the business? How often do they work with other areas of the organization to help make their value known to stakeholders outside of the procurement team? 

Communication, Support, and Understanding 

Its important to start asking yourself the questions above to truly understand the image procurement portrays to the entire organization. If that image is murky, other stakeholders may not even know when to collaborate with procurement The good news is that there are always ways to improve upon that perception. Most of the work will be around improving the relationships procurement has with stakeholders, employees, and suppliers, and making the value they bring to these respective groups more transparent.


  • Build cross-departmental relationships – Building relationships with other departments within the organization is critical for procurement to be seen a strategic asset to the company.
  • Understand stakeholder goals – Does procurement understand the goals of organization and are they able to respond appropriately to have those needs met? A big part about showing procurement’s value is displaying that procurement understands the goals of the different departments and how the goals of different departments may intersect.
  • Know what your organization is buying – When procurement understands not only what departments are buying, but how these goods and services tie back to overarching company objectives, it opens the opportunity for procurement to become an advisor on more strategic organizational initiatives.
  • Improve Self Perceptions- With so much emphasis on how procurement is viewed externally, it’s also important to consider how they perceive themselves within the organization. If procurement feels as if they are contributing nothing other than being a tactical purchasing group, that can strain relationships they may be trying to build.

 

Altering the Image of Procurement

If you would like to learn more, Corcentric’s Jennifer Ulrich will be speaking at the ISM World Annual Conference about the ways businesses can maximize the value of procurement departments. Her talk will include ways in which you can alter the perception of the procurement team through specific case studies and personal challenges and successes she has experienced while working with clients in the industry.

Need help improving how your procurement team is perceived in your organization? Register today to attend.

 


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on Thursday, April 22, 2021 0

Most procurement teams understand the central role project management plays in running an RFP or sourcing event. Equally important is the nuanced approach to all interactions with stakeholders of any kind. This includes our suppliers, internal partners, and executive teams.

How we interact with other teams and organizations speaks volumes about not only our current reputation within our own organization, but also how we envision our team and role growing in the future. Optimize the “image” of your procurement team by,  

  • Positioning your team as strategic allies, and not burdensome bottlenecks
  • Focusing on total value and not just cost-cutting measures
  • Working with Executive Leadership Teams to set expectations

As Brian Seipel discussed previously, better stakeholder management leads to a reputational shift and improved relationships with stakeholders. Prioritizing these relationships is one of the first steps you can take to optimize all interactions with different stakeholder groups (both internally and externally). Applying this same school of thought, we must consider how we interact and collaborate with other teams.

Collaboration, Teamwork, and Reciprocity

While we can wax poetic how to better work with different teams and stakeholders, practical tips on how to interact with different teams can prove useful, if not necessary. Ways to improve relationships with different teams can be boiled down to a few basic tenets. 

  • Collaborate. Find ways to engage your stakeholders early and often, letting them know their input is appreciated and valued. Extend this even further by collaborating with suppliers. Negotiations are more than just redlines, demanding concessions, and moving on. Find ways to have open and honest discussions and see if there are opportunities you can extend scope to generate a better deal for you and the supplier. Ultimately, it’s about being flexible and willing to collaborate with everyone, not just internal partners.
  • Team Mentality. It’s important to emphasize the value of the team dynamic when working with your internal partners. We are all working towards a common goal, and procurement isn’t here to get in the way of internal initiatives. In fact, procurement is here to be a trusted advisor and a valued member of any team. Stress this by reminding everyone we are all members of the larger organizational team. 
  • Reciprocate. Let’s look at supplier negotiations as one example of when we can compromise and reciprocate. Look for opportunities to acknowledge any compromises a supplier was willing to make and extend concessions their way when allowable. We don’t need to be rigid on every clause or condition when dealing with suppliers and showing we’re willing to be flexible builds trust and a healthy relationship between our internal partners and their suppliers.  

Maximize the Value of our Interactions

It is easy to dictate how we as procurement professionals and organizations will interact and work with our stakeholders, suppliers, and executive teams, but taking advantage of the opportunities we have are crucial. A world-class procurement organization maximizes every opportunity with all stakeholders.

Corcentric’s Jennifer Ulrich will be speaking at the ISM World Annual Conference in May on how to do just this. Her session covers how procurement teams can build lasting relationships with key partners to success. She will present three case studies demonstrating challenges we’ve seen among our clients and the solutions we employed to solve these challenges.

Need help maximizing the potential of stakeholder interaction? Register today to attend.  


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on Wednesday, March 10, 2021 0


As we wrap up the first quarter of 2021, it’s still not too late to consider some goals and objectives for your organization to finish out the year, and with trends pointing towards more and more initiatives surrounding diversity perhaps now is the time to consider a supplier diversity program. 

Whether the need for a defined program is coming from your clients or other regulatory requirements, a policy may not always be the best place to start. Consider the lift and efficacy of a newly drafted policy and consider the question: Am I ready for a supplier diversity policy just yet?

While policy may seem like the logical place to start when building out your supplier diversity program, you may actually be jumping ahead a few steps and discover further down the road your policy isn’t quite the right fit for your program. Consider building out your program from the ground up, with emphasis on defining what your program is or will be, what is in scope for your policy, and how your policy governs your program. If you spend time and effort drafting a policy that doesn’t accurately speak to your program you have only wasted valuable resources that could have spent time researching and developing your program. Recommended first steps are defining requirements, stakeholder interviews, or building out a RACI for the specific roles within your program before defining any processes or procedures for your program.

Once you have a detailed list of roles and responsibilities associated with your program, now may be the right time to consider the procedural duties for your program. If you have an established procurement procedure, start here to highlight the areas where new diversity requirements can be implemented (workflows and diagrams are a great way to visualize your process and procedure and begin to whiteboard opportunities for diversity involvement). Understanding what steps will satisfy your diversity requirements can make implementation easier, especially by limiting additional steps that may be perceived as bottlenecks. Communication will also be key when implementing your program, so be sure to consider how and when you will be inserting your diversity procedure into existing processes and be prepared to handle any resistance or feedback if changes are significant.

After you have established what some of the tactical work will look like, consider any technology or support needed to implement this initiative and start to engage the proper teams to begin your actual build. This may mean engaging your procurement, finance, or risk partners, or it may mean working with your system administrators or IT teams to begin implementing the necessary supplier information management (SIM) components. The ability to sort, filter, classify, and manage your suppliers will be vital when building out program, especially when considering Tier I versus Tier II reporting. Try to limit the number of manual processes needed to satisfy any program requirements so a large portion of this work can be automated through proper channels.

If you have defined your program, established requirements, and have a clear path ahead how you will manage your program and supply base, you may be ready to dive into policy development. This ultimately should function as law for your program, so be sure to plan a proper rollout and implementation for your program and how you communicate and disseminate your policy. Use the first few months of a new program to measure success and try and coordinate with a review of your policy so you can properly update. As a final recommendation on policy, be sure to include a change log to monitor and track any edits to your policy. If you find yourself having to edit over multiple iterations, revisit some of the previous steps in your program development to see if you are missing important components in your RACI or defined roles and processes.

While it may be tempting to start with policy, be sure to have all requirements and responsibilities documented, as well as a defined “happy path” for your program before jumping ahead to policy drafting. This can help ensure you have a robust policy that speaks accurately to your program instead of a policy of wish list items of how you want your program to work.

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on Friday, March 05, 2021 0


We all have had that mishap during, or just before a big client presentation...

Have you ever referred to a client by the wrong name?

Have you ever shown a presentation and dang there it is - you forgot to change the client name on a slide?

Have you ever suddenly realized the presentation you are referencing is above the baseline knowledge of your audience? (because they are all glassy-eyed and asking very basic questions or worse not asking any questions at all!)

Have you ever gone to the restroom after a presentation and there it is staring you back in the mirror - food between your teeth!

Have you ever gotten to a meeting and are unable to find the version of the presentation you fine-tuned in the wee hours of the morning isn't at your fingertips when you charge up your laptop?

OR

Worse, maybe just prior to the meeting, coffee spilled, or food stained your shirt...

Mishaps & Mistakes will happen!

Some mishaps & mistakes can be avoided with planning (and common sense):

Choice of language - what does that acronym stand for?
What does "DOA" mean to you?
In a move that must have been unsettling for thousands of Iowa's seniors, the state changed the name of its Department of Elder Affairs to the Department on Aging, or DOA, in 2009. Something is telling us that the change has not helped Iowa's elderly sleep any easier. The organization now goes by IDA, for Iowa Department on Aging.

For instance what do these acronyms mean to you when read or heard?
  • IM = instant messaging, Internet marketing, input method
  • IP = intellectual property, Internet Protocol
  • MS = Master of Science, multiple sclerosis, Microsoft
  • SME = subject matter expert, small and medium enterprise
I suggest in visual presentations (using parentheses), write out what each letter in the acronym stands for, do not assume everyone knows the nomenclature.

When reaching for your beverage does your arm cross the view of your camera?
If your mug is to the right of your computer (if you are right-handed) then there will be no visual interruption of the meeting in progress.

What does your mug or shirt advertise?
I was on a virtual meeting with a client late last year and his mug advertised the former company he worked for. On another call the mug held by the vendor advertised a political figure running for office.

Do you have the correct picture angle?
Most providers have a “preview” mode for your visual check and a sound quality check prior to entering the meeting. Take that moment to confirm the angle is accurate. This is a check to confirm the camera is not aimed looking up your nose or focused on your forehead.

Are your cords tangled?
I had small desk and a long headset cord, and it often dangled... The cord would be partially on the floor and the dog, she would sit on it. I would go to move her, and then her paw would get tangled... and of course always happen when I was running late, yes running late to a virtual call! (now I have a hook on the wall and hang it up when not in use.)

What is your light source?
We all look better in good light. With the camera facing you – if you can sit facing a window or with a lamp in front of you will look your best. If the light shines from behind, you will be in a shadow and your face will be difficult for others in your conversation to see you.

Where are the kids? dog? or cat?
We accept (and expect) the interruption during a meeting. I suggest at the beginning of the call just let the other parties know - my child, the dog, the cat may interrupt.

For me it is a 17-pound Shih Tzu ... if the doorbell rings or the community maintenance people are mowing the backyard - she goes NUTS... barking, running, barking louder... I must take my headset off and put her on my lap, and she calms down (she is never in view for those on the call with me).

 Ceiling Fans - Do you use one? Do the spinning blades appear in your screen shot? So, you are thinking, the room is warm, put on the fan, you are wearing a headset - so no noise problem... perhaps this is not true. You may be creating a visual distraction.

I have a client who puts his fan on high (it spins very fast) and even though there is no noise with the angle of screen it is a mesmerizing distraction!

It could only happen in Florida:
Without realizing before the call there was a gecko (tiny lizard) on my skirt. With a glance down, there it was walking on my lap and of course my first reaction was not calm - out of my mouth mid-sentence was a yelp...this was followed by me jumping out of my chair to fling it off my skirt... which of course set the dog in motion to chase, bark and stomp it to death!

A true story - 25 years ago:
I was in my third trimester, going to a client location.  During these last few months I couldn't see, forget about reach, my feet.  All my shoes were flats and I rotated three pair - white, beige and black.  I had no clue until I walked past a mirrored wall at the client location that I had been wearing one white and one beige shoe for the past 4 hours!  I decided at the end of the long day right before our goodbyes to thank them not just for their time but for not making me feel uncomfortable with my accidental choice of footwear.  I explained I didn't own a full length mirror but would be stopping on my way home to purchase one.  The women who were with me all day each acknowledge they had done the same thing at least once during their pregnancy and a laugh was shared. 

Mishaps and mistakes will always happen how we prevent them or handle them in the moment is the key to great customer relationships..


The “Corcentric Virtual Lunch Bunch” meets the last Friday of each month at noon …virtually of course. Would you like to join us? Our next meeting is March 26th at noon.

If you would like to join or wish additional information, please contact me (twankoff@corcentric.com) – all are welcome to attend and/or be a guest speaker on a topic related to working remotely.

The group does not promote or sell business services. The focus revolves around work at home topics/challenges and how to overcome them.







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on Friday, February 26, 2021 0


As we head into the 2021, it is important to recognize the transformative shift within the Procurement function over the past decade. Previously, a typical purchasing function is limited to a buy-sell transaction or focusing on cost savings or supply continuity. Today, strategic sourcing is a proven approach to establishing increased competition, cost reduction, creating relationships with suppliers, thorough understanding of market / internal company requirements, reviewing spend analytics, category management, and much more.

Have we observed a big shift in the way strategic sourcing is executed? Many business leaders are eager to improve processing, reduce costs, and optimize competitive advantages. To do so, they must be able to reshape their supplier relationships, align on strategies to revamp the desired future state, and recognize the competitive advantages strategic sourcing has shaped across decades.

Providing Value-add Services - Beyond Savings

Today, procurement professionals are expected to deliver services beyond cost reduction. The demand of strategic sourcing has shifted to offer value-add capabilities, such as:

  • Data Analysis:
    • Collection and in-depth analysis of essential data to consider the best-in-class go-forward strategy
  • Supplier Management and Development:
    • Investing and sustaining supplier relationships
    • Identify opportunities to create total cost savings above and beyond piece price reduction through leveraging supplier relationship.
  • Leveraging market intelligence to improve efficiencies
  • Utilizing competition to negotiate and reduce overall costs
  • Make realistic, impactful recommendations that address constant organizational advancements and supplier relationships

For decades, driving savings has always been a primary goal within procurement. Note, savings is typically recognized as the key highlight and how procurement is known, understood, and valued across organizations. However, the current state of procurement is shifting and being tasked with a deeper, more meaningful way procurement is driven, thriving beyond hard dollar savings, cost containment, or cost avoidance.

Within the procurement workspace, talent has dramatically increased over the years. The procurement function has greater expectations - competition within the field has risen higher than ever before. Procurement professionals are being tasked with increasing the speed of project delivery, faster innovation, accommodating tighter budgets, and addressing competition within the marketplace.

Digital Transformation

Digital Transformation is changing the procurement function. Many procurement companies have been tasked with agility, speed, and scalability to address the impacts of procurement disruptors. The key to success is capitalizing on the undertaking of digital transformation and using this as an opportunity for growth, competitiveness, and efficiency. 

By 2021, the world of digital transformation has required procurement professionals to think creatively, digitally, and become data masters. We must accept that change is constant, and collaboration between procurement and data science teams will always be meaningful and relevant. According to GEP, leading companies are pursuing “digital-first” strategies. 

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Corcentric, and its resources, has been extremely proactive with advancing technologies, improving data analytics tools, and staying in the-know for software developments and procurement transformation. We offer AP Automation, procurement, and billing solutions to help companies optimize how they purchase, pay, and get paid. A key focus is delivering services inclusive of additional value-add capabilities, such as building sustaining supplier relationships, applying relevant market intelligence, benchmarking analytics, consulting, and more.

For more information on how we offer top of the line procurement and consulting services (beyond hard-dollar savings) and ways we keep up with digital transformation – please email us at sales@corcentric.com.

Let’s get started today!

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on Tuesday, February 23, 2021 0

As most are aware, 2020 was a challenging year for everyone. While some businesses and industries were able to thrive, others needed to be creative in their ability to adapt and survive. One of the key takeaways from 2020 was how to prepare for drastic times and make sure if anything like 2020 happens again, we are all better prepared. 

Looking forward to 2021 within the Logistics Industry, you will see some of what we have come to expect stay the same. While in other areas, there will be change, most likely permanent change, that will affect the industry moving forward. Below you will find a few highlights and updates from the beginning of 2021 and looking to the rest of the year for both the Less-Than-Truckload and Full-Truckload markets. 

 LTL General Rate Increases:

Most carriers implement annual GRIs for noncontractual freight to absorb cost inflation, including driver and dockworker pay increases and ongoing investments in tech and real estate. In 2021, driver recruitment and retention expenses represent one of the biggest cost headwinds for carriers. Fuel expenses have moved higher as well, but separate surcharge mechanisms are in place to capture fluctuations.

So far early in 2021, the majority of the increases are in the 5% to 6% range, likely indicative of tightening LTL capacity and a rate-disciplined environment.

LTL Carrier Pricing Trend:

More carriers are getting better intelligence around what they are hauling and how it impacts their costs. This will continue to push freight not ideal for LTL, small shippers especially, away from a model of base rate/discount and into blanket rates, most likely from brokers.

This in turn, will drive more development of dynamic and dimension driven pricing around carrier blanket/broker programs. Some carriers are already going down this cube and density path.

Regardless of where your current freight model currently sits, the industry is continuing to evolve which makes strong relationships with your carriers a critical path to optimal LTL pricing. 

Update on the Purchase of UPS Freight:

Montreal-based TFI International Inc. has agreed to purchase UPS Freight for $800 million. About 90% of the acquired business will operate independently within TFI International’s LTL business segment under a new name, TForce Freight. UPS Freight’s dedicated truckload assets will merge into TFI’s truckload segment.

TForce Freight will continue to serve UPS’ ongoing LTL distribution needs, and UPS will continue to provide freight volumes and other services to TForce Freight after the transaction for a base term of five years. UPS Freight employees will go with the business to TFI.

Trucking Market for 2021

Up until two years ago, most companies have purchased a set amount of freight transportation via an annual bid process, and then modified that contract as needed as their freight demands increased or decreased. That changed in 2018, when capacity crunches and driver shortages took hold of the industry. Fast-forward to 2020, and the annual bid is once again proving useless as companies scramble to secure capacity at the right price and with the best possible terms. The market is going to go up and down, so trying to reap the benefits in each of these peaks or valleys just doesn’t make sense long-term.

Both shippers and providers have also come to realize that all freight isn’t the same, and that it shouldn’t be treated as such. For example, every company should have a portfolio of ways of interacting with the different carriers. If you have a lane that ships once every quarter, you’re not going to have the same relationship as a lane that has 20 loads a week or 10 loads a day.

Shippers and carriers are both recognizing the need to look at the entire network and all the different lanes that they’re trying to secure a relationship with. Then, they can decide what part of the continuum will work best—spot, dedicated or some form of contract in the middle

The future…

Many large companies have failed to invest much capital into the building and automating of robust transportation systems

That changed when the global pandemic came into view and began disrupting the world’s supply chains, making transportation much more than just a necessary evil. And while the pandemic as a whole has exacted a steep toll on human lives and livelihoods, it’s also pushed more organizations to rethink how they manage their logistics and freight operations.

Companies are realizing it’s a must to invest in technology and automate transportation-related processes. The automation of freight management should continue to grow over the next few years. Artificial intelligence will play a bigger role in this evolution by providing shipment visibility, exceptions management, and risk management tools that address issues like weather and traffic.

Whenever you can take a handwritten bill of lading, digitize it, and then report on it in a matter of seconds, it gives a shipper the best chance for a successful and efficient supply chain and logistics network. As these and other advancements become more prevalent in freight management, they’ll dramatically drive down the costs and improve efficiencies across the board.


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on Friday, February 19, 2021 0





In 2019, I was on a Zoom call with 2 client employees (CFO and Telecom Manager), a telecom vendor service analyst and via audio only was her Manager.  The four of us were looking at a spreadsheet the service analyst had just finished explaining.   As I was speaking to why the figures presented did not appear to be accurate, an internal chat box appeared on the right side of our screens, the service analyst had no clue her chat was in our view.

"How is it going?"
"Tami's being "difficult" and is trying to explain why my figures are incorrect and the refund is due."


My immediate reaction: "If you were my employee you'd be fired on the spot!  You are hereby immediately removed from this account. We can all see your chat conversation. This call is over!"

 After regrouping with my client, I shared the photos of the chat box with her manager and the ownership of the telecom provider. 
The service analyst single handedly created a visual situation where our mutual client (who was already upset regarding a denied credit request for $10,000), saw the "behind the scenes" behavior of an employee who represented the telecom supplier. The client had been purchasing services from the  supplier for five years and the contracts were up for renewal in six months. 

 The result:

  • Our mutual client received several phone calls and apology emails (from the telecom supplier who included the Manager on the call, CEO and CIO).
  • There was no further discussion regarding the credit, it appeared on the next months' invoice.  
  • The service analyst was removed from the account.  
  • The client renewed their contracts with the telecom supplier earlier than the contract term date - their savings began four months ahead of the anticipated scheduled start date.
What was learned?
Clean your desktop prior to a virtual call and share only relevant content
Close all applications that do not pertain to the call.
Keep your call on  your main screen (left) and not your second or third viewing screen.
Pay attention when on a group call!

What is proper virtual meeting etiquette?

If you are like me the first question at the start of every virtual meeting, if I am the host - "Can you see my screen?". I do not trust the technology always works and each call is a presentation of materials and my skills to govern the call. Below is a checklist of items to consider before and during each virtual call.

Do use proper equipment:
Do not use your phone if possible, and if you must use your phone do not hold it... mount it somewhere.

Log in prior to the meeting:
Use the timer on our invitation or set a time to go off 5 minutes prior to the call... if the internet connection is bad you will have time to drop off and log in again. -WTOP News - March 2020

Do have a meeting agenda:
This goes back to the adage "time is precious, don't waste it."

Meeting length:
"Make sure that you keep the meeting as short as possible. Follow the agenda and squash side conversations from taking over. Remind everyone to speak clearly and concisely so that there's no need for repeating what was just said." - entrepreneur.com

Don't invite unnecessary people:
The more people on the call the more opinions and ideas that can be expressed... with that written, depending on the subject and reason for the call "additional cooks in the kitchen" will hinder the progress of the meeting, not accelerate it.

Clean your computer desktop:
Close all applications that are not part of the call. Have open and in share mode prior to the call the documents to be viewed by all.
If you use two monitors - put the meeting on your main monitor, not your secondary monitor.

Don't stand in front of a window:
Glare or a silhouette could be created - either way, not visually flattering. -WTOP News - March 2020

Do engage in some small talk:
This provides time for all to log in to the meeting and helps create a connection and camaraderie. I suggest safe topics - talk about the weather if the participants live in different states or if summer is approaching does anyone have vacation plans? - WTOP News - March 2020

Speak clearly and use good manners:
There's nothing worse than someone talking over you, and with virtual meetings (and cellular calls) it happens frequently if the visual feature is not used. If you are all “seeing” each other than speaking over someone just comes across as rude.

Suggestion – announce yourself when you sign into the meeting, but only during a pause when no one else is speaking.  When it is your turn to talk, speak clearly and slowly enough for everyone to follow your part of the conversation.  - https://www.expressvirtualmeetings.com/

Do mute yourself when not talking:
Household noises, sounds of children, the dog barking, crumpling papers, typing meeting notes via your keyboard... are all NOISE distractions.

Don't Multitask:
Research has shown that our brains are not nearly as good at handling multiple tasks as we like to think they are. In fact, some researchers suggest that multitasking can reduce productivity by as much as 40%. -www.verywellmind.com


The Chat/Question portion of the platform - there is etiquette here too:
If using the text chat function of the platform - meaning everyone will see your question or comment please remember, that written word can also be interpreted by its look. Do not use all caps (that is shouting), use proper grammar and yes, spelling counts!

The “Corcentric Virtual Lunch Bunch”  meets the last Friday of each month at noon …virtually of course.  Would you like to join us?  Our next meeting is February 26th at noon.  

 If you would like  to join or wish additional information, please contact me (twankoff@corcentric.com) – all are welcome to attend and/or be a guest speaker on a topic related to working remotely.

 The group does not promote or sell business services.  The focus revolves around work at home topics/challenges and how to overcome them.



 




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on Friday, February 05, 2021 0



In the “old days” – once a meeting was scheduled via a phone call, we would either go to their office or take a potential client to lunch. Better yet, if a vendor wanted our business, they would offer to take us and to lunch!

With Covid-19 the “old days” are bygones, and we are all doing business socially distanced. The good news however, with technology, we can “see” each other.

Once a meeting time is agreed upon via Microsoft Teams, Zoom, Skype or through a different on-line meeting medium…. 

Now what?

According to the University of Southern Mississippi – “consider investing in headphones” – this prevents echoes and interrupted audio from your immediate surroundings and provides clearer quality to your audience.

In addition, they suggest “consider the light source”.  We all look better in good light that is fact.  With the camera facing you – if you can sit facing a window or with a lamp in front of you will look your best.  If the light shines from behind, you will be in a shadow and your face will be difficult for others in your conversation to see you.

Getting the angle just right - Most providers have a “preview” mode for sound quality and a visual check before entering the meeting.   Take that moment to confirm the angle is accurate.  This is a check to confirm the camera is not aimed looking up your nose or focused on your forehead.

Posture - No slouching! Sitting tall is perceived as confident. Is your chair  comfortable? Does it have lumbar/back support? I suggest investing less than $25 and obtaining a lumbar support cushion that fastens to your chair if  you find that your back aches during the day. It eliminates the pressure from your lower back when sitting for long periods of time. 

I recently purchased a lumbar support cushion and I do not slouch if I am sitting back with my feet on  the ground or on my foot rest.  

 Eye Contact – look at the camera not the monitor picture which for many appears above/higher than the laptop or computer camera… a trick shared with me, that I use, is tape a photo of a loved one above and slightly  right of your camera... Camera eye contact takes -Practice, Practice, Practice!

Dress for the meeting - No one will know if you are wearing sneakers, but they will know if you are wearing a t-shirt or if your hair is disheveled – these two examples can be viewed as a lack of care towards the business to discuss at hand.  If you have a company logo'd shirt wear it!

Using the visual features of the medium during your call – Microsoft Teams and Zoom for example have the options to change your background or blur it out.  In my opinion, please do not use this feature… When you move your head, hands, shift your position on a chair, the picture “cracks” the look becomes shoddy and is a visual distraction.  Using a background such as the beach, space, mountain view – each by itself can create a distraction to the conversation and may reduce eye contact between the parties.  It can help create an icebreaker to see what is in the world behind the person you are speaking with.

I recently had a first call with a vendor and he immediately noticed in a plant behind me, sticking out of the dirt is a small Adelphi University pennant.

His first question, “Did you go to Adelphi?”
My reply “Graduated with a B.A. in 1987, do you attend?.”
“My mother-in-law is a professor there now.” – icebreaker!

Your Photograph – professional photos are cheap to acquire and worth the investment.  Looking at someone’s initials because they are camera shy or perhaps, do not have camera access is a hinderance to creating a connecting.  Presenting with a Photo should be the option taken when “live” is not possible.  When we know what the face to the voice looks like we are a step closer to being able to connect with the other party in our conversation.

For years I had a client which I never met in person.  I knew Mike’s voice from the hello without looking at the caller ID.  Mike has a deep Southern Texas twang; his use of the English language is crisp coupled with a dry sense of humor.   In my mind I established he was over 6” tall, had a mustache, a full head of hair, he dressed in a collared shirt with a tie.  First Skype meeting, I quickly discovered Mike is clean shaven, bald and no matter the weather outside he wears a polo shirt!  He told me from my voice he thought I was a redhead with curly hair!

Recording/taping the call via the features of the medium – ALWAYS TELL THE OTHER PARTY!  With Microsoft Teams and Zoom there is an itty-bitty red light that flashes to indicate recording but not all people would notice it…  I bring this up, like having your photo taken, you want your best look (no wrinkled shirt, no hunched shoulders) or better yet, maybe you want to cease showing your live self and put your stock photo on the screen.

Your behind the scenes environment - What others do not see is just as important to creating the Virtual Meeting Atmosphere... 

  • Is the room temperature comfortable?
  • Is your chair comfortable?
  • Is there clutter in your view behind the monitor or on the wall?
  • What is the smell of the room/area you are working in?  (if your dog needs a bath and is under the desk at your feet - the smell of the room may not be so pleasant!)
  • Do you have a beverage of choice within reach? (It appears to be acceptable to drink from a mug during a virtual meeting - If you do, I suggest a company mug... keep the brand you represent visible.)

March will be a year since the  work from home business community began, we all accept the less than professional office “look,” but we all have the tools to create the professional business meeting.

The “Corcentric Virtual Lunch Bunch”  meets the last Friday of each month at noon …virtually of course.  Would you like to join us?  Our next meeting is February 26th at noon.  

 If you would like  to join or wish additional information, please contact me (twankoff@corcentric.com) – all are welcome to attend and/or be a guest speaker on a topic related to working remotely.

 The group does not promote or sell business services.  The focus revolves around work at home topics/challenges and how to overcome them.

 











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