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Rethinking KPIs and Analytics in Procurement: Developing an Effective Framework

Procurement typically engages "when business or IT is ready" and its traditional goals have been supplier performance (quality), costs, and timeliness. As businesses transform, procurement has to move up in the life cycle of transformations and has to ensure that the supplier base either adapts or is changed in order to keep up with the expected velocity of change. This report examines how a predictive KPI framework throughout the engagement cycle with internal customers and a new set of supplier management metrics is essential for business success. 

Defining and Managing Supplier Performance for the Digital Era

Unit and overall costs, delivery times, and quality have been the traditional metrics for measuring supplier performance. In the digital era, these become necessary conditions, but they do not really affect business outcomes in transformations. This report examines a new set of supplier performance metrics that demonstrate anticipation, adaptability, agility, risk-taking, required commitment levels, and the engagement model for a true customer-supplier partnership for succeeding in the digital era.

The Strategic Role of Procurement in the Digital Era - II: Transforming the Supplier Base for a Competitive Advantage

Product-service and value chain transformations have a big impact on the supplier base of a company. As per Trasers research, almost 90% of companies across industries worldwide are yet to wake up to the phenomena of digital and business transformations and engage systematically. This means that your current suppliers may not be as adaptive as they need to be to align with your business direction. This report presents the challenges experienced by procurement in component, material, and services suppliers and approaches for transforming your supplier base for the digital era.

 

The Changing Role of Procurement in the Digital Era - I: Establishing Strategic Visibility and Engagement in Transformation Cycles

Over the next decade, R&D/product innovation and information technology will have a transformative effect on the entire ecosystem of a business. The role of procurement shifts from being reactive to internal stakeholder needs to being at the forefront of transformation cycles across the enterprise, which need external suppliers in components, materials, and services. This report examines the need, method, and process for procurement leaders to rethink their engagement with business stakeholders in order to gain valuable insights into emerging needs and lead times to ensure they are met effectively. 

Designing and Implementing a Robust KPI Framework for Legal Services

Traditionally, legal has been a support function that helps manage legal dimensions across the enterprise and is capable of reacting to situations that arise from time to time with customers, partners, competitors, employees, shareholders, statutory bodies, and so on. This report examines how the legal function can be transformed into a function that is well-prepared to support new needs of stakeholders and is highly predictive in all strategic, operational, and risk management aspects through use of a robust KPI framework. It further outlines technology options and methods for implementing them.

 

Digitalizing and Integrating the Legal Partner Ecosystem

With businesses reinventing themselves through new products and services and online technologies creating the potential for globalization, legal services will be in great demand in enterprises. From contract management for a variety of stakeholders, to research, monitoring, litigation management, compliance, and reporting, legal services will see a spike in demand and variety due to increasingly global businesses. This report explores how the creation, integration, and management of a digitalized and integrated legal ecosystem can help organizations scale capabilities through partners and expand global coverage, while will keeping costs contained.

 

Blockchain in Legal Services

Blockchain is rapidly evolving into a technology that drives automation and efficiency in legal services. It is now being used to draft business contracts, record transactions, and review documents. In document-intensive industries and with increasing globalization, blockchain becomes a necessary capability not just to reduce costs but also to scale and support the business. This report provides an in-depth view of available blockchain technologies for legal services, a connected string of use cases, and techniques for implementation.

AI and ML in Legal Services

With the availability of new analytics, natural language processing (NLP), artificial intelligence (AI), and machine learning (ML), there is an opportunity to integrate and apply them to increase efficiency and monitor and reduce legal risks. This report examines available legal analytics, NLP, AI, and ML technologies; use cases in contract management, risk monitoring, and compliance; and approaches for implementations.

 

Legal as an Internal Service Provider

As business gets digitalized and globalized and majority of transactions across the value chain occur through digital commerce, legal can no longer remain a back-office function. It now has to operate just as a law firm does, providing a menu of services, service-level agreements, and representatives for R&D, marketing, sales, services, manufacturing, supply chain, and HR that they can choose from and integrate into their B2C or B2B transactions. This report presents a view of transitions that are occurring in internal stakeholder expectations and how the legal function can transform into a service provider.

 

Piloting and Scaling AI, ML, and Automation in Services

Beginning with call center software, services has been an aggressive investor in technology-driven automation. These investments have resulted in improved consistency and quality of service over time. This report examines how AI and ML can be utilized to drive intelligent automation in services to steer customers toward zero-touch solutions to the issues and challenges they experience.

 

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Role-based training is a key component in achieving an analytics-ready workforce.

A well-informed workforce equipped with the right set of tools and processes is key to the success of analytics-led, organizational transformation. Simply put, training helps workforces better adapt to change. While this report objectively substantiates the critical aspects of training, it also aims to demonstrate that role-based training, rather than standard training, is more effective.

Empowering CIOs as Digital Transformation Activists/Catalysts

Many CEOs find "Digital Transformation" initiatives confusing. Business defines business transformation as a business initiative, whereas an IT department feels it is all about adopting new technology. This creates a very skewed and confusing picture for the CEO. Beyond focusing only on technology, CIOs should also have a good understanding of the various business processes, and work with other departments to understand their digital needs. In this report, we discuss the steps an organization should take to empower the CIO with the right business knowledge to engage in the effort as a Digital Catalyst, rather than just a technology leader.

Support common goals: aligned leaders are trailblazers for analytics success.

In a rapidly changing analytics technology landscape, leadership alignment is a prerequisite for success in enterprise-wide analytics initiatives. Lack of confidence in enterprise-wide analytics initiatives might lead to a certain level of anxiety across all levels. Navigating successfully through these uncertainties requires that all leaders are aligned with a collective vision. This report highlights the importance of leadership alignment in successful analytics implementation initiatives.

Should IT Have its Own Budget?

Because IT has always been viewed as a "Cost Center," CIOs have had a tough time justifying investment in their department. With the advent of "Digital Business," CIOs now have the option of partnering with Business Transformation to gain a legitimate share in the profits. This will enable them to control their budgets. In this report, we look at the pros and cons of IT budget ownership, while highlighting how successful companies have been able to build independent budgeting processes for IT departments.

A digital-ready workforce is a vital force for progress in a digital transformation journey.

Transformation of any kind, including the digitalization of an organization, is a complex process, predominantly hinging on the triad of people, process, and technology. A workforce equipped with the right knowledge and the right set of tools can play a vital role in these transformations. This report explains the workforce readiness of organizations with respect to analytics-led transformations.

How important is a strong analytics capability for a successful digital transformation?

Building a matured analytics capability, purely from a technological perspective, does not always guarantee a strong business ROI. Completing a thoughtful assessment of the business eco-system is critical before building the required level of analytics maturity for maximizing the business ROI. This report highlights the benefits that organizations have realized relative to their analytics maturity.

A comprehensive vs. a more targeted approach for successful analytics implementation: Which one works best?

The success of analytics initiatives hinges on an organization’s ability to accurately assess its current environment in terms of people, process, and tools/technologies. There is no standard approach that works for all. This report highlights the pros and cons of all the possible approaches that organizations, in different industries or sizes, use to complete these efforts.

What are successful analytics implementation techniques?

Data generated and stored within an organization is a hidden asset. When data analytics are employed, this data can provide myriad information about customers, products, and insights on internal business processes. This report explores how successful analytics techniques can impact an organization’s digital transformation journey.

Hot buttons for analytics focus: Business functions

When prioritizing analytics-related investments, organizations might opt for a different set of priorities for different business functions. This report explains how different organizations across industries or geographies structure their investments in diverse business functions.

The key to achieving an effective analytics capability is following a multi-stage approach for building various layers of analytics maturity

Organizations across all industries and sizes realize the necessity of building strong analytics maturity in tandem with their Digital Transformation initiatives. Don’t fall into the trap of trying to please everyone when making analytics investments, which oftentimes results in limited business success. This report explains how, instead of attempting a big-bang strategy toward building analytics capability, organizations can use a multi-stage, incremental approach to maximize the business ROI of such initiatives.

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