Proxima — See the change

Insight & opinion

 

The need for a new approach to complex, global supply ecosystems

JCB-New

Customers are punishing companies they no longer trust. Research conducted by Proxima revealed that 45% of consumers would stop spending with a company whose supplier practices were called into question.

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The Modern Slavery Act 2015: Steps to compliance

Modern Slavery Act: Implications for your business

How confident are you in knowing the ins and outs of your suppliers’ working practices? Confident enough to stake your reputation on them?

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What's more important than growth and customer relationships?

Modern Slavery Act 2015

Move over business growth and customer relationships; if slavery isn’t on your boardroom agenda you’re not only missing a trick, but you could be falling foul of the law. The Modern Slavery Act 2015, which aims to stamp out modern slavery, forced labour and human trafficking in the supply chain, has serious implications for vast swathes of business. Around 12,000 organisations in the UK across a variety of sectors are predicted to be affected. But with change comes opportunity – the opportunity to beef up best practice among procurement partners and tick a very large customer box in the process.

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accountingWEB: Five tips for more effective budgeting

5 tips for effective budgeting

For many businesses the budgeting and planning process, although laborious, is critical for the success of the business in the coming year. Proxima's Guy Strafford offers five tips for a more effective budgeting strategy; to encourage spend effectiveness and boost efficiency and competitiveness.

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Supply Management: Purchasers failing to pass on supplier insights to wider business

Supply Management: Supplier insight study

Supply Management highlight that 81% of procurement professionals do not pass on supplier insights to the wider business, according to a study by Proxima. The study of 40 senior procurement executives finds that there is a disconnect between information being collected from supppliers and the insight that business leaders use to make strategic decisions.

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Supply Management: How to drive better commercial outcomes from digital marketing

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Proxima's John Butcher explains to Supply Management that the secret is out – up to 60 per cent of digital marketing spend is wasted and, as a result, failing to deliver the promised return on investment.

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Supply Management: Changes to audit market will unleash ‘flood’ of tenders

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There has been a “flood” of tenders for audit services from FTSE 100 firms this year, as companies prepare for new regulations to come into force.

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realbusiness: Five strategies to maximise your budgeting process

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The budgeting and planning process, although often laborious and time consuming, is one of the most critical activities of the year. Proxima's Guy Strafford gives five strategies to maximise the effectiveness of your budgeting process.

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Harnessing supplier insight to spot crises and opportunities

Harnessing supplier insight

If like the rest of the world, you’ve been keeping a close eye on the movement in the market over the past week or so, from the sudden slump, to the rapid recovery, you may have found yourself asking the same questions being asked by nervous boards the world over. Why did no-one see it coming?

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Procurement's perceptual problems no more?

Influence, commercial sense and excellence

The procurement community has long bemoaned its internal reputation as a relatively un-strategic cost centre. While that reputation has been, at least sometimes, well deserved, the promise of an innovative procurement programme offers benefits well beyond purchasing discounts. 

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Digital Marketing Magazine: Six in ten digital adverts are not seen by humans – so where is the value in digital marketing?

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Digital Marketing Magazine discusses Proxima's latest research: The Digital Disconnect which highlights up to 35% of all web activity fraudulent or artificial and 54% of online ads not even seen by a human – the truth is that between 40% to 60% of global digital spend is potentially wasted.

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MyCustomer: Has digital marketing moved from high impact to high risk - and how can procurement help?

MyCustomer logo

 

MyCustomer discusses Proxima's latest research: The Digital Disconnect highlighting CEOs and CFOs are becoming increasingly concerned by the lack of business transparency regarding the commercial impact of digital marketing. From wasted investment to the risk associated with brand damage, digital has fast moved from high impact to high risk. 

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Spend Matters: 6 in 10 digital adverts are not seen by humans - so where is the value in digital marketing

Spend Matters - Proxima Digital Disconnect

Spend Matters discusses Proxima's research: The Digital Disconnect. While digital may be the fastest-growing channel, with spend on digital marketing set to consume around 50 percent of total advertising budgets in the UK, how much of that investment is reaching the right audience? 

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The Digital Disconnect

An executive's guide to driving better commercial outcomes from digital marketing

The digitization of media has created a plethora of new opportunities for companies to better communicate, connect and deliver goods and services to the world. However, in this fast moving environment, how many are investing in the right digital tools and channels to support key business objectives?

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Leading businesses see procurement as a value, not a function

Procurement as a value, not a function

It’s not often that a story about new supply chain management software becomes a feature in a publication as respected as The Wall Street Journal. For that to happen, the deployment of said software has to represent something much more significant or herald a trend of highly compelling proportions.

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Procurement’s happily ever after

Procurement's involvement Mergers & Acquisitions

There’s a marriage craze in the US – at least on the corporate side. Already this year, according to The Wall Street Journal, “the value of M&A deals in the U.S. has set a 20-year high of $821.2 billion…with 4,373 such deals so far this year, compared with 4,627 in all of 2014.”

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in-tend: Auditing needs an MOT

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Proxima discuss why auditing needs a check-up in April's edition of in-procurement magazine from in-tend. Looking at the current reforms and regulations, Proxima's Richard James identifies the opportunities that have arisen from this changing audit market, and how companies can use these to their advantage when tendering their audit. Find the full article on page 34.

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Defining procurement success

Defining procurement success

The Webster's dictionary defines success in a fairly straightforward way – an accomplishment, or meeting of an aim or objective. Success in the procurement field, however, is a more nebulous concept. Perhaps that’s because procurement’s objectives aren’t usually clearly defined. Or perhaps, more accurately, it’s because procurement’s objectives are defined quite differently by its practitioners and the business leaders they serve.

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Looking for commercial excellence in all the wrong places

Guy-New.jpg

What drives excellence? Is it the relentless drive for customer delight? Is it the fanaticism of engineering to “get it right”? Is it the single-minded pursuit of maximum profitability?

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Aligning your procurement mindset to the growth agenda

Ian Ingram, European Commercial Director at Proxima

Growth is back on the agenda. Actually, in an increasingly lumpy economy, for many businesses it never went away, despite the vicissitudes of national and regional economies. (“Vicissitudes”? Well, the UK grew robustly in Q4 2014, then posted its slowest GDP gains for three years in Q1 2015…) And with the ongoing prevalence of risk in many markets, we’re in a period where organisations want to expand, but just don’t seem ready to invest, spend and grow in the way that macroeconomic data suggests they should.

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New study suggests American consumers intend to punish companies involved in supplier-driven scandals

NEW YORK, NY and London, UK – May 14, 2015 – A newly published survey suggests that companies who are not actively monitoring the business practices of their suppliers, or who are engaged in questionable supplier practices themselves, are placing their reputations and their balance sheets in harm’s way.

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Creating growth opportunities through smarter supply chain strategies

growth opportunities

It’s election time. All over the place, actually. General election fever/exhaustion (delete as applicable) is dominating headlines in the UK. And with Hilary Clinton, Marco Rubio and Rand Paul (among others) declaring their 2016 presidential ambitions in the US; and Le Pen family squabbles in the run-up to France’s regional polls, democracy is headline news all over the world.

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Spend Matters: How change management can change procurement for the better

Spend Matters: Influencing change

In this article Spend Matters discuss why change management initiatives can have a huge impact on procurement. Featuring Proxima's research into the current perceptions of indirect procurement, the article offers insight and statistics supporting the need for improvement in change management initiatives. 

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Spend Matters: Influencing change - the solution to procurement's change challenges

Spend Matters: Influencing change

Spend Matters and Barbara Ardell discuss influencing change in the first of this two part article; addressing the challenges that procurement faces, discussing attitudes towards procurement and featuring Proxima's research into current perceptions of the procurement function.

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Virtualized business: the interface between costs and customers

Making something out of nothing

There is a simple, but very powerful image circulating around social media this week, that really struck a chord with us. So much so, that we thought we would share it with you here:

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The evolution of the audit market - live discussion

Procurement can help CFOs navigate audit market

Every five years companies in the FTSE350 will have to rotate their auditing partner, and it is interesting for me to see how that will help drive the timing of when the remaining companies that haven’t tendered, choose to tender and who they choose to include in the tender process.

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Spend Matters: Why humans win over machines and speed in outsourcing

Spend Matters: More top companies tendering audit services

Spend Matters feature our very own Richard James, Category Director for Professional Services in their hot topic of procurement outsourcing. We look at what companies should consider when looking for a procurement company to help with outsourcing.

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Quick wins to align with the growth agenda

Aligning with the growth agenda

As key indicators of market growth point skywards and business confidence increases, boards are looking to align every aspect of their business to the wider growth agenda. But, for many of these companies, not all of their internal functions are able to shift their sights from defence to offence at the same time (or at all, in some cases). This creates a disconnect between the board’s ambition and the operational reality – a common source of frustration for many senior executives.

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Driving shareholder value

Driving shareholder value

It’s always fashionable to muse on the parlous state of capitalism. Seven years ago, it was all broken: financial services run wild had all-but-destroyed our way of life. Four years ago, the Occupy neo-hippies were camping out to find something – anything – as an alternative to the broken promises of the market. A year-and-a-half ago? Thomas Piketty’s algorithmic tear-down of the balance between capital and economic growth.

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Getting your procurement function in shape for 2015

Fitter, faster procurement

Traditionally the aim for many of us at the beginning of the year is to get fitter; but this doesn’t just mean getting a beach body. Businesses the world over are looking to get into shape for the New Year too. Toning-up processes, cutting slack and beefing-up innovation are priorities that are making their way to the top of the agenda for many leaders for the first quarter of 2015. However, a word of caution, getting your business in shape doesn’t necessarily mean getting “lean”. There are better ways to create fitter, faster, functions for the year ahead.

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ICSA: The right firm and the right terms

ICSA: The right firm and the right terms

With new regulations requiring businesses to tender their audit more frequently this offers companies a chance to revisit a key supplier relationship; enabling them to run a tender that will encourage closer relationships, promote best practices and drive additional value.

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Financial Times: Auditors - shopping around

Financial Times cover Proxima's audit market research

Are companies long-term relationships with their auditors a thing of the past? The Financial Times discusses our research into the UK audit market, and why many more companies are choosing to shop around when it comes to buying audit services.

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Proxima offers further commentary around audit tendering debate

Guy Strafford: Proxima discuss the audit market

Continuing our campaign to support FTSE companies tender their statutory audit, Proxima have again been asked by the Financial Times for commentary around the topic of mandatory audit rotation.

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Accounting Today: The virtues of mandatory audit rotation

The virtues of mandatory audit rotation

Proxima's Richard James discusses the virtues of mandatory audit rotation with Accounting Today and looks at how audit rotation can benefit both company and auditor in the long run.

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The Accountant: Audit needs a check-up

The accountant: Audit needs a check up

Proxima's Richard James discusses why regulatory change has shaken up the sleepy world of audit and why this could lead to a key opportunity for companies to reassess their relationships with auditors.

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Director of Finance: Audit needs a check-up

Directorof Finance: Audit needs a check-up

Director of Finance speak to Proxima's Richard James about the new rules around statutory audit rotation; and why this could be a valuable opportunity for companies to revisit a key supplier relationship.

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Spend Matters: Buying audit services - advice from an expert

Spend Matters - Buying audit services, advice from an expert

Following their previous coverage of our research into the UK audit market, Spend Matters discuss how procurement can get involved in the complex business of purchasing audit services, and offer advice from our expert Richard James.

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Global Banking & Finance Review: Competition Commission reforms make audit a procurement challenge for FTSE350

Global-Banking

Global Banking & Finance Review cover our research into the UK audit market, highlighting why the reforms by the Competition and Markets Authority are creating a challenge for procurement.

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Procurement Leaders: Reforms shake up audit market

Procurement Leaders: Reforms shake up audit market

Procurement Leaders discuss Proxima's research into the UK audit market. The research highlights that although over half of the FTSE350 companies have been using the same auditor for a decade or more; proposed reforms by the Competition and Markets Authority are encouraging more firms to tender.

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Spend Matters: More top companies tendering audit services in response to new reforms

Spend Matters: More top companies tendering audit services

Spend Matters discuss our research into the UK audit market and why new reforms are forcing companies to learn more about the audit tendering process. 

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Supply Management: Top companies changing auditor more often

Supply Management: Top companies changing auditor more often

Proxima's Richard James talks to Supply Management about why the top UK companies are switching auditor more frequently; and why research shows that the number of companies tendering their audit looks set to rise dramatically.

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A fresh pair of eyes

Guy Strafford: A fresh pair of eyes

The traditional way to explain the role of an auditor is that they’re a watchdog, not a bloodhound. They keep an eye on what’s happening, sit up when something looks suspicious and occasionally bark when they see something dodgy. The job is explicitly not turning over every rock they can find to test ethics or legality - no bloodhounds chasing the bad guys through the woods here.

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Financial Times: BDO revenues rise above $7bn for first time

Financial Times: BDO revenues rise

The auditor BDO has seen larger revenues than ever before this year. The Financial Times discusses how Proxima's research into the UK audit market can explain this rise.

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accountingWEB: One in four FTSE 350 companies switch auditor

Accounting Web: One in four companies switch auditor

Companies change many things regularly, but are usually reluctant to change their auditor. Proxima's research, featured in accountingWEB, highlights a growing trend of FTSE 350 companies tendering their audit.

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Audit services: Four reasons why it pays to be a first mover

Richard James: Proxima Audit Services

During the original dot-com boom, the idea of first mover advantage gained massive currency. Staking out a digital domain before anyone else showed up was considered the best way to guarantee success – gaining mindshare, customers, and above all, experience and personnel that would be denied your rivals.

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Financial Times: Proxima weighs in on new audit market reforms

Guy Strafford: Audit market reforms

There was a strong feeling of anticipation and suspense throughout the Proxima office in London on Wednesday, as we all waited excitedly for Financial Times City Correspondent Harriet Agnew’s article - discussing the shake-up to the audit tender process - to be published. A few weeks earlier, Richard James (Category Director for Professional and Financial Services) had been interviewed by Harriet, and asked to weigh in on what impact the changes to the UK audit tender process are having on the wider market.

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Financial Times: Accountants warn on audit market reforms

Proxima and the Financial Times

Proxima's Guy Strafford speaks to the Financial Times around the consequences of sweeping changes to the UK audit market, and the implications that this has for both auditors and their customers.

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Tender touches for better audits - five recommendations

Richard-James-Proxima

Following new regulations and a deep desire to restore lost public faith in business, audit is making a conceptual comeback. The European Commission’s new rules on mandatory tendering for audit every ten years (along with increased scrutiny; demands for transparency in the audit process; and controls on what other work your auditor can do) make the process of choosing and contracting and auditor incredibly important.

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Accounting Today: Audit rotation best practices

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For publicly traded companies, the audit process is among the more arduous and mundane of all corporate responsibilities. Accounting today discuss Proxima's best practices guide to the audit process.

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Financial Times: Good governance is about more than just numbers

Guy Strafford speaks to the Financial Times

Proxima’s Guy Strafford talks to the Financial Times around the impact of procurement practices on wider corporate governance.

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