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

Supply Management logo

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

realbusiness logo

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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Spend Matters: Proxima - a provider to know in 2015

SpendMatters: Proxima - a provider to know

Spend Matters highlight Proxima as a Provider to know in 2015. Discussing our services and overall approach to procurement, Spend Matters note that "Proxima is certainly a firm to have on your shortlist for pretty much any procurement outsourcing opportunity".

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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?

digital_marketing_magazine_logo

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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The digital debate - are digital budgets being wasted?

CMOs should embrace procurement

The importance of being able to assign tangible ROI to a multi-faceted marketing campaign that uses both traditional and digital methods is a top priority to brands, according to participants on our recent digital marketing panel discussion.

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Up to 60% of global marketing budgets being wasted every single year

LONDON, UK - 3 August 2015 - New research by procurement services provider Proxima, finds that spend on digital marketing such as search engine optimisation, mobile apps and video-on-demand services in 2015 is failing to deliver the value companies should expect. With 50% of total advertising budgets in the UK (totalling around £7.9bn), and around 30% in the US (around £32.9bn) being spent on digital marketing, poor commercial management means brand and commercial content is not reaching the right audience.

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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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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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Can procurement help CFOs navigate the statutory audit market?

Procurement can help CFOs navigate audit market

It is perhaps unsurprising that more and more FTSE350 companies will start to shake up their auditing process with the new regulations now in place by the Competition and Markets Authority. However, the tender market is still at a teenage stage. While experience is bringing greater sophistication of approach, both in how the auditors are bidding and how they are being hired; companies still have some work to do in recognising what true value looks like and how to drive maximum value from their auditors.

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3 reasons procurement needs to focus on winning hearts and minds

Procurement hearts and minds

The notion of “winning hearts and minds” is remarkably recent. The phrase was first used by Vernon Bartlett, a journalist and MP who was reporting on British efforts in the Malayan Emergency in 1954. (It was also a cornerstone of President Johnson’s campaign in Vietnam and an evolution of George Bush’s Iraqi adventure. As a military tactic, it’s never been that successful…)

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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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Procurement 2.0: Moving beyond data and process

People don't scale

Getting your processes right is one of the axioms of the industrial (and now digital) economy. People don’t scale well – and if you come up with a great way of working, you need to codify it. If it’s reliant on people, it’s vulnerable. If you have good process, people are (to quote former US Secretary of Defence Donald Rumsfeld) “fungible”. 

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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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5 top tips for maximising your next audit tender

Guy New

Just one year ago the Competition and Markets Authority proposed reforms that mandate all FTSE350 companies tender their audit services every ten years; and in April 2014, this reform was also passed by the European Parliament. The new rules also require Public Interest Entities (PIEs) to change auditor every 20 years.

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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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UK Audit Services

Key recommendations for your audit

Five key recommendations for maximizing your audit tender process

Prior to 2011, the average tenure of a FTSE100 audit firm was almost 50 years, with the majority of firms never having changed auditors in living memory, some being retained for over a century.

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Professional Services: what are we paying for, exactly?

Richard James: Proxima's Professional Services expert

As supply management evolves into a strategic business function, one of the key roles procurement teams often play is to challenge stakeholders to justify what they are paying for. In “traditional” cases this is relatively easy: you can count the number of laptops you need to buy, you can benchmark the wholesale price of utilities, you can understand the need to use a recruitment agency to find new or replacement staff.

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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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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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Infographic: Accountants warn on audit market reforms

Guy Strafford - Proxima

When analysing the current FTSE 350’s use of audit services, our research highlights the impact of the Competition and Markets Authority’s reform on the UK audit market – finding that there is more happening under the surface than meets the eye...

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Are you buying what you want...or what you need?

Guy Strafford and Jonathan Cooper-Bagnall Math Men and procurement

“The fish rots from the head”. Strong words from a recent FT article rounding up a series of accounting issues besetting large companies in the UK. Following a discussion between Proxima and respected commentator Stefan Stern; Stern argues that boards need to open their eyes to all activities in their business (from top to bottom) – but without getting involved in day-to-day tinkering. 

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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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The Challenger manifest: fortune favours the brave

Guy Strafford

Over the centuries, the development of thought and constant challenge of the world around us has enabled mankind to achieve some amazing breakthroughs, which have transformed our lives:

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The Challenger banks

Ian Ingram

In 1596 Shakespeare wrote the Merchant of Venice - a play in which a young Venetian merchant, named Antonio, signs an interest-free loan to help his friend, Bassanio, romantically court (with lots of money) Portia, the woman of his dreams. The catch is that if Antonio defaults on the loan, Shylock (the financier in this scenario) has the right to take a literal “pound of flesh”.

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Spend Matters: Insight for CPOs - Proxima lays out procurement's failings, but are the answers here?

Spendmatters300

Spend Matters further discusses Proxima's Ebook highlighting the ways in which senior executives might address the multitude of challenges facing their procurement departments.

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Your procurement team is drowning

Jonathan Cooper-Bagnall

By now you will already be familiar with our corporate virtualization research, showing that the average company now spends around 70% of its revenues with suppliers. But what does it mean for your business, and how can you uncover the opportunities that this trend encourages?

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Are business leaders out of their depth? Proxima launches procurement Ebook

CHICAGO, IL and LONDON, UK - July 22, 2014 – Proxima, the global procurement services provider, has launched a new Ebook for business leaders. Entitled Drowning not waving: How corporate virtualization has got business leaders out of their depth, this new and original publication seeks to highlight the opportunities available to senior leadership through keeping control of, and truly understanding, suppliers and the optimal means of engaging them.

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Canary song

Canary song

The headline on a capital markets report looking at bond yields was worrying: “Canary in the coalmine”. Canaries were useful to miners because, although small, they sing sweetly until they get a whiff of gas and then they abruptly stop singing. The miners say a short prayer for the little bird, then get out as fast as they can.

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The real issues keeping CFOs up at night

Ian-New

Deloitte recently published an article in the WSJ highlighting 10 Issues that are keeping CFOs up at night.

Whilst the Deloitte list highlights some of the important issues, we’ve reached out to our own network (of client teams and readers) and come up with five additional issues that are most likely to make their way to the top of the CFO’s agenda over the second half of 2014.

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Proxima launches study into scope for change through supply chain management

LONDON, UK and CHICAGO, IL - June 23, 2014 – Proxima, the world’s largest pure-play procurement outsourcing and services provider, has today launched a new study that seeks to establish how supplier engagement can change the way that businesses operate.

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One world, one business model – the impact of globalization

Supplier Management

We were chatting to a management thinker the other day – a former CFO, as it happens – and he said something so compelling, yet so simple, that we were stunned. “The problem with the runaway success of MBA schools is that we’re developing a global corporate monoculture,” he said. “We’re concentrating risk in similar places around the world.”

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No cost is an island

Guy-New

It’s striking how many CFOs count leadership of a cost saving programme as a major part of their role. There’s nothing wrong with making procurement more efficient and streamlining the cost base, of course. But the best finance functions treat it as part of their commercial contribution, not a traditional bit of hard-nosed accounting.

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Panel session to discuss HBR article; Corporate Virtualization

Corporate Virtualization Webinar

Following on from our recent Harvard Business Review coverage, we’d like to invite you to join us for an online panel session – discussing practical perspectives and pragmatic insights into the trend of Corporate Virtualization.

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Value, values and the return to growth

Ian-New

New research shows that a growing number of corporates are refocusing their procurement functions away from cost and towards strategic innovation. A sure sign that corporate management's attitudes towards procurement are shifting. (We discuss this further in our webinar). But are the smart ones just copying the companies that have always understood that this is a key source of value?

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