Aligning procurement to get more from your marketing spend
The marketing landscape is an ever evolving entity; with trends, movements and best practices as changeable as the wind, marketers face the often insurmountable challenge of constantly staying ahead of their competition. And, while there are many opinions on where marketers should be focussing their attention, or “the biggest challenges for CMOs today” (a quick google search will deliver a plethora of articles), something that will always remain a critical consideration for marketers is the ability to get more from their marketing spend.
Procurement is the 'marriage counsellor' between agency and client
I’ve been noticing more and more the disconnect between agency fee and creative output. My observation is that a significant number of buyers (more than you might think) that pay a premium on agency fees, rarely get the best creative work. This observation fuelled a recent panel discussion I sat on during this year’s Advertising Week Europe.
The evolution of the audit market - live discussion
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.
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.
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.
Procurement Insights: Buyers Meeting Point Weekly Update
Jon Hansen (Procurement Insights) and Kelly Barner (Buyers Meeting Point) discuss our recent webinar around the procurement team of the future, offering their own thoughts on the discussion, and the issues that it raises for the wider procurement community.
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.
accountingWEB: One in four FTSE 350 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.
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.
As the global economic recovery gathers pace, more and more businesses are turning their sights from cost reduction to growth. How well an organization’s procurement team supports this shift will materially impact overall business performance.
Business has changed - driven by globalization, technology and changing consumer habits. Executives have had to rapidly adapt their business models, products, and distribution channels in response to these groundswell changes. But the implications of these unstoppable forces don’t stop there. Another impact is that suppliers today are providing an ever-increasing proportion of business activities, many of which used to be delivered by direct employees and internal operations.
Commitment Matters: The case for an integrated commercial service
Tim Cummins' comments on a recent paper from HfS Research, which draws on research by Proxima to highlight the fundamental shift that has occurred in business operations and the challenge this represents to organization and skills.
Outsource Magazine: Q&A with Richard Jones, Proxima et al
Richard Jones, Chairman of Proxima talks exclusively with Outsource. With decades of experience right across the space and with a record of huge success behind him, Richard Jones is one of the most recognisable and respected figures in outsourcing. Richard he is involved at various levels with numerous other ventures and retains a unique perspective on outsourcing and the future of business.
Top 5 tips for managing your virtualized/extended enterprise
‘Corporate virtualization’ has taken hold across all large businesses today - the on-going phenomenon of replacing internal functions and labor with suppliers has changed the very fabric of the modern company. It has not been a planned or even conscious decision – but over the last 20 years is has been an unstoppable force.
Mending a fragmented function. Colt Technology discuss how they repaired a disjointed procurement unit
Grahame Ball, Chief Procurement and Supply Chain Officer for Colt Technology Services Group, discusses the challenges behind re-building a fractured procurement function to support increasingly dynamic business demands.
Why are businesses failing to get the most out of their non-core costs? (pt 3)
Part one and Part two of this three part mini-series have covered several reasons why non-core procurement is more complex, wider reaching and changes faster than most people imagine (compared to core or direct procurement). In this post, the final in the series, we will discuss why businesses need to approach procurement in a completely different way.
Why are businesses failing to get the most out of their non-core costs? (pt 2)
Part one of this three part mini-series discussed how non-core procurement is more complex, wider reaching and changes faster than most people imagine. In this post, we explore three further points, namely the necessary skills, knowledge and perspectives required to effectively manage non-core procurement.
Why are businesses failing to get the most out of their non-core costs? (pt 1)
Businesses are failing to get the most out of the non-core costs. Why? Well, simply put, because procurement is failing. But the issue here is far deeper than simply pointing your finger at the team of people in procurement - in fact, we would argue, the problem lies in five very different areas, which we’ll explore below.
Outsourcing is NOT offshoring – why procurement outsourcing needs an alternative approach
The procurement brand has suffered greatly over recent times, at a time when the business need for it has grown. A history of under-performance, detachment from the real business needs and an unhealthy obsession with savings have all contributed to a widespread reputational problem, that ultimately undermines the credibility of the function.
The Competition Commission and statutory audit – a lot of sense and sensibility – part 2
Our previous post discussed three of the seven remedies that the competition commission proposed as part of their ruling around statutory audit rotation. In this post, part two of this mini-series, Proxima's Richard James and Guy Strafford will look at the remaining four remedies and some key questions finance / procurement teams and audit committees should be asking when tendering this high profile service.
The Competition Commission and statutory audit – a lot of sense and sensibility – part 1
The verdict is in, judgement is pronounced.
The Competition Commission (CC) has delivered its final ruling on the market for statutory audit services in the UK, amending its remedies from the provisional ruling announced a couple of months back (here are our comments from July) and the reaction from the industry is generally positive.
Corporate virtualization - 100 years in the making
2013 marks 100 years since Henry Ford was faced with the dilemma of producing his latest invention, the Model T Ford, on a large scale - in an efficient, low cost way. His answer was to invent the first mass production assembly line. In doing so, Henry Ford revolutionized the world of manufacturing. Over the past 100 years, following this monumental milestone, business has changed beyond recognition.
Today's growth is fueled more by suppliers than internal staff
Today's definition of what a 'company' is varies dramatically from person to person, business to business and country to country. However, we can all agree that a company is no longer made up of just its people, its offices and its factories.
Infographic: Ever wondered about global business’ spend patterns?
Businesses around the world have been on a journey, whether deliberate or not, of cost externalization. A significant portion of any business’s revenues are now being spent outside their own organization. What was once a labor cost, is now a supplier invoice.
So, after months of deliberation and consultation, the Competition Commission published its provisional decision on the remedies relating to the market for statutory audit services. But will this really achieve the CCs laudable objectives to improve quality and broaden the competitive market for statutory audit?
Audit tendering may not turn out as hoped without some market change
The FRC and Competition Commission are causing change in the audit market, and when combined with pressure from the corporate governance teams of the largest investors, there is now real impetus for change.
Procurement not following rules for success, time for a rethink
Every now and then a piece of fresh thinking comes out that upsets the apple cart. There's a great one in April's edition of Harvard Business Review. It references a study conducted by Deloitte, which identifies what the rules are followed by companies that are truly successful over a long period of time. The research reveals surprising results. And here is why...
Proxima helps Activision Blizzard create value and achieve sourcing success
With pressure to control costs mounting, Activision Blizzard turned to Proxima in 2012 to better manage costs, supplier and partner relationships and sourcing efforts more efficiently. And in just over a year, the partnership yielded significant savings to the business.|
It's not my fault. It wasnt me. Sound familiar? These are common excuses weve used since childhood. And while they may pass in many circumstances of private life, they dont often fly in the corporate world. Pointing the finger usually doesnt protect shareholder value nor avert corporate reputational damage.
We recently hosted a webinar - discussing the findings of our latest research - The £10 billion profit opportunity - and their implications on business today. This post recaps the discussion and poses some thought prompters for what looks to be another turbulent 12 months ahead.
Global myths of procurement outsourcing: Myth 3 - PO damages stakeholder relationships
Successful procurement outsourcing hinges on a provider's ability to successfully engage with stakeholders. You can have the world's best sourcing engine, but it's nothing if it doesnt engage well with the business, and deliver what the business needs.
Global myths of procurement outsourcing: New series introduction
In this post (part 1 of our latest series), I would like to offer a simple definition of 'procurement outsourcing' and set the scene for why Finance, and other business leaders, should be placing a greater emphasis on managing their cost base.
The changing nature of business (pt 3): Who’s really responsible for cost management?
If you talk to a CFO about 'costs', you'll be listened to. It's clearly the CFOs area of responsibility. Yet if you talk about 'procurement' to a CFO, in most cases you will get very little air time. And yet, they're the same thing. How has this situation come about?