ConnXus is pleased to announce its recent acquisition by Coupa, the leader in Business Spend Management (BSM). Read more
With the COVID-19 pandemic disrupting global supply chains, organizations everywhere are under intense pressure to mitigate risk and maintain agility. Close supplier partnerships are central to this effort, with the quality and quantity of supplier data being an important factor in determining a supply chain’s resilience. Read more
The impact on small business of COVID-19 has yet to be truly quantified. During this unprecedented time, all small business owners need to understand exactly what is and is not possible from an economic standpoint. The inability to generate revenue, cover operating expenses, and repay outstanding debt has turned the lives of small business owners upside down. Read more
Investing in a minority business can make the difference
At ConnXus, we don’t just preach the power of supplier diversity & inclusion, we live it and experience its power first hand.
In this supplier spotlight, we explore our multi-year relationship with Holony Media, a minority-owned marketing agency that helped ConnXus embark upon a digital transformation and grow our reach to record breaking heights. Read more
Connxus, a leader in supplier relationship management (SRM) and supplier diversity software solutions, has been named one of Spend Matters’ 50 Providers to Know for 2020.
Each year, the 50 Providers to Know list recognizes the best-in-class companies in the procurement and supply chain market. ConnXus was previously recognized as a Provider to Watch for its ongoing innovation in the SRM space.
“For the past 10 years, the ConnXus team has been on a mission to simplify supplier relationship management and create an ecosystem where procurement professionals, diverse suppliers, and small businesses can innovate, source, track, and connect,” said ConnXus COO and General Manager, Daryl Hammett. “Being recognized by Spend Matters as a ‘50 Provider to Know’ is an honor that speaks to our team’s commitment to our mission and our passion for innovation.”
A Year of Continued Growth
ConnXus released numerous products and platform enhancements in 2019, including SmartScrub, a tool that automates and accelerates the tedious process of validating and enriching supplier data.
SmartSearch, the newest addition to the company’s one-stop supplier relationship management dashboard, enables business intelligence sourcing across a global supplier network. The company also continued to raise the bar in cyber security by integrating HITRUST controls within their SOC2 framework, further protecting customers and their data. Combined with new supplier development programs and ConnXus Certified, a small business enterprise certification program, these solutions bolstered an existing suite of SRM solutions and propelled the growth of a thriving supplier ecosystem.
How are the 50 Providers to Know Chosen?
The Spend Matters annual 50 Providers to Know and 50 Providers to Watch lists are determined by the entire Spend Matters analyst team to represent the best of the commercial providers that serve enterprise-level procurement organizations. The 50 to Know list comprises industry-leading proven providers and the 50 to Watch list contains often lesser known providers of which practitioners ought to be aware.
At ConnXus, we understand the concern and uncertainty that many business owners are experiencing surrounding the coronavirus (COVID-19) and are committed to doing all that we can to fully support our customers. What follows is a list of resources designed to provide information and relief to businesses. We will continually update this post as we find new programs. Read more
Legacy enterprise planning systems are key to all global supply chains, but they are also cumbersome, expensive and aren’t made to support the type of relational data businesses deal with to drive decisions.
Procurement organizations are thinking more and more about innovating old processing systems. What areas have inherent risk in innovating? To what degree do we change? How do we manage it? Who do we get involved? A lot of attention is focused on getting results from innovation and change, especially ones associated with people. Most companies have implemented procedures to manage and grow innovation, but I believe one of the most under-analyzed risks in innovation, and one that could be the biggest threat going unaddressed today, is the risk of groupthink in implementing change in procurement teams.
Thought should be given to what current challenges and problems you are experiencing now. After you answer that question, it’s time to determine who should be a part of your COE (Center of Excellence), which should include subject matter experts who are impacted by the innovation process. These experts will enable the process to have more diversity in thought and input on upstream and downstream controls that may impact key process stakeholders.
As we look ahead to the rest of 2020, cutting-edge technologies will play an important role in the innovation of procurement. New technology brings with it new responsibilities and it’s easy to become lost in the sea of the digital tools available from blockchain to automation to application programming interfaces. It’s important to assess what these tools can actually bring to the organization, and they are most effective when utilized with strategies closely aligned to the values and goals of the wider business. Focusing on a problem and selecting a tool that solves this problem will be vital to its success.
With this in mind, I believe there are three fundamental questions that should frame technology decisions in procurement functions.
Where do we start?
Before selecting any tool, organizations must first assess its’ capacity, including the strengths and weaknesses of the procurement process. A careful analysis of today’s state will lay the roadmap for future strategy and success. For example, corporations are increasingly being held accountable for issues around transparency and risk within their supply chains. Procuring with purpose will look different to different organizations. Analyzing problems first will frame the goal, and ultimately frame innovation choices.
Who gets what information?
Technology revolutionizes the way information is distributed. It lowers the barrier to entry for receiving timely, accurate data and gives power to a broader user base, such as business users that might not have technical backgrounds. But in many organizations, this data is currently scattered across numerous internal and external silos, making it difficult to use this information accurately. Digital tools can consolidate data repositories and provide centralized, real-time access to this information.
How do key stakeholders communicate?
If the answer is ‘not well’, there is an opportunity to introduce tools with new communication features. Leveraging your COE and key stakeholders is key to having domain expertise in the specific areas they operate in, and improved communication and collaboration will create a whole greater than the sum of its parts. The growing ability to track multi-tier data has become an important facet of telling an organization’s innovation story to its various internal and external stakeholders.
By asking these three key questions, innovation, procurement, and their organizations will be better placed to choose the tools that best fit their business needs.
Daryl Hammett | GM & COO ConnXus
CSP, CSMP, C3PRMP