Editor’s Note: As 2015 draws to a close, it is the time of year when we revisit some of our best articles from the past year. Over the next week, the Payables Place team will wrap up its eight-part series on the “Best of 2015.” Today’s article details Ardent Research Director Chris Dwyer’s thoughts on how business networks could impact talent engagement in the future, which originally ran on May 20, 2015.
The modern business, when viewing the myriad processes that run the gamut from spend management to data management to processing invoices and expense reports, often views the “tactical” as a simpler area to tackle via automation and efficiency than longer-term, more strategic initiatives or functions across the greater organization.
At a high level, there’s really nothing wrong with this perception. Invoices, purchase orders, and expense reports are often mired in paper and bogged down in a sea of manual, error-laden processes that cause more harm than good. Streamlining these areas via automation is a no-brainer at the core: reduce the time spent to process and handle these items, and the company at-large will be impacted significantly. Time originally spent within these areas can be time gained to support more strategic endeavors.
It’s the next “phase,” the future, that should be top-of-mind in today’s ever-shifting business world. And it’s in the arena that was originally designed to address the above attributes that can help take today’s enterprises into an exciting tomorrow.
Business networks are perhaps the hottest technology within a variety of industries in today’s corporate world. At the end of the day, the ability to link, connect, and communicate with suppliers (while also automating key procure-to-pay cogs) has been an effective aspect in how enterprises conduct their business. However, beyond the tactical advantages driven by business networks, there are “next-level” and strategic benefits that are just around the corner.
The war for talent rages on across the globe, with companies struggling to engage the skillsets they require for critical projects and initiatives. Freelance and independent talent are available via labor marketplaces and traditional means (i.e., staffing agencies), however, the evolution of today’s businesses dictate that time spent searching for talent will be akin to the time lost dredging through menial processes (remember those invoices and expenses?).
How will business networks transform the way talent is engaged and hired?
- Automated “matching” of enterprises projects to talent linked via networks.
- Reconciliation of project-based travel and associated expenses (also fed to analytical / spend analysis systems) incurred by freelancers and contingent workers (or services).
- Skillset recommendations of in-network talent based on algorithms developed by Vendor Management System (VMS), business network, and supplier management technology integration.
- Real-time performance evaluations of talent suppliers, services, and freelancers / contractors, and;
- Dedicated, specific “talent pools” of all known talent within the network, along with project skillset match data, availability, historical or forecasted performance, and budget impact.
Business networks can play an active role in helping an enterprise manage the full lifecycle of its talent engagement strategy in a controlled, educated, and automated manner. Ardent expects utilization of networks as a talent source to increase by 95% within the next 12-to-18 months, furthering the notion that business connectivity is evolving into new and exciting arenas.
Check out these related articles for more:
Concur Fusion and Business Network Evolution
Business Networks and ePayments: Transforming the B2B Commerce Landscape
AP Predictions for 2015: Networks Will Become the Critical Link to Suppliers
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