Media relations inquiries about The Hackett Group should be directed to Gary Baker, Communications Director at firstname.lastname@example.org or +1 917 796 2391.
Other than changes to the organization structure, there are five things that we believe Procurement can quickly do to improve internal customer perception and exceed internal customer requirements.
This Webcast discusses the benefits of forming and strengthening a strategic partnership between finance and IT. Featuring Jim O'Connor, The Hackett Group's Global Advisory Practice Leader.
Q&A with The Hackett Group EPM Transformation Principal Jason Balogh.
When it's time to grow, expanding your product R&D budget may not be the best strategy. Companies in every sector are experimenting with adding services instead, and finding the payoff in higher sales, larger customer bases, and annuity income. With insights from The Hackett Group's Dave Sievers
Companies that have been manufacturing and selling products for years or even decades are now realizing the reality of diminishing returns. It's too easy for a competitor to copy what you do and quickly distribute it to the world. Rapid commoditization is on the rise. With insights from The Hackett Group's Dave Sievers.
The top corporate finance departments of large companies provide up to $51 million in cost savings annually and deliver services at costs that are 46 percent lower than peers, but their greatest benefit is the value-added resources those savings can now support, according to a recently released study by the Hackett Group.
Bylined article by The Hackett Group Principal Geoff Peters.
Outsourcing can be a good way to offload business processes that aren't adding to a company's core value. But in a world where competition is constantly intensifying, are there any ways to drive innovation into outsourcing relationships? Featuring insights from Mark Peacock, The Hackett Group's IT transformation practice leader.
Webinar with The Hackett Group Co-Founder and Global IT Advisory Practice Principal Allan Frank.
If you have ever run afoul of your company's finance department for a misfiled receipt, this might seem like a measure of revenge: Corporations have cut finance department budgets to historic lows. The Hackett Group consultancy found that the median finance budget at big companies has dropped below 1% of revenue for the first time since it started tracking these numbers long ago.
In a global project, end-state is typically not a single milestone that can be easily defined, but more often a series of activities and sign-offs across multiple departments in-house or at times, with partners and vendors. With insights from The Hackett Group's Vin Kumar.
Forecasts Haven't Been Raised to Reflect Any Boost in Shoppers' Buying Power. With insights from The Hackett Group's Jason Balogh.
How can enterprise performance management systems drive strategic improvements within your organization? A CFO.com Webinar with The Hackett Group's Greg Robinson and Karen Schreiber.
Video of a panel discussion at the Virginia 2014 Forum, featuring Hackett's Chris Sawchuk.
Companies are spending less on their finance departments than at any time since the recession. They have cut headcount and expenses in that area by streamlining units, automating routine tasks, and outsourcing.
Companies are spending less on their finance departments than at any time since the recession, according to a new study by The Hackett Group. Firms are cutting finance headcount and expenses by streamlining units.
Companies are spending less on their finance departments than at any time since the recession. They have cut headcount and expenses in that area by streamlining units, automating routine tasks and outsourcing. The cost of finance departments has fallen to 0.99% of total revenue this year, according to consulting firm The Hackett Group, which studied companies with annual revenue of $500 million to more than $50 billion. That's down from 1.08% in 2013 and 1.06% in 2012.
Credit cards are being employed in more and more business-to-business (B2B) transactions. From the seller's point of view, that can mean a lot of money walking out the door in credit-card fees.
According to research by The Hackett Group, the second highest priority for Chief Procurement Officers in 2015 is to increase scope and influence.
B2B companies spend an average of $2.2 million in credit card processing fees for every billion of revenue, according to new research released, but the company suggests this in an avoidable burden.
Bylined article by The Hackett Group's Kay Ray Lee.
In the next five years, more employees will be working from home. But are organizations planning to include spending by telecommuters in procurement budgets? If they are not, they should, said Christopher S. Sawchuk, Procurement Practice Leader at The Hackett Group, during a recent webcast, Best in Class Sourcing: Rethinking Strategy in the Changing World of Work.
Featuring insights from Sherri Liao, The Hackett Group's EPM advisory U.S. practice leader.
Credit card processing fees on business-to-business transactions have become a significant cost for companies, according to new research from REL Consulting, a division of The Hackett Group, which recommends that organizations reduce fees by changing their acceptance policies for cards.
Although credit card payments represent barely 10 percent of all B2B payments that number has doubled in the past two years, according to a report from REL, a division of The Hackett Group.
The share of U.S. companies that pay their suppliers by credit card has doubled in the past two years. Though paper checks are still the dominant form of payment, an estimated 10% of this year's business-to-business purchases will be made with credit cards, according to REL, a division of Hackett Group.
World-class HR organizations continue to outperform their peers, delivering a greater focus on strategic workforce planning and other high-value activities while operating at 23 percent lower cost per employee than typical companies and functioning with 32 percent fewer staff, according to new research from The Hackett Group, Inc.
Two new studies indicate that successful innovators in inventory control and banking will gain market share as supply chain "disruption" is addressed.
U.S. companies made only marginal improvements in their ability to collect from customers and pay suppliers in 2013, while showing no improvement in how well they managed inventory, according to the 16th annual working capital survey from REL a division of the Hackett Group, Inc.
The concept of software-defined anything - or SDx - is still evolving, but the endgame is a powerful one: an infrastructure with the smarts to tune itself to the needs of the applications running on it.
The finance function continues to evolve, both in the roles it plays and the tools it uses. The one thing we're sure of is that the finance function of tomorrow won't look or act much like the finance function of today. While its goals will be the same-reporting, risk, control-its work will likely carry a higher value and its people will likely require a different skill set. This Webcast, with Hackett's Tom Willman, explores the huge role of technology in shaping the changes that have come-and are coming-to finance.
Bylined article by The Hackett Group's Kay Ray Lee.
How and what to benchmark is the question most frequently asked by global Shared Services practitioners. Today we will help you solve this challenge - and we've brought in the big guns. Nobody knows benchmarking like The Hackett Group does. Dr. Penny Weller will be presenting key measures across different functions that characterize best practices.
Bylined article by The Hackett Group Manager Howard Gutman.
Payroll departments can implement process improvements fairly readily by applying more employee self-service, electronic pay and electronic Forms W-2s, said Felicia Cheek, director of the global time-to-pay advisory program at the consulting firm Hackett Group.
Yahoo! just made about $9 billion in cash from Alibaba Group's initial public offering, and investors are licking their lips at the thought of how Marissa Mayer might spend it. Snapchat? AOL? Well, here's one area you shouldn't expect her to invest in: offshoring more jobs to India.
What separates world class procurement organizations from the rest of the pack? Well, for one thing, they generate more than twice as much savings on purchased goods and services for every dollar invested in procurement than the average company does. But that is more of an effect than a cause, leaving the question of what procurement leaders do differently still to be addressed. A new report from the consultants at The Hackett Group identifies five such attributes of the best procurement groups. as well as quantifies that value along the type of return on investment numbers cited above. On a news broadcast from the Supply Chain Television Channel and CSCMP, Chris Sawchuk, who heads up Hackett's procurement practice worldwide, summarizes several of those differentiating attributes.
Companies who achieve best practice in procurement all share one thing in common. But what's the tactical secret and how can it deliver visible results to your company's bottom line?
How to create a supply chain that will never break. With insights from Hackett's Chris Sawchuk.
A typical large company (with US$10 billion in revenue) could save up to $51 million by achieving world-class performance levels in finance, freeing resources to focus on higher-value activity and innovation, according to new research from The Hackett Group.
How to find the best of the best. A Webinar on finance talent management with The Hackett Group's Jim O'Connor.
Video Segment Begins at 4:05. How do companies differ in the amount of return they get from their investment in the procurement organization? What are some of the key characteristics that move a company from average to world-class in terms of procurement practices? Those are a couple of the topics addressed in a recent report on procurement from The Hackett Group.
In German. Nestle keeps its word on working capital. Sulzer enjoys the bounty of their labor. Companies like DKSH, Emmi, Logitech, and others reveal significant working capital progress. In contrast Syngenta has slackened the reins, as did Richmond and the Swatch Group. The performance of Swiss companies runs the gamut in this year's Working Capital survey by consultant REL, a division of The Hackett Group.
The gap between leading finance departments' cost of doing business and the cost for all other finance teams suggests most companies have a host of opportunities for additional savings. The annual analysis of finance performance by The Hackett Group shows top finance departments get their work done at a cost that's 46 percent lower than that of other finance groups.
A bylined article, in German, by The Hackett Group's Rainer Drisch. "The possible savings of an efficient Supply Chain is often underrated, particularly if it goes hand-in-hand with optimized logistics..."
Take a moment to consider source to pay as a process. What do you see when you look at the picture? A well-defined structure and flow that can be managed and measured? Do you see the people behind the structure that need to comply to the process in order for the measures to be possible? Do you see the way in which buyers and suppliers communicate? Do you see the different layers of goods and services that are being sold and bought? Can you tell how you need to communicate this process in order for KPIs to be realized?
A guest blog post by The Hackett Group's Jeff Gilkerson.
The Hackett Group's research says procurement leaders drive more than twice the level of savings as the average company.
In this guest post, TD Bank SVP and CPO Caroline Booth looks at the possibilities that present themselves to those willing to invest in developing the payment process,. She cites REL's working capital research.
BRITAIN'S largest listed companies are starting to see the fruits of an increased focus on working capital, as costs and debt start to decrease and cash on hand and free cash flow increase. But sustaining working capital improvements still remains a major challenge, according to the 2014 European Working Capital Survey from REL, a division of The Hackett Group.
A Webcast featuring The Hackett Group's Jason Balogh.
The world's leading global companies are looking to the sourcing and procurement function to do a lot more than cut the price of supplies. Procurement continues to be under intense pressure to minimize purchasing costs. But Global 2000 companies today want more than that. New research from The Hackett Group suggests that they're looking for a "trusted adviser" that can help to drive supplier innovation and reduce supply-chain risk.
Chief information officers who strive to be identified as leading world-class organizations need to pay particular attention to the number of IT staff they employ (fewer is better) and the number of applications and platforms needed on a per-user basis (fewer is best). Those are two of the conclusions of the new report, "The World-Class Performance Advantage: How Leading IT Organizations Outperform Their Peers." Based on research from The Hackett Group, the report reveals that the top IT departments are more determined to drive business results than their peers.
Bylined article by The Hackett Group's Jonas Schoefer. "Our recent working capital analysis of Europe's largest companies appears to confirm a trend we've seen developing in recent years — growing adoption of supply chain finance (SCF) initiatives."
In German. European automotive companies are announcing ambitious austerity programs, causing heavy cost pressure and enormous challenges for their suppliers. To detail the impact of this, The Hackett Group is launching a performance survey.
In German. A good payment record is normally seen as positive. But in today's economy, other terms and conditions often rule: Positive behaviors can be understood as weakness and so are seen as negative. Major companies in Germany are at a disadvantage to their European competitors because of good payment behavior, according to new working capital research from REL, a division of The Hackett Group.
The best-performing procurement organizations might be running out of steam, as their ability to run on extremely lean budgets and staffing is making it unlikely they can generate additional cost savings and return on investment (ROI) over the next year, a new report suggests. In its report, The Hacket Group notes that "world-class" procurement organizations operate at nearly 20 percent lower cost as a percentage of spend than do typical companies. Moreover, they also have 27 percent fewer employees.
Recent research from The Hackett Group claims that procurement's ability to generate big savings is declining dramatically. Despite what you might think, that's good news.
World-class procurement professionals are operating at nearly 20 percent lower cost and with 27 percent fewer people than at typical companies, according to new research from The Hackett Group, Inc. But these world-class organizations may have reached the limit of their ability to reduce costs, the report concludes.
Becoming a trusted advisor to the business, driving supplier innovation, and focusing on risk management are some of the ways that the top procurement organisations outperform their peers.
A guest Blog post by The Hackett Group's Josh Peacher.
Interview with The Hackett Group's Tom Bangemann on shared services outcomes. (Page 40)
A guest Blog post by The Hackett Group's Josh Peacher.
A guest Blog post by The Hackett Group's Laura Gibbons.
Amid a redefining period for supply chain managers, they are being tasked with providing additional value along with continued organizational cost reduction. One way to accomplish this is more engagement of strategic suppliers and collaborative work with those suppliers to achieve product and service innovation. Hackett's Chris Sawchuk offers insights.
In German. The amount of data generated and processed by companies is growing consistently. CFOs and controlling managers are searching for solutions to improve efficiency in Enterprise Performance Management (EPM), according to new research from The Hackett Group.
The Hackett Group has been named as one of the World's Best Outsourcing Advisors by the International Association of Outsourcing Professionals.
A video interview with The Hackett Group's David Rennie covering The Hackett Group's 2014 Procurement Key Issues research, The report shows that cost saving, as a driver for procurement, is diminishing in importance compared to a more strategic agenda.
Webinar: Hackett's Steve Joyce discusses how HR leaders are effectively managing and leading in today's more complex global business environment.
In German. With revenue growing, finance budgets are stagnant and staff are being reduced. How can finance proceed? An interview with The Hackett Group's Michael Schnetzer.
Webinar: Hackett's Tom Bangemann discusses his presentation from the 2014 Source to Pay Summit, examining: trends and best practices in procurement and finance; select metrics; process cost reduction vs spend reduction; talent management; e-invoicing trends; GBS and offshoring trends; and other issues.
The Hackett Group's new study shows cash management is still considered a priority, but budget and staffing remain tight. As a result, some companies are outsourcing strategic tasks, including treasury.
The biggest barriers to optimized performance tend to be self-imposed, such as permitting unnecessary complexity in finance processes and systems. A bylined article by The Hackett Group's Tom Willman, Lynne Schneider and Srinivasa Rao Dabbera.
With companies now focusing on innovation as a core strategy to deliver revenue growth and margin improvements, Financial Planning & Analysis (FP&A) organisations need to rise to the challenge and pursue broad transformation in Enterprise Performance Management (EPM) and business intelligence, according to 2014 EPM Key Issues research from The Hackett Group, Inc.
A recent survey from the Hackett Group found many IT leaders have adopted "reinvention" as their 2014 theme. The basics are this: IT organizations are focused on three strategy areas for 2014...
A bylined article by REL's Michael Wydra.
CIOs are being bombarded with messages about digital transformation and the need to realign IT in 2014. In the midst of all the noise comes some specific advice in The Hackett Group's research study, "Reinventing IT to Support Sustainable, Innovation-Based Growth."
There is a new kid on the block, aspiring to become the No. 1 driving force behind onshoring: proximity to customers. For all the rage about soaring industrial wages in China turning US companies back to the homeland, some observers believe moving closer to the customer base comes with advantages that have yet to be widely considered.
IT is focusing on three areas in 2014: redefining IT's value to the enterprise, developing architecture and data analytics capabilities, and realigning talent. This is not the time for IT executives to be maintaining the status quo. Business conditions require technology leaders to find new ways to deliver innovative solutions that support corporate growth. That's one of the key findings of new research from the Hackett Group.
Video Interview - At HR 2014 in Orlando, Florida, The Hackett Group's Harry Osle stops by the SAPinsider Studio to discuss integrated talent management. Osle covers how changes in the workforce impact HR organizations and HR technology as well.
IT leaders are striving to reinvent themselves in 2014, as they struggle to support innovation-based corporate growth efforts with improved information and analytics, according to 2014 IT Key Issues research from The Hackett Group.
Fixing what ails IT departments requires a metamorphosis, according to The Hackett Group. A new survey of executives from midsize and large companies by the advisory firm found that the automation (89 percent) and analytics (74 percent) to be the top tactics for achieving their organization's financial goals. Cost-cutting is also a priority. Seventy-one percent plan to reduce SG&A, and technology budgets aren't going to increase. IT is "just another business function operating with a set of resource constraints," says study co-author Erik Dorr, vice president for strategic research with The Hackett Group.
New research by The Hackett Group shows that while some things will stay the same for procurement, others are going to be very different. The research also provides procurement with a road map going forward.
IT leaders are struggling to provide more value from IT to their organizations, but are doing so without corresponding increases in staff of budget. That is the finding of new research from The Hackett Group, which conducted a survey of 150 IT leaders on their top objectives this year.
The pressure is mounting on HR to change the balance of the services it offers while keeping costs and headcount in check. The Hackett Group's 2014 Key Issues Study reflects how HR organizations are attempting to successfully shift their service mix and the required enabling capabilities. HR must not let attention slip from integrated talent management and helping to use those processes to further the goals of the business as a whole. Key priorities for the coming year include: creating and enhancing partnerships with internal business customers; effectively managing talent; and building the skills required to obtain maximum value from data.
Business unit leaders claim IT organizations don't understand business needs, don't know how to deliver technology that helps the business fast enough or smart enough, and generally live in their own little world more akin to an Amish village than a modern city. So say two studies, one from The Hackett Group and one from McKinsey, both organizations that specialize in understanding business execs' views of technology.
IT leaders are striving to reinvent themselves in 2014, as they struggle to support innovation-based corporate growth efforts with improved information and analytics, according to 2014 IT Key Issues research from The Hackett Group, Inc. At the same time, IT organizations are facing another year of staff cuts and only small budget increases, in the face of moderate revenue growth expectations.
Information technology executives are aiming to become more valuable to the enterprise (and prove it via metrics), utilize data and analytics better, and revamp the talent pool, according to The Hackett Group, a technology staffing firm. The catch? IT needs to be more innovative and grow businesses amid stagnant budgets and staff cuts. Welcome to 2014, which appears to have the same challenges as previous years. The Hackett Group conducted a survey and study on 2014 objectives for IT leaders.
Businesses want to spend less on IT operations and infrastructure and shift resources to revenue-producing areas, according to two new studies. But businesses leaders and IT executives are also registering higher levels of dissatisfaction with IT as more demands are placed on technology. The reports, by The Hackett Group and McKinsey & Co., both agree that business executives want IT to do more to improve the bottom line while companies spend less on infrastructure in the process.
As noted in our news section, The Hackett Group's latest procurement research contains some revealing new trends. Here's what Global Managing Director and Procurement Advisory Practice Leader Chris Sawchuk found the most compelling.
Procurement leaders are expanding their priorities for 2014, moving beyond a historic emphasis on reducing purchase costs and adding focus on expanding and deepening the scope of spend influence as well as supporting supplier-led product innovation, according to 2014 Procurement Key Issues research from The Hackett Group, Inc.
Public companies often make a 'dash for cash' at the end of the fiscal year to produce a cash flow statement that's suitable for framing when financial statistics are due to be released. They spend an enormous amount of effort trying to meet estimates of yearly performance and there is more at stake than mere window dressing.
FDs are increasingly using scorecards and key performance indicators (KPIs) to benchmark their company's working capital performance internally - and the benefits are clear. Peer-to-peer benchmarking is another valuable tool for finance professionals looking to achieve working capital optimisation, says Guy Cabeke, Associate Principal at REL Consultancy, a division of The Hackett Group.
Reshoring is not just a buzzword, it's an economically driven correction to a supply chain that had become unbalanced. The Hackett Group's Dave Sievers is quoted.
A bylined article by The Hackett Group's Michael Wydra.
With companies sitting on vast reserves of cash, capital allocation decisions can have a major impact on individual company performances, as well as overall economic growth. Following up on AFP's 2013 Cost of Capital Survey, AFP has released a new guide that explores how firms calculate their capital cost and how FP&A professionals can partner with senior management in making important capital allocation decisions. Hackett's Jason Logman and Tony Relvas are quoted extensively in this research.
A Tedx talk from The Hackett Group's Penny Weller.
In the second part, we will delve upon the Visibility being an important factor and a key objective for Procurement Professionals in 2014. According to the survey only 40% of procurement professionals revealed that they have significant ability to view spend data by supplier on an enterprise-wide basis. As per the Hackett Group 2013 study, World Class Companies had significant enterprise wide information availability for 89% of suppliers.
REL Consultancy, a division of The Hackett Group, standardizes collection and introduces dynamic credit risk processes to produce significant and sustainable gains in accounts receivable performance for Lennox International - while revenues continue to grow.
Media relations inquiries about The Hackett Group should be directed to Gary Baker, Communications Director at email@example.com or +1 917 796 2391.