JAGGAER: Driving transformation success with “Digital Mind”
Announced today, JAGGAER, the world's largest independent spend management company, has launched their “Digital Mind” strategy aimed at improving customer service levels through the adoption of its source-to-settle JAGGAER ONE platform. Designed to drive quick ROI on digital procurement transformations, JAGGAER Digital Mind is a core set of technologies that leverage machine learning, predictive and prescriptive analytics and natural language processing to deliver solutions and capabilities across the JAGGAER ONE platform.
JAGGAER Adopt, Assist and Advise solutions improves adoption rates of the JAGGAER one platform by delivering insights, decision support, contextual guidance and automation to users.
JAGGAER CEO Jim Bureau said, “Our company’s focus is 100% on customer success. We have developed the most advanced solution suite in procurement technology. We want to go beyond that to empower users on every step of their journey by providing them with more intelligence on all aspects of their spending and delivering more strategic outcomes throughout their digital transformation. This is the promise behind Digital Mind.”
JAGGAER ONE: Procurement Simplified
JAGGAER ONE is a single platform that provides comprehensive source-to-settle SaaS-based solutions, including advanced spend analytics, category management, supplier management, Sourcing, Contracts, eProcurement, invoicing, inventory and supply chain management.
By gaining full visibility into user adoption, feature utilisation, process compliance and efficiencies through JAGGAER Adopt, companies can increase the success rate of their digital transformation and ensure a speedy ROI. Training, guided assistance, tips and tutorials further support employees in improving their skills and increases user performance while procurement management teams can focus on KPIs and fine-tuning systems and processes.
“With this insight, our customers can better understand how their organisations are using JAGGAER every day and identify areas where users might need more training or guidance on company procurement processes and the capabilities available for users. This will bring a range of benefits such as increased compliance, faster adoption, and higher utilisation,” said Greg Holt, Director of Product Marketing, JAGGAER.
An intelligent virtual assistant, the aptly named JAGGAER Assist assists in optimising results of digital transformation investments and ensuring maximum return on investment through gained efficiencies by helping users find needed information and reports, providing real-time support to complete tasks, and even goes so far as to take on some tasks itself.
“Research shows that you pick up 70% of knowledge at the workplace, 20% via social learning and just 10% via formal learning and training. For this reason, many companies are relying more on ‘learning on demand’ and performance support to improve the efficiency of their users,” Holt said. “And this is precisely the thinking behind JAGGAER Assist, which uses natural, conversational language to answer users’ queries, provide guidance on next steps, find the data they need in real-time or start a new task at the moment of need.”
Helping to identify potential areas for improvement JAGGAER Advise enables users to become more proactive in mitigating supply chain risks.
“Leveraging a combination of advanced predictive analytics, machine learning, and customer-specific business rules, JAGGAER Advise enables procurement professionals to identify steps that could improve performance or results and take corrective action on behalf of users. The software provides data-driven actionable insights and recommends next steps to mitigate the risk of supply disruptions, supplier qualification and performance issues, and underperforming sourcing events,” said Amenallah Reghimi, VP Product Management, who has led the development of JAGGAER Adopt, Assist and Advise.
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How Covid-19 Shook Up the Who's Who of American Retail
According to the new Digital Commerce 360 Top 500 analysis report, the massive shift in ecommerce habits due to COVID-19 resulted in a windfall for the US’s largest retailers, including Amazon, Walmart and Target.
The study found that the top 500 companies generated a combined total of $849.5 billion in online sales in 2020, representing a 45.3 per cent increase YoY, the largest jump since Digital Commerce 360 began tracking the statistic in 2006 and more than double the median growth of 18.0% seen over the last decade.
Although retailers of all sizes saw an uptick from online sales, in large part, throughout the pandemic, customers looked to familiar big name brands to fulfil much of their essential needs. Demand for items began to spike as manufacturing in Asia was forced to shut down, causing supply chain shortages. As large retailers tend to hold more inventory, this became a crucial differentiator for customers, says Digital Commerce 360.
Combined, Walmart Inc., Amazon.com Inc. and Target Corp. added $265 billion in US revenue to the $791.70 billion U.S. ecommerce market in 2020, accounting for a third of the market.
Considering the need for people to stay busy during lockdowns as well as the requirements of homeschooling, it’s not surprising Joann, a crafting company, showed the fastest online growth of Digital Commerce 360’s top 500.
- In 2019, the bottom 100 of the top 500 registered the fastest growth while the top 100 showing the slowest growth rate. In 2020, however, the analysis showed the opposite, the top 100 largest companies grew at a rate greater than that of the whole, and the top 10 on the list enjoyed a growth rate even faster than the top 100.
- In 2020, collectively the top 10 grew web sales 52.5%, almost five percentage points faster than the top 100 and accounted for 62.8% of Top 500 sales, up from 59.9% in 2019.
- Who made the top 10 was shaken up some. For example, Walmart made it into the second spot, both Kroger Co. and Costco Wholesale Corp. crept into the top 10 for the first time, landing at No. 8 and No. 10 respectively
Segments of retail that enjoyed fueled courtesy of COVID included toys and hobbies, jumping an average of 24 spots in the rankings and food and beverage merchants moved up an average 23 ranks. In contrast, apparel retailers dropped an average 15 positions in the Top 500, whereas jewellery retailers fell an average of 10 spots.
Although Digital Commerce 360 attributes some of the growth to stock positions and the ability of large retailers to manage supply chain issues, even the largest internet retailer experienced disruption. In March of 2020, during the first save of the US pandemic, even the Amazonian giant found themselves running into meeting customer commitments and delivering orders on time. Order cancellations and extended lead times became commonplace. For a time, Amazon stopped fulfilling orders for items considered “non-essential”.
Despite the issues, Amazon maintained its spot as the top online retailer in North America by a large margin, representing 35.7% of all Top 500 sales. Although it should be noted that the share is down from the 36.7% it saw in 2019.
At the outset of the pandemic Etsy, a solely ecommerce company focused on handmade, vintage items and craft supplies, was expected to perform poorly. However, as supply chain shortages for face masks caused a sudden need for cloth masks, many began to turn to Etsy, tripling its stock value by June.