Innovative sourcing technology can enable local businesses to dramatically expand their reach and transform into global businesses; it can empower already global businesses to go where they’ve not gone before. This is possible when you have the right partner for every project. In this blog post, we’re starting a conversation about finding those partners.
Globality has spent several years developing a Smart Sourcing Platform to help businesses transform the buying and selling of services. We utilize the power of Artificial Intelligence (AI) to streamline and simplify what global business leaders have told us is a significant pain point, and an untapped opportunity in the current procurement process.
In the US alone in the post-war period, the manufacturing and agriculture economies shrunk significantly while the services economy quickly grew to nearly 80% of GDP today. Western economies have been going through the same transformation. Services just surpassed 50% of the economy in China, and there is every reason to think this growth will further increase and accelerate to a higher extent around the world.
According to a January 2019 report from McKinsey, the global compound annual growth rate as a percent of GDP from 2007 to 2017 was 7.8% for technology and telecommunications services, and 5.3% for business services.¹ In addition, according to Gartner, IT services spend alone is projected to total more than $1 trillion in 2019, increasing 4.7% from 2018.²
Despite the many policies and initiatives that are currently aimed at goods trading (e.g., stimuli and tariffs), the services sector is growing 60% faster than manufacturing and trading-goods. Companies are digitizing, reducing wait times, adding efficiencies, and driving up overall growth and profits.
Whether you’re a general counsel, a marketing executive, or an information technology leader, an intelligent sourcing platform like Globality’s will help you find the best legal firm, advertising agency, or IT solutions provider at the right price, for every project. It enables you to thoroughly define the scope of your project upfront, and dynamically find and compare relevant and qualified service providers through instant service matching. With constant learning, each project search becomes smarter and more efficient delivering quantifiable results for your team.
This new Innovation Blog will feature Globality’s executives and other thought leaders discussing the possibilities of this new landscape. We have insights from providers in Germany who are working with Fortune 500 companies in Dallas, businesses in San Francisco who are calling on law firms in Pakistan, and consultants from around the world who are challenging the antiquated request for proposal (RFP) process - all of them realizing significant new opportunity as a result.
In the coming weeks, we’ll invite others across different sectors and industries to share their experiences and perspectives. In the meantime, we’ll share key insights about how global business leaders around the world are transforming the way their companies manage services sourcing and unearthing untapped opportunities across oceans and time zones. This will inevitably create more opportunity for more people in more locations around the globe.
It’s an exciting time to revolutionize the future of procurement and services, and Globality is proud to further the conversation. Follow us here, and be a part of this critical dialogue.
¹ Globalization in transition: The future of trade and value chains, McKinsey Global Institute, January 2019
² Gartner Market Databook, Q418 Update, Gartner, Inc., January 2019
Erez Yereslove is Chief Marketing Officer at Globality.