SAP SE ( SAP Quick Quote SAP - Free Report) recently announced the availability of its SAP Fieldglass Assignment Management solution. The latest offering is aimed at aiding contractors to streamline assignment and management of workers across various projects and at different pay rates, thereby, boosting return on investment and minimizing downtime.
With SAP Fieldglass Assignment Management solution, business enterprises can better manage their costs by tracking standard time and overtime daily. The offering will also help companies better comply with requirements of local labor regulations.
Further, the solution will aid enterprises to improve working time calculation by integrating with gate pass systems. This will enable businesses to reduce downtime and ensure smooth running of their maintenance crew and operations.
SAP Fieldglass Assignment Management solution is well-suited to asset-intensive industries like utilities, oil and gas, chemicals and mining. These industries require higher number of contract workers (who are also assigned to multiple projects at the same time) to perform unplanned maintenance as well as project work.
Opportunities in the Services Procurement Market Bode Well
SAP Fieldglass applications refer to the company’s open vendor management system based on cloud. These applications are aimed at aiding business enterprises with efficient management of their external workforce.
The company’s Fieldglass portfolio of solutions includes SAP Fieldglass Contingent Workforce Management, SAP Fieldglass Assignment Management, SAP Fieldglass Services Procurement services and Worker Profile Management solutions.
SAP Fieldglass Assignment Management offering allows organizations to streamline external work administration as a part of its supplier agreements. The solution will help enterprises to easily recruit large flexible labor for various projects and onboard them through automated processes.
The solution will also help keeping tabs on review hours with integrated time tracking system and manage daily time and service entry sheet that can be unified with the company’s Enterprise Resource Planning (ERP) tool.
ResearchAndMarkets report, the worldwide services procurement market is expected to see a CAGR of 10.4% between 2020 and 2027, reaching a value of $1.5 billion. The services procurement market, globally, is driven by increasing availability of freelancers as well as the need for cost-effective spend management pertaining to contractual labor.
These projections bode well for SAP’s Fieldglass applications’ solutions. Recently, SAP Fieldglass Contingent Workforce Management and SAP Fieldglass Services Procurement applications were leveraged by
Capgemini to manage its skilled contingent workforce.
However, SAP needs to watch out for intensifying competition in the space from the likes of Beeline, DCR Workforce, Workmarket, Provade, and Upwork Global.
Zacks Rank & Stocks to Consider
SAP currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector are
Vishay Intertechnology ( VSH Quick Quote VSH - Free Report) , Skyworks ( SWKS Quick Quote SWKS - Free Report) and MaxLinear ( MXL Quick Quote MXL - Free Report) , all sporting a Zacks Rank #1 (Strong Buy), presently. You can see . the complete list of today’s Zacks #1 Rank stocks here
The long-term earnings growth rate for Vishay, Skyworks and MaxLinear is currently pegged at 20.3%, 19%, and 20%, respectively.
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