Month: April 2023

Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced that Fortune and Great Place To Work® have honored the company as one of the 2023 100 Best Companies to Work For®. This is Cadence’s ninth year in a row being named to this prestigious list, coming in at #35 this year. Cadence is being recognized as one of the best companies to work for, thanks to its core belief that culture drives business success.

To determine the 100 Best Companies to Work For, Great Place To Work analyzed the anonymous survey responses of more than half a million employees from Great Place To Work Certified™ companies and assessed companies’ descriptions of their employee programs and work environments. In the survey, 90% of Cadence employees said the company is a great place to work, and 93% said they are proud to tell others they work there.

Anirudh Devgan, president and CEO of Cadence said, “It’s an honor to be recognized for the ninth year in a row as one of the 100 Best Companies to Work For. This is a testament to the high-performance inclusive culture we have built at Cadence. We know our employees can solve the electronic design industry’s hardest technology challenges because they work in an environment that enables them to do their best work. I am very proud of our employees for their unwavering commitment to serving our customers, contributing to our communities and driving our success.”

“It’s in times like these that the best workplaces separate themselves,” said Michael C. Bush, CEO of Great Place To Work. “In a challenging economy, many companies reduce investments in their people and scale back goals for diversity, equity, and inclusion. But these companies, the 100 Best, relentlessly pursue a better work experience for every employee, and if anything, double down on the employee experience regardless of title, tenure, gender, or ethnicity. These companies know this is how you increase performance, productivity and your innovation velocity when your firm needs it the most.”

The Fortune 100 Best Companies to Work For list is highly competitive. Survey responses reflect a comprehensive picture of the workplace experience. Companies were selected based on their ability to offer positive outcomes for employees regardless of job role, race, gender, sexual orientation, work status or other demographic identifier.

Cadence has been recognized as a Great Place To Work in a number of regions around the world including Asia (overall), Brazil (Minas Gerais), Canada, Europe (overall), France, Germany, Greater China, India, Ireland, Italy, Japan, Korea, Poland, Singapore, Sweden, Taiwan and the United Kingdom.

The Fortune World’s Best Workplaces list is published at https://fortune.com/ranking/best-companies/.

About Cadence

Cadence is a pivotal leader in electronic systems design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design™ strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence® customers are the world’s most innovative companies, delivering extraordinary electronic products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare. For nine years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at cadence.com.

About the Fortune 100 Best Companies to Work For®

Great Place To Work selected the Fortune 100 Best Companies to Work For list by analyzing survey responses of over half a million employees who work for Great Place To Work Certified companies with at least 1,000 workers. The survey contained 60 employee experience questions that make up the Great Place To Work Trust Index™. Companies also submitted essays about their workplace benefits and employee support programs, which were validated against employee survey data. Great Place To Work determines its lists using its proprietary For All™ Methodology to evaluate and certify thousands of organizations in America’s largest ongoing annual workforce study. Read the full methodology.

To get on this list next year, start here.

About Great Place To Work®

Great Place To Work is the global authority on workplace culture. Since 1992, we have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Our employee survey platform empowers leaders with the feedback, real-time reporting, and insights they need to make data-driven people decisions. Everything we do is driven by the mission to build a better world by helping every organization become a great place to work for all. Learn more at greatplacetowork.com and on LinkedIn, Twitter, Facebook and Instagram.

About Fortune

The Fortune mission is to change the world by making business better. We achieve that by providing trusted information, telling great stories, and building world-class communities. We measure performance by rigorous benchmarks. And we hold companies accountable. Our goal is to make Fortune a force for good through its second century and beyond. For more information, visit www.fortune.com.

© 2023 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com/go/trademarks are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

Category: Featured

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Source: Cadence Design Systems, Inc.

Pressure continues for companies to accelerate their actions in addressing the climate crisis. Investors are demanding ESG progress; governments are implementing new regulations, while customers and employees are pushing for change. Furthermore, the planet itself is applying pressure, with the Paris Agreement’s deadline to limit the rise in global temperatures to 1.5°C rapidly approaching.

Simultaneously, expectations of procurement have never been higher. With access to nearly all business functions and significant reach, procurement is elevating its role from driving efficiency to unlocking innovation and growth, becoming a key strategic business partner in relation to tackling ESG commitments. With research showing that more than 90 percent of an organisation’s greenhouse gas emissions are attributable to supply chains, procurement’s role could prove transformational.

Leading businesses must successfully utilise the collective power of their extensive supplier network. Best-in-class supplier management is the key to gathering intelligence, enhancing collaboration, reducing risk and unlocking new sources of sustainable value.

Building a Framework for Next-Generation Sustainable Procurement

Businesses must optimise the impact of their supplier network through diligent supplier management, paving the way for sustainable innovation. Many businesses lack a comprehensive Supplier Management Model to unite disparate thinking, visibility to inform tracking methods and consistent governance processes to mitigate risk. This makes it difficult to infuse procurement with purpose.

However, next-generation solutions can help overcome these barriers. Future-facing businesses seek partners to guide the supplier segmentation process, establish scorecards, implement risk mitigation practices and create relationship management strategies that set the foundation for enterprise-wide improvements.

Research from Forrester Consulting and WNS reveals that 42 percent of decision-makers agree that third-party service providers are key enablers in their data and analytics journeys – and a similar sentiment is emerging in supplier management.

Automation, particularly for work done at the transactional level, is providing a backbone for these frameworks, creating efficiencies and helping avoid human error. While all procurement organisations are different, automating intelligently and incrementally and investing in a strong change management process can create new opportunities for innovation.

Such solutions can take many forms, with supplier self-service portals as one example of how next-generation automation tools can deliver efficient exchange and flow of supplier communications. These scalable solutions can help reduce supplier queries by up to 60 percent. This is a result of improved data management and transparency, enhanced collaboration and real-time updates, among other benefits – freeing up new opportunities to align supplier networks and vendors with enterprise sustainability goals.

Creating Sustainable Communities through a Partner-Oriented View

A robust supplier management framework, coupled with the right balance between human and artificial intelligence, enables buyers and suppliers to shift away from adversarial relationships toward partner-oriented ones. This provides a platform from which enterprises can coach, engage and even co-create solutions with suppliers to help meet sustainability goals.

When engaging suppliers on sustainability issues, organisations should adopt a multi-faceted approach. Strong supplier intelligence can help enterprises strategically select which suppliers to engage, certifying those performing well against pre-defined sustainability metrics. Continuous reporting and improved visibility can decrease supplier risks and encourage adherence to contract terms and conditions while ensuring that suppliers failing to execute sustainability goals are engaged, retrained and managed optimally or penalised.

Open-source approaches represent a means to improve supplier relationships and embrace sustainability through the value chain. One global cosmetics brand with rigorous ethical standards, for instance, has committed to providing open-source technological solutions that its suppliers can tap into in the fight for supply chain transparency and digital innovation.

To encourage further action, businesses should communicate the myriad benefits of sustainable action to the bottom line of suppliers and the entire value chain. This could include earning the favour of the 64 percent of US consumers who say they would switch from a brand they usually buy to another brand that is more transparent about its products’ origins and supply chain. Or it could include showing how adopting circular economy strategies could cut global greenhouse gas emissions by 39 percent and unlock trillions in economic value.

Decarbonising through Digital Transformation

Promisingly, investment in the right digital technologies is enabling businesses to accelerate supply chain sustainability. Future-facing cloud-based analytics platforms provide end-to-end solutions that unlock new value. With the PwC global investor survey revealing that 75 percent of investors say companies should address ESG issues even if doing so reduces short-term profitability, now is the time to embrace such solutions.

These next-generation platforms can ingest data from many external sources and run advanced AI and ML algorithms, enabling enterprises to stay on top of expanding external ecosystems. Notably, analytics platforms and data visualisation tools provide procurement decision-makers with optimised insights, improving decision-making.

Emerging technologies are also providing agile and sustainable solutions for procurement, with blockchain key among them. According to WNS and Corinium Intelligence research, 37 percent of digital business leaders say blockchain will be pivotal for their digital transformation. Blockchain’s distributed ledger technology allows users to create secure, real-time communication networks with partners around the globe to support supply chains, delivering new levels of trust between buyers, suppliers and end customers.

Applying this to sustainability, one global car manufacturer has become the first to implement global traceability of the cobalt used in its batteries, boosting the transparency of the raw material supply chain. This means that the manufacturer is assuring its customers of responsible sourcing and compliance with regulations. Such innovations will become increasingly common over the next decade, with the blockchain supply chain market expected to reach USD 9.85 Billion in value by 2025.

Unlocking a Network of Innovation

By re-imagining existing processes, investing in the right technology and adopting a collaborative mindset, businesses can unlock all-new levels of sustainable innovation through supplier management. Doing so can drive an impact across the entire value chain.

Take the radio frequency identification technology as an example. As well as providing procurement teams with inventory visibility to better meet demand and reduce waste, it can be integrated into products to provide end customers with information about material provenance or local recycling options.

What’s clear is that solutions to the once-in-a-generation challenges currently being faced within the business landscape sit beyond the reach of any single company. By harnessing their unique internal position and external reach, procurement decision-makers can utilise their vast community of suppliers to power sustainability across the supply chain.