The supply chain is an often overlooked, yet critical, component of businesses everywhere. For a long time, the focus around supply chains has always been on efficiency and cost reduction. But when COVID-19 hit, weaknesses within the supply chain became readily apparent as traditional management approaches and technologies left businesses underequipped to tackle the huge surges in demand. This problem quickly became widespread. Whether it was a shortage of toilet paper on the consumer side or dropping supplies of microchips in the B2B world, no one was left unaffected.
With the impacts of COVID-19 still being felt around the world, it’s hard to look ahead at what might be coming next. But you should.
The COVID-19 pandemic brought a truly unprecedented level of disruption to global supply chains, bringing entire industries to a complete halt. It was unlike any supply chain crisis we’ve seen in modern times, but it was far from an isolated incident.
The worldwide crisis made us hyper-aware that trust-worthy relationships are vital. Effective third-party risk management is the best way to gain assurance that responses and decisions are risk-informed. Managing third-party relationships, calibrated for criticality and risks, has never been more critical. This is the most reliable path to strengthen business resilience, protect stakeholders and the bottom line.
The COVID-19 pandemic created a crisis of epic proportions and left leaders in every industry scrambling to react. Procurement leaders across the globe saw the weakness in their supply chains and needed to reinvent their ability to manage the data in order to make critical decisions. In fact, according to a recent survey by the Institute for Supply Management, upwards of 75% of companies saw supply chain disruptions in the wake of COVID-19.
Enterprise risk has never been a higher priority for businesses, executives and procurement practitioners than right now in light of the COVID-19 crisis. The coronavirus disruption has only accelerated many enterprise risks — from cyberthreats, employee health and safety, and most certainly, to supply risks affecting suppliers in complex value chains.
Digital transformation is the phrase on everyone’s lips – for good reason. It enables organizations to better manage operations, enhance profit margins, and ensure the efficient transfer of goods and information between supply chain nodes. As a procurement professional, you’re on the front line of this process. This is also why you need to be the first line of defense.
This article considers nine disruptive strategies of best-in-class procurement operations. These strategies are influenced by how the procurement function has evolved and how it continues to shape best-in-class procurement.
Supply chains that take advantage of diverse suppliers are often cited as being more agile, resilient, innovative, and sustainable. They are credited for promoting consumer trust and driving competition.
In the midst of a pandemic, business models are wide open for transformation.
From my perspective, COIVD-19 is just a precursor to the larger threat looming from unmitigated climate change. In conjunction with racial inequality, old-hat “business as usual” models are potentially heading off a cliff.
The UN Sustainable Development Goals (SDGs) are what many consider the gold standard for social impact goals. They provide a shared blueprint for peace and prosperity for people and planet, along with an urgent call to action. How do we help achieve these goals?
So far in this series on diversity and inclusion, we have explored a historical perspective on supplier diversity in the enterprise, tips to improve it, and how the supplier community can leverage their diversity status. Now we will discuss how procurement leaders can incorporate diversity and inclusion into their team management strategies.
The COVID-19 crisis has demonstrated the importance of building sustainable and resilient global supply chains, and world leaders are taking action.
With a pandemic, a recession and protests over racial injustice, the need for more equity and equality is ever-present. Diversity and inclusion (D&I) initiatives have generated increased momentum among contingent workforce program leads.
IT products are essential in most organizations, but they come with a complex supply chain that includes both social and environmental risks. If done right, purchasers can directly impact the environment and human health by procuring more sustainable IT products, and become the driving force for socially responsible manufacturing, safer alternatives to hazardous substances and circular procurement.
For businesses across the globe, sustainability used to be a “nice to have,” but now the view has shifted. It’s a “must have — or else.”
To continue the previous conversation on diversity and inclusion (see my other articles on the enterprise approach to supplier diversity and how to shape the future of supplier diversity), I’d like to look at the other side of the coin: What can suppliers do to help enterprise clients improve their diverse supplier inclusion, selection an