The entire world is watching aghast as our nation continues to struggle with its COVID-19 response, where our broken supply chain cannot supply medical workers with enough masks and face shields to keep them reasonably healthy. The pandemic has exposed inadequacies and vulnerabilities in supply chains that were supposed to provide the much-needed supplies in the healthcare system. But life-threatening shortages are reported daily. COVID-19 testing kits and nasal swabs, lab processing chemicals, hand sanitizer and ventilators are in desperately short supply.
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.
One of the most significant procurement trends we’ve seen so far in 2020 is delivering value beyond savings. So what exactly does this mean in the context of the function’s traditional goals?
Savings, as we all know, have long formed the foundation of procurement’s ROI to the organization. It’s been our primary charter over the years and is quite literally how the function has “paid its bills.”
Risk optimization and mitigation are essential within any Global Business Services (GBS) environment to proactively protect the enterprise from potential threats and enable confident business decisions. COVID-19 has uncovered previously unknown vulnerabilities, which left business leaders and board members scrambling for solutions to plot a course to stabilization.
Global sourcing offers numerous benefits. Unfortunately, due to misinformation, many companies overlook global sourcing as a solution and miss out on potential productivity benefits. In this article and the complimentary infographic, we will explore and debunk some of the most persistent myths about global sourcing.
The Coronavirus (COVID-19) pandemic and 2020 recession are creating new stresses and disruptions in the global supply chain that are now presenting themselves. In today‘s hyperconnected economies, the response to supply chain risk has primarily been “reactive”.
It must be an amazing feeling to get your online order delivered the next day or on the very same day itself. You would not only feel special but would also develop trust and reliability for the respective company. Nevertheless, the scenario used to be quite different. But, in the last few years, high-end innovation in technology has boosted the logistics industry in more than one way, while driving the e-commerce industry with the same spur.
The COVID-19 pandemic poses fundamental questions for governments and businesses about the resilience of international trade.
How to ensure supplies of crucial goods (medical supplies, food) that are dependent on global supply chains?
How to survive the immediate crisis and be best placed, with suppliers and customers, to resume production as soon as conditions allow?
How to protect national industries while retaining the benefits of free and fair international trade?
In this two-part blog series, we’ll take a look at how to better position organizations in order to improve business continuity and resilience. Part 1 looks at the current state of collaboration between procurement and finance, and what these two teams can start doing to improve workflow, efficiency and bottom-line impact.
The Benefits of Hiring Moms
Companies in the UK continue to overlook the significant benefits that come with hiring moms wanting to return to the workplace. In fact, senior decision-makers underestimate the host of skills moms come equipped with, all of which they would not have had the opportunity to develop if they had remained within a role leveraging the same skills every day. These include, but are certainly not limited to, increased productivity, efficiency, empathy and a greater capacity to multitask.