A common question: will auditing the supply chain reveal issues that will prove costly and damaging? Is it best to leave as is until an issue manifests? If the last question sounds familiar then it’s definitely time to re-evaluate your approach.
Procurement should consider, for a moment, how much innovation is created among smaller businesses, regardless of whether they are a supplier to your business or not. Innovation is just as likely to be found in the basement of a PhD graduate’s apartment, or the laboratory of a university, or within a micro start up which is struggling to stay afloat as it is in the labs of a multinational.
While the risks associated with cybersecurity have tended to focus online, CIOs believe that the people within your organisation present just as big a concern and offered their thoughts on how to mitigate it.
Customers will look to take a more holistic approach to procurement with tightly integrated spend management solutions that make the function more strategic. Expectations for greater transparency and control will rise as customers become more sophisticated in the use of analytics for predictive and proactive spend control.
Being good at procurement means having a deep understanding of the context around the category: Understanding recent and potential innovations, how and why the geographies in which things are being made are shifting, what is affecting commodity prices, evolving trade routes and options, and new pools of suppliers that are arising.
Your finance team discovers the need for a supplier portal and early payment program, and since the actual change management falls on the chief procurement officer, you need to adapt processes to maintain and evolve supplier relationships. What next?
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