Many procurement teams now manage contingent and outsourced labour programs. It is imperative that the procurement function understand and assess the inherent risks of this population when considering these telling trends.
An organisation can be competitive if its procurement capabilities are aligned to the digitalised world. Cognitive computing, such as IBM’s Watson, is changing the function. Not only is it changing how you do procurement, it is also changing the skills required of a procurement professional.
Tom Seal, research director at Procurement Leaders, told this year’s World Procurement Congress (WPC) that we define successful risk-aversion by using a “nothing went wrong approach”. Why is this relevant? Because micro-risks – if poorly managed – can easily mount up, costing businesses millions as a result.
The velocity of change has not been felt more than in Tesla, the innovative electric car manufacturer that itself is disrupting the automotive industry. Peter Carlson, former CPO at Tesla, outlined the approach of a company led by revolutionary thinker Elon Musk.
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