At the start of 2014, independent research showed that less than 50% of large UK businesses were regularly auditing their Tier 1 suppliers on whether they used slave labourers. That figure fell to 36% at Tier 2. Since then, we have seen multi-national buyers advance significantly their efforts to address slavery within their supply chains.
For business and the procurement function the world is a much faster-moving place than it has ever been before. Sit still and you are likely to find yourself left behind by your competitors and suppliers.
As US voters near the midterm elections on 4 November 2014, there appears to be a big disconnect between what the public thinks about the economy, what investors think, and what at least some business leaders think.
It is well understood that procurement’s role in financial services is more important now than ever; for this the function has the heightened regulatory focus to thank. The challenge posed by this increased exposure will of course be demonstrating true value to the organisation, which undoubtedly starts with managing the costs of compliance in the new, more stringent environment.
Eliminating fraud from our food supply chains is imperative but it’s easier said than done. Modern supply chains have become increasingly intricate and larger supply chains inevitably have a greater exposure to risk.
The ability of procurement to squeeze the same year-over-year cost savings out of the same categories and suppliers has diminished, and a more creative and comprehensive approach must be considered to engage financial and tax expertise to continue to drive benefits, according to a recent article.
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