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Today’s global supply chains are complex puzzles, with lots of moving parts. Procurement chiefs are facing increasing pressure to manage them more efficiently and more transparently. Doing this successfully requires these procurement chiefs to build a sustainable foundation and is vital in terms of shaping the future of a business.
Building a sustainable supply chain comes with many benefits. Your customers and your business are already emphasising how important it is to them, while there is also the fact that a company can protect its brand and build authentic connections with its customer base. Beyond this it can help an organisation foster global partnerships, exceed industry standards as well as protect production in case a supplier is disrupted.
The advantages of a sustainable supply chain are clear. But what does it take to get there?
Track spend beyond dollars: Today’s technology provides powerful insights and analytics into spend data. View the social and economic impact of your spend beyond category dollars. Collaborate with diverse businesses that create jobs and wealth to sustain local communities.
Develop collaborative relationships with suppliers: Foster collaboration with your diverse and non-diverse suppliers. By helping them understand an organisation’s long-term plans and company vision, they will be better able to improve operational efficiency, suggest process changes, and help achieve goals. Rely on their expertise in their market area and innovate together.
Mitigate supply chain risk: Procurement has traditionally been seen as a function that cuts costs, but it can be equally effective in reducing risk. When done well, supplier risk management drives better outcomes by delivering the best value, improving customer experience, and protecting the business from harm.
Give autonomy to the right talent: Procurement professionals have to navigate changing market landscapes with confidence. New and unique issues arise every day. To approach these challenges successfully, you need teams with skill and vision who can help you redesign your business models, products and processes.
These four components are vital in building a sustainable supply chain and boosting your procurement team’s long-term impact.
Daryl Hammett is the COO and co-owner of ConnXus, a SaaS-based global supplier management platform.
This contributed article has been written by a guest writer at the invitation of Procurement Leaders. Procurement Leaders received no payment directly connected with the publishing of this content.