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The recent disruptions to supplychains caused by the coronavirus epidemic in China have given supplymanagers the world over pause for thought. Now more than ever, businesses must improve the efficiency of their supplychains not only to maintain a competitive advantage but also to reduce risk.
Procurement teams equipped with risk management tools can ensure business continuity and minimize potential negative impacts. Improved communication, regular performance assessments, and joint value creation efforts lead to better supplier performance, reduced risks, and potential cost savings through optimized partnerships.
Yet challenges like the COVID-19 pandemic, global supplychain disruptions, and the economic downturn have all limited and slowed down the next phase in procurement transformation. Reduced Sourcing A turbulent market, supplychain disruptions, and rapid inflation have all created challenging times for procurement professionals.
With the increasing complexity of supplychains and the growing importance of sustainability and social responsibility, the role of procurement professionals has become more critical than ever. These competencies are essential for ensuring that organizations can secure the goods and services they need at the best possible value.
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