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Ivalua Blog [ivory-search] Weathering Future Disruptions: 8 Steps to Building SupplyChainResilience February 8, 2023 | | Manufacturing by Doug Keeley In the face of an unprecedented global crisis, Procurement stepped up to become a crucial driving force for business continuity. Create speed and transparency.
Nearshoring and ally-shoring arent just buzzwords anymore; theyve shot to the top of the agenda for anyone trying to keep supplychainsresilient and businesses competitive. And one way to do that is to rethink where organizations source from.
Additionally, a purpose-built solution will enable you to measure and monitor buyer adherence to compliance purchasing, ensuring your team is taking advantage of preferred items and reaping the rewards of the contracts you have in place. Demand planning capabilities. Best-in-Class Beats Single-Stack.
Furthermore, sustainability goals must be balanced with the need for cost-savings, supplychainresilience and meeting industrial strategy objectives. This means that other crucial aspects of procurement, like categorymanagement, stakeholder engagement, and innovative problem-solving, are often neglected.
This resilience can be defined as “ the ability of a central procurement and supplymanagement function to prepare for unexpected events, respond to disruptions, recover, and emerge even stronger. ” Manufacturers cannot foresee every risk, inconvenience, or disaster, but they can equip themselves to handle the unexpected and come out on top.
They can also create adversarial relationships between buyers and suppliers, as they often involve tough negotiations and a focus on short-term gains rather than long-term collaboration. Organizations are now expected to not only manage cost but also to ensure supplychainresilience, mitigate risks, and contribute to strategic objectives.
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