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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.
Complete Source to Pay cycle and Strategic Sourcing Guide An optimized Source-to-Pay (S2P) process helps businesses enhance procurement efficiency, reduce costs, and improve supplier collaboration. Strategic sourcing plays a critical role in this transformation, ensuring organizations secure the best value while mitigating risk.
Vishal Patel and Peter Hunt delivered their session ‘Creating Value with Strategic Sourcing’ to discuss how Procurement professionals are recognizing that the fast-paced digital landscape of today demands new approaches to categorymanagement and strategic sourcing. The answer is simple – automation.
From this discussion, we compiled a list of 8 critical supplychainmanagement activities that to improve, build, and maintain supplychainresilience now and in the years to come. Digital transformation will lead to the evolution and digitization of key procurement processes, from source-to-pay.
A Fortune 500 CPG company partnered with GEP to improve end-to-end categorymanagement, optimize direct spend categories, and increase strategic focus on tail spend. The result was a year-over-year savings of more than 3%.
They discussed the impact of the Covid-19 pandemic on Procurement and came up with this list of 8 critical supplychainmanagement activities that can help Procurement teams build and maintain supplychainresilience now and in the years to come. They see the value proposition,” Kunnummal said.
In a world that feels like it is constantly teetering on the edge of chaos or permacrisis, procurement professionals must master uncertainty by building resilience and agility. And one way to do that is to rethink where organizations source from.
For example, a single-stack approach can lead to low user adoption, because the incumbent sourcing solution, for example, fails to meet the needs of various business units. . This capability is not available in any ERP, but a best-in-class supplychain solution will provide dozens of models for you to shape your usage for the future.
This challenge is exacerbated by a lack of visibility in government supplychains, which hinders risk management and makes it difficult to build a resilientsupplychain. Organisational Challenges Skills shortages The procurement industry is experiencing significant skills shortages.
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.
Companies Will Scale Their Procurement Knowledge Base and Enablement Programs To Attract and Retain A New Profile of CategoryManagement Talent. The talent shortage in procurement and supplychain is nothing new: it’s been going on for several years now. And how can they attract and retain top employees?
Deep knowledge of procurement, sourcing, vendor management, and categorymanagement in different categories. Vera has delivered programs on “SupplyChainResilience,” “Risk Management,” “Procurement Digitalization”, “Procurement Transformation”, “Category Strategies”, “SRM,” and other topics.
That could be operating model design, it could be sourcing activities, it could be supplychain support….the Many organisations have historically focused on classic screening risk management (traffic light systems across financial metrics, sanctions, etc.) the whole array of procurement subjects.
Targeted Learning: SCMDOJO offers a range of courses and learning paths focusing on specific procurement areas, such as e-auctions, contract negotiation, cost optimization, and supplychainresilience. This allows you to tailor your learning to your particular needs.
At its core, procurement is the process of finding, agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. 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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