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A common thread among the conversations we’ve had recently with senior procurement practitioners tells of the extent to which attitudes towards risk have changed over the past decade. It was around 2020 when I saw organizations really start to focus on risk, both the broader risk in their environment and the risks in their supply chain.”
From inventory management to customer shipping, leave nothing to chance when it comes to supply chain risks. With that in mind, let’s take a look at how supplier riskmanagement can benefit your business and prevent the disruption of services. Understanding Supplier RiskManagement. Consider this.
What are liquid networks? February 2025 – A Liquid Network is a dynamic, decentralized, and adaptable system where ideas, information, and resources flow freely between interconnected participants, fostering innovation and collaboration. What impact do liquid networks have on procurement and ProcureTech?
This introduction to supplier riskmanagement outlines the importance of effectively identifying and managingrisks that may arise from suppliers. Supplier riskmanagement is crucial for businesses, as it helps them mitigate potential challenges that can disrupt operations.
RiskManagement Actionable Steps: Identify Risks: Develop a checklist of potential procurement risks, such as supply chain disruptions or quality issues. Monitor Continuously: Use procurement dashboards to track risk indicators. Resources: Riskmanagement certifications (e.g., PMI-RMP, ISO 31000).
In addition, a slew of ESG-focused regulations came (and will continue to come) into force, requiring companies to understand their supply networks deeply. It brings granular and deep visibility into supply networks and constantly monitors and assesses risks associated with the many partners in a company’s supply chain.
In this Spend Matters Vendor Analysis, we provide an overview of Supply Risk Solutions and its solution for supplier (chain) riskmanagement. Supplier riskmanagement is crucial for a variety of reasons. It tracks geopolitical risk, natural disaster risk and financial risk.
Supply chain and procurement teams are tasked with sifting through the noise to find out what is relevant to their supplier base to ensure their supply network stays in equilibrium. .
“The integration of EcoVadis Sustainability Ratings with Ivalua Risk Center brings our mutual customers a powerful combination of insights to optimize procurement decisions, improve supply chain performance and create value.” The post Ivalua Launches Enhanced Third-Party RiskManagement Capabilities appeared first on Ivalua.
In the meantime, here are a few insights from my 40-plus years in high-tech and procurement regarding one of the previously mentioned four points: Collaborative Supplier Networks: How do you achieve the flexibility and adaptability to respond to “unpredictable markets?” What are collaborative supplier networks?
Maja Tepeh , Senior Brand Manager at supply chain riskmanagement solution Prewave , shares what their customers are looking for from their digital procurement investment. However, the cost avoidance from mitigating ESG-related supply chain risks, such as regulatory fines or disruptions, is equally important.
Everyone is well aware of the cause of this attention amplification: scarcely any business escaped the repercussions of pandemic, but as our research analyst Abigail Ommen puts it: “Prior to the Covid 19 pandemic, only a small subset of people was acutely aware of riskmanagement.
Categories: Category Management , Procurement Systems & Architecture , Supply Chain , Supply Chain Management , Supply RiskManagement Tags: PRO This Spend Matters PRO Vendor Analysis gives an overview of Interos, a supply chain riskmanagement (SCRM) solution built to map and model a live global view of a company’s business ecosystem.
The company achieves this by using an advanced Al paired with real-world, in-the-moment perspectives from a proprietary network of partners that deliver insights down to the bill of material level. The last few years have put the word “supply chain” in the headlines as so-called supply chain disruptions and shortages have impacted everybody.
Procurements most valuable players Jesus Campos , CEO CorporateLATAM, once wrote on Spend Matters that procurement functions must address two key areas to navigate the uncertainty of global markets: riskmanagement and organizational structure the latter being relevant to our discussion on procurement transformation. The RiskManager.
With raw materials, equipment and maintenance making up the bulk of their expenditures, procurement professionals in manufacturing are turning to AI to gain deeper insights and stronger control over their supplier networks. Supply network modeling, now integrating large language models (LLMs), allows for precise tracking and material tracing.
PWC has been publishing the annual procurement survey since 2015, capturing many of the trends in procurement that we now see in organisations, such as the focus on supplier riskmanagement. There seems to be a drive within procurement teams to understand their suppliers and the network of suppliers under their tier one suppliers.
But in today’s complex global supply networks, how do you find the hidden vulnerabilities – and what can you do to prevent disruption and lessen any impacts? In this book, you learn the basics of supply chain riskmanagement (SCRM), and how companies are using SCRM systems to create more resilient supply networks.
Businesses must find effective ways to strengthen their networks and improve flexibility to maintain stability during uncertain times. One of the most effective strategies for building resilience is integrating project management into supply chain operations.
With more than 7,000 buyers and over 825,000 suppliers on its network, the company offers a comprehensive platform that blends SaaS technology with managed payment execution, supplier onboarding services and deep ERP integrations. These include Comdata, Cambridge Global Payments, NvoicePay and AFEX.
Defining Global Supply Chain Global supply chain refers to the network of companies and resources involved in the production, distribution, and delivery of goods and services around the world. Organizations may also refer to them as global production networks or global value chains.
Categories: Sponsored Article , Supplier Management , supplier networks , Supply Chain Management Tags: Sponsored Article In the modern world of business, outsourcing has become increasingly popular due to its multitude of benefits; from cost-saving to accessing specialized skill sets and resources. Read more. ).
Increased focus on riskmanagement Procurement professionals are also responsible for managingrisk in the supply chain. With global events such as natural disasters, political instability, and trade tensions, the importance of riskmanagement in procurement is becoming increasingly clear.
Automation and the gig economy will lead to a core team overseeing a network of specialized contractors and automated systems, enhancing agility and responsiveness. Real-time data will inform sourcing decisions, riskmanagement, and supplier relationships, leading to more informed and agile procurement functions.
-China trade war made supply chain leaders aware of the weaknesses of their globalized supply chains and question the logic of heavily outsourced, concentrated and interdependent networks. As a result, a new focus on network resilience and the idea of more regional manufacturing emerged.”. This strategy is not without its risks though.
The pandemic has taught us supply chain professionals a precious lesson in supply chain riskmanagement. The increased complexity of supply chains and global nature has expanded the scope of supply chain riskmanagement. The expanded scope of risks. Pitfalls of Legacy Supplier RiskManagement Tools.
Table of Contents What is supplier riskmanagement? What are the benefits of supplier riskmanagement? What is supplier riskmanagement? It should be considered an essential part of an organization’s wider riskmanagement strategy. What are the benefits of supplier riskmanagement?
Importance of RiskManagement in Procurement Procurement plays a critical role in the success of any organization, as it involves acquiring goods and services necessary for business operations. Finally, we will provide practical tips for incorporating riskmanagement best practices into your organization’s procurement process.
Fortunately, predictive supply chain riskmanagement solutions offer the next best thing: clear visibility and predictive insights to help procurement leaders avoid disruption, navigate regulatory compliance and save their company millions. Read more. )
Existing network assets are aging, and more intelligent asset management strategies must emerge to maintain and replace the grid within tightening budgets. Asset investment planning must find a balance between these systems while minimizing risk and carbon footprint.
Procurement plays a key organizational role by ensuring compliance with Third Party RiskManagement (TPRM) requirements, optimizing spend value, and leveraging a network of innovative suppliers.
One key advantage of using graph databases in inventory management is their ability to enhance the resilience of supply chains. Through advanced network analysis , businesses can proactively identify potential disruptions, such as supplier delays or transportation issues, and quickly devise contingency plans.
Navigating the Nexus: Supply chain risk and Scope 3 carbon emissions assessments Traditionally, the aim of managing supply chain risk was to increase the efficiency and cost-effectiveness of logistics networks. This makes it easier for enterprises to integrate Scope 3 data into their supply chain riskmanagement solution.
Prior to joining Arkestro, Matt led pre-sales solutions consulting, customer success and value engineering practices at numerous early-stage, SaaS software companies in the supply chain and procurement space, such as Supplyframe, ONE Network, Everstream Analytics, LevaData, and Resilinc.
Although Sphera (the company, not the SCRM module) is a few years younger than riskmethods, it acquired riskmethods in 2022 to complete its ESG-focused offering with riskmanagement capabilities. Sphera SCRM is the new name of riskmethods, an SCRM specialist that was founded in 2013 and has been extensively covered by Spend Matters.
The interconnected nature of business networks, their systems and their data leaves suppliers and the primary organization open to threats and attacks that broadly fall under the category of supply chain cyber risk. Find our in-depth guide to third-party and supply chain riskmanagement with accompanying free download here.
Commodity Trading is also a vital aspect of the Global Economy; Providing price discovery, riskmanagement, and efficient resource allocation. RiskManagement Through Commodity Trading, producers and consumers can be exposed to the price volatility of commodities.
This content does not express the views or opinions of Spend Matters In our previous installment on Spend Matters, we discussed the rapid evolution of Supply Chain RiskManagement happening within procurement organizations. And so it should.
Quite a few of our customers are located in the Detroit area where we recently hosted a networking event featuring Nexteer Automotive. lack of integration among the ERP, PLM, contract systems, spend analytics, BI, riskmanagement, and other platforms. lack of industry benchmarks to assess data management practices.
Compliance and riskmanagement is a growing and interesting use case of GenAI for procurement, finance and, of course, legal operations. Its uptake is only going to grow as organizations begin to rely on its power to tackle big business issues, such as third-party riskmanagement (TPRM).
This structure adds a legal buffer while allowing for operational flexibilitymaking it a smart foundation for riskmanagement. Dont Put All Your Products in One Basket: Diversification & Supplier RiskManagement If your entire supply chain depends on a single supplier, youre one hiccup away from disaster.
Flexibility in sourcing, warehousing, and distribution networks is essential for resilience against tariff uncertainties. real-time monitoring of supply chain data and proactive riskmanagement measures enable organizations to optimize their operations and maintain a competitive edge in the face of uncertainties.
Ron Greene, EVP, Risk and Intelligence at Overhaul. Ronald Greene brings over 25 years of experience in the security and riskmanagement industry, with a specialized focus on cargo theft mitigation. Throughout his career, Ronald has been dedicated to developing effective riskmanagement strategies.
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