article thumbnail

How Risk Management Software is Transforming 3 Industries!

Supply Chain Game Changer

Subscribe to Supply Chain Game Changer. Supply Chain Risk Management is a Cirque Du Soleil Calibre Act! In today’s world, supply chains are more important than ever. In fact, 89% of businesses encountered a supplier risk event in the last five years. Subscribe Here! Email Address.

article thumbnail

Procurement and Sustainability: A Harmonious Partnership for a Greener Future

Procurement Templates

Life cycle assessments (LCAs) evaluate the environmental effects of a product from raw material extraction to disposal. Here are some evaluation criteria to consider: Environmental Impact : Carbon Footprint : Evaluate suppliers’ efforts to reduce greenhouse gas emissions in their operations, transportation, and supply chain.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Predictive Procurement: Overcoming Challenges in Health and Pharma

Arkestro

And many consumers and advocacy groups are sensitive to the environmental impact of products or raw materials that may be harvested using forced labor. Under the Drug Supply Chain Security Act , any company selling pharmaceuticals in the U.S. Managing Supplier Relationships. Avoid supply chain delays.

article thumbnail

5 Big Ideas for CPOs in Europe to Develop Procurement Strategies for 2023

Zycus Cognitive Procurement

Shortages in raw materials, energy, shipping, and labor required that CPOs performed at the top of their game to ensure business continuity. Technology: CPOs should look for an integrated platform to manage all the spending and processes, such as third-party risk, sourcing, supply chain, invoicing, contracting, and payments.

article thumbnail

Supply Chain Risks: Different Types and How To Mitigate Them

Planergy

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Always have another supplier for any mission-critical raw materials in case there are issues of any kind with your primary suppliers. While that doesn’t sound like much, nearly $14 billion in cargo couldn’t dock.

Risk 52
article thumbnail

Digital Procurement Tools: How much do they cost?

Procurement Software

For example, there are software platforms out there targeting marketing, transportation, SaaS, raw materials and professional services procurement. Along with niche category specific procurement tools, there are also project management and internal collaboration applications in this space.

article thumbnail

Risk Management in Procurement: Strategies and Tools for Success

Empowering CPO

Importance of Risk Management 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 risk management best practices into your organization’s procurement process.