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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.
According to a McKinsey report, firms that develop strong supplier partnerships are 35% less likely to experience significant supply disruptions. Improving Cost and Quality Every decision in strategic sourcing impacts the total cost of ownership, the quality of goods or services, and supplychainresilience.
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. But building an agile, resilientsupplychain doesn’t happen overnight; it requires forethought and planning.
A review of the key elements in suppliermanagement for manufacturers and how Source-to-Pay procurement technology can support the journey towards supplychainresilience and agility in times of crisis. There are many supplychainmanagement lessons to learn from the Covid-19 crisis.
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. Create speed and transparency.
E-procurement implementation creates a direct connection between the supplier and buyer, helping to optimize business-to-business (B2B) and business-to-consumer (B2C) processes like emails, data entry, invoice management, purchase orders, and bids. Subscribe to news from Arkestro. Subscribe to news from Arkestro.
20152020: Procurement Gains Strategic Recognition Emergence of Strategic Sourcing : CFOs began to recognize procurement’s role in driving long-term value through strategic sourcing, supplierrelationships, and riskmanagement. Analytics and insights from procurement data were minimal.
Structured methodologies, risk assessment tools, and agile frameworks allow companies to improve coordination, enhance decision-making, and ensure they remain adaptable to disruptions. A well-managedsupplychain does not just survive crises it thrives in them.
Are ERP systems better than best-in-class supplychain solutions for managing healthcare supplychains? What are the pros and cons, and what supplychain strategy will pave the way to higher margins, improved supplychainriskmanagement in healthcare and improved patient care?
Supplychains are vital to businesses, facilitating the movement of goods, services, financial flows, and information. However, they are also susceptible to disruptions and risks. Enhancing supplychainresilience as well as supplychain visibility is crucial in today’s interconnected world.
Definitely areas like supplychainresilience, which is a big topic at the moment; we have undertaken a lot of supplychain mapping and created a lot of real-time data and if factors were to happen, what an organisation and procurement should do to counteract them.
Key competencies: Direct & indirect materials Function Strategy & transformation Digitalization ESG RiskmanagementSupplierRelationshipmanagement She is an invited lecturer and Award-Winning Speaker, nominated for ‘Best Procurement CPOs – Russia’ list.
Tariff Mitigation and RiskManagement: Hansens insights on supplychainrisk (e.g., Nokia-Ericsson case) and his focus on supplierrelationships can help navigate tariff challenges. Benefit: Improved sourcing could yield 510% cost savings on annual spend. 5M in savings.
My role has seen a shift as a result of all of the emerging risks we’ve encountered, many for the first time, I’ve seen much more focus from our executive team and the regulator on supplychainresilience, so I’ve been strengthening our capability in this area too. Where do our passions lie in the day-to-day of the role?
Technology: CPOs should look for an integrated platform to manage all the spending and processes, such as third-party risk, sourcing, supplychain, invoicing, contracting, and payments. As per Zycus’ Pulse of Procurement Survey, riskmanagement was the top procurement priority for CPOs in 2022.
Here are the top 3 concerns likely to dominate the agenda for CPOs in 2025: SupplyChainResilience and RiskManagement Sustainability and ESG Compliance SupplyChain Visibility Conclusion: CPOs in 2025 will need to navigate a complex, fast-changing landscape shaped by technology, sustainability, and global uncertainty.
Critically, for the water industry, are serious concerns regarding the sector’s supplychainresilience and whether the supplychain is capable of supporting water companies to deliver on the mandates outlined in AMP8. Water companies need to build greater capability to understand risk.
These experts don’t just handle the purchasing, but they also bring in their knowledge, skills, and technology to streamline the process, managerisks, and ultimately, unlock greater value for the business. The Need for Outsourcing Procurement Services Managing procurement in-house can pose a host of challenges for businesses.
SupplierRelationshipManagement Your suppliers are partners in delivering value. Focus on building collaborative relationships based on trust and transparency. Ethical and Sustainable Procurement Source from suppliers who follow ethical labor practices and treat workers fairly.
Likely will have supplier onboarding module with some basic due diligence features or document repository. Mid-Range SRM Software You can also get pretty feature-rich, full-stack supplierrelationshipmanagement (SRM) platform within this price range. Contracts module will in most cases be more than just a repository.
Risk Mitigation SCM minimizes supplychainrisks through careful planning and collaboration. Proactive riskmanagement prevents major losses. Source Sourcing involves identifying suppliers and negotiating pricing, lead times, quality, and other terms.
It is a strategic process that involves identifying business needs, sourcing suppliers, negotiating contracts, managingsupplierrelationships, and ensuring the timely delivery of high-quality products or services. It now plays a crucial role in cost savings, riskmanagement, and value creation for organizations.
Supplier Collaboration: Fostering closer collaboration and communication with suppliers through digital platforms and portals. This facilitates better supplierrelationshipmanagement, enhances transparency, and enables effective supplier performance monitoring.
Many nations are now facing the prospect of new lockdowns which will undoubtedly further impact global supplychains. . SupplyChainRiskManagement on the World Stage – Lessons Learned. SupplyChainResilience vs Low-Cost SupplyChain.
To combat these issues, health and pharma need supplychain visibility—all the way down the supplychain. According to McKinsey , companies can minimize supplychain disruption through “greater visibility, rigorous riskmanagement, and newer technologies that help companies better anticipate and respond to shocks.”.
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