In 2020 and 2021, the COVID-19 crisis exacerbated long-standing supply challenges, especially a shortage of components to develop much-needed drugs and medications. Thankfully, organizations are taking a hard look at their procurement processes.
The past year has taught companies some valuable lessons about how to stay resilient. But agility is perhaps the most important factor in deciding how an organization can adapt to a rapidly changing business environment.
According to Financial Management, 95% of business leaders said their companies experienced disruption to strategic sourcing and supplier management processes during the pandemic.
In procurement, many organizations have focused on developing supplier diversity as a social responsibility and a business imperative. But procurement organizations must also look internally, incorporating diversity into their own teams...
Reducing waste and pollution in the supply chain has been a hot topic for years, but the need is becoming more urgent. Climate change and waste in our oceans have dire implications for the global economy as well as the health and wellbeing of those living on our planet...
Today's procurement processes operate on multiple platforms and technologies, across borders and oceans, and within multiple integrations between enterprises. Inevitably, sensitive data such as bank account numbers, credit card numbers, invoices, bid information, names, addresses...
The ethical and business cases for supplier diversity are already well-established. Developing a diverse supplier base can help organizations promote innovation through the introduction of new products and services, add resiliency and flexibility to the supply chain, and drive competition...
Now that Procurement leaders are taking part in strategic discussions, they have more opportunities to prove the value of the function. It also represents a significant shift in how organizations are structured around Procurement and which stakeholders the function reports to.
Here, we'll explore the current state of RPA in the Procurement function and what lies just over the horizon for this capability.
The quality of Procurement's supplier selection and the function's ability to manage its myriad suppliers are increasingly connected to technology solutions, and cloud-based solutions are dominating this space.