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Executive Focus – Q2 2023
In Q2 2023, executives should focus on three key areas: addressing financial and cyber risks following recent bank collapses and cyberattacks; enhancing supply chain resilience and risk management as highlighted by the COVID-19 pandemic; and incorporating Sustainability and ESG considerations into supply chain management, in response to new SEC guidance.
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AI on AI: Supply Chain Management
Artificial Intelligence (AI) can revolutionize supply chain management through improved demand forecasting, inventory optimization, efficient logistics and route optimization, increased supply chain visibility, improved supplier management, predictive maintenance, and sustainability. However, challenges such as data privacy, ethical implications, and workforce displacement need addressing for responsible AI implementation.
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What is Strategic Sourcing
Strategic sourcing is an organized, collaborative method of identifying and selecting suppliers to support a company’s overall business strategy. This approach aims to optimize supply chains, cut costs, and enhance supplier performance, while meeting quality, delivery, and service objectives. The process involves analyzing current spending, identifying potential suppliers, leveraging market competition, conducting evaluations, negotiating contracts, and engaging suppliers continuously. It’s a crucial tool in procurement and supply chain management to obtain the best value from suppliers.
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