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Latest Posts
Expanding the Procurement Toolset
From the late 1990s to early 2020, sourcing became the primary tool for procurement professionals, driving savings and consolidating supplier bases. Its success was rooted in predictable pricing, available supply, and reliable delivery. However, the global COVID pandemic disrupted these conditions, making pricing unpredictable, supply scarce, and delivery chaotic. Consequently, procurement professionals experienced a shift in leverage from buyers to sellers and had to diversify their procurement toolkit to adjust to the new market realities.
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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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