Risk is an essential part of business as we know it is a reality that
has to be faced by every organizations without risk no business can exist in
the market, for growth , opportunities, and to compete in the market companies
need to take chances.
Risk management is a hot topic now a days, most of the companies are
now a days spending a lot for assigning resources to risk management, and few
of them are identifying risks and complexities in Supply & Demand , Finance
& Accounting.
Procurement organizations has skipped the element risk from their
performances and the economics crises has realized them how it effects to it
dramatically,
The most dangerous and common procurement risk areas are supplier
reliability and price volatility in the market. Buyers must realize that
depending upon on price and relationship with vendors can harm them fast and
rapidly reacting to the market can be helpful for them.
Grand performers in the procurement risk always do the predictive
analysis and also monitor raw material prices, forecast it and uses the
reliable and fast technology to use it, these organizations are far better than
the most of the companies facing hurdles in cost and savings.these predictive
techniques can save up-to 25% on the cost of supplies.