Authored by: Usama Shahid
Many
top companies has transformed their procurement operations in profound ways to
become a real strength of their company.
On
the other hand many procurement departments are still struggling to adapt with strategic
innovation strategies and to become strong pillar for their companies, Mainly
because they remain trapped in the circle of old traditional procurement.
Working
with leading organizations as procurement consultants, we have experienced that leading organizations are always ready to adapt with new strategies according to their industry challenge and
achieve the future milestone that will make them leader in respective industry.
This challenge adoption approach has makes these companies the best.
Leading
organizations must drive innovation to their department operations, foresee the
risk with strategic vendors involves not only in tangible materials or
equipment, but also in difficult services and important assets like data and
company strategies.
In
this era, approaches and abilities that will established the procurement
success are not required in past, The new
procurement world lies with new risks, threats and opportunities.
CPO are
start to understand higher order risk management tools and techniques and they
should select a small team of quantitatively trained sourcing professionals to spearhead
the development of the next generation of supply and supplier risk management approaches.
Ten years
from now procurement management teams will be able to calculate the following quantitative
risk metrics with fluency:
- Total cost of risk at the supply chain, category and supplier level
- Total risk mitigation investment across the supply chain
- The right price of risk transfer to suppliers, customers and third parties such as insurance companies
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