Major disruptions from COVID-19 continue across the globe and are forecast to continue into 2021 and any supply risks that are not managed will create vulnerability of supply. It’s important to assess those risks, shore up any weakness and create robust supplier relationships.
There is a sound business case with significant advantages to be had for businesses that invest in Supplier Relationship Management (SRM).
By focussing on a few critical success factors and making use of the technology solutions that are now available, the full gains of closer collaboration and engagement with suppliers can be realised.
The shift in consumer attitudes has forever changed the way that organisations need to procure their goods, services or raw materials. As well as the obvious benefits of reduced supply chain risk and support to the local economy, the business case for socially responsible procurement extends to brand value. Modern technology enables organisations to manage, monitor and measure the success of socially responsible procurement practices.