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The pandemic wreaked havoc on businesses and their supplychains, but even in these trying times, there’s a silver lining. The job of sourcing professionals is to understand the risk in the supplychain and manage it so they can react quickly when a problem occurs.” Start by Putting the Right Technology in Place.
This year, our discussions covered Invoice Automation, Scope 3 Emissions, Contract Management, SupplyChain Collaboration, Indirect/Services Procurement, and Supplier Management–Customer of Choice. The key to a successful idea lies in the momentum that fuels it; these ideas require the perfect balance of patience and proactivity.
During the pandemic, Procurement flexed its muscle, helping to mitigate supplychain disruptions and enable new channels for engaging with customers and fulfilling orders. To accommodate changing shopping behaviors and deliver experiences that delight customers, retailers will need to find the right balance.
Overall, the first day provided great insights into the potential of procurement, balanced with a reality of how much work most still have to do and many insights into how to best accelerate the journeys, to create a true masterpiece and real competitive advantage.
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