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For procurement and supply chain professionals, the biggest takeaway from 2020 is that no matter how hard you try, you cannot predict the future. COVID-19 disrupted supply chains on an unprecedented scale, and businesses became much more reliant on procurementteams to help mitigate the impact. .
As organizations look beyond the panic and shocks created by Covid-19, procurement leaders must show that they can contribute to restoring growth and supporting a broader list of objectives. The reality is that too few procurementteams have experience here. Digitization is key to procurement transformation.
Recently I attended a conference for StrategicSourcing in the medical device manufacturing sector. About 60 Procurement Managers, Directors, and Executives attended from top medical device manufacturing companies. The latter is of particular importance since second sourcing can often be very expensive in this sector.
It enables the agility critical in a crisis, freeing capacity by automating tactical activities, improving access to insights to make faster, better decisions and scaling collaboration across more suppliers and internal stakeholders. Digitization is quite simply a must. For proactively monitored contracts for risk, 94% vs. 16%.
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