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Vishal Patel and Peter Hunt delivered their session ‘Creating Value with StrategicSourcing’ to discuss how Procurement professionals are recognizing that the fast-paced digital landscape of today demands new approaches to categorymanagement and strategicsourcing.
Procurementteams are now expected to manage a lot of moving parts — from supplier relations to spend, risk, compliance, contractual obligations, contingency plans and more — and a lack of visibility inhibits their ability to do any of that effectively. Work to achieve 100% supply chain visibility.
There are, in fact different phases of procurement value creation that tie into the Source-to-Pay process: . Identifying Value , is where procurementteams leverage spend data and spend analysis to understand trends in spend and identify opportunities and develop categorymanagement strategies. .
Sajid Kunnummal, Vice President and CPO at Navistar, was interviewed in late 2020 by Philip Ideson from Art of Procurement. When the crisis hit, Procurement as a function was suddenly in the hot seat, and it became the driving force for business continuity. Strategicsourcing professionals may end up doing tactical work, as well.
When the crisis hit, Procurement as a function was suddenly in the hot seat, and it became the driving force for business continuity. In fact, the pandemic spurred enormous growth and expansion for Procurement, while helping uncover hidden weaknesses in procurement processes and procedures. Why is visibility so important?
Some lessons regarding managing supply chain risk may still help in the near term as companies struggle to reconfigure their supply base to an evolving pandemic. First, categorymanagers should look to investment professionals and take a broad portfolio view of supplier risk management.
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