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Your procurement strategy should outline short-term and long-term goals, identify potential risks, and focus on building strong supplier relationships. For instance, instead of conducting lengthy RFP processes, your team can access ready-made contracts with industry leading suppliers.
Having a solid understanding of public procurement principles enables procurement professionals and suppliers to confidently navigate public sector procurement. A transparent approach lowers procurement risk, prevents corruption, and fosters confidence between suppliers and public sector organisations.
What’s more, PwC found that the average investment in riskmanagement among MENA companies was $1.5 Enter eProcurement. These solutions also improve collaboration among organizations and suppliers, and enable procurement teams to leverage data analytics to optimize contract negotiations, payments, buying patterns and more.
The first step is to know which suppliers the city or county does business with. The next level of riskmanagement might include identifying and tracking subcontractors and second tier suppliers as well as general contractors/first tier suppliers.
Why did these outsiders want to know about our key strategic suppliers? . There is also a discussion of what the guidance calls “concentration risk” – the danger of having too many critical functions delivered by one supplier, meaning that if it fails, there would be serious problems for the customer organisation. .
We are proud to have helped the majority of Nordic global companies to increase collaboration, improve riskmanagement and act more sustainable. Stretch help our clients to increase the contribution from procurement. Our approach is to provide both world class solution consulting and business advisory services.
Today, they are tackling new priorities like riskmanagement, supplier compliance, actionable insights. When it comes to compliance, smart procurement can help CPOs keep on top of regulations and work with suppliers to make sure they’re also toeing the line. But for this to happen, CPOs need full visibility of suppliers.
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