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Supplier diversity is not a new concept. The real challenge is that supplier diversity has generally been viewed as competing with other objectives, such as cost reduction or lowering risk. With diverse suppliers generally being local, that meant supplier diversity competed against the core supplier strategy.
As teams worked with suppliers through creative solutions, it became obvious that transparency and supplierriskmanagement are essential components to maintain stability during crises like these. Additionally, procurement technology can help organizations improve compliance with regulations and reduce risk.
Procurement teams had to work closely with suppliers to find creative ways to solve problems, and they instantly realized the benefits of transparency in their supply chains and supplierriskmanagement for business continuity in times of crisis. Be proactive to mitigate supply chain risk by understanding your suppliers.
Procurement teams had to work closely with suppliers to find creative ways to solve problems, and they instantly realized the benefits of transparency in their supply chains and supplierriskmanagement for business continuity in times of crisis. Be proactive to mitigate supply chain risk by understanding your suppliers.
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