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Strategic procurement is more than just buying goods and services—it’s about creating value, optimizing resources, and aligning purchasing decisions with organizational goals. In this blog, we’ll explore key best practices and show how leveraging group/cooperative purchasing can help you master the art of strategicsourcing.
Third-party RiskManagement (TPRM) within Services organizations, especially Financial Services (FSI), has become critical over the last few years. Some of this is due to regulation but a lot is simply due to the increase in risk occurrences of varying types and the increasing complexity of third- party relationships.
As teams worked with suppliers through creative solutions, it became obvious that transparency and supplier riskmanagement are essential components to maintain stability during crises like these. Flexibility: Another way to reduce risk is to build flexibility into your supply contracts.
Are ERP systems better than best-in-class supply chain solutions for managing healthcare supply chains? What are the pros and cons, and what supply chain strategy will pave the way to higher margins, improved supply chain riskmanagement in healthcare and improved patient care? Efficient warehouse management.
Data-driven decision-making enables procurement teams to improve performance and align with wider organisational goals including corporate social responsibility and riskmanagement. Prior purchase data is also used for demand forecasting improving resource management and operational efficiency.
The results of the pilot will be helpful as we evaluate security considerations regarding access and as we consider ways to leverage AI with appropriate risk-management safeguards as envisioned by Executive Order 14110, OMB Memorandum M-24-10, the AI in Government Act and the Advancing American AI Act.”
The priority areas are: Asset Management Vulnerability Management Defensible Architecture Cyber Supply Chain RiskManagement (C-SCRM) Incident Detection & Response Each priority area includes further alignment goals to address these variations. The protester would be supplying a product made in Canada.
White House Announces “Better Contracting Initiative” On November 8, the Biden-Harris Administration announced the next phase of the Federal Government’s enterprise approach to purchasing goods and services, known as the “Better Contracting Initiative (BCI).” To register click here.
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