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In last week’s blog , I began discussing telltale signs that you have entered the new age of strategicsourcing. Leading manufacturers have proven that best-in-class strategicsourcing can create measurable and sustainable shareholder value by contributing to top line growth and bottom line profitability.
Our panelists included: Hend Salem , Manager of StrategicSourcing – Non Clinical at The Ottawa Hospital Carol Izzio , Director of Procurement at Sheridan College Christine McParland , Director of Residence and Ancillary Services at St. Find the summary of their advice in this article or watch the full conversation here.
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.
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.
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. The pandemic saw incredible growth in this area and highlighted opportunities for improvement within procurement processes and procedures.
Data-driven decision-making enables procurement teams to improve performance and align with wider organisational goals including corporate social responsibility and riskmanagement. With this capability, procurement departments can keep abreast of market trends and utilise strategicsourcing opportunities.
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? Demand planning capabilities.
A checklist guide to getting the most out of your supplier riskmanagement program. This reliance can increase supplier risk or uncover a large source of value and supplier innovation for organizations. . Employ more structured processes around supplier riskmanagement. Drive competition and achieve savings.
Now is the time to show the business how Procurement can add value around supplier riskmanagement , new sources of supply, changes to contractual arrangements and much more. Technologies such as strategicsourcing, procure-to-pay or full source-to-pay that are instrumental in managing spend must empower versus limit.
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 supplier riskmanagement for business continuity in times of crisis. Strategicsourcing professionals may end up doing tactical work, as well.
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 supplier riskmanagement for business continuity in times of crisis. Strategicsourcing professionals may end up doing tactical work, as well.
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, category managers should look to investment professionals and take a broad portfolio view of supplier riskmanagement.
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.”
Peter Smith, Managing Director, Procurement Excellence Ltd. The European Banking Authority (EBA) has published new guidelines on outsourcing , a document that has wide-ranging implications for every banking organisation, and requires careful consideration by procurement leaders and functions.
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.
In addition, for certain systems, contractors will be required to develop a System Security Plan, implement and maintain extensive security controls, conduct annual security assessments and cyber threat hunting and vulnerability assessments, and comply with continuous monitoring and supply chain riskmanagement requirements.
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