The truth is, procurement never really did have an easy go of it. It’s a tough gig. Those who procure build a tough skin, impenetrable by the daggers, launched from all directions. Production, sales, quality control, management, the list of stakeholders procurement needs to appease is a long one. The challenges faced in ensuring you buy, and they deliver, the right item, at the right time, in the right quantity, and of course, at the best possible price, have always been great.
And yet, they’ve just gotten greater.
Adebayo Adeleke, a leader in the supply chain risk management and geopolitics arena, warns, “While the landscape of risk has never remained static, 2020 brought an onslaught of new threats, most notably at the intersection of geopolitics and cybersecurity. For those looking to remain viable, fortifying your defences by increasing visibility, unearthing threats, and responding with robust mitigation efforts and action plans is no longer an option.”
From “JIT” to “JIC”
For many, risk management is a task done intuitively—habits formed after we’ve been burned. We’ve learned to worry when the radio announces snowfall or the news speaks of a rail…
