After the last few tumultuous years, procurement teams are still facing steep challenges in getting ahead of supplier and supply chain risks. Some organizations have opted to invest in new, more robust supplier and third-party risk management (TPRM) systems, while others are optimizing their existing systems. I’ve seen a wide range of approaches to building out these practices, from just getting started, to good, better and cutting-edge methods of leveraging people, processes and technology.
Unfortunately, there are no signs that the heightened frequency of disruptions we’ve seen over the last few years will abate in 2024. And since the new year is the perfect time for making changes, I challenge you to take on a procurement New Year’s resolution: to identify where you are in your current supplier risk journey and commit to achieving the next level on that maturity curve before January 1, 2025.
Whether you’re just starting out or you’re working on optimizing current processes, here are some tips towards making this resolution a reality.
Become the go-to source for risk
Procurement organizations are increasingly establishing themselves as the central source of…
