The BFSI sector, in many ways, is a pioneer in the adoption of cutting-edge digital technologies. But it’s also a prime target of cyberthreats and attacks that can severely jeopardize the business. The use of multiple, third-party technology solutions adds to the risks.
Equipment failures can lead to production downtimes, which can cost businesses millions of dollars in losses. Having spare parts readily available reduces downtime — but enterprise procurement teams often overstock their spares inventory, which expends capital and increases inventory management demands. There’s got to be a way to balance “too much” and “not enough” — isn’t there?
In the current business environment, enterprises are struggling to mitigate the impacts of VUCA (volatility, uncertainty, complexity and ambiguity) on their supply chain operations. And they are recognizing that a great deal of this effort needs to be focused on suppliers of essential direct materials. But continuously monitoring supplier risk is a serious challenge; it requires significant amounts of data as well as the analytical power to drive intelligence from that data.
Understanding and proactively managing supplier risk is a key step toward minimizing supply chain disruption. But it’s easier said than done. For many procurement organizations, the lack of mature practices and confusion about the right technology solution are the biggest obstacles to adopting and driving truly effective supplier risk management.
This addition to the INSIGHT IT series focuses on how enterprise tech teams can help manage third-party risk by leveraging data-driven intelligence. It includes three crucial technology-related considerations for early identification and management of supplier uncertainties.
This paper highlights seven areas often associated with enterprise fraud. It discusses specific scenarios that lead to risk exposure, and the steps that procurement can take to mitigate those risks.
Managing supplier risks is a key business priority in today’s highly globalized supply chains. But in many enterprises, supplier risk management programs go little beyond collating supplier information in a central repository, making them ineffective.
How do you integrate this supplier intelligence within your sourcing and procurement processes to ensure that it’s available to the right people, at the right time?
The ALM Vanguard™ of Supply Chain Risk Management Consulting Providers assesses firms in terms of their relative breadth (horizontal axis) and depth (vertical axis) of supply chain risk management consulting capabilities.
Learn how GEP helped a leading food manufacturer develop and implement a supply risk assessment model to identify ingredients with high supply risks, and design mitigation strategies. In addition, the model also enabled the client’s supply chain resilience against disruptions such as unforeseen price risks.
One of my learnings after more than 30 years in procurement at P&G is that procurement roles in different industries face similar challenges and opportunities.
