Four Ways to Address Sourcing and Procurement Challenges

To better prepare for future issues, companies can focus on strengthening the agility of their current systems, fast adjusting to change, boosting transparency, and preparing for future disruption.

FREMONT, CA: As supply chains become increasingly globalized, keeping up with sourcing and procurement becomes more difficult. When supply chains optimize costs by expanding globally and becoming specialized, maintaining supplier relationships and controlling risk becomes more challenging. Finding the correct answers to these issues will be a top priority for supply chain teams in the future. Here are four ways to address sourcing and procurement challenges:

Adapting to change

Leading businesses are equipping those closest to the job with the tools they need to make the required changes on their own. IT is no longer a bottleneck for teams trying to quickly adapt to supply chain disruptions when procurement leaders can collect supplier data, track performance, manage workflows, and report on real-time data.

Optimizing agility of existing systems

Instead of customizing difficult-to-manage core systems with more IT resources, leading companies are utilizing no-code platforms to add agility to their ERPs. Layering no-code capabilities on top of ERP systems helps teams to concentrate time on strengthening their procurement strategy, addressing issues more rapidly, and decreasing costs instead of wasting time establishing new workflows, retrieving data from ERPs, or working manually.

Continuous agility

Creating an agility layer to enable your company to respond to change will allow your sourcing and procurement teams to react quickly when change occurs. Also, and maybe more crucially, IT will have trust that the work done by business users is governed and contained.

Increasing transparency

Transparency is a critical problem for supply chain teams and leaders. Teams require access to a large amount of vital information. Missing data can result in late product delivery, overspending on materials, a lack of compliance awareness, and downtime when a disruption occurs.

Rather, successful collaboration with suppliers may provide real-time visibility into inventory, material quality, and costs, making supplier performance easier to comprehend and report on.

See Also: Top Workflow Solution Companies