Disruptions are Inevitable – Do You Have a 360° View of Your Suppliers?
- Supplier Management
Think about how much has changed in the last six months – supply chains halted, delayed orders, even entire business shutting down. Unfortunately, when it comes to macroeconomic disruptions like this, it’s not a matter of if but when. Disruptions are going to strike again – don’t get blindsided.
It’s arguably never been more important to have a 360° view of your suppliers than it is right now. Exemplified by the current global pandemic, supply chains are being disrupted in a historic fashion. Some of these issues could’ve been avoided, or at least minimized with a stronger supplier strategy. No one could have seen this amount of disruption coming. But now, after seeing what’s happened, it is crucial to build a strong supplier foundation today and get a true 360 ° view of your suppliers.
However, getting a firm grip on your supply base and building a proper strategy can pose quite a challenge. That’s why we’ve assembled an all-star panel consisting of JAGGAER’s very own CEO Jim Bureau, Spend Matters’ VP European Research and Lead Analyst Magnus Bergfors plus special guests Heiko Shwarz, Founder and Managing Director at Riskmethods and Emily Rakwoski, CMO at EcoVadis to give their insight on this hot topic.
If that cast isn’t enough incentive for you here’s just four of the things you’ll hear about:
The Biggest Supply Chain Risks
Covid-19 exposed one glaring hole in many organizations’ supplier ecosystems. The supplier portfolio, in both extremes – too broad and too narrow. Those with too narrow or shallow a portfolio rely too much on one region or supplier for goods. When that region was disrupted by the pandemic, that supply chain shut down causing obvious issues for those downstream.
On the other extreme those with too broad a supplier portfolio run into many issues. Chief of which is that it is hard to get a complete picture of your supplier ecosystem.Costs can get out of hand; you lose much of your negotiation power – and this can happen largely unnoticed because there is simply too much data to look at.
The Importance of Partnerships
Partnerships in technology are incredibly powerful. Utilizing embedded content can take a platform to the next level – which is exactly what JAGGAER is doing In the webinar you’ll hear from two of our partners, Riskmethods and EcoVadis, about how we are using embedded content and working together to help eliminate supply chain risk, highlighting an increased focus on sustainability which can have more benefits than you might first think.
How to Prepare for Future Disruptions
Macroeconomics disruptions have been happening long before the pandemic and will certainly happen long after. It’s important to use the good times to expand your strategy and set up for contingencies. You never know when the next disruption will strike – and in this case, it actually does pay to be prepared.
Tips for Supplier Strategy
A strong supplier strategy can provide a number of benefits to your organization. Increased savings, negotiation power, flexibility, efficiency, and arguably most important, minimized risk.