We regularly have the opportunity to watch chaos at work in global markets, but procurement teams should see this as their chance to shine, not a reason to shy away from the challenge.
There are any number of procurement strategies that can be applied, even in difficult times, and many of them are tried-and-true approaches that have delivered results in the past. These strategies just need to be rediscovered and reapplied by courageous procurement leaders.
In this AOP Live session, we were joined by Adam Collins from Esker to discuss the opportunity - yes, the opportunity - procurement has to leverage the strengths of strategic sourcing in chaotic conditions:
Creating and leveraging competition to drive both cost and value from supplier engagements
Proactively using price discovery and contract audits to uncover new savings opportunities (or mitigate potential increases), ultimately expanding and elevating procurement's value proposition
Remembering to manage payment timing, either in support of working capital objectives or as a negotiating lever
