“This is where you, as a procurement professional, have the opportunity to step up and take the lead. In a crisis, no one has all the answers. By being as prepared as possible, with your category continuity plan in hand, you will be well placed to turn your risk response into a competitive advantage.”
For many procurement teams, risk management is now priority #1. If that sounds like your situation, how can you make sense of all the unknowns and ensure that each one of your category strategies is prepared to adapt to whatever may come your way?
In today’s solo show, AOP Founder and Host Philip Ideson shares one way you can balance risk and agility: by taking the business continuity and disaster recovery plans we often ask our suppliers to provide and applying the concept to your category strategy.
This approach can be used whether the category, product or service in question has a physical supply chain (products) or a virtual supply chain (services). Either way, a category continuity plan will help you proactively identify the risks associated with a category, product, or service and identify potential mitigation steps to take should a particular scenario occur.
Listen to this podcast to learn more about the following ways to apply business continuity planning to risk management:
The six key steps you will need to follow to create your business continuity plan, and why the focus is about ensuring you are well-informed
Why supply chain mapping and scenario planning are a powerful (and actionable) combination
Which proven frameworks and tools can be helpful when identifying specific points of failure
