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Supply Chain

Procurement Deserves C-Level Authority as Supply Shocks Continue

Quartz Network - SCOPE SUMMIT

Quartz Network - SCOPE SUMMIT

It’s time to add fuel to the fire when it comes to debating whether Procurement deserves a seat at the so called ‘C-suite table’.

Continued disruption is being flet across the world, be that the impact Ukraine is having to the global economy, Chinese port shutdowns or the slowing down of economies, now is the time to convince C-suite to listen to Procurement leaders during challenging times.

The case is clear: in an ever-changing landscape, procurement will have a more significant role to play with regards to driving growth and profitability. Giving Procurement a greater presence, power and ability to make change is only going to help business become more resilient moving forward.

So, what are the main arguments?

  • Cost and Inflation Management –  the very nature of Procurement focuses on robust market intelligence and thorough analysis on price points and forecasts. Not to mention, procurement leaders have experience in negotiating better terms and in an era when budgets and spending will be cut, savings of any size will be hard to come by and valued immensely.
  • Long term Supply Assurance – an effective procurement team calls effective visibility on forecasts and predicted pain points. Having these data sets integrated with business decision making improves the company’s commercial viability.
  • Risk mitigation – be it environmental or geopolitical, procurement departments are well versed in working in a complicated environment. The last two years have changed the way in which risk is calculated and companies that liaise directly with partners to map out problems and risks put themselves in the strongest position to be business-as-usual.
  • Compliance – love it or hate it, procurement teams are the primary custodian in policy and regulation compliance. This is crucial when it comes to reputational risk but also will be incredible useful in overcoming more red tape.

All in all, Procurement have built up a wealth of commercial and market expertise that results in a direct corresponds to a company’s commerciality.

The way risk is measured and mitigated takes centre stage at SCOPE: Supply Chain and Procurement Summit this October. Take a look at just some of the sessions that will help procurement leaders give clout to their role and improve a company’s strategy:

Risk Mitigation and Business Continuity in a Changed World

  • How do you decipher between “risk” and “crisis” management?
  • How should your actions differ in each scenario?
  • How do you retain and in some cases attract “key” talent during a crisis?
  • What is the right balance between cost reduction and production value?

Stephen Tonks, Chief Supply Chain Officer, Fujikura Automotive

Improving on Resilience During a Global Pandemic

  • Understand how operations agility is key to maintain business resilience
  • Learn how to overcome sudden demand and supply-side shocks
  • How have procurement strategies changes on account of COVID?
  • What lessons can be applied to processes going beyond 2020?
  • How can upskilling staff act as a key component to strategic growth?

Andrea Lowe, Former Head of Supply Chain, Babcock International

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