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Demand & Supply Chain Management Evolution


     
Document Detail
Language: English

The role of strategic purchasing and supply management in risk management

 
 
 

Company: CIPS - Chartered Institute of Purchasing & Supply
Tag: Risk Management
Purchasing & Supply
Supply Management


Value generators and value protectors. Procurement’s profile in organisations is on the increase. A wider spend remit is being influenced and internal barriers are being broken. Some of the most valuable assets the purchasing team can bring to an organisation is due diligence of vendor rating and regular detailed monitoring of supplier performance to identify, monitor and manage enterprise-wide risks whilst encouraging innovation and continuous improvement. This has manifested itself through enhanced relationship management skills in purchasing teams both internally and externally.

This resource is yet to be fully exploited and although procurement has made some progress in influencing spend areas such as marketing, human resources and legal services, the skills and value that procurement can add to the purchasing process is yet to be maximised on a company-wide scale. There are vast sectorial differences too, as procurement teams still struggle to make an impact in the service industry, while their presence is deep rooted in manufacturing and retail.
 

 





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