These days, it seems like everyone is in the risk business. From high consumer expectations to the challenging final mile, and from ships stuck sideways in far away canals to an uncertain global economy, all business decisions come with elevated risk. But - and this is a BIG BUT - the riskiest move of all is giving in to the fear.
Risk may 'live' in the supply chain, but as the key relationship-holder with thousands of first tier suppliers, procurement is often in the driver's seat when it comes time to better understand the risks currently facing the enterprise and what can be done today and in the future to address them better than the competition. Historically, procurement has been a highly risk-averse function, but industry leaders now realize that their ability to impact the top and bottom lines of the company may only be constrained by their willingness to take strategic, qualified risks.
In this episode of Dial P for Procurement, Koray Kose, Senior Director of Supply Chain Research at Gartner, and Philip Ideson, Founder and Managing Director of Art of Procurement, join Co-hosts Kelly Barner and Scott Luton to engage in a risk aware but entirely unafraid discussion of supply chain risk and procurement's role in addressing it:
- What is the real difference between agility and resilience and what can procurement do to strengthen both?
- The importance of having discussions about the enterprise' appetite for risk and them communicating that information out into the company so that everyone knows how it should affect their work and decisions.
- How procurement can ensure that the 'pendulum swing' between low and high risk tolerance does not cause them to put an onerous amount of mitigation bureaucracy in place through processes and technologies.
Additional Links & Resources:
Learn more about Dial P for Procurement: https://supplychainnow.com/program/dial-p-for-procurement/
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Download the U.S. Bank 2021 Q1 Freight Payment Index: https://freight.usbank.com/?es=a262&a=20
Learn more about our Highlighted Non-Profit Making it Happen for Q2, Good360: https://good360.org/
This episode was hosted by Kelly Barner and Scott Luton. For additional information, please visit our dedicated show page at: https://supplychainnow.com/episode-627.