Balancing Cost Efficiency with Resilience: The New Mandate for Procurement Leaders
As we move towards an economy that is highly volatile, we realise that the primary function of procurement is no longer limited to cost control. It has been used effectively to accelerate long-term growth, increase competitiveness, and ensure the continuity of a business. In today’s world, each enterprise has become increasingly subject to tensions related to geopolitics, disruptions in the supply chain, pressures due to inflation, and the adverse effects of the pandemic. Businesses are now remodelling how they analyse and eventually optimise their supply chains. They have now been facing a new challenge, which is to balance the cost efficiency of their business with its resilience.
This whole act of balancing needs to be more strategic in the long run. If an organisation over-prioritises its costs, it can be left to an increased risk of exposure. On the other hand, if they are focused only on increasing their resilience,...
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