Mitigate your supply chain risk management and turn challenges into opportunities
Supply chain risk management is increasingly important in today’s complex business world, highlighted by events such as the COVID-19 pandemic and conflicts like in Ukraine. Effective risk management is crucial, and governments are enforcing due diligence acts. Therefore, companies must understand the risks within their organization and supply chains.
Sourcing Champions can provide a tailored approach that is designed to meet your specific requirements. Get started now with a Supply Chain Risk Maturity Assessment to safeguard your business from unexpected disruptions.
We assist your company in effective risk management to help increase your overall performance by contributing to:
We support in-depth procurement and category analysis to provide insights on various procurement aspects to identify new opportunities for sourcing and help ensure you and your supplier understand and comply to the terms and conditions agreed in your contracts. Our procurement experts assist you at every stage of the source-to-pay (P2P) space, to speed up the entire process while reducing procurement risk and ensuring your company does not lose potential.
Procurement has a large impact on your company’s performance and productivity. Having higher procurement risk can directly relate to compliance, cost, external, investing, quality, revenue, reputational and supply risk. Because your procurement strategy involves decision-making at all levels and effects your organization, your company should prioritize procurement risk mitigation to maximize efficiency and efficacy.
Procurement risk can come from many levels in your source-to-contract space. Procurement processes will likely face risk exposure from:
Risk management Is the process of identifying, understanding and grading risks so they can be managed and mitigated correctly. Strategic sourcing strategies should help to mitigate high-profile risk by aligning business requirements with your suppliers. Still with both direct and indirect sourcing, unexpected increases in costs are never impossible. We help asses and identify procurement risk in your company through:
Sphera SCRM leverages various aspects of AI—natural language processing, supervised machine learning and vectorization—for managing data as part of real-time risk monitoring, which empowers companies to react faster and proactively manage all kinds of risk across their supply networks. Through the power of AI and cloud-based collaborative networks, Sphera SCRM dives into a company’s supplier relationships, including their sub-tiers, to illuminate their business practices and uncover any associated risks. This improved risk profile helps companies gain competitive advantage with a well-managed approach to ensure business continuity, protect their reputation and reduce the costs related to supply chain risk.
Key Features:
Risk management is a collective effort to understand, reduce and avoid risks. Most procurement risk can be present in more than one procurement category. Identifying overlapping uncertainties and points of emergencies, allows stakeholders to work together and coherently solve current or future problems.
We not only help identifying risks, but also analyze and report them across multiple segments, to prioritize risks and quantify their impact. We ensure your procurement team takes action in the right direction, reduces procurement spend and leverages procurement performance.
Although some risks can be identified and mitigated, others simply come unexpected and are tougher to fight or avoid. Companies whose strategies are agile and flexible against external environments are those that can quickly react to changing environments. Risk initiatives therefore not only need to focus on risk reduction, but also on risk survival. How can your company pro-actively ensure against risk failure.