How do you prepare for the unpredictable?
Ignorance isn’t bliss when it comes to procurement. Although risk can never be fully eliminated, procurement teams with mature risk management capabilities, strong supplier relationships and visibility across the supply chain are significantly more resilient to disruptions than those organisations that take a reactive approach.
The reality of today’s global and interconnected marketplace is that procurement faces a nearly endless amount threats that may have serious implications on performance and operational effectiveness.
Consider the ramifications for your own organisation. What would the impact be if:
- A key supplier declared bankruptcy?
- A strategic manufacturing plant was forced to shut down due to fire or flood?
- A natural disaster crippled transportation routes to and from a key port?
- Your best-selling product was found to include toxic materials or components from a conflict zone?
- A labour strike at one of your second-tier suppliers halted production of a critical component?
The outcome likely wouldn’t be favourable. The BravoAdvantage platform enables procurement teams to stay one step ahead of risk and uncertainty, and take immediate action to remedy disruptions. Through BravoAdvantage, procurement teams can:
- Proactively manage suppliers and identify risk with real-time, actionable supply chain insights.
- Build stronger supplier relationships and risk management strategies to counter disruptions as soon as they occur.
- Expand supplier networks to reduce geographic and supplier-centric risk.
- Improve transparency across the entire supply chain to help identify potential risks before they hit.
- Manage suppliers and contracts to ensure key performance metrics are being fulfilled.
- Maintain compliance with all industry and government regulations.
Risk management should never be reactive. Best-in-class procurement teams proactively manage risk and are prepared to handle possible disruptions, from natural disasters and child labour outcries to bankruptcies, financially-distressed suppliers and product quality issues.
BravoAdvantage provides procurement teams with an unrivaled advantage over competitor. BravoAdvantage is designed to integrate the suppliers’ lifetime value throughout the entire strategic procurement process, from demand to contract. The BravoAdvantage suite enables procurement teams to gain unprecedented visibility, insight and transparency into their supply base so they can confidently power procurement initiatives, make informed decisions and reduce risks and uncertainty. Learn more about BravoAdvantage Supplier Value Management here.