88% of leaders anticipate an even faster rate of change, underscoring the urgency for organisations to adapt. With 60% viewing change as an opportunity and 68% expecting revenue growth to accelerate, the momentum is palpable. However, despite this optimism, more than half admit they are not fully prepared to tackle transformations. This highlights a critical […]

Summary  Do technology and human skills complement each other to mitigate risks in the procurement process? Yes, they do, as modern procurement faces various risks, including supply chain disruptions and compliance issues. The risks in modern procurement processes can significantly impact businesses, leading to financial losses and reputational damage. The impact of risks in the […]

Did you know that 96% of organisations are currently leveraging AI in their procurement processes? This surge in adoption reflects the growing recognition of AI’s potential to streamline operations and enhance decision-making. Among the most common applications, 77% of companies use AI for market intelligence gathering and analysis, followed by 74% for automating data entry […]

Summary  An agile procurement process is a strategic decision for businesses as it fosters adaptability, innovation, and responsiveness to market changes. The benefits that agile procurement offers include increased flexibility, faster decision-making, and better alignment with business goals. Understanding the role organisational culture plays in procurement is crucial, as it impacts the success of agile […]

Summary  Reskilling and upskilling are crucial for maintaining a competitive edge. Effective cost management in procurement can fund these initiatives by reallocating savings from streamlined processes and strategic decisions. By investing in learning technologies, supplier partnerships, and internal upskilling, organisations can boost employee development and future-proof their workforce. The link between cost savings and reskilling […]

Summary  Procurement networking impacts procurement performance by enhancing access to market insights, improving supplier relationships, and fostering innovation. Key components for effective networking include attending industry events, engaging in professional associations, and leveraging social media. These practices streamline internal processes by improving communication and collaboration. Networking benefits supplier relationship management by building trust, enhancing communication, […]

Summary  Procurement risks encompass a variety of threats that can disrupt supply chains, financial stability, and operational efficiency. Addressing procurement and supply chain risks proactively is important for ensuring uninterrupted operations and safeguarding financial health and reputation. Ignoring these risks can lead to hidden costs, such as financial strain, operational disruption, reputational damage, legal and […]

Summary  Volatility is crucial for investors as it reflects the risk and uncertainty of their investments. Factors contributing to increased volatility include global economic uncertainty driven by trade tensions and geopolitical risks, which impact investment decisions and supply chain management strategies. In response to these risks, competitive procurement methods ensure cost efficiency, transparency, and risk […]

Summary  Supply chains in the business world are increasingly vulnerable to disruptions caused by climate factors. However, supply chains are often neglected during decision-making processes that prioritise immediate cost-cutting and revenue growth. The impact of neglecting the supply chain during decision-making has significant consequences for companies, including production delays, low inventory levels, and financial setbacks. […]