With the global health crisis we are navigating through right now showing no signs of slowing down, it is imperative for businesses across industries to embrace this new normal and adopt better processes, workflows, and technologies that will help them survive.
This requires the fundamental rethinking of how core business functions such as procurement, finance, and project management are handled in your business.
Here, the procurement function plays a critical role in ensuring you can achieve a level of sustainability required to come out of the crisis with minimal disruption and have the tools you need to accelerate the recovery of your business.
From assessing the impact on your supply chain operations to identifying opportunities that will help you thrive in the new normal, you need to formulate and implement a strategic procurement framework to optimise your procurement function and support this seismic shift in your business operations.
Procurement professionals can inject value into this process when it comes to optimisation by leveraging procurement outsourcing services!
Today, the business world is experiencing unprecedented levels of uncertainty, while competition across industries reaches new heights.
In this environment, spending on training for procurement professionals is no longer a luxury but a necessary cost all businesses need to incur to survive, and thrive, in the new normal.
Without proper training, procurement professionals may face challenges in ensuring that businesses receive the products and services they need to operate continuously without compromising the quality or volume of products delivered or services rendered.
That said, the circumstances of the current global pandemic demand businesses to think outside the box when it comes to providing training for procurement professionals. Training programmes must take current circumstances into consideration, and ensure that industry professionals do not fall behind in their training as a result.
Remote procurement training becomes a popular alternative in these circumstances, and it might just be the necessary push the procurement function requires to develop more resilient supply chains.
Over the past two years, the COVID-19 pandemic has pushed businesses across industries to the verge of collapse under the sheer weight of the economic downturn it caused.
With businesses experiencing severe disruptions in their business operations and customers wary in their spending, sustaining profitability and efficiency have become complex undertakings.
The good news is that you can adopt a more risk-focused approach to your procurement processes and spearhead your business recovery. This also allows your business to prepare for future crises, increasing your resilience and responsiveness.
This risk-management approach to procurement demands you to shift away from traditional and dated procurement operations and view the function as a strategic partner in business operation.
Adopting this approach trickles down to identifying goals for a quick turnaround post-crisis, devising action plans to achieve these goals, and executing those plans across your procurement operations.
Today, the business world is evolving at a breakneck speed, and this evolution is accelerated by the current economic and healthcare crisis. To keep up with the demands of the new normal and navigate through economic uncertainties, you need to embrace novel strategies in every aspect of your business, including procurement.
This requires you to create room for value creation in your procurement processes, however, meeting this requirement is inhibited by the shortage of skilled procurement professionals and finances caused by crises.
These business objectives can be achieved, however, by leveraging the expertise of experienced procurement professionals through procurement outsourcing services.
While procurement outsourcing can be a hefty investment in the short run, the benefits it delivers far outweigh the initial financial cost.
Procurement professionals can help you garner a competitive advantage over your rivals and give you the support you need to implement strategies that can drive your business to the upper echelons of your industry—despite crises.
The advantages do not end there, these procurement outsourcing services also open the door for a sustainable procurement function—the need of the hour amidst the climate crisis taking root around the world.
With environmental disasters ravaging every corner of the world, there is an urgent need for businesses, governments, and individuals to cut down on their emissions and be more conscious of their impact on the environment.
Today, environmental consciousness and sustainability have become necessities in the business world. A commitment to these goals not only constitutes the corporate social responsibility of your business, but are also directly related to the resilience of your ever-expanding supply chain.
Your company must take initiative to contribute to the fight against climate change by adopting greener business processes in your procurement function, including logistics, sourcing, and supplier onboarding.
Procurement outsourcing can help you achieve these goals by letting you tap into the vast experience of procurement professionals by working with leading organisations to create a sustainable procurement function.
Kronos Group’s professionals support companies all over the world with achieving their business objectives and becoming market leaders in their respective industries.
Our team of professionals are specialised in the fields of procurement, finance, and project management and offer insights into adding value to the transformation of your business operations.
Today, our range of services include:
A part of Kronos Group’s team since 2018, Julie is a leader who has honed her specialisation in business transformation and utilised her expansive financial expertise to power business strategy and add value to what we do. She has amassed experience (Pfizer, Sony, AXA, SMEC, Tradelink) all over the world in strategy, project management, analysis, and supply chain.