LONDON--(EON: Enhanced Online News)--SpendEdge, a global procurement market intelligence firm has announced their latest insights on how to gain a clear strategic direction that will help organizations make informed decisions and mitigate supply risks.
Procurement’s redefined role in supply chain risk assessment: Increased collaboration
2016 saw increased collaboration as one of the top trends, and SpendEdge believes 2017 will witness an even larger amount of collaborations. Decades ago, global manufacturers had more control and a better understanding when supply chain operation fails, but now, with globalization leading companies to procure raw materials and supplies from around the world, an outburst of hue and cry soars when one of these deliveries fails. Thus, the best business plans, as we perceive it, are those that anticipate and prepare for the inevitable, especially when dealing with suppliers globally.
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With the global market slowing down and necessitating companies to produce profit while controlling costs, sourcing and procurement take center stage in achieving supply chain management efficiency, and that is when we see a surge in collaboration. As a matter of fact, the collaboration approach is not new to the supply chain silo, but when executed correctly, is a great strategy to achieve successful supplier relationship management.
What benefits do companies reap from supplier collaboration?
- Quality enhancement
- Increased services
- Saving on cost
What are the risks involved in supplier collaboration?
- Inflexibility of suppliers
- Lack of one-stop solution
- Vendor lock-in
Businesses today are embracing collaborative distribution and cooperative sourcing for cost reduction to augment their supply chains. A recent study reported that companies leveraging collaborative distribution models could save up to 35% in distribution costs. The team at SpendEdge, with their skillful market intelligence, provides top-notch procurement insights to mitigate supply risks such as disruptions. Visibility is one of their prime prerequisites for agile supply chain.
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