The future for procurement risk management is data-driven

No stranger to risk , the procurement function has to battle many day-to-day challenges from a variety of sources . Such challenges can come from suppliers ( financial stability , quality of product , service provided , delivery times , regulation compliance , ethical standards ); markets ( volatility , supply chain disruptions , demand changes , price fluctuations ); operations ( inefficiencies , inadequate controls , lack of transparency ); and compliance ( fraud , data privacy , labour practices , environmental impact ). Whilst there are many methods to mitigate risk , an emerging approach within procurement is ‘ cognitive data-driven risk management ’. Empowering businesses to make smarter decisions when securing their supply chain , “ data-driven risk management is the future ”, with there being “ no feasible alternative ”, according to Nicolas Walden , Associate Principal and UK & Europe Practice