FOREWORD The future for procurement risk management is data-driven
“ Cognitive data-driven risk management helps businesses identify and assess risks that are developing in our supply chains , as well as make more informed decisions to mitigate these risks ”
Speaking to The Hackett Group ’ s Nicolas Walden , Procurement Magazine uncovers the future of risk management in procurement – and it ’ s 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 and ethical standards ); markets ( volatility , supply chain disruptions ; demand changes , price fluctuations ; operations ( inefficiencies ; inadequate controls ; and lack of transparency ); and compliance ( fraud , data privacy , labour practices ; and environmental impact ). Although there are many methods to mitigate risk , an emerging approach within procurement is ‘ cognitive data-driven risk management ’. Empowering business to make smarter decisions when securing their supply chain , “ data-driven risk management is the future ”.
ILKHAN OZSEVIM ilkhan . ozsevim @ bizclikmedia . com
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