CREDIT: HAPABAPA VIA GETTY IMAGES by high-level engagement, with“ top-totop meetings where senior leaders from our organisations come together to support a shared agenda for sustainable growth.”
This dual approach – maintaining broad supplier diversity whilst deepening strategic partnerships – requires sophisticated supplier management capabilities. Daniel emphasises the importance of supplier financial health in this equation:“ We undertake diligence to ascertain the financial strength of our suppliers to ensure that they are commercially viable and stable.”
The financial stability assessment serves multiple purposes. It ensures that strategic suppliers can weather economic downturns and continue supplying during challenging periods. It also provides early warning systems for potential supplier failures that could disrupt operations.
Cross-functional risk management Modern procurement risk management extends far beyond the procurement function itself. Daniel emphasises that Coca-Cola’ s approach to
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