Companies today can use AI algorithms to analyse data from various sources , including social media , news outlets and even weather reports to identify potential disruptions , including natural disasters , political instability and future pandemics
identify potential disruptions , including natural disasters , political instability and future pandemics .
Additionally , these tools can help procurement professionals identify the right suppliers based on their capabilities , performance and compliance with a variety of regulations .
AI and ML can also be leveraged to extract vital information from contracts , including terms and conditions , pricing and performance . These measures can help procurement professionals to develop contingency plans and mitigate the impact of these risks .
Q . WHAT ACTIONABLE INSIGHTS CAN YOU PROVIDE TO PROCUREMENT PROFESSIONALS TO HELP THEM NAVIGATE THE CURRENT CHALLENGES IN THE SUPPLY CHAIN AND ENSURE A SEAMLESS PROCUREMENT PROCESS ?
» Diversify your supplier base so you have ample backups to work
An F & B giant with annual revenue of
US $ 70bn dollars faced a significant revenue loss owing to a 27 % drop in their OSA . Through LatentView ’ s ConnectedView Transformation program , they were able to help the business service
US $ 81m per annum of additional orders
with if one of your suppliers is experiencing challenges .
Leverage technology to help streamline the procurement process with automation tools that can help reduce manual processes . This should include using predictive analytics to anticipate and prevent supply chain disruptions and have a connected view of your suppliers .
Foster collaboration with suppliers by building strong relationships with them to both understand their challenges and to communicate your needs .
Conduct regular risk assessments to identify potential risks and disruptions and then develop contingency plans to mitigate them .
Unsilo data and prioritise transparency both with suppliers and internal stakeholders .
Monitor market trends , including news , regulatory changes and other factors that can impact your procurement process .
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