supply chain , rather than just segmenting on the basis of spend alone .”
Also of note is Prevalent ’ s third-party risk management platform , useful for eliminating the security and compliance exposures that come from working with third parties .
The ‘ hidden value ’ of SRM in procurement While relying on other businesses brings with it inherent risk , it also offers numerous benefits in terms of improving a company ’ s bottom line – stretching from cost reduction right the way through to enhanced visibility .
Brad ’ s belief is that a comprehensive SRM strategy can reduce risk and protect businesses in ways that a manual or disjointed approach to managing suppliers cannot .
“ SRM ensures organisations are centrally tracking a multitude of risks and have the insights to act on them ,” he goes on .
Expanding on this , Scott contends that the highest-performing procurement teams are those embracing their SRM programmes .
He adds : “ Over the past few years of supply chain volatility , many have built true partnerships with their key suppliers in which they co-invest in solutions and mutual growth plans , rather than squeezing on price reduction .” procurementmag . com 93