From geopolitical strategising to brand new events , October saw a variety of newsworthy procurement stories CPOs cannot afford to miss
WRITTEN BY : LIBBY HARGREAVES
BCG : SHOULD GEOPOLITICS CHANGE YOUR PROCUREMENT STRATEGY
BCG ' s latest report emphasises the need for businesses to adapt procurement strategies to manage geopolitical risks . Companies must balance cost – efficiency with resilience by diversifying suppliers , adopting regional sourcing and building geopolitical expertise .
HOW PHILIPS WORKS WITH SUPPLIERS TO IMPROVE SUSTAINABILITY
Philips is enhancing sustainability across its supply chain through its Supplier Sustainability approach , promoting ESG improvements . By 2025 , 50 % of its suppliers are expected to commit to CO2 reduction targets . By collaborating with suppliers and using AI tools , Philips helps set sustainability standards and reduce Scope 3 emissions .
JAPAN BOOSTS LNG PROCUREMENT WITH SOUTH KOREA AND ITALY
Japan , the world ’ s second-largest LNG buyer , is boosting energy security by collaborating with South Korea and Italy . It seeks more flexible contracts allowing for resales and shorter terms , adapting to fluctuating demand . These partnerships will enhance LNG procurement flexibility , support joint procurement and help Japan secure a stable winter supply .
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