RISK & RESILIENCE
two-way communication with their suppliers and other internal stakeholders , onboarding them onto fully digitised source-to-pay platforms where they can efficiently share information . They share greater levels of information and have put in place processes and technology to do so more frequently and efficiently .
“ This is essential for more strategic collaboration , such as new product developments and ensuring supply chain continuity ,” he says .
“ For example , buyers can notify suppliers of planned orders or forecasts so suppliers can be better prepared and minimise unnecessary inventory , and suppliers can notify buyers of any advance or delayed shipments .”
Todd believes the supplier relationships have become much more collaborative as both parties attempt to enhance their respective resilience against future disruptions .
“ Both have made significant investments in data collection and analysis to make sound decisions around sourcing andstandardisation ,” he adds .
“ These decisions based on data will certainly create an atmosphere where organisations are better prepared with the right product and the right amount at the right time for the next disruption .”
New tech powering risk management The use of AI is dominating the industry , and it will come as no surprise that these tools are being utilised to help prepare for events like the pandemic .
Samir highlights that Gen AI can be quickly deployed in many activities – such as category management .
He also comments on how a multilayered Gen AI tool can help build a robust end-to-end category strategy far more quickly than was previously possible . “ By synthesising structured and unstructured data from internal and external sources ,” says Samir .
“ Gen AI applications can also be used for comprehensive n-tier supplier risk assessments and the creation of action plans to mitigate , transfer and manage risk .
172 October 2024