FIVE MINUTES WITH ...
“ THE BIGGEST OBSTACLE FOR THE PROCUREMENT INDUSTRY HAS BEEN RISK MITIGATION ”
knowledge about a specific discipline , while at the same time providing support to that operational group . There ’ s no bigger satisfaction than having such an impactful role in delivering the best value to your internal business partners .
Q . WHAT DO YOU THINK HAS BEEN THE BIGGEST OBSTACLE FOR PROCUREMENT PROFESSIONALS IN 2022 AND WHAT CAN THE INDUSTRY DO TO OVERCOME IT ?
» The biggest obstacle for the procurement industry has been risk mitigation . Both regulators and industries have put more of an emphasis on reducing risk with their third party vendors and suppliers . Having worked primarily in the financial services space , there has been a big focus on this since 2013 , but it continues to remain the biggest obstacle today .
Many other industries , however – who may not be as heavily regulated – are starting to realise the importance of mitigating risk . It ’ s imperative that an organisation establishes multiple lines of defence from a risk management standpoint .
As such , a procurement professional will be a crucial part of the first line of defence and can contribute to the overall mitigation of third-party risk , negotiating proper terms in the contract and ensuring a proper governance structure has been established . This helps the organisation to manage and monitor its third-party relationships to ensure continual compliance and performance .
Q . WHAT DO YOU THINK WILL BE THE BIGGEST TREND IN 2023 FOR PROCUREMENT ?
» More and more organisations are procuring new digital platforms , software , and other various technologies at a rate much higher than ever before , due to the pandemic . I believe in 2023 we will see a boom in organisations procuring technology that is focused on providing virtual experiences for its customers . With virtual reality environments generating greater traction with the general public , we will see fewer face-to-face business interactions .
20 September 2022