Supply chain disruptions can affect stakeholder confidence and the reputation of a company besides resulting in immediate costs, loss of productivity and loss of revenue. Procurement over the years has transformed itself into a more strategic player - role which requires it to manage risks arising out of events like supply disruptions to ensure that the organization remains ahead in a competitive business environment.
According to the procurement intelligence unit losses due to supply chain disruptions in the year 2011 have amounted to nearly 280 billion Euros. The strategic need for procurement functions to create agile supply chains which work seamlessly and are resistant to disruptions is more than ever. The need of the hour is the creation of agile supply chains that adapt to these increasing times of uncertainty and chaos and ensure procurement efficiency and in turn business performance.
This whitepaper takes an in-depth look at a 5 step process to create an agile supply chain. By taking the case of a real-life corporation we also elaborate on how procurement technology solutions play a pivotal role in each of the 5 steps enabling creation of a faster and more agile supply chains.