The Aftermath of COVID-19: Challenges for Procurement Teams
The first challenge is the aftermath of COVID-19, which has caused significant changes in consumer demand and supply chain disruptions. Procurement teams must remain adaptable and be ready to
pivot quickly to meet the needs of their customers. This has led to an increase in digital transformation and the adoption of new technologies to increase resilience.
End-to-End Transparency and Speed: Meeting Consumer Demand
The second challenge is the need for end-to-end transparency & speed to meet increasing and fluctuating consumer demand. Procurement professionals must establish clear visibility and traceability
in supply chain to ensure their customers receive the goods and services they need. Agile procurement strategies and the adoption of alternative sources of supply can help reduce the risk of supply chain disruption.
Overcoming Market and Supply Chain Instability
The third challenge is market and supply chain instability, which requires effective relationship building with suppliers and other stakeholders. Supply chain risk management programs and spend
analytics tools can help identify potential areas of disruption and mitigate risks. AI-driven spend management technology can also help businesses identify trends
and patterns in their spending and procurement data to better forecast future demand, optimize inventory levels, and reduce waste.