Companies using IT to reduce supply chain risksAccording to a recently released survey by KPMG, almost 75 percent of companies score poorly when it comes to leveraging their supply chain data to improve operations and achieve cost savings while mitigating risk, the Financial Times reported.

Companies are prioritizing supplier risk management as a result of the high-profile supplier failures that have occurred recently, in addition to the current troubled state of global markets.

According to Financial Times, companies will have to empower procurement professionals to act as central coordinators that balance a company's systems and technology in order to better manage supplier risk.

"The ability to make better use of technology will therefore be a critical imperative for procurement departments who - to date - have been largely hampered by a lack of proper IT agility which, in turn, has directly impacted their ability to either capture accurate and timely data or feed it into the organization's management information process," the FT article stated.

Next-gen computing technology is not only creating a more data-driven supply chain, but a more globalized marketplace - and this too affects procurement. Supply & Demand-Chain Executive reported that globalization opens up new possibilities in supply chains, which could be implemented by companies to simplify their business operations.
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