With Procurement teams at the forefront of supplier decisions and interactions, these teams are in a prime position to help enterprises remain resilient during times of uncertainty or even disaster. However, when polling the room and supply chain and procurement professionals during Big Ideas Summit Session in Chicago earlier today, less than half the room raised their hand in agreement that they collaborate with internal departments responsible for addressing risk within their enterprise.
His advice for companies looking to effectively address risk: taking an intelligence-led approach with a framework that not only addresses the risks that immediately come to mind, as well as those do not:
- Understand that intelligence inherently isn’t a perfect process. Everything is a “best effort” – and you more or less get out what you put in.
- Answer the “So what?” You’re going to be bombarded with a mountain of information, clear requirements will help you define what’s most important to your organization.
- To generate the best possible approach, take a balanced approach to your people, processes, and technology.
- Make an impact by considering the needs of your audience. How much information is enough vs. how much information is overkill?
- Recognize that intelligence needs to be managed as a project, with rigor and due diligence