April 18, 2024 | Procurement Strategy
Businesses focus on measuring their revenues and profits — because they matter. But the past three years have thrown businesses off balance by altering the procurement and supply chain landscape with unprecedented challenges. According to an Ardent Partners survey for 2023, almost 44% of the CPOs felt that the year would see a great deal of uncertainty. But with geopolitical tensions on a steep rise globally, 2024 hasn’t been too different.
April 18, 2024 | Sourcing Strategy
What are the key priorities of business leaders today?
Building resiliency, diversifying the supply base and mitigating supply chain risks while lowering costs at the same time.
Amid the prevailing economic uncertainty, businesses across industries have reassessed their priorities and strategic goals. They have also taken steps to cut down costs and protect thinning margins.
Technology leaders, for instance, have scaled back operations, reduced headcounts and pared down line items to deal with downturns.
According to Gartner®, “Supply chain organizations are focusing on resilience to manage increased disruptions to their operations, but the cost is often prohibitive. This research helps CSCOs strategically focus on and manage risk where it’s most valuable to their organizations while deprioritizing the rest.”
Procurement and supply chain leaders are presented with their fair share of challenges, with a host of tools and strategies to resolve them. That said, what’s the best path forward to leverage this year’s trends?
In this recap of a recent GEP-WBR webinar, 7 Leadership Themes for Procurement & Supply Chain Leaders in 2024, GEP’s Pramod Sethumadhavan explores seven vital leadership trends that will help guide procurement and supply chain decision-makers.
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April 04, 2024 | Supply Chain Strategy
Global supply chain networks are getting increasingly complex. Managing risks and ensuring compliance have therefore become a critical imperative across industries. From raw material sourcing to final product delivery, every link in the supply chain carries potential vulnerabilities that can disrupt operations, damage brand reputation, and incur substantial costs.
Geopolitical, economic and supply chain challenges will continue to impact the major spend categories in 2024, but help is here. In this GEP-sponsored SIG webcast — 2024 Spend Category Outlook – Key Trends & Opportunities — we outline ways to leverage the latest strategies and digital toolsets to overcome these hurdles more effectively.
March 27, 2024 | Sourcing Strategy
Direct materials – the raw ingredients that become the building blocks of your finished products – are the lifeblood of your manufacturing process. When supply chain disruptions occur in direct materials sourcing, the consequences can ripple through your entire operation.
This means building resilience in your direct materials sourcing strategy is no longer optional, it's essential for business continuity.
March 26, 2024 | Supply Chain Strategy
Sustainability has become a critical consideration for companies globally and across industries. Consumers and stakeholders alike are increasingly demanding green products and operations. And businesses that fail to adapt risk losing their competitive edge.
One area where sustainability can make a huge overall difference is supply chain management.
This case study demonstrates how GEP helped a global quick service restaurant identify alternative suppliers to optimize its supply network, ensure supply security and reduce costs.
March 20, 2024 | Procurement Strategy
The procurement landscape is undergoing significant transformation, driven by rapid technological advancements, evolving market dynamics, and the ever-increasing demand for supply chain resilience and sustainability. And staying ahead of these trends is key to maintaining a competitive edge, and at the same mitigating risks and unlocking new growth opportunities.
This blog explores the top procurement trends in 2024 set to shape the business environment and provide strategic insights to business leaderships to navigate these changes effectively.
