March 07, 2024 | Procurement Strategy
Oil and gas companies face an uncertain future amid the global energy transition. While demand projections vary, new technologies and sustainability pressures are clearly reshaping industry strategies and operations. This disruption creates risks but also opportunities to upgrade performance.
Procurement sits at the center of this transformation.
By harnessing emerging trends, procurement organizations can drive greater value and become strategic advisors that enable competitiveness.
Here are five key trends reshaping procurement for oil and gas service providers:
March 04, 2024 | Supply Chain Strategy
Transportation, chemicals, manufacturing, agriculture, construction – the list of industries that depend on oil and gas products for their operations stretches on.
And despite the advances in renewable energy, it’s not a stretch to say that the world’s economy still depends on the oil and gas industry. And with its inherent complexities and susceptibility to disruptions, the oil and gas industry depends on efficient supply chain management for effective operations.
March 04, 2024 | Supply Chain Strategy
Selecting the right supplier is critical. But the evaluation process can't stop once a supplier is onboarded. Proactively monitoring and managing supplier risk must be an ongoing initiative in order to prevent supply chain disruptions. This blog takes a look at best practices in supplier risk assessment during selection and post-contracting.
March 04, 2024 | Procurement Strategy
Mergers and acquisitions can spur growth for companies, but achieving the promised value is tricky. Read this GEP blog to learn how procurement can be your secret weapon for realizing cost synergies during an M&A.
February 20, 2024 | Procurement Strategy
A procurement strategy refers to the end-to-end systematic plan that guides an organization to achieve identified objectives in terms of external spend management, sourcing efficiencies, supply security, risk mitigation, and supplier ecosystem development. Procurement strategies connect overarching financial goals such as cost savings, working capital reductions and innovation pipelines to tactical action plans across spend categories.
February 06, 2024 | Supply Chain Strategy
The pharmaceutical supply chain today runs on a complex web of raw materials, manufacturers, regulatory compliance and logistics.
While this network ensures that life-saving medicines reach markets worldwide, it also creates latent risks that can disrupt even the most meticulously planned operations.
Understanding and mitigating these risks is paramount for pharmaceutical companies to enable them to deliver results for customers and shareholders.
Pharma supply chain risks include the following unique challenges:
February 05, 2024 | Procurement Strategy
The global chemicals industry has seen robust mergers and acquisitions (M&A) activity in recent years. With companies seeking innovation, new capabilities, and access to growing markets, procurement’s role in chemicals M&A needs to be leveraged better as it can add significant value to the entire process. By understanding industry challenges and applying effective strategies, procurement can help drive better M&A outcomes.
February 02, 2024 | Supply Chain Strategy
Supply chains have become increasingly complex. The journey of a product — from raw materials to the end consumer — requires multiple companies to come together. And effective supplier collaboration along the supply chain is key to improving efficiency, reducing costs, and providing better customer service. Supply chains with greater collaboration are more likely to be considered leaders in their industry. Effective collaboration is therefore critical for enterprises seeking a competitive edge.
For procurement and supply chain leaders, the past four years have seen their fair share of challenges. Whether caused by war or escalating geopolitical tensions or the fallout from the pandemic, plenty of roadblocks remain.
However, there appears to be some light at the end of the tunnel — inflation is decreasing, interest rates are leveling off and supply chain volatility is easing.
By 2030, the life sciences sector will face a potential value loss of an estimated $200 billion from expiring patents. This looming challenge underscores the sector's urgent need for strategic mergers and acquisitions (M&A), especially as companies navigate an era of high interest rates and economic uncertainty.
How can life sciences companies turn these challenges into opportunities? What strategies are crucial for success in this dynamic M&A landscape?
