Coupa: Future proofing business and reducing risk
A constant source of pressure for procurement and supply chain teams is the need to maintain profitability, whilst taking steps to avoid inherent risks that could impact the performance of the business.
Types of risk for procurement leaders
As an insight blog from McKinsey & Company lays out, there are three key sources of risk for procurement leaders.
Absolute-shortage risk
This is a scenario where there is no availability of products, where products are simply unavailable irrespective of the price that is offered.
Supplier risk
The supplier risk is an eventuality where there is an individual supplier issue, where product markets may still stay intact, but an individual supplier has defaulted.
Inflation risk
This final scenario is where significant price volatility or increases, is where products do remain available but prices are unreliable or significantly increased.
Supply chain collaboration
Coupa Software are showcasing a new solution that they believe can help improve supply assurance and business continuity as procurement leaders look to control the impact of risks.
The new solution creates collaboration between teams and suppliers and provides the ability to quickly assess sourcing alternatives and balance trade-offs ranging from changes to delivery dates to item quantity.
"Ensuring supply chain continuity is a top priority for businesses everywhere. We heard from companies around the globe that existing market solutions for supply chain collaboration were falling down. Forcing companies to resort to spreadsheets and emails to track critical supply that would keep factories running and retail stores operating," said Raja Hammoud, executive vice president of products at Coupa.
"Those days are over. Coupa Supply Chain Collaboration was co-innovated with the world's leading supply chain companies to deliver modern, consumerised experiences and effortless collaboration between businesses and all their trading partners."
Read more about the top ten risks in procurement and how to mitigate them.
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For more insights into Procurement & Supply Chain - check out the latest edition of Procurement Magazine and be sure to follow us on LinkedIn & Twitter
Other magazines that may be of interest - Supply Chain Magazine | Sustainability Magazine
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