The events of 2020 pulled back the curtain on procurement and supply chains. Despite lessons learned, are organizations and procurement teams any better equipped to handle another ‘black swan’ event?
The pandemic strained supply chains around the globe, but also sparked a change. It gave procurement a seat at the table. The good news now is that companies have a better defensive posture when it comes to disruption; they understand the importance of risk mitigation strategies and resiliency in the supply chain. But people forget, and old habits die hard.
It’s the push and pull of procurement. The back and forth between cost management and resiliency. During the pandemic, resiliency was king. Having flexibility to secure inventory meant everything. Now, operating in our new normal with high inflation, procurement teams are settling back into traditional cost management mode. But where does that leave them when the next disruption strikes?
