The Surviving Strategy for Procurement Leaders During the COVID-19 Pandemic Procurement Freelancers
Introduction As COVID-19 continues to result in immense disruption throughout the planet, procurement consultants are beginning to experience a wave of changes in the procurement system. However, the shift of the business world towards artificial intelligence and automation processes has enabled companies and business owners to ensure
the continuity of their businesses and survive during the uncertainty.
While the problems caused due to COVID-19 is continuing, the only
strategy that businesses can adopt is structure new capabilities concurrently. They can also continue to work in a way that delivers the same value to the customers as they used to before COVID-19 had hit the world.
The Wake-up Call for Procurement Leaders The scale in which the companies face difficulties, including the companies in the service economy, should be a wake-up call for every business owner. The procurement operating models that were traditionally used have already been rejected. Therefore, they are no longer feasible.
In the past, the crisis was usually limited to specific regions or
countries. This meant that the businesses could change their location and move to some other region or country. But the COVID-19 pandemic is a different kind of situation that has caused the businesses to stay in their own locations. This is because the pandemic has resulted in a widespread impact
across the globe that has affected both B2B and B2C models.
This has led the procurement consultants to shift from negotiating contracts and running the sourcing procedures to
partnering with the leaders of the business. This step has been adapted by the procurement leaders and their team to make sure that they can understand the requirements of the leaders and attract new suppliers for both long-term and short-term continuity.
New Changes Have Created
New
Challenges for the Procurement Leaders ď ľ
The procurement leaders and sourcing agents find it hard to work with the business stakeholders who were either quarantined or ordered to stay at home. Several suppliers are
unable to work on-site or are affected, and therefore, restricted to work. They can only perform remotely.
This has created a new challenge where procurement leaders have to find alternative ways in order to work with these suppliers. ď ľ
Several suppliers who are unable to work even remotely need to be replaced. This has led the procurement leaders to identify new service suppliers.
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To ensure that the businesses suffer from minimal loss, the procurement leaders need to identify new risk-mitigation
plans. They need to contact alternative suppliers who can take up the work when the previous suppliers cannot work.
Conclusion The sourcing agents can plan to invest in the new opportunities that can provide them with the new capabilities, provide immediate relief, and also deliver sustainable value indefinitely. Additionally, this can improve the workflow, promote cohesive, communication, and cross-organizational collaboration, build self-service and
reliable business processes, operating capabilities for immediately adapting to the new possibilities, and provide immediate access to information and visibility for all the stakeholders.
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