5 Procurement Technology Solutions to consider during COVID-19 Outbreak
The outbreak of the coronavirus has forced all organisations to re-evaluate the way they operate and do business; sending people home to work remotely, putting plans on hold and focusing on more digital solutions to remain relevant during and post the worst period of isolation and restrictions. And procurement is no exception.
While some areas and practices may remain the same, the way we think and act to achieve our goals is likely to have changed dramatically in a world of uncertainty and being able to mobilise and utilise the technological advances available to you can mean the difference between succeeding and failing. Therefore, here are 5 procurement technology solutions to consider during the COVID-19 outbreak.
1) Workforce contingency solutions
The office world is not what it used to be. Rows and rows of people sitting at computers in one space is a thing of the past. And in times like this, that is a good thing. The ability to take your office space along with laptop and equipment and relocate to anywhere on earth means that work can carry on as normal from anywhere, which given the guidelines around distancing and isolation means that organisations need plans in place to allow staff to carry on as normal.
Having clearly defined guidelines of your own regarding what steps are needed, how to keep your employees informed, safe and able to run normally and what equipment and tools are needed in reserve, you can make a smooth as transition as possible to maintain productivity in these uncertain times.
2) Supply risk management
Specialized supply risk management solutions are ready-made for a crisis such as the current pandemic. However in order to have a system that works in these times, you need to ask the big questions: what countries does my company do business in? Which suppliers and contracts are affected, unsustainable or financially threatened? What transportation lanes are impacted?
By breaking down every transaction and determining which are unaffected and which need special measures in place or considerations as a result of company or local guidelines and restrictions, you will be able to create a course of action to allow your business to function as well as it possibly can.
3) Sourcing & commodity management
When the supply chain and suppliers are impacted by the coronavirus pandemic, the impact assessments and mitigations need go beyond just knowing what nodes in the network are affected, but also the ability to find alternate suppliers and dynamically re-source. Having back ups of your back ups to hand can ensure that if one chain is broken, there is another ready to keep the business running smoothly.1
More than ever security is a high priority. As equipment and sensitive data is being taken out of the organisation and great trust is being placed on your employees, it is key to ensure that it remains safe. And even beyond that, while the office is fragmented and fewer conversations are being had, the fear of fraudsters and hackers should always be front of mind.
Clear and strong safeguarding techniques can help to stamp out the majority of risks while employees are working remotely. Regular checks and updates, or people and procedures, notifications and alerts and updated security measures can go along way to giving your business peace of mind for however long these measures are in force around the globe.
5) Procurement Analytics
Being able to gain, manipulate and present data to aid decision making has become one of the biggest tools an organisation can utilise over the last few years. And now more than ever the data collected along with new data around market trends can have a big impact in how an organisation should move forward.
Real time data with the use of ML (should you have it), knowledge of the markets and simply looking at endless newsfeeds can give companies as true sense of the way the wind is blowing, where to hold back, where to push forward and who is strong enough to work with and do business with in these times. While many are still scratching their heads, you can stay ahead of the game with the right information at your disposal.
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