As we head into 2023, with a slowdown in global economic growth, rising interest rates, increased inflation, and ongoing supply chain disruptions as a consequence of Covid-19 it’s fair to say this year will pose some challenges to businesses and, in particular, procurement departments. To get ahead, procurement teams can help in the following ways:
Actively combat the negative effects of high inflation by having efficient procurement processes and systems in place
Champion ESG strategies to capitalise on market opportunity, ensure goals stay on track and cement ESG into both the organisation as well as supply chains
Effectively manage and mitigate risks in the supply chain by understanding and taking action on the data, inviting competition, and proactive collaboration with both internal and external stakeholders
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