COVID-19 Market Dojo's Official Statement To Our Customers
This blog has been written by Market Dojo CEO and CoFounder, Alun Rafique ahead of our upcoming webinar Mapping success: Taking digital transformation from concept to realization Part 2.
In the previous article, Irdeto’s Head of Purchasing Corne’ Dercksen talked about “leveraging technology to establish a new supply network in regions where there had been little in the way of supplier intelligence.”
Strong technology is a key element of any e-procurement initiative success – especially for a company like Irdeto. Over the past 50 plus years, the company has evolved into a global enterprise servicing a diverse client base, including Hyundai, who uses its technology to protect the automaker’s keyless entry system. However, and as important as technology is, it was Corne’s reference to intelligence made possible by said technology that is noteworthy.
Having access to reliable data on a timely basis helps procurement to “know” that they are working in the right way – including recognising and proactively responding to risk in the supply chain. In other words, knowledge is not only power; it provides greater options when dealing with a marketplace that is constantly changing.
For Irdeto, this ability to capture and use data was one of the most significant advantages of our relationship. It meant that Corne’ and his team could formulate better strategies internally well beyond driving down costs.
Beyond the development of an overall strategy, the ability to prioritise individual projects on a proactive versus reactive basis was another key benefit of having the right information at the right time.
For Irdeto, this meant that they were able to focus on not only maximising the full potential of their pipeline but utilise their internal resources more efficiently in several key areas, including mapping out different spend categories.
Once again, in a dynamic marketplace having access to the data that empowers faster decision making allows organisations to not only gain a competitive advantage when entering new markets but maintain it in an established one.
Responding to risk
ISM recently reported that 75% of the companies it contacted in late February and early March were experiencing various forms of supply chain disruption due to the coronavirus.
While we may not be able to prevent such disruptions from happening, having access to relevant information means that organisations like Irdeto can approach the market in a more “organised and structured” fashion.
Besides improving their strategic position, companies can better master supply chain decision-making, especially in times of increased risk, such as the one we are now experiencing.
Like many organisations, the introduction of any new tool can be met with reservations because it involves change.
According to numerous studies and reports, 70 per cent of change programs fail to achieve their goals.
It was therefore important for Irdeto to introduce a tool that would limit internal resistance to ensure a timely adoption.
In this regard, addressing the following three areas was critical to success:
Perhaps, in the end, our greatest asset is the fact that before we were service providers, we were practitioners. What this means is that we understand the unique challenges procurement teams are facing when doing business in a dynamic and demanding marketplace.
To learn more about partnering with Market Dojo to achieve your organisation’s procurement objectives I invite you to use the following link to join Irdeto’s Corne’ Dercksen and me on the 7th of April as we get into the specifics of building a strong supply network.
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