JAGGAER/Tejari: holistic supplier management during COVID-19
Business Chief takes a look at JAGGAER/Tejari white paper on the importance of holistic supplier management during COVID-19.
To support businesses through the current outbreak of COVID-19, JAGGAER/Tejari - a leading spend management organisation - has released a white paper addressing the importance of holistic supplier management.
Within the paper the organisation discusses the importance of supplier management and how it can impact the success of an organisation amidst the current pandemic, as well as the challenges and opportunities relating to streamlined operations.
“Supplier management is the optimisation of what comes into your company so that you can optimise what goes out. It is at the very heart of procurement and managing suppliers effectively to perform in harmony with your business strategy is rather like composing an orchestral piece of music and conducting all the instruments in the orchestra,” commented Hossam Refaat, Managing Director, JAGGAER/Tejari MENA.
“Each supplier brings something different and unique, some play a leading part, some a minor one, some in the foreground, some in the background, but they all have a role to play in the organisation's success,” added Refaat.
Within the paper, JAGGAER/Tejari reveals that until recently many organisations have relied on the combination of Enterprise Resource Planning (ERP), the category knowledge of individual procurement managers and staff members, and intuition to manage suppliers, “which is no longer feasible in today's market,” said JAGGAER/Tejari.
The benefits of a holistic supplier approach
Within the paper JAGGAER/Tejari details that “Holistic supplier management includes the operational and transactional elements, as well as the ability to identify new suppliers, integrate suppliers into an ecosystem they can fully participate in, assess supplier risk, and make decisions based on that risk.”
In addition it provides the data needed to drive sourcing and category management strategies, as well as the ability to meet the needs of multiple departments and stakeholders that rely on procurement; the ability to comply with internal and external regulatory framework; and the capability to promote sensible decision making.
JAGGAER/Tejari reflects that “COVID-19 has highlighted the fact supply shortages can happen, and that unfortunately many suppliers will not recover financially. This underscores the importance of a holistic overview of suppliers, the supply chain, and the ability to adjust and adapt to new market conditions while ultimately further underscoring the increased importance placed on procurement.”
By harnessing smart procurement technology, organisations can make informed strategic decisions about which suppliers best support their goals and provide visibility into their performance with real-time data and analysis.
“Organisations undertaking these necessary protocols will be those that navigate the current COVID-19 pandemic more easily and gain the competitive advantage moving forward,” concluded Rafaat.
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