Today’s volatile commodities market is a bit of a double-edged sword: It presents significant supply chain risk (e.g. suppliers going bankrupt or underperforming as they cut costs) as well as opportunity (e.g. using supply market intelligence to identify opportunities to renegotiate pricing) especially in the long tail of spend where procurement can have limited visibility.
That long tail can include thousands of suppliers and thousands of parts, making it difficult to identify the risks within. Market focused external data sources (e.g. publicly available financial information), market indexes, benchmarking and forecasting services can provide the insight needed for these risks, but companies need to be able to leverage all their internal and external data in order to see beyond what is initially visible. Simply put: The old way of performing risk management just won’t cut it in today’s volatile environment.
Join us as Lisa Reisman, Pierre Mitchell, and Matt Holzapfel discuss:
- Several case studies highlighting two different scenarios: When internal and external data were combined to predict supplier distress and…
- How data was used to turn these risks into a savings opportunity
- How companies can start using all of their data to enable risk management 2.0