Expect the Unexpected: How to Rethink Your Supply Chain
How do you measure your supply chain’s health? Do you know the level of risk from fraud with your third-party suppliers? Are you struggling to find diverse suppliers?
For answers to these questions and more, Coupa partnered with WBR Insights and surveyed 200 CPOs at the end of 2020 about the risk and opportunities in their supply chains since the outbreak of the COVID-19 pandemic.
Join us for our February 18 webinar that presents a deep dive into the data from this survey, as well as an exploration into how building an agile supply chain can solve the challenges many procurement organizations are facing today.
This live ‘fireside chat’ features Janelle Orozco, Chief Procurement Officer at Diageo, Chris Sawchuk, Principal & Global Procurement Advisory Practice Leader at The Hackett Group, and John Callan, Senior Director of Product Marketing at Coupa.
Why You Can't Afford a 'Moment in Time' Approach to Your Supply Chain
The survey’s resulting report — CPO Survey: Rethinking Risk And Opportunity In The Supply Chain — offers a glimpse into what 200 procurement leaders are thinking in the wake of everything that transpired over the past year, along with candid insights from leaders across the globe exploring the how, what, and the why of rethinking supply chain planning for the decade ahead. Some key insights from the report discussed in the webinar include:
- Nearly 60% of CPOs are not very confident in their ability to identify operational risk in their supply chains.
- 99% of CPOs say that risk should be the responsibility of the entire business, not just a few individual teams.
- 43% say that COVID-19 has had a major or severely detrimental impact on their business. No one said there was no impact.
- 80% of CPOs report that supplier diversity is a top initiative for executive boards and investors.
Create the Ability to Rapidly Redesign Your Supply Chain and Mitigate Risk
Both the survey and the webinar highlight that — while a few forwarding-thinking companies were prepared — the pressures of last year have altered the priorities and thinking around supplier management and scenario planning for supply chains at most organizations. Having the ability to rapidly redesign your supply chain using a digital supply chain twin, make crucial decisions based on effective supply chain analytics, and mitigate risk is now becoming a must-have for all businesses to survive and thrive in the current economic environment. For most enterprises, there's a huge opportunity to build a more sustainable supply chain in the year ahead.
CPOs will continue to have a “seat at the table” and many are in a position to “lead from the front.” Strategic leaders will focus on areas beyond savings, including risk mitigation, ESG (Environmental, Social, and Governance) support, and supply chain design to advance the field and support business success in the years ahead.