Risk in Procurement: A Negative or Positive?

Categories : Procurement Goals | Reduce Risk | Set Strategy Published on : Feb 23 2018

By: ProcurementIQ Staff Writer, Ashley McKay

In a recent article published on SynerTrade, “Increasing Procurement’s Risk Agility with a Silver Lining Strategy,” Kelly Barner (of Buyers Meeting Point) discusses the importance of looking at risk with a neutral eye. While many of us associate the “word” risk with something bad or negative, it can be something positive. Ultimately, that event or outcome could potentially present an opportunity for us to change our current strategy and the way we operate for the better. In Kelly’s words:

“A potential or realized risk may shift the playing field in a way that renders (or should render) the old plan obsolete. Procurement’s response should not be to lament the change and fight to recreate the anticipated status quo, but to demonstrate agility and develop a new plan that seizes the advantages of the altered business environment better and faster than the competition.”

As business and economic trends, and the factors that impact them continue to change and evolve, this couldn’t be more true. The ability to be agile and adapt to change will continue to be a critical characteristic for organizations across all industries and each department within.

Now, procurement, are you ready to change the way you look at risk?

 

For some additional do’s and don’ts and to read Kelly Barner’s full article, click here.



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