Securing supply is the top priority in procurement. Yet, ensuring reliable supply security is increasingly difficult through traditional risk management.
In our recent study of risk prevention in procurement conducted as part of the BME Symposium, approximately 100 participants were asked about the challenges faced and the measures employed in risk management.
For 65 percent of respondents, supply risks remain the biggest threat for procurement this year. Concerns surrounding price stability have also risen significantly. Indeed, as a result of continued favorable economic activity and the implementation of trade barriers, it is clear that the current situation in many procurement markets is tense.
In terms of general economic risks, increasing protectionism and Brexit both feature heavily. This is a major change compared to last year. The marked rise in figures demonstrates that confidence in politics and the ability to negotiate compromises have waned.
Countermeasures employed to mitigate risk focus on conventional strategies such as regular supplier evaluation. Lastly, just over half of all respondents stated that they engage in preventive systematic risk identification.
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