An effective procurement strategy is a key to supply chain risk mitigation.

March 6th, 2012

Today?s post is by Ryan Melowic Director of Customer Services at SafeSourcing.

Supply chain risk management is the process of identifying factors that could disrupt the production process.? Because conducting business is such a complex activity, the sources of such disruption are going to be many and varied; but because they cost the people who run and work for the business so much time and money, these people will naturally want to have some way to minimize the amount of risk.? One of the most effective means of supply chain risk management is establishing a sound, effective procurement strategy. Let?s define procurement as the acquisition of goods and services, in both the proper quantity and at the proper quality, when they are needed, where they are needed, and usually by means of a contract.

There is a company that devotes itself to helping other business owners determine which procurement strategy will work best for them.? SafeSourcing has developed an e-procurement process which is enhanced by the use of multiple tools? The SafeSourceIt Database, which has 380,000 suppliers and uses a set of twenty- five safety certifications to screen suppliers, a highly innovative and simple to use e-negotiation tools called SafeSourceIt? where buyers and sellers have an entire RFX library at their disposal. If you?d like to learn more about the entire SafeSourceIt? family of products, please contact a SafeSourcing representative.

The proper procurement strategy can help company?s avoid financial challenges.

We look forward to and appreciate your comments.

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