COVID-19 has created immediate and ongoing challenges for the procurement function, prompting organizations to rethink their immediate actions as well as everything from category strategies to technology initiatives. Procurement organizations are framing their response across the short, medium, and long term, aligning cost reduction, supply continuity, and business support to each time window.
Dipan Karumsi, who leads KPMG’s Procurement practice, and Len Prokopets, have spent their respective careers designing and executing major procurement and supply chain transformations. They share some of the ways procurement leaders have demonstrated their value as business partners, helping their organizations not only navigate the pandemic’s economic impact, but, at the same time, position for new opportunities as economies begin to rebound.
Topics addressed include:
- dual impacts on the procurement function: massive demand shock and massive supply shock
- procurement priorities in response to COVID-19 impacts across three time frames: first 100 days, 6 months out, and longer-term
- the power of machine learning technology in rapid contract portfolio review and the assurance that contracted pricing matches invoice pricing
- immediate risk management and contract compliance actions to be taken to help ensure cash conservation, cost reductions, and fraud detection
- why there’s never been a better time for new cost structures and operating models to move into the “new reality” future, which can include an elevated business partner role for the Chief Procurement Officer and the procurement function.
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