The coronavirus pandemic has accelerated the digitalization trend. It has forcefully pushed companies over the technology line and is predicted to transform the way business works forever.
The coronavirus crisis has dramatically affected the supply chain and disrupted procurement systems globally. For the time being and perhaps permanently, traditional face-to-face procurement behavior is difficult or impossible. In that sense, we have little choice but to adjust quickly and adapt to the new normal.
Let’s look at the “opportunity” side of the coin (if there can be, in a pandemic), this life-changing event is an opportunity to embrace sustainability in your business. Simply described, the practice of sustainability is a business approach intended to create long-term value by minimizing adverse effects in the ecological, social and economic environment. If there were ever a time to appreciate the impact of “adverse effects”, it would be now.
While the notion of actually operationalizing sustainability as a business practice may seem daunting at first, it is not as hard as one might think. Here are a few simple-but-effective ways to practice sustainability immediately.
- Work From Home
The fact that many of us are working from home has had positive environmental benefits. If your staff currently work remotely, congratulations! Your business is already reducing carbon footprint in traffic and pollution.
- Transition To Electronic Procurement
The traditional approach to competitive procurement processes has been disrupted during this difficult time. While many are already pivoted to e-procurement, recent and ongoing events have made new converts in a very short time. E-procurement streamlines the entire process, from procurement to payment, which increases the chances that your company is acquiring goods and services under the best value terms. Thanks to advances in technology, the challenge of achieving “green procurement” is much more “doable”. More importantly, you can do it at your own pace.
- Reduce Waste By Simplifying Supply Chain Processes
The supply chain is a complex system and involves risk if businesses don’t know how to monitor their operations accurately. According to APQC, the top priorities among supply chain organizations are improving service quality, focusing on performance management, and investing in data analytics.
With Artificial Intelligence (AI), supply chain processes can be automated and augmented. Implementing AI in your procurement system will increase your supply chain transparency and save your company time and money.
“Businesses estimate they spend on average of around 55 hours per week doing manual, paper-based processes and checks; 39 hours chasing invoice exceptions, discrepancies and errors and 23 hours responding to supplier inquiries.” (mhlnews.com 2017)
COVID-19 has significantly impacted the global supply chain. Many organizations have struggled to find and locate alternative suppliers to continue their business. At SupplierGATEWAY, we offer all-in-one solutions for supplier management that are competitively priced to fit businesses of all sizes. Even small and medium-sized businesses can utilize our robust apps to speed up timeframes, reduce overheads and open up the marketplace.
Contact us today for more information!