How Do Procurement Consultants in The UK Help Companies to Manage Supply Chain Risk?

If your organisation deals with procurement and a wide array of suppliers on a daily basis, you will need to make sure that you can easily identify and mitigate risks associated with them. Supply chain risk management is one of the keys to proper management of suppliers as any disruptions to the supply chain can be costly. But while robust, agile, and preventative category management program might be able to address and minimise risk in the supply chain, it will not be able to contribute much to the elimination of the source of risk—especially when the problem is already there. If this is the case, you will need procurement consultants who can help manage supply chain risk.

Risks to your supply chain are not merely caused by critical suppliers. They can come from your extended suppliers, too. Working with experienced procurement consultants in the UK can help reduce the chances of your organisation to suffer due to disruptions from your N-tier suppliers, including any tier three and tier four suppliers. By working with experts, you will have an easier way to identify key risk and performance indicators, which must be monitored to avoid unpleasant surprises from your supply chain.

The best procurement consultants in the UK follow a systematic approach to identify and resolve supply chain risks. First, they map and identify interdependencies in your N-tier supply chain by collecting data about your critical suppliers’ extended supply chains, then analysing it to determine interdependencies within the supply chain. Next, they map potential risk areas by looking up countries and markets that can have a considerable amount of impact on every procurement category’s extended supply chain. This way, procurement consultants can identify the key risk indicators, which must be monitored for every category.

Monitoring the risk indicators to identify risk signals is the final step to addressing supply chain risks. At this point, consultants rely on their category intelligence framework to observe key risk indicators associated with procurement categories. At the same time, they will keep you updated through news alerts, reports, and newsletters. With this type of approach, you can be aware of any potential issues and risks from extended supply chains. Procurement consultants in the UK have access to industry experts whom they consult with to obtain on-ground insights and intelligence, too.

Pure Research Private Limited (Pure Research) provides customised research and business intelligence to leading corporates, public sector organisations, financial services firms, and professional services firms.