The world is finding its feet in the post-COVID world. Countries around the globe are reopening their borders with less restrictions, and economies are slowly recovering and finding equilibrium.
Most of us eagerly await the day we can easily go on a holiday again, but the reopening of borders spells good news for the supply chain too. However, business leaders must keep in mind that processes and operations can’t go back to how they used to be.
Wake-up call
Since the advent of COVID-19, businesses around the world have felt the pandemic’s impact on supply chains. Now, pent-up consumer demand is skyrocketing. Yet, supply chain disruptions continue, and experts say they are likely to get worse before they get better.
Touching upon nearly every aspect of business performance is procurement, yet many leaders have failed to grasp its importance, and few organisations give sourcing leaders with the power and prestige of other C-suite positions. For years, global supply chains grew more sophisticated, enabling ever more efficient just-in-time production. With so many supplier options to choose from, managers tasked procurement teams with optimising costs.
Misinterpreted as a support function, many organisations failed to see how procurement could drive business growth and innovation. However, the procurement function has emerged as an essential enabler of strategic agility in the wake of the crisis. We’ve seen time and time again how organisations small and large are having issues with getting the raw materials to fulfill their orders or stack up shelves. What if you could change your processes so that you can spin on a dime and easily enable localisation or fast scouting strategies to fulfill your backlog and deliver to your clients? A sound procurement organisation, with a strong leadership, can immediately impact your cash, cost and growth and in the end, determine how well and quickly you adapt in a volatile economy.
Reshape performance and enhance control capabilities.
As companies settle into their new normal, the scope of procurement mustn’t become limited once again. Companies that fail to heed this message are putting 40% of their profits at risk. Now more than ever, companies must embrace emerging technology and its power to reshape performance and control over supply chain management.
The vulnerabilities of traditional supply chain models have been highlighted in unforgiving neon. Countless articles have discussed why and how businesses need to transform to survive and thrive amid ongoing change and disruption.
There will be undoubtedly more uncertainty on the horizon, from deepening geopolitical rivalries to the destabilising effects of climate change. Reverting to yesterday’s business-as-usual is not an option. Instead, success will increasingly be driven by resilient supply chains and the progressive, collaborative professionals that manage them.
Business transformation for supply chain resilience
Business transformation is a required core capability for all organisations today. The pandemic has brought into stark focus the fundamental need for resilience in the transport and logistics industry, and organsations throughout the entire supply chain are scrambling to adapt.
The new reality is clear. Along with resilience and managing through disruption, change and uncertainty, business transformation must be at the top of every executive team’s agenda. To build back better and develop supply chains that can cope with the new business landscape, we need to transform businesses by focusing on people, operations and technology concurrently. And increasing your odds of success is only prudent.
But what does this ‘transformation’ involve? What do companies need to do? Given today’s fast-changing business landscape, what trends will shape the path ahead, and what do business leaders have to consider when planning their strategies for the short and long term?
Transforming business by focusing on your people, operations and technology is essential as you navigate unchartered waters for your organisation to not only survive but thrive.
So how do you achieve successful transformation when there are so many unknowns?
Proudfoot T-Lab
Having delivered 50,000 successful transformation engagements and helped over one million leaders through their journeys to remarkable results, Proudfoot knows how to create value, implement pragmatic solutions with sustainable bottom-line impact and deliver lasting behavioral and cultural change with people. Our upcoming event, the Proudfoot T-Lab, is a Transformation Masterclass providing you with a framework to deliver lasting results, improvement and transformation in your business.
The Transformation Masterclass Week is for leaders at all levels and industries, including transportation and logistics. Over five days packed with practical masterclasses and engaging firepit panel discussions with the transformation experts, you’ll acquire both the latest insights and the tools required to transform your organisation.
In the opening keynote, Proudfoot CEO Pamela Hackett will share the latest findings from the 2021 “What the Best Led are Doing Now” study. Each day then follows with a keynote masterclass on the most crucial aspects of transformation — people (humanise), operations (optimise) and technology (digitise), followed by an interactive panel discussion from the experts.
Especially relevant in today’s context, we round off the week discussing how ESG needs to go beyond reporting and be baked into business today with commitment, not compliance.
Don’t miss the opportunity to participate in the dialogue about transforming your business for future success. Register now.