Evaluate New Suppliers Thoroughly and Assess Procurement Risks
Ensure confidence when bringing on third parties by surfacing the risks in the supply chains of new, unknown suppliers as well as your long-time suppliers.
Procurement and supply chain professionals understand that supplier due diligence is more important than ever in today’s interconnected supply chains, which frequently span across the globe. Procurement teams need Agile Sourcing, which is the ability to quickly evaluate the risk of new and long-time suppliers, identify potential issues, and rapidly source alternatives. You also need to monitor your suppliers, and the sub-tier suppliers they depend on, continuously.
“72% of all renegotiated deals could have been prevented with better due diligence."
Ensure confidence when bringing on third parties by surfacing the risks in the supply chains of new, unknown suppliers as well as your long-time suppliers.