While geopolitical risks are often unknown and uncontrollable, the top strategies global organizations use to manage these supply chain risks include increasing the number of countries as sources of supply; increasing the number of suppliers; buffering inventories; and reshoring or nearshoring. These approaches help to minimize the risk of disruptions caused by geopolitical tensions while also enabling faster responses to market demand fluctuations. 

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When the business involves the supply management group in purchasing and sourcing, it can increase savings, better leverage organizational spend, negotiate stronger contracts, and protect the organization from supplier risk. Managed spend, as a percentage of sourceable spend, is a primary indicator of a company’s ability to capture value from the supply management process.

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Supply chain leaders’ top priorities for the next 12 months are advancing cost savings management, digitizing the S2P/P2P process, advancing supplier risk management, and implementing Generative AI into procurement/SCM processes.  Advancing the department through technology is a priority that delivers high returns with improved efficiency and reduced operating expense.

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For many global firms, the accumulation of risks is amplified by the structural realignment of supply chains in this era of “slowbalization,” a period of slowing international economic exchanges and a shift away from rapid globalization towards more localized or regionalized economic activities.

Read about key operational and geopolitical risks, effective mitigation strategies, and organizational preparedness levels.

The top 3 technologies used to manage inventory accuracy are ERP/Accounting Software, Barcode Scanners, and Warehouse Management Systems, according to the recent Metrics of Inventory Management report. Inventory accuracy gives you actionable insights into your stock levels and helps you make smarter business decisions.

When adopting a new technology tool, 62% of companies indicated they have a well-established and mature strategy for the pre-adoption stage, and 64% have a mature strategy for the deployment stage. Companies with a mature post-deployment strategy drop substantially to 39%. Without a strong strategy in all stages companies will likely experience integration challenges and decreased ROI over time.

Explore the latest CAPS research on procurement risks, discover our new website feature, learn why U.S. companies are boosting inventory levels, and register for the upcoming "Experimentation and Supply Management" webinar.