Procurement 2.0: Adapting to Transformative Changes in Supply Chain
Drawing insights from the tech sector’s evolution over the past 20 years, Girija Pande, Chairman of Chain IQ Asia-Pacific in Singapore and the Chain IQ ESG Board, discusses a comparable transformation reshaping procurement and sourcing practices. Amid geopolitical uncertainty and potential pandemics, traditional procurement priorities have expanded. Moving beyond cost reduction, quality, and delivery, new focal points include risk mitigation through diversified supply chains, adapting to inflation-driven cost pressures, and embracing sustainability and Environmental Social and Governance (ESG) mandates. This shift parallels the rise of specialized Global Procurement Organizations (GPOs) that streamline procurement through technology, leverage scale, and manage risks. With the Chief Procurement Officer’s (CPO) role elevated to a risk supervisor, collaboration with GPOs becomes critical in navigating these evolving procurement dynamics.
First published in the Singapore Business Times, August 2023.
