13 ways sustainable sourcing and procurement drive ESG efforts
The strategic sourcing process is a cycle, so it cannot be done once and forgotten about. A cycle approach to […]
Procurement 101
Reading time:
5 minute read
Written by
Majdi Sleimen
Attempting to separate potential danger from potential opportunity is like trying to remove an egg yolk from the white using toothpicks: you can't do it without making scrambled eggs. This is a metaphor for any situation that offers a large reward - hazards are a natural accompaniment. The key is knowing the correct strategy to employ in order to reduce (or even eliminate) risk. Stop using the toothpicks and a repertoire of egg-based recipes could be at your disposal.
But this blog entry isn't about egg-based recipes. The following checklist outlines basic requirements for guaranteeing your company stays out of procurement trouble. Avoid legal challenges, employee mishaps, ethical blunders, and more. Procure with confidence.
If the procurement department in your organization is able to check off all these boxes, then congratulations, the bridge from risk to reward has been successfully crossed! Continue to monitor industry regulations for optimal purchasing safety. The management of risk is what determines its ultimate value.
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