Just when the world thought the pandemic was over and they will see relief in the supply chain, a war with Ukraine took place. Hence, the risks of the supply chain are here to stay and we need to know more about crisis management.
The European threats are most likely impacting most businesses. The drastic and damaging economic sanctions against Russia have a huge reach regarding economic and political ramifications. Predictions say that the probability of your global supply chain snaking through Russia, Ukraine and other neighboring countries is very high. Moreover, most of us are at the mercy of cyberattacks that have been forecasted.
Considering we are professionals, we have the chance to make decisions in support of everyday goods. In times like these, buyers need to be wise about their choices to make a difference.
Here are some tips on how they can start
It is a disappointment when people say they are swamped and don’t care. Moreover, they succumb to the pressure from the uninformed management and are not interested in the world around them or what role it plays.
It would be best if you cared about your country, community, and the world. When we are too busy with our day-to-day rituals, we often forget how our interaction with the world is.
Other than the current situations, professionally, we have the chance to make decisions that will support the common good. We can make our supply chains green would decide on source with suppliers who will not pollute the environment. Moreover, we can support the ethical supply chain by working with companies that support human rights. Championing the social supply chain, we can be the hub advocates of small businesses.
Many buyers say the following things, for example, “they don’t pay me enough to care,” etc., and say that if they had time, they would have done it to their best. People need to understand that the money they spend on behalf of their company has a meaning and influences the block across the world.
Read whatever it is, watch it carefully, and listen. You need to pay attention to the headlines and understand what is happening globally according to the economy and what impact it has on your company, supplies, and the extended supply chains.
One important part of the fiduciary responsibility is to know and be aware of global trade impacts on your business as a buyer. Furthermore, listen to your suppliers because they are the key to most things. Share what you know with the company management, so plans can be adjusted accordingly. In addition, communicate with the customers and all the buyers in the front line take advantage of this proximity.
Be the initiator and lead by viewing procurements through the lens of leadership and not support. Look at what your sourcing decisions are across all domains. Make purchases with purpose in your mind while defending your sourcing decisions simultaneously.
Be realistic about your influential limits. Even though today, everyone is focusing on looking at Ukraine and Russia, losing sight of procurement decisions at a local level isn’t wise. Everything you do makes a difference.