SUPPLY CHAIN
“ At many companies , SRM isn ’ t a welldeveloped partner to risk management and procurement teams ”
NARI VISWANATHAN SENIOR DIRECTOR OF SUPPLY CHAIN STRATEGY COUPA on outdated practices , antiquated systems such as spreadsheets and ineffective order management .
It means firms failing to implement effective SRM have little to no insights into whether or not a supplier presents a risk – like lagging on order fulfilment or failing to comply with ESG regulations – and are left without a backup if worst comes to worst and a supplier falls short .
Nari continues : “ Just imagine : a business gets a 24-hour notice that the historical , go-to supplier is now bankrupt and will not be able to fulfil outstanding orders . Not only will that business have to find a new supplier , but also negotiate costs , estimate risk profiles and essentially play ‘ supply chain Jenga ’ to avoid delayed delivery of goods .
“ However , an SRM strategy can better predict the external factors and challenges that impact suppliers . It also expands a business ’ supplier network with established backups , should there be a disruption in operations – which ultimately translates to angry customers and lost revenue .”
Coupa can call upon numerous SRM success stories made possible by its software .
Nari explains that , during the COVID- 19 pandemic , the Bank of Montreal ( BMO ) used its Coupa digital platform to gain insight and a deeper understanding
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