PROCUREMENT
34 opaque beyond tier 1 suppliers ), just in time ( JIT ) inventory and low-cost country sourcing ( LLCS ) practices were highlighted on the news channels for the world to see .
The year everybody is sick of naming made it all too apparent that our values had quickly shifted . As procurement professionals well know , price is top of everyone ’ s mind , until availability becomes an issue . When your machines are left idling , risk management is suddenly the prevalent motivation . Although there is no arguing that risk management builds supply chain and organisational resilience , it requires valiant effort , time and resources most organisations simply don ’ t have . Luckily , there ’ s help .
Contingent is a revolutionary platform that looks to help its clients build operational resiliency by leveraging AI to identify , map and monitor supply chain risk . In December the company announced it had raised approximately € 1.7 million in seed funding led by Connect Ventures , which it will use , in part , to focus on data analytics that will help to measure supply chain resilience .
Tai Alegbe , CEO and co-founder of Contingent , said : “ There ’ s never been a greater need to ensure our supply chains are robust and fit for purpose , and this fresh capital injection will ensure our customers have the tools they need to deliver operational resilience . To put it simply , traditional third-party risk management solutions have significant shortcomings , relying on static and reactive monitoring of suppliers which inevitably leads to inaccurate insights . That ’ s why we ’ ll be investing heavily in R & D and creating
JANUARY 2021