Billions of people are being affected by the new COVID-19 pandemic, setting off an unprecedented global health crisis.
The global supply chain disruption caused by COVID-19 put a spotlight on procurement operations in a way nothing ever has before. The experts expect to see use of e-procurement technology increase as digitalizing procurement will only help companies as they look to build greater resilience into their supply chains, reduce risks, and drive cost savings.
Health concerns, confinement measures and border closures adopted in the wake of the COVID-19 crisis have caused severe disruption in the supply and distribution chains. Having access to open, complete and high-quality data can help to predict and manage supply chains.
A lack of data on lead times and other important indicators exacerbates the problems posed by complex and congested supply chains in which buyers are willing to pay any price and production capacity is low. Many companies will start to realize the potential of available data to intelligently guide decisions, using it to reach greater levels of success.
COVID-19 radically disrupted supply chains across the continents, leaving companies of all sizes in a scramble to locate alternative suppliers as fast as possible to maintain business continuity.
E-procurement technologies enable these firms to access a much larger supplier base and communicate in real time on immediate sourcing needs. When essential items are scarce and time is of the essence, open and accountable procurement becomes an even more important
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