Besides the challenges of finding the best-fitting suppliers that will solve issues around pricing, quality and delivery, procurement should also invest in alternate scenarios for sole-source suppliers in order to overcome any problems and mitigate the potential risks.

Mitigating supply chain risks is one of the most important roles of a procurement professional, and it is especially critical to identify issues before they have the potential to cause serious disruption.

Including CSR and ESG criteria to better assess risks and opportunities related to sustainability is becoming an important step during the tendering process for many companies and it's more important than ever that suppliers take this responsibility seriously.

Large companies with operations in the European Union could start being held responsible for environmental violations or human rights abuses committed by the business and their supply chains under a new law proposed in late February by the European Commission.

In early October, a global survey conducted by Jaggaer and Tealbook found that 70% of organisations are prioritising supplier diversity, but most of them are struggling to find diverse suppliers.

Bringing sustainability to procurement is one of the most important priorities for most companies and has been a popular topic around supply chain leaders, especially when it comes to identifying how to start and where to apply good sustainable procurement practices that will bring results and be maintained as time goes by.

With more and more companies following the trend in digitalising their supply chains, the potential risks of data-leaks and cyberattacks also increase.

Times have changed, and purchasing preferences have changed with it. Buying from a company that takes supply-chain sustainability seriously is now one of the most important criteria for consumers – and companies now need to adapt to help shape a better future.

A recent report conducted by Accenture among supply chain leaders revealed that when it comes to being advanced in terms of technology, talent and processes, only 4% of organisations meet this level – and only 34% are expected to reach the future-ready status by the end of 2023.