How to manage procurement risks?

Risk management means managing procurement ( usually with procurement sourcing software ) and the supply chain process. Fraud, quality, cost and delivery, compliance are risks to manage across all sectors for managing procurement risk. It’s essential to identify risks, define and document all the risks you are exposed to, manage your relationship with your suppliers, always assure about the quality of your product, be aware of the need of your customers, have invoicing and payment system in order.

It is also essential to understand your global markets to grow your business, make sure you and your sales team know your markets and their customers inside or out. Always try to work collaboratively with your supply chain, work with your finance team as much as possible. Your team must know the environment, laws, regulations, cultures, and way of working. Check out TYASuite’s procure to pay software.