Serocor Projects has a new way of thinking around supply chain management – by bringing together industry-leading thinking and concepts we can enable businesses to achieve their priorities and help them envision future-fit supply chains and service delivery success.
We’re in a moment of significant change globally, it’s an opportunity to deepen our understanding of the potential implications of procurement in its former function and what the future will look like.
Companies more than ever will be compelled to behave in efficient, sustainable, collaborative, transparent, and fair trading relationships. Supply chains will be targeted to be innovative along with their clients’ changing environments. Cross-functional and collaborative relationships will be the winning factors in supply chains – which will become rationalised and consolidated.
Serocor Projects can be instrumental in helping achieve those priorities:
- 1. Cost-saving and honing working capital advantages will still be the number one priority.
The core function of the procurement team will not change; driving commercial improvement will remain as critical in 2025 as it is today. However, how procurement professionals go about delivering this function will change. Demand will be driven by data and analytics; the need to base decisions on cost savings will need to be closer to real-time so that rapid decision-making becomes the norm – based on detail and auditable reference points.Off the back of the cost-saving initiatives and real-time reporting – managing cash flow will become clearer and become insightful, based on the ability to compare on-demand data with historic reports, understanding peaks and troughs will become easier which, in turn, will allow for faster processing of invoice approvals.
- 2. Risk management.
Understanding risk and being able to predict its impact will continue to be high on all procurement objectives. There’s nothing new in risk being high on CPOs’ agendas – as with any member of the C suite – however, how risk is managed and communicated will change over the coming years.
The development of more sophisticated tooling to identify risk at a deeper level will continue to evolve and is likely to be a constant for many years. That said, the behaviours of organisations must become more risk-averse and this will include educating the workforce. What, why, and where become critical factors at a deeper level whilst the world becomes more environmental, human rights, and ethical sustainability-focused. Our methods of delivering service must become more risk-averse in an ever-demanding world in which continuous improvement becomes aligned with risk avoidance and vice versa.
- 3. Rationalised supply chains.
Reducing complexity around supply chains develops and delivers business efficiencies and allows transformation or change to happen quicker. Communication plans become simplified – as does the execution of buying strategies along with service delivery strategies. Teaming amongst the supply chain delivers value for both the client and the supplier, enabling all parties to flourish.
By performing the right level of maturity assessments, businesses quickly understand their capabilities to deliver against sales objectives, project delivery, and in life service. With this understanding and by communicating clearly to a reduced supply chain, businesses are quickly able to incentivise their supply chains into supporting growth opportunities and shouldering support of legacy support. Standing on the shoulders of a reduced supply chain creates a collaborative environment in which your supplier knows exactly where to support your business and where to allow the business itself to develop its capabilities – this becomes a harmonious push and pull effect and businesses grow and develop their propositions.
- 4. Market development.
More and more the C suite is relying on the CPO function to deliver market insight to support business transformation and development. Being able to articulate differentiation in the market place becomes a key attribute to sales success through understanding change in the market and translating signals around supply chains.
Serocor Projects solutions
Being able to on-board entire supply chains in a single hub location, categorise the type of supplier and the skillset is at the heart of understanding supply chain capability.
Compliance (more than ever) should be adaptable to each industry and client business strategy.
Ultimately if your team has the tooling in place to manage supplier onboarding and compliance, categorise your supply chain and enable the service delivery part of your business to deliver on their commitments in a single location, teams will have more time and be better motivated to support 3rd party collaboration, cross functional internal teaming and drive innovation with support from the supply chain.
- Serocor Hub allows for predetermined onboarding templates to be configured and downloaded by prospective suppliers.
- Alerts are then sent when the onboarding pack has been downloaded, and subsequently when it has been uploaded for review. Procurement professionals check documents have been completed satisfactorily.
- Once the supply chain has been on-boarded and categorised (a service Serocor Projects can provide for clients if required) project delivery teams are provided with sanctioned suppliers.
- Service delivery teams create work packages and/or projects and programs within Serocor Hub and communicate freely with the supply chain.
- User experience, compliance, and project commercials can be reported on through Serocor Hub making it a one-stop-shop for Supply chain onboarding, utilisation, invoicing, and reporting.
Serocor Projects approach to risk management is to perform work packages/projects in smaller agile chunks which offer a risk-averse approach to delivery, the added benefit, of course, being the opportunity to embrace change where it’s necessary and apply a continuous improvement strategy in execution.
Becoming insightful to market changes, being able to apply rapid business decisions based on data and risk aversion are just some of the benefits of the reporting capability within Serocor Hub.
For a demonstration of Hub and its capability contact Serocor Projects at info@Serocorprojects.com.
The tide of change is inevitable.
It’s how you ride the wave that determines if you succeed or wipe out.