Donna L. Westerman, Vice President of Consulting, Retail and Consumer Goods, joined a discussion with Swapnil Srivastav, Manager at MetricStream.
'Garbage in -garbage out’ is a term often used in computer modelling to express that poor quality inputs typically lead to poor quality outputs. Organizations should view the data that they use to evaluate risk in exactly the same way.
Successfully measuring and understanding risk is a nirvana for procurement organizations, which is why many have willingly jumped onto the data bandwagon. However, given the plethora of open and closed sources of data available, determining which data sources are the best or most appropriate can be a serious challenge. Harmonizing data and personnel is further challenged in the operational context of ever increasing regulatory and stakeholder demands. Scientific tools & techniques are rapidly moving out of specialist silos and into the day-to-day operations of most business functions, including procurement.
This webinar explains how organizations can leverage data and technology to drive innovation and ensure that risks are identified, managed and mitigated in a timely manner.
Key discussion points include:
- Building a common approach for compliance while keeping the aspect of human rights aspects in perspective
- Best practices for developing a data driven strategy to manage supplier risk
- How technology can strengthens supplier risk and compliance