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Gartner survey: supply disruption ranked as top procurement risk

gartner chart of survey on procurement risk

Worries about natural disasters and transportation issues lead macroeconomic and geopolitical issues.

Supply Chain Xchange Staff
By Supply Chain Xchange StaffOct 17, 2024
Supply Chain Xchange Staff
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A hefty 42% of procurement leaders say the biggest threat to their future success is supply disruptions—such as natural disasters and transportation issues—a Gartner survey shows.

The survey, conducted from June through July 2024 among 258 sourcing and procurement leaders, was designed to help chief procurement officers (CPOs) understand and prioritize the most significant risks that could impede procurement operations, and what actions can be taken to manage them effectively.

"CPOs’ concerns about supply disruptions reflect the often unpredictable nature and potentially existential impacts of these events," Andrea Greenwald, Senior Director Analyst in Gartner’s Supply Chain practice, said in a release. "They are coming to understand that the reactive measures they have employed to manage risks over the past four years will not be sufficient for the next four.”

Following supply disruptions at #1, the survey showed that the second biggest threat to procurement is seen as macroeconomic factors, which include economic downturns, inflation, and other economic factors. While more predictable, those variables can substantially influence long-term procurement strategies.

And the third-most serious perceived risk was geopolitical issues, including tariffs and regulatory changes, and compliance issues, including regulatory and contractual risks.

In addition, the survey also revealed that “leading organizations” are 2.2 times more likely to view energy availability and cost as a top risk; indicating a focus on future emerging risks. As electrification drives demand for power, brittle grid infrastructure raises concern about whether the energy supply can keep pace. Therefore, leading organizations recognize that access to energy will become a significant future risk.

ProcureArticleFinance & Strategy
gartnerrisk managementprocurementsourcingsupply disruptions
ProcureArticleFinance & Strategy
gartnerrisk managementprocurementsourcingsupply disruptions

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FINN Partners Named Public Relations Agency of Record for Craft

FINN Partners Named Public Relations Agency of Record for Craft

Leading independent marketing and communications agency FINN Partners has been named Agency of Record for Craft, the supply chain resilience company.
Craft will work directly with FINN’s Global Supply Chain practice, a specialized team within its Technology practice that, over the span of 24 years, has worked with more than 70 brands in the supply chain space. Craft selected FINN Partners for its expertise and demonstrable success within its industry along with the FINN team’s strategic thinking and idea quality. This partnership underscores the agency's proven track record of delivering exceptional results and driving growth and reputation for its clients within the supply chain industry.
FINN, which was named to Fast Company’s 2024 Most Innovative Companies list, will provide an integrated communications strategy designed to aggressively grow awareness and understanding of Craft’s brand and offerings. The program will target decision makers and purchase influencers across the supply chain, procurement, finance, regulatory compliance and ESG business functions at large organizations and agencies across the U.S. federal government.
“In today's increasingly volatile world where disruption is constantly lurking around so many corners, supply chain resilience is becoming a top business priority,” said Mimi Spier, CMO of Craft. "Craft's intelligent supplier risk management solution helps organizations efficiently get ahead of their supplier risk, protect against disruption and simplify business continuity. We are an ideal solution for what the market is demanding, but we need greater awareness quickly. We have no doubt that FINN is the best team to help us achieve that. In fact, we’re astonished at the level of thinking and domain expertise an agency could bring in this space.”
FINN’s Global Supply Chain practice works with clients in every facet of the supply chain, including technology-based innovators, consultancies, conferences, logistics and transportation providers, procurement-related companies, the supply chain organizations of Fortune 50 brands and more.
“Supply chain has become inextricably linked to business performance, competitive advantage, brand perception and even global issues, such as fair global working practices and environmental responsibility,” said Casy Jones, Managing Partner and Global Supply Chain practice lead at FINN Partners. “The global supply chain is also experiencing foundational change not seen in 40 years as businesses and the U.S. government do the hard work of diversifying our global sources of materials and goods. Craft is uniquely positioned to be at the center of helping these organizations successfully transition, and we’re thrilled about the opportunity to tell that story and help Craft amplify the supply chain successes of their amazing customer base.”
The assignment is effective immediately.

https://global.craft.co/newsroom/finn-partners-named-public-relations-agency-of-record-for-craft/?utm_source=LinkedIn&utm_medium=organic%20social&utm_campaign=promotion
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