How did COVID-19 Impact Marketing Procurement and What is the Role of Procurement Market Intelligence?
The COVID-19 pandemic had a jarring impact on supply chains across the world during its first wave. While many countries quickly assuaged the impact to a certain extent, some of the major factory and manufacturing hubs in the North America region were significantly impacted, and companies witnessed an undeniable need for supply chain management and procurement market intelligence. As countries witnessed nationwide lockdowns, borders were closed for trade, import and export was suspended, and domestic transportation was suspended across the world, companies faced a series of unmanageable workforce, continuity, and supply chain complexities.
Preparing for the post-COVID era requires a comprehensive understanding of the changes incurred across marketing procurement. Attend our webinar, and assess the impact of COVID-19, the ideal solutions and strategies, and future of your industry.
Many countries have successfully tackled the widespread impact of the virus, helped citizens recover, mitigated the risks, and resumed continuity of business. However, many others, such as the US, India, the UK, and more face a steady rise in cases, and a severe impact on trade and business. As the vaccines become readily available and various demographics are being immunized, manufacturers and businesses are preparing for a new era of supply chains, data, and digitization. The first step for many companies, will be adopting procurement market intelligence, and implementing data-driven strategies across the supply chain, to mitigate remaining risks, anticipate upcoming market changes, overcome the impact of COVID-19, and help their organization recover.
The upcoming changes in business, supply chains and marketing require skill, guidance, and unparalleled insights. Register for an upcoming webinar about the impact of COVID-19 on Marketing Procurement, and the best way forward.
How can Procurement Market Intelligence Help Companies Prepare for the Post-COVID Era?
Embrace Digitization: When entering the post-COVID era, experts encourage companies to embrace the role of digitization in the new normal, and integrate it into their systems for various reasons. The virus has led to an increase in remote work, and companies have felt the need to embrace newer digital marketing initiatives, accommodate for remote work situations, and incorporate Industrial Internet of Things (IIoT) based changes into their supply chain. With procurement market intelligence insights, companies can evaluate their business needs, understand the role and value of digital marketing in the industry, and incorporate improved systems.
Reevaluate Cost-Saving Initiatives: The economic and financial overload of COVID-19 has left many companies on the brink of extinction, and given rise to the undeniable need for efficient, sustainable, and comprehensive savings. Risk management teams could not predict the enormous impact of the virus, and therefore, companies remained unprepared. Businesses must implement improved cost-saving initiatives, and focus on developing robust contingencies in the face of potential challenges. Procurement market intelligence enables a detailed evaluation of the market, and helps professionals identify the ideal initiatives in case of risks.
Leverage Partnerships: Recovering from the pandemic can be highly challenging, and many healthcare and BFSI businesses have turned to mergers and acquisitions to ease the process. With more resources, additional expertise, and the ability to expand offerings and market share, companies have a more fruitful and clear path to recovery. However, merging supply chains and incorporating significant changes during challenging times can be difficult; with the help of data, companies can identify the ideal partnerships, enter well-researched and beneficial contracts, and help the company grow.
Enable Remote-Working Systems: The COVID-19 era has highlighted the growing capacity of digital platforms to accommodate for a long-distance and remote workforce. As companies enter into the new era, many are offering a combination of remote-working and in-office working systems, improving morale, helping employees create a better work-life balance, and reducing the chances of infection as the virus continues to impact certain geographic locations. With the help of data-driven strategies and procurement market intelligence, companies can implement significant improvements and changes to their business through remote-working systems.
Increase Automation: The importance of automation has been brought to the foreground unlike earlier through the COVID-19 crisis. In the post-COVID era, companies are advised to incorporate automation, smart manufacturing, AI, and IIoT into daily processes, and increase reliance on skilled labor, rather than physical labor. This will help reduce employee safety risks, enable business continuity during challenges and shortages, help employees acquire and utilize new, relevant skill sets, reduce human error and substantially increase efficiency. Procurement market intelligence, data, and analytics have propelled this process, and made it a necessity in the upcoming post-COVID era.
To successfully and smoothly transition into the post-COVID era, companies must leverage improved procurement processes and steps to adapt. Register here, and gain unparalleled insights at our upcoming webinar, “How COVID-19 changed Marketing Procurement?”