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Welcome to the HBR Video Quick Take. I’m Todd Pruzan, senior editor for research and special projects at Harvard Business Review. We’re here today with Etosha Thurman, who is the chief marketing and solutions officer at SAP Intelligent Spend and Business Network. She’s here with us to talk about risk management and resilience for supply chain and procurement. Etosha, thank you so much for being with us today.
And there are solutions out there that can help facilitate that type of transparency and collaboration, including those that we have at SAP. And then when you think about suppliers, supplier risk, I mean, this is probably one of the number one ways businesses can manage risk when it comes to the supply chain, by measuring, tracking, and working with suppliers to understand their risks.
Let’s say the supplier is in the path of a tsunami that’s on its way. The solution would alert you to risk factors that are happening with that supplier. So there are many things that companies can do to proactively discover, or monitor, risk. And then, of course, once you are aware, then you can take proactive measures to address the risk that’s been identified.
And then once you’ve selected suppliers and you have them within your supplier community and the actual end users in your business are looking to do business with those suppliers, it’s presenting the same risk information to them. Not all suppliers are created equal. And price is not always the only key decision criterion.
And so it creates a dialogue around how we want to behave and set expectations, which also then mitigates risk within the company. So those are just a few ways. Of course, I’m not here to talk about enterprise-wide risk. But companies also have those efforts in legal and finance, but in particular in procurement.
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