The Impact of Covid-19 on Global Sourcing Strategies
The perspectives of procurement leaders have shifted. Before the pandemic, strategies were orientated towards global sourcing and the key trend in procurement was digitisation.
The outlook for 2021 is radically different.
Procurement has gone tactical and the focus is now on rapidly securing supply, mitigating risk and reducing cost. There is also a marked change in sentiment; reversing long-term trends towards offshoring and outsourcing. Whilst it remains to be seen if this is just a short-term effect, there are a number of recommendations which can help organisations take advantage of the current situation.
Our survey of procurement leaders was undertaken in Q4 2020 and sought to understand the impact of Covid-19 has had on sourcing strategy. The results cover;
- Shifts in global sourcing, nearshoring and domestic sourcing
- The mitigation of risk through strategic sourcing
- Trends in insourcing and outsourcing
- Outlook for 2021 and key recommendations
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