Attaining Value Added Outcomes

To attain value-added outcomes, procurement and supply chain work closely with all stakeholders by investing in strategies to map and plan communication at every stage that can impact the overall success of the purchase process.

Positive engagement with stakeholders improves outcomes as it minimizes obstacles in the supply chain process. Lack of stakeholder engagement poses risks to the business, such as budget variances and missed deadlines (Lysons, 2020).

Building good relations with all stakeholders, including internal teams and suppliers, enhances stakeholder management. It helps evaluate their impact on the business and determine ways to achieve collaborative effort.

Further, good relations build trust, adopt open costing, and eliminate conflicting roles.

The second way to attain added value in supply chain and procurement is through regulatory compliance and recognition of its importance in organizational processes. A business can take informed action to promote added value solutions with internal stakeholders and suppliers through this strategy.

Supply chain processes can present compliance risks like fraud, corruption, export controls, sanctions, health and safety laws, and environmental and social compliance requirements.

Personnel in procurement and supply should conduct a compliance risk assessment to determine specific compliance issues in the business model to prevent noncompliance and related…