Economic upheaval continues with little sign of abating. Recently; President Trump continued to fuel the uncertainty with his "promise" of tariffs; the Russia-Ukraine war shows no sign of ending and numerous other disruptions are bubbling away.
So; how do you plan for such a high level of uncertainty?
While some may scoff at scenario planning; it is a much-underutilised tool businesses can use to help anticipate challenges and opportunities while making strategic decisions.
Having used scenario planning intensively in previous roles; I have seen its potential impact on identifying blind spots and helping businesses prepare for the future. I am a big fan of scenario planning.
In procurement; scenario in-sights can enhance supplier negotiations and inventory strategies by addressing market changes or geopolitical shifts; and it can help identify supply vulnerabilities
When considering using scenario planning:
- Identify key drivers
- Develop diverse but plausible scenarios
- Build actionable strategies
- Develop scenario key indicators
- Track and monitor
"If you're concerned about any specific areas of cost management; reach out for a chat. Most businesses know there are savings within their cost base; but often; they don't know how to get those savings; or it's too time-consuming."
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gmorrow@eragroup.com
