Competitive procurement is beneficial across various industries, but it is especially critical in sectors like construction, manufacturing, healthcare, and information technology, where supply chain stability and cost management are vital.
Organisations can optimise competitive procurement during market volatility by regularly reviewing and updating procurement strategies, building strong relationships with a diverse range of suppliers, investing in training for procurement staff, leveraging market intelligence and analytics, and ensuring flexibility in contracts to adapt to changing market conditions.
Competitive procurement methods enhance organisational resilience by diversifying supply sources, reducing dependency on single suppliers, and fostering competitive pressures that drive efficiency improvements. These methods enable organisations to adapt quickly to market changes and maintain operational continuity.
