Digital technologies for procurement are advancing by leaps and bounds in the age of digitalisation. Cognitive computing, Cyber tracking, Block chain, Sensors, Wearables, Augmented Reality (AR) and Virtual Reality (VR) to name a few, are no longer unfamiliar terminologies for those who are in the procurement field. As a result of globalisation, companies have a pool of suppliers that are present in different geographical areas across the world.
With limited or little knowledge of these suppliers and the different environments that they operate in, managing supplier risk and compliance is an uphill struggle for the procurement teams, and this has led to increased risks in global business or supply chains.
The world’s largest trade pact, Regional Comprehensive Economic Partnership (RCEP), which covers almost one-third of the world’s population was signed on 15th Nov 2020. This represented a significant milestone and more work to bring about greater transparency among the member countries in terms of laws, rules and regulations and measures e.g. Standards of Intellectual Property (IP) protection and enforcement need to be done.