CIPS L6M4 Future Strategic Challenges for the Profession Assignment Sample UAE
Strategic procurement and supply leaders must prepare for the future. The volatility of global environments poses a threat to traditional concepts of international trade, which presents strategic challenges that can’t be ignored by professionals in these fields. Strategic decision making will become increasingly important as we move forward into an unknown world where anything could happen at any time- leaving you with no choice but stay ahead or fall behind!
The advent of new technology and the ever-changing global economy have made it more difficult to predict what will happen in a given situation. Strategic procurement professionals need knowledge about present challenges for their profession, but should also prepare themselves with insights on future strategic problems that they are likely to encounter as we and the business environment becomes more volatile.
Strategic Procurement has always been an important function that contributes to business success. The role of strategic procurement professionals is expanding because their contribution will be even more essential in times when uncertainties grow and volatility increases. The experts who have been successful in this field have been successful not only because of their knowledge and skills but also because of their mindset.
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Assignment Brief 1: Assess what the future strategic procurement and supply function will look like
The future strategic procurement and supply function will involve aligning with the organisation – internally, vertically and horizontally.
The internal alignment means ensuring that all members of an organisation are working towards the same goal in terms of procurement and supply. This includes making sure that there is clarity around roles and responsibilities, as well as providing support to ensure people are able to do their jobs effectively. The vertical alignment involves linking with other departments or functions within an organisation so they can also take responsibility for their own procurements in a way that supports overall business goals. And finally, horizontal collaboration means sharing information between different parts of an organisation so everyone is aware of what’s going on at each level – from top management all the way down to individual staff members.
This highlights the importance of supplier management within an organisation, and how it needs to be seen in a holistic way rather than being seen as just one function. It is not just about buying goods or services for your own department – it’s about understanding what the wider implications are on the business, and making sure you’ve got strong links within that business.
It also means that there needs to be a clear focus on having the right information available, and making sure it’s shared as widely as possible. Ultimately this will help speed up collaboration between different parts of an organisation, because they will already have the same knowledge base – without any misunderstandings or misinterpretations taking place.
Assignment Brief 2: Contrast the future skills and expectations of strategic procurement and supply leaders
In today’s world, supply chains are becoming more and more complex. This complexity is driven by the need to respond quickly to changing market conditions, customer needs, and technological developments. At the same time, there is increased competition from both traditional and online retailers who can offer lower prices due to their ability to react quickly. To stay competitive, companies must be able to identify potential sources of supply quickly while also ensuring that they are qualified for whatever type of product it is they’re looking for at a given time.
This requires an integrated approach that involves strategic procurement as well as other functions such as logistics or manufacturing if necessary. In order for this strategy to work effectively however, all parties involved must have a clear understanding about what it is that they’re looking for and a clear plan for how to get it.
The shift from internally focused operational to externally facing customer interface will require a significant change in skill sets. In particular, those who have been involved in internal operations for many years may find themselves out of work as the focus shifts to new capabilities like sourcing, negotiation and deal making.
Those with strong procurement or supply Chain Management backgrounds are likely to be among the first beneficiaries of this trend as they can leverage their existing knowledge base to enter into strategic relationships with customers more effectively than before. It’s also possible that some companies will create entirely new positions just for people who have been trained up on these newer skill sets – it all depends on what your company needs at the moment!
Strategic procurement and supply focus on developing the functional knowledge to identify and assess potential suppliers, understand the supplier’s business, evaluate product and service offerings, negotiate terms and conditions of purchase, select a supplier and manage the supplier relationship.
In order to meet future skills and expectations, strategic procurement and supply professionals must continue to build their knowledge in order to stay ahead of the curve. This includes understanding new technologies that can be used in the procurement process as well as understanding how to source products through global markets. Additionally, professionals must also have an in-depth understanding of their own company’s business in order to better align with the organization’s strategic goals.
Assignment Brief 3: Contrast the influence of emerging business and markets on the procurement and supply function
On one hand, the procurement and sales of goods and services through new, emergent business models and markets can be a great opportunity to expand one’s customer base and tap into new markets. On the other hand, there can be a lot of uncertainty associated with doing business in these new markets, as they are often less-established and may have different or unfamiliar rules and regulations.
When venturing into new markets, it’s important to thoroughly research all the applicable laws and regulations upfront so that you’re aware of any potential risks involved in doing business in those markets. Additionally, it’s wise to partner with a local company who is familiar with the local business landscape and can help navigate any potential challenges.
It’s important to thoroughly research all the applicable laws and regulations upfront when venturing into new markets. Partnering with a local company who is familiar with the local business landscape can help mitigate any risks associated with doing business in those markets.
The volatile global environment has led to an increase in the number of businesses that are considered “emerging.” These businesses often operate in markets that are seen as unstable or risky. As a result, the procurement and supply functions within many organizations have come under increased pressure.
In a traditional business environment, the procurement and supply functions are focused on acquiring goods and services from pre-approved suppliers. This approach is no longer feasible in an increasingly complex and volatile global marketplace. In order to mitigate the risks associated with doing business in these markets, organizations must develop strategies that allow them to quickly adapt to changing conditions.
This can be challenging, as many of the traditional concepts of international trade no longer apply. For example, supplier relationships that were established over a period of years can become unstable in a matter of weeks or even days. In addition, traditional business models have been replaced by global alliances, partnerships and shared value chains.
Assignment Brief 4: Evaluate the emerging role and influence of innovation and technology on the profession
The disruptive influence of innovation and technology on traditional operations is a topic that has been extensively studied in recent years. The most commonly cited example of this phenomenon is the effect that digital photography has had on the film industry, but it can also be seen in more mundane domains such as office supplies or even food .
There are three major forces driving this change: decreasing costs, increasing convenience, and improving quality. Digital cameras have driven down prices to levels where they’re essentially free for many consumers; instant downloads allow us to have our photos ready anytime we want them without waiting for developing services at a store; while improvements in photo editing software mean we no longer need expensive professional equipment to improve our images.
The decline in cost and increase in convenience has led to a steady decline in film camera sales over the past decade, but it is still very common among enthusiasts.
Organisational uptake and leveraging opportunity: Innovation and technology are increasingly influential in business, with the potential to create significant value for organisations. But it’s important to be savvy about how these forces will shape your organisation – there is no single answer that fits every organisation. The key is understanding what opportunities arise from disruptive changes such as those brought by new technologies or globalisation, and then positioning your business accordingly.
The emerging role and influence of innovation and technology on the profession is significant. Automation, for example, has greatly increased production rates in many industries. This has led to a change in roles for professionals who focus on innovation because automation eliminates tasks that require human expertise or time-consuming laboriousness – thereby creating opportunities for those who can develop new innovations (such as computer programmers).
The changing roles resulting from automation present an opportunity for individuals with specific skill sets to find workable niches within society; however it also means that there will be fewer jobs available overall due to these changes over time. It’s important then that we educate children about STEM subjects at younger ages so they may prepare themselves now rather than later when their options may be limited due to a lack of education or knowledge.
Assignment Brief 5: Assess the changing boundaries and shape of the profession
The boundaries of the profession are changing as technology advances. With the increasing use of computers and robots in manufacturing, more and more manual labor is being replaced, which is shrinking the traditional definition of the profession.
At the same time, however, computer programming and other digital-related skills are becoming increasingly important, so the profession is evolving to encompass new areas. As a result, the shape of the profession is becoming more fluid, with workers shifting between different roles and specialties as needed.
The profession is changing. The boundaries and shape of the profession have been shifting as a result of technological advances, globalisation and an increasingly complex world. A new discipline has emerged – one that blurs the lines between traditional organisational disciplines with its focus on information management, communication strategies and leadership development
This shift can be seen in how individuals are choosing to pursue their careers – they’re no longer picking just one area but incorporating aspects from across many different areas including business administration, marketing strategy, communications studies or psychology . It’s also clear from where they’re obtaining their qualifications – universities now offer courses in “communication” or “information management” rather than just journalism or public relation.
These new areas require a whole set of unique skills which go beyond the ability to communicate effectively. Professionals need a deep understanding of how people’s mood can be influenced by visual stimuli, they have to know how to navigate the online landscape and its significance in the modern world, what motivates people on social media, and more .
The boundaries and shape of the profession are changing as organizations seek new ways to achieve competitive advantage through the supply chain.
One of the most important changes is that supply chains are no longer just about moving goods from one place to another. They’re now seen as a way to create value by integrating different parts of the business and optimizing how resources are used. This means that supply chain professionals need to have a broader range of skills and knowledge, including understanding how to manage risk, design processes, and implement systems.
Assignment Brief 6: Evaluate future challenges for the profession
The increased use of common business language across the organisation will continue to be a challenge for the profession. Professionals will need to be proficient in multiple languages in order to effectively communicate with colleagues and clients. Additionally, professionals will need to be experts in the latest technologies in order to remain competitive in the marketplace.
The future of the profession looks promising, as businesses are increasingly recognising the value of professional services. However, professionals will need to stay up-to-date with the latest trends and developments in order to meet the needs of their clients.
One of the biggest challenges for accountants in the future will be to develop a greater understanding of other business functions. By having a better understanding of how other parts of the business work, accountants will be able to provide more valuable insights and recommendations to their clients.
Another challenge that accountants will face is staying up-to-date with changing regulations and legislation. The accounting profession is constantly evolving, so it’s important for accountants to keep themselves informed about the latest updates. This way they can ensure that they are providing the best possible advice to their clients.
The future challenges for the profession include developing and promoting a greater understanding of the profession within other business disciplines and continuing to provide value to clients. It will also be important to stay ahead of changes in technology and the marketplace, as well as evolving regulatory requirements. Professionals must also be prepared to lead change and build consensus within their firms with a focus on delivering value to clients. Finally, it is essential to maintain high standards of ethics and professional conduct.
The key to success in the future will be for accountants to recognise the importance of people and relationships. In order to achieve continued success, professionals need to identify what they personally bring to their practice as well as those who make up an organisation.
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