We recently attended the ProcureCon MRO virtual event that brought together senior-level maintenance, repair, and operations (MRO) procurement innovators representing some of the world’s largest manufacturing companies. Although the event was held behind computer screens, industry experts, practitioners, and solution providers gathered virtually to discuss the various ways organizations have been impacted, how to better manage risk, and how to proactively respond for the future. Read on to learn our most valuable takeaways. Now is...

Formulation of a supply risk strategy is essential for a company to perform at its optimal potential. Failure to construct an appropriate strategy can turn your risk into reality. Some may argue risk in the indirect and MRO world is less risky. But in fact, shutting down a factory line due to lack of critical tooling is just as bad a shutting it down due to lack of direct materials. "Formulation of a supply risk...