Product Marketing Manager 2020 has been a wake-up call for companies–especially those in the procurement department. Reducing costs and controlling spend have always been the main drivers for that business function, and will remain, but with the economic impact of a global pandemic putting pressure on a lot of organizations, procurement leaders have shifted their focus to supplier management to help mitigate supplier risks.

For many in the procurement space, this is a new strategic area that they have yet to become well-versed in. In a recent Deloitte CPO Survey, only 37% of participants reported that they felt well equipped to manage their supplier risk. That said, here are four steps every procurement team should consider when trying to optimize supplier management while mitigating risk.