The basic fundamentals of Procurement have been embedded in the traditional 5 rights mode, and have stood the test of time over many years and are still relevant today….Right Quality, Right Quantity, Right Place, Right Time and Right Price.
However, given the back-cloth of Covid, Brexit and the US China, Trade Wars I’d like to propose a complement to these with an additional framework for review, deep-dive analysis, and ongoing design and development, of existing Supply Chain Networks. This to not only mitigate risk and facilitate continuous improvement, but to provide companies with long-term sustainable competitive advantages.
These are the New 5 Rights – The Hughes Model.
These 5 rights are Responsibility, Relationships, Risk, Resilience and Results.