Global Supply Managers Face Economic Uncertainty

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Apr 25, 2017, 10:00 ET

Institute for Supply Management^® to Focus on Leadership During Times of Stress

TEMPE, Ariz., April 25, 2017 /PRNewswire/ -- In today's volatile global market place, purchasing and procurement executives face a major challenge: how to negotiate purchasing agreements during times of geopolitical and trade policy uncertainty. As a result, the 50,000-member Institute for Supply Management^® (ISM^®) has launched a major initiative to bring its members content, speakers and enhanced training about how to manage cost, logistics and quality during times of significant stress in the supply chain.

According to the World Economic Outlook published by the International Monetary Fund, political tensions and elevated policy uncertainty are prevalent in the global economy. ISM members have a significant impact on global spending, representing an estimated $1 trillion dollars annually in procurement of goods, services, and raw materials.

"When negotiating multi-year purchasing contracts, it is increasingly difficult to predict the impact of future trade agreements, conflict risk regarding global sourcing and electoral decisions that may defy conventional economic wisdom," said Tom Derry, CEO of ISM. "That's why ISM has decided to bring its members strategic information from others who have provided leadership during times of unpredictability and even adversity."

Derry points out that each new unknown has a ripple effect throughout the supply chain and can impact how supply chain managers plan operations to drive revenue and control costs. For example, with Brexit set in motion, the long-term effects on availability, and cost of goods and materials across Europe and within Eurozone countries, is still unknown and defies prediction.

ISM is addressing the turbulence by developing new e-learning programming, offering updated certification criteria and engaging special conference speakers to address these and other challenges.

For example, ISM has recruited two major global leaders to keynote at its upcoming annual conference –ISM2017 – from May 21-24 in Orlando. David Cameron, former Prime Minister of the United Kingdom, and General Colin L. Powell, USA (Ret.), are both veterans in managing substantial global initiatives in times of uncertainty. Powell mobilized one of the largest global supply chains on earth during the Operation Desert Storm conflict; Cameron knows first-hand the responsibilities that come with global leadership, including building economic strength, creating inward investment and navigating complex international security challenges.

ISM is also developing new supply management programming through its ISM Mastery Model^®competency training protocol, with new certification and other initiatives also under development – all designed to help members better lead and perform during times of uncertainty and instability.

"Now, more than ever, supply chain professionals need to demonstrate a higher level of agility in planning and execution to maintain efficiencies and contain costs," said Derry. "As supply managers and procurement executives, the productivity and growth of businesses everywhere is at stake."

About Institute for Supply Management
Institute for Supply Management^® (ISM^®) serves supply management professionals in more than 90 countries. Its 50,000 members around the world manage about US$1 trillion in corporate and government supply chain procurement annually. Founded in 1915 as the first supply management institute in the world, ISM is committed to advancing the practice of supply management to drive value and competitive advantage for its members, contributing to a prosperous and sustainable world. ISM leads the profession through the ISM^® Report On Business^®, its highly regarded certification programs and the ISM Mastery Model^®. For more information, please visit: www.instituteforsupplymanagement.org.

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SOURCE Institute for Supply Management