Preparing Your Company for Extreme Economic Volatility

Procurement Insight Report by The Hackett Group

  
Image used for illustrative purpose.

Image used for illustrative purpose.

Ivalua.

The coronavirus pandemic has created massive disruptions in global supply chains and economies across the world, with many experts predicting a deep and prolonged recession that could last well into 2021. Over half of procurement respondents to The Hackett Group's 2020 Key Issues Study have already adjusted budgets, developed recession contingency plans, or both.

According to The Hackett Group, "One thing is certain: We are in for a protracted period of volatility. It is therefore imperative that Chief Procurement Officers (CPOs) take steps to help insulate their companies from the effects of instability."

View this Procurement Insight Report to learn about:

  • How Procurement leaders are uniquely positioned to influence and control external spend (which commonly accounts for the largest expenditure outside of payroll)
  • Short- and long-term best practices that Procurement leaders must follow to mitigate risk in times of economic volatility
  • The need to strengthen existing supplier relationships and plan for contingencies to ensure that the delivery of critical goods and services is not disrupted
  • How automation and innovative technologies such as analytics and data visualization tools can help reduce costs and improve agility across the organization