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S U P P LY C H A I N
Organizations of all sizes will need to perform
advanced procurement and contract analytics to ensure
compliance and reduce business risk.
Procurement and supply chain resilience
Working through COVID-19 will require creative strate-gies
to enable on-the-ground decision-making and provide
leaders with access to up-to-date information. Mitigation
plans for crisis-related risks must be practical and accessible,
allowing employees to make smart decisions quickly. A mul-tifaceted
approach that addresses your organization’s specific
challenges will help determine the best way to manage the
supply chain and ensure its resilience.
In formulating a response strategy, organizations need to
consider the following:
• Position procurement and sourcing as a strategic tool to
mitigate supply chain disruptions
• Identify and implement alternative sourcing strategies
for essential products and critical services
• Adapt internal control systems to accommodate
process changes
• Assess supplier relationships to improve efficiency
and productivity
• Develop a go-forward plan for procurement
modernization to address supply chain resilience
Liquidity assessment and planning
Ensuring that there’s sufficient liquidity to weather the storm
is one of the steps in assessing your company’s preparedness.
Businesses must evaluate and monitor their expenditures
and preserve cash flow during a crisis. Ideally, every busi-ness
should evaluate its expenses by type and by vendor.
As part of this analysis, it is essential to consider each of
the following:
• Enhanced payment terms: This can be negotiated or
obtained by vendors through a procurement process or
by proactive dialogue/agreement with your vendors.
• Prioritize your spending: Is the expenditure necessary
and can it be minimized or delayed?
• Re-procurement: Can a better price or terms be
obtained by executing a new procurement or vendor
selection process?
Access assistance
Crises are challenging to navigate because there is often
no precedent from which to draw knowledge. BDO’s
Procurement Advisory team can help guide companies
through the uncertainty that comes with the COVID-19 crisis
and improve procurement and supply chain resilience.
Our approach is to develop effective procurement and
supply chain strategies and deploy resources and plans that
allow for a fast and cohesive response to the threats facing
your organization’s procurement and supply chain. n
This article was originally published on www.bdo.ca and is
printed here with permission.
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