Procurement Best Practices in a Recession

The Keys to Uncovering Cost Savings Opportunities during a Recession

Cost savings opportunities exist even in a recession, but companies must stay focused on the procurement process and strategic sourcing

Recessions mean uncertainty, but Procurement can help our companies stay strong by turning this uncertainty into an opportunity. Corcentric’s strategic sourcing experts have the tools and skillsets needed to uncover new cost savings in the worst of times.

Companies across the globe are refocusing on cost cutting measures to help weather the economic storm. Developing a sourcing strategy for cost savings is critical – but the path forward may not be clear, especially as Procurement teams are working hard to put out fires and keep the trains running under difficult circumstances.

Responding to a crisis requires three immediate actions:

  • Procurement team resources must be freed from tactical tasks to help plan strategically for the future.
  • Spend category subject matter expertise must be reinforced, and spend across the organization must be analyzed to find cost savings opportunities.
  • Procurement process and tools must be re-evaluated to ensure optimal performance and efficiency.

Corcentric’s experts in strategic sourcing, Procure-to-Pay solutions, and spend analysis can help. Contact us to learn how we can help you establish an effective procurement recession strategy.

Strategic Sourcing & Procurement Services

Corcentric’s strategic sourcing team lightens the burden on your team’s resources by managing the tactical tasks associated with sourcing, and can guide you through strategy development:

Corcentric manages all aspects of the strategic sourcing lifecycle, including spend analysis, supplier identification, RFx development and event management, and contract execution. We clear the way for your team to focus on key decision making.

Procurement Process Optimization

Process inefficiencies may not be apparent during good economic times, but become hidden landmines during a recession. Corcentric can help by reviewing your process and technologies to ensure they are working effectively:

The best cost cutting strategies will fall short if Procurement isn’t in the right position to take advantage of them. We will help strengthen the foundations of your team so they are prepared to fully capitalize on cost cutting opportunities.

Turn Uncertainty into Opportunity

Cutting costs during a recession isn’t impossible – but it does require a procurement process flow that recognizes today’s challenges. Contact us today to help make your procurement strategy recession-proof.

Contact our Recession Experts

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