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If there is a significant downturn in your industry, as a procurement professional, what else can you do?
Please allow me to paint a worst case scenario.. Imagine if your industry sector is experiencing a major economical downturn. Your organisation's projected revenue Is no longer valid. Previous business partners become frenzied creditors, through no fault of their own. Naturally all your pending and forecasted sourcing projects are shelved to reduce future obligations. The resolute hunkers down in stoic stance and the rats jump ship in anticipation.
From a procurement perspective, we could
1. Prevent stop supply by ensuring outstanding invoices are reconciled on time, ensuring disputed invoices are not snucked through
2. Increase communications with strategic and bottleneck suppliers and reassure them of continued trading
3. Checking and double checking contracts and compiling list of contractual obligations
4. Minor efficiency process projects that cost nothing
What else could/would you do?