Covid-19 Procurement Impact: Responses & Strategies Survey
Understanding the impact of Covid-19 on Procurement
Procurement functions have always been the heart of operations, managing complex supplier relationships and central to business profitability. With the impact of Covid-19, their expertise is now central to business survival and recovery.
The Procura Covid-19: Procurement Impact: Responses & Strategies survey was completed by over 200 senior procurement and finance leaders and examines the effect of the Covid:19 pandemic, the immediate responses to the crisis, and strategies for the recovery.
Procurement Leaders are employing a wide range of commercial and logistical responses; from collaborative supplier support, to commercial renegotiation and re-contracting, through to rapid sourcing of new suppliers and complete supply chain reconfiguration.
Looking forward, Procurement Leaders outline a range of strategies. The themes are primarily around strategic de-risking; widening the supply base (developing new suppliers and supply routes, dual and multi-sourcing, near-shoring and domestic sourcing), and then monitoring and managing – not just tier-one suppliers but entire supply chains.
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