Supplier Information Management Content

What role can procurement play in freeing up cash in the wake of Covid?


Companies in diverse industries, including manufacturing and retail, are bracing for a hit to their results amid halted production, supply issues and changed consumer behavior. Reduced revenues can impact a company’s overall financial situation and force them to rely on liquidity reserves, raise additional capital or reduce spending to make up for a shortfall. Adding to the challenge is uncertainty about how long the pandemic will last, which means that companies have to draw short-, medium- and long-term contingency plans. While the list of things for leaders to consider is endless, the procurement function is a good place to start.

Enno Arne Lueckel, VP of supplier information management experts scoutbee, asks Pamela Hackett, CEO of global operations consulting firm Proudfoot about how business leaders can increase their liquidity.