Background
The economic recession has had a profound impact on virtually every industry, with companies across all sectors being forced to take a harsh re-look at their cash flow patterns, revise forecasts, cut budgets, and change existing business practices. This white paper aims to share some of the best practices that GEP has seen (and helped) leading Fortune 1000 client organizations implement so as to convert the economic crisis into an opportunity and generate significant business value.
The economic downfall has provided a new opportunity for the purchasing function, pushing it to the top of CEOs' priority list, where it is seen as both a key function and a significant cost-reduction opportunity. This is accompanied by a shift in purchasing strategy, with several firms renewing their focus on the basics of good purchasing – improved spend visibility, greater spend under management, enhanced compliance tracking, better supplier relationships and a focus on overall value.