Part 1: The Benefits of Marketing Procurement in the Current Economy
We are all feeling the strain of the current climate and reacting to the panic. As firms are cutting "non-essential" spend during this period of economic and financial uncertainty, marketing is traditionally one of the first areas to be considered. However, it's critical to remember that indirect spend suppliers are looking for ways to not only maintain but increase their business, resulting in a buyers' market.
Meanwhile, due to staff cutbacks, your company workforce may be shrinking with increased responsibilities being assumed. This means individuals with limited procurement sourcing and negotiation experience may now be managing entirely foreign areas. This approach is potentially leaving dollars on the table to drive savings and identify efficiencies across both the category and the company holistically.
Our consultant's at Corcentric have built their reputation by leveraging category expertise and sourcing best practices to produce savings. Trust the sourcing specialists to gain negotiation leverage and provide strategic support through these otherwise uncertain times by;
- Assessing the current state of the category
- Negotiating with existing suppliers
- Addressing the service/capability gaps within the category
In the coming weeks we will be discussing the steps above required for strategic recovery following the impact of the COVID-19 pandemic as it relates to the marketing category. This 4-part series will shed some light on the strategies and details involved in regards to the right approach and the true value procurement experts offer, helping to take full advantage of the current market conditions.