In times of economic uncertainty, the decisions made by finance and procurement leaders determine not only how their organizations weather the storm, but how they perform when the economy recovers.
The Coupa Business Resilience Toolkit offers a three-part guide with actionable steps, tips, and checklists to help you build business resilience through uncertain and challenging times.
This resilience framework will help you take the right steps today to support your business tomorrow.
Cost containment is the number one priority of finance leaders today. While there are many levers available to reduce spend and control costs, it is imperative to choose the right ones. Focus first on a cost reduction strategy centered around purchasing costs— your business spend. Start by knowing exactly where and when your business is spending.
Supplier health is critical to monitor in any economic environment, but it is especially important to have a complete picture of suppliers in uncertain times. The strength and health of each supplier relationship can significantly impact your company’s success. A comprehensive risk and performance management approach can keep your supply chain moving in all economic conditions.
Here are 11 tips on how to understand the health of your suppliers and reduce your supplier risk today.Get Tips to Mitigate Supplier Risk
No downturn lasts forever. Resilient business leaders know that the actions they take today prepare their organization to thrive when the economy recovers. This means increasing agility to invest, now or later. Update your supplier mix, improve your working capital management, and increase flexibility with adding contingent workers at the right time.
Follow these 8 recommendations to increase agility and put yourself in a prime position to act on opportunities as they emerge.Get Tips to Increase Spend Agility