“When you hit a recessionary period, the urgency goes way up. And so companies that maybe don’t always look to procurement as part of a cost reduction solution are now going to be looking more closely at them and trying to get them to commit to what they can do to help.”
The team at Art of Procurement has worked with Joe Payne for years. We collaborated when he was at Source One Management Services, and now that they have been acquired by Corcentric, our joint efforts continue under that banner – which has also extended to include the Determine team. Joe is now the Senior Vice President of Source to Pay at Corcentric, where he continues to apply his years of procurement consulting and services experience.
Given the fact that we spoke to Joe in the midst of the coronavirus pandemic, we obviously talked about risk and uncertainty, but we also asked his advice about managing procurement in times of recession. What have we learned in the past that we can apply to the economic conditions we will face as the economic shutdown comes to a close?
In this interview, Joe Payne tells Philip Ideson and Kelly Barner:
- [12:56] The traditional ways companies engage with and rely upon their procurement organization in a recession, how that should guide the way we respond to the global pandemic, and what procurement can do to be ready to step into that role quickly
- [18:34] When the urgency of the supply situation should cause procurement to loosen or de-prioritize some of our typical processes and requirements
- [24:51] How procurement can lead an expense reduction effort without sacrificing or damaging the strategic advisory role we have worked so hard to build up