Last week on the Strategic Sourcing & Procurement group member call, we discussed the relationship and HUGE opportunity for procurement and finance to work together. That internal collaboration can be the 1st step towards increased liquidity that doesn't come at the expense of supply chain health. Once the procurement/finance working capital management goals are established, how does a buy-side organization reach out to their suppliers?
Drew Hofler shared his insights into how buyers should take those first steps and approach their key suppliers about a collaborative working capital management plan that can we a win/win for both sides of the transaction. An excerpt of Drew's advice:
The full replay of the call is available here (embedded player in center column). And of course, I recommend joining the Strategic Sourcing & Procurement group so you can participate in future calls.