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5 tips for navigating supplier relationships in an economic downturn

As hard as it is to find a silver lining right now amid the general nervousness, restructuring of portfolios, and cost-cutting, economic downturns also present opportunities that were not previously planned. As anyone who has lived through a recession like the stock market crash of 1929 or the financial bust of 2008 can tell you, plans can change a great deal pre- and post-recession.

Today, the global pandemic is shifting the dynamics of digital transformations in three primary areas: 

The business case for digital transformation.  As companies struggle to operate in the new realities of today’s world of social distancing, reaching customers to deliver goods and services will increase the opportunities for digital solutions.  Areas of opportunity that perhaps did not have a business case in the past, are now ripe prospects.  For example, restaurants that did not have a digital solution to address the carryout or delivery market are going to be rushing to put these types of opportunities in place. 

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