I have to admit I’ve felt a bit awkward about posting a clever (or at least an attempt at clever) entry in my blog these past few days, given the stress of the financial markets. I don’t want to be negative, but seeing friends and family struggle with housing costs, sinking retirement accounts and other worries pulls at my heart.
Procurement is squarely in the hot seat today. After all, we are well-placed to improve our organizations’ bottom line. But rather than repeat the “cost cutting” platitudes here, which are important but already getting old, I suggest thinking of other creative ways to help your organization and your suppliers get through these times. One intriguing idea is a new offering from Quadrem and Gresham computing – which boosts e-invoicing with a systematic alternative to for vendors to get paid early. I know, I know, its rev 10 of the idea of injecting supply chain finance into supplier collaboration tools. But hey, given the current economic environment, if Gresham really has financial institution partners that have money to loan, well – maybe this idea will finally take off.