As the global economy slows and we face the possibility of a 2020 recession, many finance and procurement professionals are bracing for the impact.

A 2020 recession could still happen, and here are the strategies for Procurement professionals.

Here are 5 recent headlines that we think you need to see. How prepared is your organization in the case of a recession?

#1 America’s CFOs are bracing for a 2020 recession

A National Association of Business Economics survey published last month shows a 60% chance a recession will occur before the end of 2020. Take a look at how CFO’s are getting prepared…

#2 Beyond the Downturn: Recession Strategies to Take the Lead

Many corporate leaders realize the timing or duration of the next recession isn’t as important as getting ahead by seizing the moment early. Read more…

#3 Building Business Resilience to the Next Economic Slowdown

It may be unclear when the next recession will hit, but to avoid the worst of it and to come out ahead of competitors, businesses will need to build resilience early. Read more here.

#4 Predicting the Next U.S. Recession

Morgan Stanley sees trade tensions sending the U.S. into a possible recession in as little as three quarters. Read about it here.

#5 Is the World Economy Sliding into First Recession Since 2009?

With $14 trillion in bonds yielding negative rates, many traders are concerned. See what this might mean for the global economy…

Recession-Proof Your Business

Our recent report, Plans & Tactics To Recession-Proof The Enterprise, takes a look at finance and procurement professionals’ thoughts on the likelihood of an upcoming recession and what their departments are doing to get prepared.

“55% of finance & procurement professionals expect a recession before the end of 2020.” 

“30% feel unprepared or unsure of how their organization would cope.”

“Finance and procurement professionals operate closely and holistically in relation to the matters of spend analytics, supplier management, and purchasing activity,” said Nikesh Parekh, Co-Founder and CEO at Suplari. “They are likely to be the first in their organization to perceive and deal with the impact of a recession.”

In the study, we found travel is usually the first category to get scrutiny – followed by facilities, office supplies, and marketing. Departments need to have a plan in place for when the CEO starts demanding more spend efficiency and optimization.

How would you react?

Do you begin by restructuring some company policies? Are you able to gain better contract renegotiations with suppliers? Can any suppliers be consolidated? What tangible actions can you take to gain stability?

Suplari Helps Keep Companies Prepared

Whether a recession begins in 2020 immediately or is still a long way off, it’s always wise to have the right tools in place now so your procurement organization is prepared in case hard times come. Suplari can help you to gain visibility into your spend data and ensure cost-saving compliance with corporate policies. To learn more about how Suplari can help you prepare for a 2020 recession, download our special report. Or, contact us for a demo!