It might be tempting for businesses to use their procurement or market power to position themselves to survive the pandemic. However, new and uncertain economic realities will mean the old notions of power and market strategy won’t work.
In the current climate of “economic populism,” buyers, sellers and their supply chains have an opportunity to step up and cope with major challenges through cooperation, transparency and flexibility.
Properly aligning metrics with supply chain partners to track and improve strategic relationships is an idea whose time has come. Simply monitoring transactions is not enough; metrics must add value.