May 2020  -  Vol.3, Issue 5
, Welcome to the May ProcurePro Newsletter! 
 
We hope that you, your loved ones, friends and colleagues continue to remain healthy and safe. 
 
On behalf of the ProcurePro team THANK YOU to all healthcare and essential workers for keeping our families safe. 
 
Why You Need to Renegotiate Supplier Contracts Now
   
The New Normal

As businesses slowly start to re-open, the reality is we are not going to back to the normal we knew before COVID-19 anytime soon, if ever.  You have heard it many times now; “The New Normal” is being created as we speak; virtual work, social distancing, staggered work shifts and personal protective equipment for non-healthcare settings are all being figured out and defined as we speak.

Words like “Supply Chain” and “Procurement” relatively unknown by the average Canadian are now becoming commonplace and gaining more awareness for their criticality and fragility yet vital to keeping the economy and yes, essential services like health care going. 

What about the average business?  Isn’t the Supply Chain and Procurement important for them?  The answer is YES, it always has been but, with the exception perhaps of large enterprise (even that is debatable), no one paid much attention until now, or if they did, it wasn’t with an eye to being so business critical. 
 
Read the Fine Print Now

If you have not thought about it, you need to and more importantly, you need to read the fine print now.  I am talking about your supply contracts.  If we are going to get this economy firing on all cylinders again, we need to ensure the supply of goods and services is flowing and that your relationship with your supplier is good because you absolutely are going to need them as much as they will need you, now more than ever.  We truly are all in this together.

You need to review your contracts now and prioritize those that are mission critical to your business.  You need to ensure you have the optimum terms and conditions that are relevant for your business now.  Not when they were negotiated last year or even before that.  Things have changed and, in some cases, dramatically. 

You need to work with your supplier very closely so that your contracts and the relationship itself, reflect “The New Normal”.  Supply disruption and risk is all but certain to continue and to be expected, regardless of your business.  You need to shore up contracts and relationships now.  What does your contract stipulate about supply disruption and prioritization, termination, limit of liability?  Do you even have a force majeure clause?  Should you use it?  It works both ways, so you need to talk to your suppliers about how to address these terms and conditions to benefit and protect both parties.  They need to be fair, balanced, and relevant to our current times.
 
To read the full article click here.
Customer Testimonial - Kew Media Group

“ProcurePro helped us by providing a comprehensive, detailed, project management approach, customized to our unique and challenging global business.”


To read the full Kew Media Group Testimonial please click here.

Is your supply chain risk blind - or risk resilient? 
 
Procurated for you: Knut Alicke, Ed Barriball, Susan Lund and Daniel Swan, McKinsey & Company
 
Operational risk to supply chains has been growing over the last several years—compounded by the ongoing impact from COVID-19. Organizations need a new approach to manage risk and build resiliency.
 
Read the whole article here
Follow us on Social
 
Get all the latest news, events and a lot of valuable knowledge being shared on our social media pages.  Click the links, follow us and stay up to date on the world of Procurement.
Facebook

Twitter

LinkedIn

 

ProcurePro would love your feedback!
 
Are there Procurement and Supply Chain topics you would like to see more information and articles on? 
 
Would you like to collaborate on a feature article? 
 
Let us know how we're doing!  Send us an email to info@procurepro.ca  

ProcurePro News & Events

Now What!? Navigating a 'New Normal' For Business

Join the co-founders of ThryvX Consulting for this FREE webinar as they discuss how businesses can begin to prepare for a 'new normal' as the Canadian economy slowly reopens.   

For more information or to register please click here.

 

Supplier Relationships - The Key to Recovery 

Throughout May and June Supply Chain Canada is hosting a series of  COVID-19 Live Chats.  Please join our CEO, Jill Button on June 9th as she discusses Supplier Relationships - The Key to Recovery.

From this session you will take away:

How you practice agile procurement to support your vendors in delivering added value, as you build recovery plans

How you take stock of your supplier relationships pre and post COVID-19 in order to plan the future

For more information please visit the Supply Chain Canada website here

4 Steps To Agile Procurement

On May 14th the ProcurePro team hosted their very first live webinar - 4 Steps to Agile Procurement! 

If you missed the webinar please click here for the recording. 

Supporting Small Business During Covid19

A few weeks ago our CEO Jill Button had a great chat with Laura Watts on her podcast The Chatty Content Creator.      

Please click here to have a listen!

Students need our help!

Most students rely on the money they earn over the summer break to pay for the upcoming school year and now, due to COVID-19 their employment options will be limited at best.

Students are struggling with tuition, rent and daily living costs.  Without assistance, many students will not be able to return to school in the fall, jeopardizing their education and future.

In addition to, providing PPE, 3D printing ventilators and fast-tracking nursing grads, Ontario Tech University has established a Student Relief Fund and has committed to match up to $1 million in donations. 

Within the first two days of announcing the relief fund, the student aid office received over 400 applications and disbursed $50,000, and that need will only grow. 

Ontario Tech University students are incredible innovators, help them rise to the challenges of tomorrow.

Click here to make a donation.  

Questions?
 
Please email us at info@procurepro.ca or visit our website. We're always happy to talk or answer any questions you may have about procurement, competitive bids, negotiations and more.
Call us at: 416-505-8698
 
Copyright © 2018  procurepro.ca all rights reserved.
unsubscribe | procurepro.ca | info@procurepro.ca | 416-505-8698