Good news: It might be dark on financial horizons, but it’s “Procurement’s Time to Shine.”

That’s the assessment delivered by a survey of nearly 600 execs: procurement and supply chain pros, CFOs, CEOs and COOs. The research was recently summarized in businessfinancemag.com.

It’s a matter of seeing the glass as half-full, instead of half-empty, you could say.

Either way, you certainly don’t have to worry about being overlooked.

Slightly less than 70% of pros responding to the survey said supplier continuity topped their list of supply chain risk.

That certainly makes it a bit easier for you. Not only are they giving you the opening to flash your stuff, they’re telling you what they want to see.

Suppliers clearly are your target. Here are four areas to aim for:

• Suppliers’ financial stability. Ask suppliers to offer more information about their ongoing economic health. Maybe you could ask them to fill out financial status forms every six months, or even every three months. Do it for everybody and no one will feel like they’re being singled out.
• Smaller vendors. What are you looking for in particular when you examine smaller vendors? Many of these businesses have diversity requirements steering a specific amount of their spending to women- and/or minority-owned companies. The current credit squeeze could make it difficult for your suppliers to honor these commitments.
• Branch out. Be very careful of relying on just one supplier for any critical element of your company’s business. Sole-sourcing can open the door to all kinds of trouble, especially if foreign markets are involved. At least seek out back-up sources, so you’re ready to tap them at a moment’s notice.
• Work together. Now more than ever, both you and suppliers will benefit from a more collaborative arrangement. Need a little extra time because you’re waiting until a customer pays you? Work with your vendor to find a middle ground; you might even offer something in return. Reinforce the idea that you’re part of the team working with suppliers. In the long run, it’s best for all involved.

Tags: CFO, procurement, sourcing, suppliers, supply chain, vendors