It can be devastating to hear when a key vendor goes bankrupt. Unfortunately, vendors may shut down for various reasons, which can hamper your own operations.
The next immediate step then is to find another vendor.
But do you have a process in place to source vendors? Does the purchasing team know what their roles and responsibilities are?
To ensure minimal disruptions to your operations, you need to plan for contingencies like vendor bankruptcies.
This is where a procurement plan comes in.
In this article, we’ll explain what a procurement plan is and why you should create one. We’ll also cover the steps to creating one for your company. Finally, we’ll look at how you can automate your purchasing processes with frevvo’s procurement automation software.
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