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Preparing for the Worst: Sustaining Suppliers Though the Economic Crisis
Abstract
The economic crisis has taken a major toll on almost every industry, as well as key customers and suppliers in all sectors of the economy. Supply chain managers are increasingly concerned about the financial impact on key customers and suppliers, deferred commitments and outstanding accounts. In an effort to probe into the underlying assumptions that their actions are based upon, the author surveyed supply chain executives, identifying key patterns that are beginning to emerge across industries and countermeasures that are being taken in response. Three key themes emerged. First, buyers and suppliers are co-dependent, and they should think within this context when faced with financial stress. Second, there is a need to better understand the warning signs and establish channels of communication, to address the key risks related to financial stress. Finally, managers should emphasize the need to better manage supplier relationships through modeling and event analysis, allowing them to take preventive actions before problems occur. These themes are discussed and developed into a set of propositions, as a foundation for future research.
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