With the world reeling from inflation levels not seen in decades, the procurement industry is being tasked with ways to mitigate - or even avoid - price increases. Businesses across every industry, from manufacturing to healthcare and technology to consumer goods, have been hard hit by the impact of soaring costs. Just about every sector has felt the inflation burden, and this is expected to continue in the short- to medium-term, at least. It’s no surprise, then, that 24% of CPOs have made fighting inflation their top priority, according to the recent research by CPO Rising.
This challenges procurement organisations to not only mitigate cost increases where possible, but to also ensure continuity of supply at a time when suppliers may be forced to choose which customers get their business. Mitigating cost increases and ensuring supply are significant tasks, but there are ways that organisations can accomplish them.