Is inflation disrupting your procurement plans? While inflation presents challenges, it can also be a catalyst for transformation in procurement. 𝗙𝗼𝗰𝘂𝘀 𝗼𝗻 𝘃𝗮𝗹𝘂𝗲: Scrutinize every purchase for long-term benefits. Look beyond the immediate cost and consider the total cost of ownership, including maintenance and operational efficiencies. 𝗦𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀: Find ways to reduce administrative burdens and expedite purchases. Implementing automated procurement systems can save time and reduce human error, allowing your team to focus on strategic tasks. 𝗘𝗻𝗰𝗼𝘂𝗿𝗮𝗴𝗲 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻: Collaborate across departments for consolidation and explore sustainable procurement practices. Innovative thinking can lead to the discovery of cost-saving alternatives and sustainable solutions that not only reduce costs but also support environmental goals. Use this challenge to adopt a more strategic and innovative approach to procurement. Embrace the opportunity to re-evaluate and improve your processes, ensuring they are resilient and adaptable to economic changes. Engage your stakeholders in these initiatives to foster a culture of continuous improvement and innovation within your organization.
Great advice! With inflation being tough right now, streamlining processes is a much more effective approach to addressing it than just complaining.
President & CEO at BESTWORK INDUSTRIES FOR THE BLIND INC
3moThis inflationary period has led us to find efficiencies, trim fat, and prioritize ‘must haves’ over ‘like to haves.’