“Convenience is always easy to get used to. We had these super efficient supply chains that originated half a world away, and we had just in time inventory that involved ocean freight. I think we had stretched that efficiency out so far that the pendulum needed to come back a little bit more towards resiliency. COVID may have been an accelerator of that course correction.” –Sherri Barnes, Director of Market Intelligence Services at ProcureAbility
“I think the biggest failures are what help us find a successful way to move forward. I want non-incumbent suppliers to come in and challenge how we do things today and help us move to the next level. Is there a better way?” –Kristen Rellihan, Senior Manager of Advisory at ProcureAbility
In 2021, 62% of the companies in the S&P 1500 index did not provide an annual forecast – some even stated that there is just too much uncertainty for them to be accurate (WSJ, 9/22/21). This is a reality that all companies in all industries worldwide have accepted; market conditions will remain uncertain for the foreseeable future.
In this episode, based on an AOP Live session, host Philip Ideson talks with Sherri Barnes, Director of Market Intelligence Services at ProcureAbility, and Kristen Rellihan, Senior Manager of Advisory at ProcureAbility. They discuss how procurement can develop strong buying strategies despite the certainty of uncertainty in the market and what tactics may be best suited in our current inflationary environment.
Sherri and Kristen also answer live audience questions about:
- The current state of the economy and how long ProcureAbility expects the uncertainty to last
- What economic information sources procurement may want to consult, and how we can turn what we learn into actionable insights
- How to bring market information into conversations with internal stakeholders, especially when the news is not positive