Intelligent Spend Management
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How many suppliers have approached you for price increases because of the massive currency fluctuations?
Internal Process Tips:
- What is your written policy to address Suppliers’ requests for price increases?
- How much authority do you allow your Buyers when they are asked to increase a price due to currency changes?
- How much authority should your Buyers have?
- What preferred actions have you communicated to your team?
- Have you clearly outlined the Line In The Sand that a Supplier may try to cross that a Buyer is to ask for permission and further instructions?
Vendor Management Tip:
Of the items you purchase, how much inventory do your suppliers keep on hand at any time? In some industries, suppliers will carry up to a year’s worth of product in their warehouse. Knowing this in advance will greatly increase your ability to “Push Back” when a Supplier jumps at the opportunity of a price increase request during times of currency fluctuations.