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Addressing Price and Supply Volatility in Uncertain Times
NASPO ValuePoint’s webinar, Addressing Price and Supply Volatility in Uncertain Times, delivered on some key takeaways and learning objectives for viewers of the presentation. It offers an insight into various tools and resources that can be used to mitigate risk when applied to common procurement practices. It also generates interesting discussion on common issues like pricing increases, product shortages, and general contract management.
Viewers were provided clear objectives and key takeaways that they would receive by participating in the presentation. These items established a framework for the presenters to showcase the importance of positive supplier relationships within their organizations. It also helped frame some discussion questions regarding the difficulties between supplier relationships and set policy.
The information discussed within Procurement IQ’s 3rd Quarter Inflation and Commodity Trends Report focuses primarily on current data behind oil, lumber, wheat, and semiconductors. This gives the audience insight into some of the main commodities that cause a “trickle-down” effect on local government. It also addresses some audience concerns regarding best practices common throughout all levels of procurement including:
The facilitators also utilize effective strategies to mitigate some common challenges that public procurement professionals face when dealing with contracts, purchase orders, and/or invoices:
- Price/Product Sheet Management – Create additional columns within worksheets to analyze pricing increases and original price benchmarks.
- Impact of price changes – Utilize spend reports to understand how pricing modifications will affect your office as a whole.
- Review of product SKUs to validate new items on price sheet. This is an effort to confirm the new products are indeed legitimate and not an effort to circumvent price increase transparency by renaming the same product with a higher price.
Addressing Price and Supply Volatility in Uncertain Times provides an on-demand, comprehensive analysis of supply chain volatility, marketplace conditions, and common issues in public procurement. Any additional questions related to this webinar can be directed to NASPO Valuepoint Cooperative Contract Managers, Joel Atkinson, and Josh Descoteaux.
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