Rising inflation, driven by energy costs, supply disruptions, and economic uncertainty, has put procurement teams under pressure to manage soaring prices while maintaining supply continuity. To respond, procurement must challenge supplier price increases, use data and technology for spend visibility, and apply traditional levers like bulk buying and contract negotiation. Strategies include reassessing demand, optimizing supply chains, improving supplier collaboration, and redesigning products for cost efficiency. Becoming a “customer of choice” through accurate forecasting, long-term partnerships, and effective communication is key. Technology platforms like Workday Strategic Sourcing play a vital role in streamlining these efforts.

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