Managing Contracts in Inflationary Times
It is important for procurement organizations to understand how inflation influences their contracts in four critical areas and to take proactive steps to mitigate outcomes.
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Inflation has become a growing concern for procurement organizations as it can significantly impact contracts. The effects of rising inflation are being experienced across many products and services, leading to increased costs compared to a year ago. Along with the outcomes of rising inflation companies are continuing to face supply chain constraints and increased demand. This can cause contract disruptions and may require renegotiation of contract terms. Inflation can also impact payment terms and interest rates which can further complicate contract management.
Key topics include:
- Managing Price Increases
- Identifying Cost of Goods Sold
- Optimizing Payment Terms
- Navigating Interest Rates in Negotiations
- Remediating Cost Increases
Pierre Mitchell, Chief Research Officer for Spend Matters, and David Pastore, Senior Vice President at Velocity Procurement, met to discuss how procurement can address the talent shortage that the global market currently faces. Velocity Procurement is a consulting services firm that helps procurement improve their financial results by investing in talent, processes, and technology. LISTEN NOW
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