If you closely watch the global news, there seems to always be some sort of invasion, war, or conflict.
Invasion, war, and you
Today’s blog is by Margaret Stewart, Director of HR, and Administration at SafeSourcing Inc.
If you closely watch the global news, there seems to always be some sort of invasion, war, or conflict. While the location of these conflicts and the underlying issues behind them can vary, it is always something felt by many. Recently Russian has been in the news and their presence within Ukraine. Hopefully, things will calm between the two countries, but things can escalate, and if so, you will likely feel that in yourself.
First, whenever there is a high-profile conflict, gas prices tend to rise. People get nervous and may rush to the pumps to ensure they have enough fuel to get where they are going or perhaps they just want to make sure they fill up their own tanks before prices rise. Whatever the reason, conflict tends to bring the consumer in at a higher demand than normal and this alone can raise prices.
In addition to fear and demand driving prices up, foreign conflict can have an enormous impact on the supply chain and lower the available supply of many different items. Conflict can hinder the logistics of supplies throughout the world and additional sanctions on a country can further delay if not altogether stop supply routes. This may drive prices even higher, making the effects of conflict even closer to home.
Finally, the surge of fleeing refugees from within a conflict zone can also affect things economically. From housing and travel to regular foods essentials, and toiletries, the increased number of people within any country can greatly affect the supply and demand globally. Having a procurement partner, like SafeSourcing, helping your organization navigate disruptions in supply and logistics can help your business stay on track.
For more information on how SafeSourcing can help your organization or on our Risk-Free trial program, please contact a SafeSourcing Customer Service representative. We have an entire team ready to assist you today.