With an ever-changing market, shortages of goods...
Today’s blog is by Margaret Stewart, Director of HR, and Administration at SafeSourcing Inc.
With an ever-changing market, shortages of goods and supplies will happen from time to time. Many of us have seen it happen before, but typically when there is a large-scale shortage, production gets ramped, and the shortage is short lived. Since Covid, however, we have seen a number of items across numerous industries become scarce. While some items are beginning to increase production, the Russian invasion of Ukraine has put a lot of other necessary goods out of production. This not only makes that particular good harder to find (if at all even possible) but may even have larger impacts on goods that might need that particular product.
For instance, much fuel globally comes from Russia and the war currently happening has halted supplies and caused prices to increase for everyone everywhere. While we are thankful we are not in the war zone and have deep sadness for those that are, the effects are felt everywhere. In fact, with fewer amounts of fuel comes increased interest and demand for electronic and other battery-operated vehicles and machines. This has also caused a shortage of those as well, making the cost of buying any electronic vehicle much higher, if at all possible.
With the global economy where it stands and the shortages felt across nearly every product and service, from housing and cars to foods and chemicals, the importance of using what resources we cannot be stressed enough. For instance, we may need to look closer to home for many things we seek to buy. If you want honey, you may have the best luck contacting your local honey farm, which will likely be at a higher price, but ultimately is a way to obtain what you need. A procurement partner like SafeSourcing can help your organization navigate different markets and help to source the products or services you need.
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.