7 Tips to Get Back to Important Work on Commodity Management 

During the past 3 years, Purchasing teams have been consumed with urgent firefighting tasks requiring immediate attention.   At the same time, we changed how we work: going from in-the-office to work-from-home and then back to the office or a hybrid of the two.  

These factors have taken the focus away from Important activities like employee training and commodity strategy development and execution.     

If you’re looking to get back on track with important work in commodity management, here are some ideas to help: 

  1. Commodity strategies: Start by revisiting and reviewing your commodity strategy.  Identify the commodities that require immediate attention and prioritize them based on their impact on your organization’s operations and profitability. 
  1. Market trends: Stay updated on market trends, including supply and demand dynamics, pricing fluctuations, geopolitical factors, and emerging technologies.  Understanding market trends will allow you to make informed decisions and anticipate potential risks or opportunities. 
  1. Supplier relationships: Schedule meetings to discuss their capabilities, capacity, and future plans.  Building strong supplier relationships can lead to better negotiation outcomes and a more efficient commodity management process. 
  1. Risk assessments: Identify and assess potential risks associated with your commodities.  Develop contingency plans and mitigation strategies to minimize the impact of risks on your commodity management operations.  
  1. Cross-functional teams: Collaborate with cross-functional teams within your organization – such as operations, finance, and sales, to gain a comprehensive understanding of their commodity-related requirements and challenges.  
  1. Data analytics: Utilize data analytics tools to analyze historical data, identify patterns, and make data-driven decisions. Implement inventory management systems, demand planning software, or predictive analytics tools to optimize commodity inventory levels, minimize stockouts, and improve forecasting accuracy. 
  1. Professional development: Invest in training and professional development related to commodity management.  Stay informed about strategic practices and emerging trends in commodity management to enhance your skills and expertise. 

 Commodity management is a dynamic field, and it requires continuous learning, adaptability, and effective communication. By implementing these strategies, you can get back on track with your important work in commodity management and drive positive outcomes for your organization. 


 
To learn more about our Commodity Management Training Program at APD: 

Commodity Leadership Training Program 

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