Strategies to Mitigate Supplier Price Increase
APD executives Jeoff Burris and Mike Betz hosted a webinar that discussed 5 mitigating strategies for dealing with supplier price increase requests.
In today’s environment, purchasing departments are bottlenecked with managing price increase requests from the supply chain. Many times, price increase requests are set aside while purchasing deals with more critical day-to-day issues. When they are finally dealt with, suppliers attempt to institute retroactive price increases which cause havoc for company financial reporting.
As a best practice, supplier price increase requests must be handled in a timely manner to understand the overall financial risks to the company. As a spoiler alert, one strategy that will be discussed is the need to obtain cost details required to analyze validity of the request, negotiate effectively, and adjust pricing downward when commodity prices recover.
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