Argon & Co surveyed 200 executives to canvass their thoughts and opinions on how the current economic environment is influencing their investment decisions and business viability, to understand how and if procurement is contributing towards business resilience. The primary objective was to determine if procurement is contributing to business resilience and if recent challenges have helped procurement teams become better prepared to handle any future obstacles.
However, with the surge in inflation and other obstacles such as the pandemic, political instability, and supply chain disruptions, businesses have been facing tremendous difficulties in the past few years. Procurement and supply chain departments within businesses have been under immense pressure to deal with the financial consequences of inflation and the disruptions caused by the pandemic.
The survey revealed that businesses are prioritizing four key areas to overcome the challenges presented by inflation:
1. Identifying the appropriate business initiatives
2. Effective management of working capital
3. developing and sustaining strong supplier relationships
4. Being ready for immediate action