Thad Hill of Philips Lighting speaks with My Purchasing Center's Susan Avery about LED technology, how it compares to current lighting technology and the benefits of switching that include energy cost savings.
Businesses should resolve to be more knowledgeable about the markets in which they will be purchasing and more strategic with their procurement techniques to effectively brace for price hikes. Using strategies like purchasing services sooner rather than later or engaging in supply agreements to lock in favorable rates can shield buyers from the brunt of the damage.
As temperatures rise, seasonal demand for various transportation and maintenance services will heat up and spur price growth.
There is no substitute for deep category knowledge in creating powerful and appropriate category strategies. I have always thought that the most effective organizations had a good balance of pure procurement talent and subject matter experts, who can be trained in our methodology and negotiation skills.