If you ask a group of purchasing chiefs about their experiences since 2020, you’ll find that few, if any, will look back with much fondness.
To say that the past three-plus years have been a challenge to the procurement profession would be a gross understatement. When Covid-19 started its deadly spread, the disruptions it triggered led to materials shortages around the world, causing input costs to spiral. This had a huge detrimental effect on manufacturing, resulting in a prolonged decline in output.
But the vice-like grip the crisis imposed on global supply chains is loosening at long last. In fact, several metrics suggest that we’re through the worst of it.