In the last few months, we’ve covered inflation and supply chain disruptions. This month, we’re going to cover vendor shopping.

Your organization has survived the pandemic and learned some valuable lessons along the way. You may be concerned about inflation and supply chain disruption. Just this month, it was reported that the Consumer Price Index rose 5.4% from a year earlier as consumer prices accelerated at their fastest pace in nearly 13 years. And so you might be asking - is now the right time to look at other suppliers?

At Expense Consulting, we noticed that organizations were afraid to consider switching vendors during the pandemic in some cases because they didn’t want to lose their seniority when it came to product allocations. Some items like gloves and hand sanitizer were particularly difficult to come by and leaving a vendor felt like voluntarily stepping out of line. It was simply too risky.

All of that is changing. Organizations are once again looking beyond basic survival and focusing on becoming more efficient. Proactively look at all vendor contracts based on what we now know and see where your organization needs to make changes. There’s never been a better time.