Global inflation has impacted 91% of businesses, according to a survey of global procurement and sourcing professionals by sourcing automation firm Keelvar.
The Cork, Ireland-based company said that inflation, the Russia-Ukraine conflict, and uncertain and varied economic conditions around the world are impacting supply chain operations. Inflation and recession were cited by 58% of those responding to the survey, while 44% said the semiconductor shortage and Russia’s invasion of Ukraine were causing “significant operational impact” on their operations.
Sourcing professionals are increasingly looking to regain a level of control, Keelvar said, pointing to a the survey results showing that 83% said overcoming supply chain disruption is at the top of their agenda, and 78% noting that battling inflation and rising costs are at the top of the list.
Market volatility (74%) and navigating geopolitical risks (71%) also received top billing.
How these professionals are managing these challenges varied, with 54% looking to source from sustainable suppliers – a 20% increasing of a year ago – and 52% looking to develop more toward improving supplier diversity. Nearshoring (49%) and modernizing sourcing technology (39%) also were cited.