It’s no news that the global supply chain is facing massive shortage issues in the face of the current global uncertainty plaguing the business world. Almost every industry is experiencing supply chain disruptions due to factors like the surge in current fuel costs, a shortage in transportation resources, and the niggling impact of the COVID-19 pandemic. One of the most affected industries is the electrical industry, as supply chain reports paint a pretty gloomy picture.
According to some reports, the electrical industry will experience shortages in the supply of electric materials like panel boards and switches, circuit breakers, switchgear supplies, and wire and cable supplies. And these shortages are expected to adversely impact the electrical supply chain in 2022. Therefore, this makes it important for contractors, facility managers, and any other business in the electrical industry to find ways to avoid any potential damage this shortage may cause to their procurement process.
One of the most effective ways to counter this supply chain challenge is for affected businesses to transform their procurement processes. That’s because the expected shortage will lead to a hike in electrical product prices, as an expected increase in demand will exceed supply. Transforming the procurement process involves taking advantage of platforms that make it possible to purchase these supplies more efficiently, taking advantage of AI algorithms to locate in-stock electrical supplies at the lowest prices. This way, not only will a business or buyer avoid procurement issues, but they’ll also be able to avoid any potential hike in prices.
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