Meeting Inflation Head-On: How Manufacturers Can Come Out on Top
According to the Bank of America, credit and debit card spending leapt 40% for people receiving stimulus payments over a two-year period — causing manufacturers to experience an increase in factory goods orders. At the same time, the price of raw materials began to soar; experts predict the 2021 average price of raw materials will climb 10% higher than the average a year before. Increased consumer demand, coupled with a decrease in supply have set the stage for inflation in the manufacturing space.
Access to the most accurate financial facts and figures equips decision-makers with the tools they need to deal with the unexpected. Manufacturers can leverage VCM analysis and real-time data to gain invaluable, actionable business insights that enable them to remain agile and proactive during times of economic volatility.
We also explore:
- Negotiating lower prices with suppliers
- Nurturing genuine customer relationships amid price increases
- Using Salesforce to gather valuable data for critical sales meetings and insights
This white paper dives into the economic events that led to inflation in the manufacturing industry, how manufacturers can evaluate and increase profitability, and how to maintain mutually beneficial customer-supplier relationships.