“So, here is the question – if you knew in advance that there was going to be an olive oil shortage and that prices were likely to rise considerably, how many of you would have made sure you purchased the $4.97 bottle while it was still available? Even without a shortage, the difference between $4.97 and $19.99 is still considerable.”
Data is definitely available to get in front of this, the problem is often more structuring the data points in a way that the user can see the bigger picture.
I eat a salad with olive oil for lunch every day; given my consumption, I have monitored this situation for a while. Organic olive oil was out of stock for 2 months, and normal olive oil for 2-3 weeks, and prices are pretty high for 5-6 months over here. It is definitely getting better right now.
As a private consumer, I wouldn’t have stocked anything. It’s ok to pivot to what is available and reasonably priced, even if it is only the 2nd best option.
A Personal Step Back
Me – as a consumer and procurement professional, I always like to “stock up” whether there is a shortage, pending price increase, or just a plain old great deal. That’s why I use a variety of services, including Flashfood and Too Good To Go. It is also why, like Ulf, “structuring the data” to see the big picture is key, whether buying for your company or for home use.
It’s not just a price thing. It is also being on top of trends, anticipating shortages and disruptions, and ensuring an uninterrupted flow of goods.
Maybe a better question to ask you is if you take the same approach to making buying decisions at work as you do at home, and if not, why?
In the meantime, here is my reply to Ulf’s comment:
So, in the end, Ulf Venne, we are ALL in procurement, be it with a company or for our families. 😉
I look forward to seeing the data for two of my other favorite things – coffee and chocolate.
Some interesting stats regarding the above commodities:
☕ 73% of all Americans start their day with a cup of coffee – https://bit.ly/42O54fM (Drive Research – Lark Allen)
🍫 The average American eats 3 chocolate bars per week – https://damecacao.com/chocolate-statistics/
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Procurement Insights
Why everyone in every company is “IN” procurement
Posted on February 23, 2024
0
“So, here is the question – if you knew in advance that there was going to be an olive oil shortage and that prices were likely to rise considerably, how many of you would have made sure you purchased the $4.97 bottle while it was still available? Even without a shortage, the difference between $4.97 and $19.99 is still considerable.”
Ulf Venne • Host Supply Chain Pioneers | Supply Chain ‘Pro-to-Know’
Data is definitely available to get in front of this, the problem is often more structuring the data points in a way that the user can see the bigger picture.
I eat a salad with olive oil for lunch every day; given my consumption, I have monitored this situation for a while. Organic olive oil was out of stock for 2 months, and normal olive oil for 2-3 weeks, and prices are pretty high for 5-6 months over here. It is definitely getting better right now.
As a private consumer, I wouldn’t have stocked anything. It’s ok to pivot to what is available and reasonably priced, even if it is only the 2nd best option.
A Personal Step Back
Me – as a consumer and procurement professional, I always like to “stock up” whether there is a shortage, pending price increase, or just a plain old great deal. That’s why I use a variety of services, including Flashfood and Too Good To Go. It is also why, like Ulf, “structuring the data” to see the big picture is key, whether buying for your company or for home use.
It’s not just a price thing. It is also being on top of trends, anticipating shortages and disruptions, and ensuring an uninterrupted flow of goods.
Maybe a better question to ask you is if you take the same approach to making buying decisions at work as you do at home, and if not, why?
In the meantime, here is my reply to Ulf’s comment:
So, in the end, Ulf Venne, we are ALL in procurement, be it with a company or for our families. 😉
I look forward to seeing the data for two of my other favorite things – coffee and chocolate.
Some interesting stats regarding the above commodities:
☕ 73% of all Americans start their day with a cup of coffee – https://bit.ly/42O54fM (Drive Research – Lark Allen)
🍫 The average American eats 3 chocolate bars per week – https://damecacao.com/chocolate-statistics/
30
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