Supply chain shortages are blocking multiple industries. What does that mean for you and your business?
Right now, we live in a world of scarcity. Unfortunately, many industries are running low on major supplies. Some of the most important resources are available in limited capacity. Lumber, gasoline, metal, steel, ketchup—we’re dry on the things we use the most. Unfortunately, the demand hasn’t slowed down.
With shortages popping up all over the globe, it’s time to preserve the critical assets and stock up on the right tools. This starts with our technology. If you haven’t loaded up on new devices or accessories, now’s the time to look at your inventory and plan ahead.
Why Supply and Demand Are at Odds
Think back to the beginning of the pandemic. Remember when consumers cleared the shelves of toilet paper, hand soaps, sanitizers, and cleaning supplies? Now, more than a year later, suppliers and manufacturers are still feeling that fatigue. In most areas of the world, commerce doesn’t line up with demand.
As the global economy adjusts to these circumstances, we can expect shortages across various sectors. But what is the underlying cause? Is labor too difficult? Are we working with a lack of raw materials? Are production times slowing down? The answer: likely all of the above. Many industries are suffering from massive employee shortages. With limited staff, the members who are left, often are working with limited resources. As a result, we can expect a slow down when it comes to fulfillment times.
When supply and demand get out of balance, pressure starts building on prices. If manufacturers have to pay more for materials in short supply, they’re likely to pass at least some of that increase onto the consumer. This is why we’ve started to see an uptick in the cost of goods sold.
How To Prioritize Your Spending During Shortages
With many everyday products being sold at a premium, bargain hunting won’t be easy. Don’t worry, this scarcity won’t be a long-term dilemma. We expect shortages to clear within no more than two years. In the meantime, it’s a safe bet to plan ahead and order before you are in need.
First, prioritize the most important items to your business. Before spending money, make sure to evaluate your needs. What do you depend on most in your day-to-day? If you’re thinking about renovating the office, it probably makes sense to delay the project until supplies stabilize. One thing that can’t take a back seat is your technology. If you’re in charge of a business, you need efficient tools to keep the operation running smoothly.
Whether it’s hardware or software, computers or telephone systems, it’s important to not fall behind the curve. Even today’s tablet shortage shouldn’t hold you back. We recommend planning ahead and ordering important resources now, to ensure you’re equipped for success in the long and short term.
If you’re considering new software or devices, we’d recommend taking action sooner rather than later. Outdated technology has its consequences, and your business could pay a bigger price than a premium expense in return. For best measures, make sure to keep up with updates and support your team with the latest innovations. Budget for routine upgrades and stock up on extra hardware in case shortages in that area do arise.
Put Your Business First
Don’t let a shortage hold you back from investing in the business. Take advantage of available inventory. You may not be thinking about updating your infrastructure right now (and that’s okay), but neglecting upgrades might harm your business long-term.
When it comes to technology management, the best approach is a proactive one. If your employees need technology to do their job, ensure they are equipped for the future. First, start with research to see which products are facing shortages. Once you understand the market, procure the items you need to eliminate deployment delays. eSquared can certainly provide guidance in this area.
For instance, computer chips are in high demand. Originally this shortage began in the automotive industry, but now, the situation is expanding into the consumer electronics category. If this event continues to scale, it may cause delays across multiple industries. We want to help eliminate that risk. Support your employees with the essentials. Whether it’s a desktop computer, laptop, or smartphone, it’s best to plan ahead if your inventory is running low so you have the right tools when you need them.
Restore Your Inventory—We’re Here to Help
The past two years have taken a major toll on the economy and the supply chain. Our most important resources quickly became rarities. We’ll never forget #toiletpapergate. While we hope this doesn’t last, we definitely want to be proactive. eSquared Communication Consulting is here to help you accommodate. If you’re having trouble acquiring telecom equipment, business phone systems, or other mobility devices or software, we can help.
When it comes to business technology and communications, our experts specialize in full lifecycle management. Whether it’s wireless solutions or voice and data systems, we can help you acquire the right resources for a competitive price. If you want a reliable partner that makes a seamless connection with customers and vendors, we’re the team you can trust.
For more information on today’s technology shortage, connect with our experts for complete details. Simply send us a message, we can help you navigate through any challenges. Reach out today to plan a consultation with one of our trusted technology advisors.