1) Impact on Costs: Evaluate how much each supplier's price changes affect your overall costs. 2) Focus on suppliers that contribute significantly to your total expenses. 3) Urgency of Need: Determine if there are upcoming projects or commitments that rely on specific suppliers. 4) Strategic Importance: Consider the strategic value of each supplier. 5) If a supplier provides a critical component or service that differentiates your product, they should be a priority. 6) Volume of Business: Assess the volume of business you conduct with each supplier - Higher volume often means greater potential savings. 7) Long-term Relationships: Consider the length and strength of your relationships with the suppliers.

I've learned that addressing supplier price fluctuations requires a strategic focus on impact, alternatives, and relationships. First, I prioritize suppliers whose price hikes most affect our margins. I also continuously assess alternative sources to keep our supply chain competitive and resilient. Lastly, with trusted suppliers, I leverage strong relationships to negotiate favorable terms. This proactive approach helps us manage costs effectively while maintaining operational efficiency.

For instance you have to assess the impact, and historical pricing performance, then understand the reasons causing the fluctuations. Also, identify which spend level have your suppliers to set priorities, in addition understand the level of inventories in pipeline to understand criticality. According to the assessment push back and negotiate, look always for alternatives for mitigation, mainly if your source is really competitive and cooperates with your organization. During development process you should have already a project plan to make pricing improvements and some of those can be anticipated. Always discuss this trends with upper management so they are aware of issues, but also if your organization faces same conditions worldwide.

Complete a power assessment to evaluate the relative power of each supplier, identify carrots and sticks that can be used. Usually start with the supplier where you have most leverage and least risk. With each negotiation should gather knowledge and power to handle the next.

As a garment merchandiser in Bangladesh, I know that price changes from suppliers can be tricky. I think it's important to first talk to those suppliers who offer the best quality and support. If they understand my needs, we can often find a way to adjust prices for the next order. Good support and strong relationships are more valuable than just focusing on the lowest price. Quality and trust will help us work together better in the long run.