Supply Chain Data – Do you know which of your suppliers are your most critical link to your supply chain?
Supply chain disruptions and economic uncertainty is compelling procurement leaders to build stronger relationship with their suppliers. They must have visibility and collaboration with their suppliers so they can improve supply chain planning. Do you know which of your suppliers are your most critical link to your supply chain? The pandemic opened our eyes to the importance of downstream supply chain risks affecting product availability. With the pandemic behind us, many problems in the supply chain still exist today. How can you gain visibility into your supply chain and where do you start?
- Break down your silos.
- Focus on what is the most timely and useful data.
- Build a stronger relationship with your suppliers.
Most companies underestimate their risks with their suppliers. They may only look to their first-tier suppliers to acquire information. However, your risk may be with a second, third or multi-tier suppliers. For example, a lawn mower manufacturer may not look to the suppliers of a specific screw manufacturer, but if that screw does not exist, they can’t produce lawn mowers. Looking to your next tier of suppliers is something that most companies should do, but don’t. Once you have determined which suppliers are critical, now you need to decide what information you need from them and how do you obtain it. Innovate can help with our Trading Partner Expansion Program (TPE) and our Supplier Portal. Innovate’s TPE Program will survey your suppliers to determine what if any information they can provide to you electronically. If they are unable to provide the needed information, Innovate’s Supplier Portal will give them the ability to send and receive supply chain data electronically to you.
To learn more about Innovate’s Supplier Portal and our Trading Partner Expansion Program (TPE), contact us today. firstname.lastname@example.org