Supply Chain – Preparing for the Future – Part III

by | Jan 23, 2024

The future will always bring new challenges with the supply chain while still trying to deal with the day-to-day operations. Rising costs, economic instability, labor shortages and supply chain disruptions will continue into 2024 and beyond. Now is the time to prepare for the future by starting here:

  • Synchronizing with your suppliers
  • Eliminating manual processes
  • Expanding your supplier base

While many companies are looking for ways to simplify operations and update technology and software, they are also considering expanding their supplier base. With all the disruptions including weather, natural disasters, pandemics, and the global economies, companies are looking to diversify their risk. Increasing the number of suppliers can enhance the overall resilience of the supply chain, making it more adaptable to unforeseen challenges and disruptions. Expanding into other regions can also minimize risks especially when weather or natural disasters impact certain regions and/or countries. Growing the supplier base allows a company to choose suppliers that align with their specific quality requirements and build strategic relationships. However, technology can become problematic because some suppliers may not have the necessary resources to provide timely and accurate information. Innovate’s Supplier Toolkit and Managed Services can assist you to expand your supplier base. We can work with you and your suppliers to send and receive the order to cash documents electronically. Learn more at InnovateSupplier Portal.

Click here to learn more about Innovate Managed Services and Innovate’s Supplier Toolkit