A recent survey of 1,800 supply chain decision-makers from around the world revealed that most are struggling to minimize risks to their supply chains due to disruptions caused by geopolitical conflicts, natural disasters, the closure or delays of major ports, and other unforeseen volatility. 41% stated that they plan to diversify their supplier base, and 39% identified new or better vendors. Companies are developing strategies to plan for unforeseen disruptions in the supply chain. Several of these strategies are

• Move from “Just in Time” to Reserve Inventory
• Diversify Supplier Base
• Evaluate Supplier Scorecards

Diversifying your supplier base is one way to reduce the risk to your supply chain created by disruptions. When one supplier is impacted, other suppliers may not be affected. However, sometimes diversifying your suppliers brings other challenges. Some of the smaller suppliers may not have the technology to support an automated ordering process. A supplier portal can allow you to trade with smaller suppliers, increase accuracy, reduce paperwork, resolve problems, and show order history in real-time. Innovate’s Supplier Toolkit can help. It is easy to install and allows your suppliers to receive your orders and send the corresponding documents. It will also flag any discrepancies in real time.

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