Resilience and Growth Through Supply Chain Collaboration
Four steps to an effective supplier collaboration
As supply chains become increasingly complex, distant and opaque, the search for improved efficiency and lower costs spans the globe and often involves thousands of suppliers. Companies that focus on cost without adequate appreciation for resource availability, environmental impact and social factors, such as labor rights, can expose their supply chains and in turn, their brand, to increasing level of risk.
A recent survey of roughly 1,000 supply chain executives found that organizations that engaged with suppliers at any tier were 38 percent more likely to achieve or surpass their expectations and have their initiatives result in cost reduction.
Critical resources are becoming scarce while consumers are becoming more informed and demanding. Companies that effectively collaborate with suppliers could potentially reap handsome benefits in the form of lower risks, reduced costs and new revenue growth.